Gauzy (GAUZ) Q4 2024 earnings summary

Executive summary

• Achieved record Q4 and full-year 2024 revenues, with Q4 up 41.8% year-over-year and full-year up 32.8%.

• Q4 2024 marked the first ever quarter of positive adjusted EBITDA since going public.

• Over 80% of 2024 sales were from recurring customers, supporting a robust revenue base.

• Introduced a 10-year committed and contracted backlog, with at least $409M secured, providing strong long-term revenue visibility.

• Initiated 2025 guidance, projecting continued robust growth and first full year of positive adjusted EBITDA.

Financial highlights

• Q4 2024 revenue reached $31.1M, up 41.8% year-over-year; full-year revenue was $103.5M, up 32.8%.

• Q4 gross margin expanded to 36.5% (up 800 bps YoY); full-year gross margin improved to 28.7% (up 310 bps YoY).

• Q4 adjusted EBITDA was $0.2M (first positive quarter), compared to -$6M prior year; full-year adjusted EBITDA improved to -$14.2M from -$20.7M.

• Q4 net loss narrowed to $11.4M from $20.7M; full-year net loss improved to $53.2M from $79.3M.

• Ended 2024 with $40.6M in liquidity, including $5.6M cash and $35M undrawn trade line; total debt $38.4M.

Outlook and guidance

• 2025 revenue guidance: $130M–$140M, representing 26–35% growth; adjusted EBITDA expected to be positive for full year.

• Second half of 2025 expected to be stronger, driving full-year growth and profitability.

• Less than 50% of 2025 revenue guidance is from the $409M contracted backlog; remainder from recurring customers.

• CapEx for 2025 expected to be ~$10M; free cash flow positive in 2026.

• Long-term revenue pipeline projected to exceed $1B over 10 years.