Third quarter 2024 revenues are expected to be in a range of $23.0 million to $23.5 million compared to $18.7 million in the third quarter 2023, equating to approximately 24% growth at the midpoint. For the fourth quarter 2024, revenue is expected to be in a range of $28 million to $34 million compared to $22.0 million in the fourth quarter 2023, equating to approximately 41% growth at the midpoint.
"Strong demand for our cutting-edge vision and light control technologies continued in the third quarter," commented Eyal Peso, Gauzy Co-Founder and Chief Executive Officer. "The timing of shipments to meet the demand in our Aeronautics segment was limited by our production capacity, particularly in Europe, which we have expanded by agreeing with our workers' union to add a second shift going forward. We expect approximately $4 million of those initially scheduled third quarter shipments to be delivered in the fourth quarter, and the balance in 2025. Our backlog continued to expand in October, reflecting the robust demand for our products. Our team is energized to deliver on this accelerating momentum into 2025."
Mr. Peso continued, "We continue to expand our customer base and technological offerings, as evidenced by our recent announcements regarding Ferrari, the Capital District Transportation Authority of New York, and our next generation AI-powered ADAS for commercial trucks. We are highly excited for the future and the progress we are making to deliver superior results and shareholder value."
The preliminary unaudited results described in this press release are estimates and subject to revision until Gauzy reports its full financial results for the third quarter and nine month periods on November 12, 2024, and for the fourth quarter ended December 31, 2024.
Third Quarter 2024 Earnings Release and Conference Call
Gauzy today announced it will release financial results for the third quarter ended September 30, 2024 before the market opens on Tuesday, November 12, 2024. Management will host a webcast and conference call that same day at 8:30 a.m. EDT to review results.
To participate in the conference call, dial U.S. Toll Free (800) 717-1738 and request to be connected to the Gauzy Ltd. earnings conference call. International callers should dial (646) 307-1865 and request to be connected to the same call. Investors may also listen to ...
