$GAUZ

Gauzy Ltd.

CIK:0001781446|SEC Filings

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
REVENUES	$ 103,527	$ 77,980
Cost of revenues, exclusive of depreciation and amortization)	71,718	55,992
Depreciation and amortization	2,068	2,047
TOTAL COST OF REVENUES	73,786	58,039
GROSS PROFIT	29,741	19,941
Research and development expenses (exclusive of depreciation and amortization reflected below)	17,590	16,035
General and administrative expenses (exclusive of depreciation and amortization reflected below)	22,194	16,187
Sales and marketing expenses (exclusive of depreciation and amortization reflected below)	16,134	15,302
Depreciation and amortization	4,608	3,664
Other expenses (income) (change in fair value of contingent consideration)	(23)	747
TOTAL OPERATING EXPENSES	60,503	51,935
OPERATING LOSS	(30,762)	(31,994)
OTHER INCOME (EXPENSES)	(44)	32
INTEREST EXPENSES	(11,519)	(13,493)
OTHER FINANCIAL EXPENSES	(10,795)	(33,629)
FINANCIAL EXPENSES, net (including amount reclassified from OCI reserve)	(22,314)	(47,122)
LOSS BEFORE INCOME TAX	(53,120)	(79,084)
INCOME TAX	62	183
LOSS FOR THE PERIOD	(53,182)	(79,267)
NET ACTUARIAL GAIN	(16)	(367)
FOREIGN CURRENCY TRANSLATION GAIN (LOSS)	(268)	1,151
RECLASSIFICATION OF FAIR VALUE GAIN ON CHANGES OF OWN CREDIT RISK	4,317
FAIR VALUE GAIN (LOSS) ON CHANGES OF OWN CREDIT RISK	(6,431)	443
TOTAL OTHER COMPREHENSIVE INCOME (LOSS)	(2,398)	1,227
TOTAL NET COMPREHENSIVE LOSS	$ (55,580)	$ (78,040)
LOSS PER SHARE, BASIC (in Dollars per share)	$ (4.11)	$ (18.19)
LOSS PER SHARE, DILUTED (in Dollars per share)	$ (4.11)	$ (18.19)
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING USED IN COMPUTATION OF BASIC LOSS PER SHARE (in Shares)	12,927,717	4,356,665
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING USED IN COMPUTATION OF DILUTED LOSS PER SHARE (in Shares)	12,927,717	4,356,665

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (53,182)	$ (79,267)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	6,676	5,711
Loss from sale of property and equipment	217	203
Unrealized losses (gains) on marketable securities	(1,287)	1,655
Share-based compensation	6,607	2,567
Earn-out liability Revaluation	(23)	747
Non-cash financial expenses	16,130	39,489
Trade receivables	(5,928)	(5,395)
Institutions	640	(311)
Other current assets	160	(1,356)
Inventories	(3,325)	(2,271)
Operating lease right of use assets	2,378	2,532
Other non-current assets	(76)	8
Trade payables	4,954	1,909
Accrued expenses	(1,746)	2,874
Payment of Earn-Out	(2,974)	(344)
Other current liabilities	579	55
Other long-term liabilities	61	497
Employee related obligations	159	3,828
Employee rights upon retirement	192	88
Deferred revenues	164	(1,703)
Operating lease liabilities	(2,281)	(2,631)
Net cash used in operating activities	(31,905)	(31,115)
CASH FLOWS FROM INVESTMENT ACTIVITIES:
Purchases of property and equipment	(11,616)	(5,929)
Proceeds from sale of property and equipment	161
Purchase of IP		(4,500)
Investment in long-term deposits		(194)
Net cash used in investing activities	(11,455)	(10,623)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from initial public offering	75,000
Offering costs	(8,665)
Proceeds from issuance of convertible loans	11,750	27,225
Payments in respect of bank borrowings	(3,685)	(1,829)
Payment of Earn-out liability		(1,323)
Settlement of other current liability	(200)
Settlement of Phantom warrants	(2,813)
Proceeds from exercise of options into ordinary shares	12	2
Proceeds from issuance of redeemable convertible preferred shares		1,316
Proceeds in respect of bank borrowings		114
Proceeds from short term loan relating to factoring arrangements, net	3,889	2,159
Proceeds from long-term debt measured under the fair value option	29,149	19,750
Payments of long-term debt measured under the fair value option	(59,657)	(5,400)
Finance lease payments	(213)	(325)
Net cash provided by financing activities	44,567	41,689
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	1,207	(49)
TRANSLATION ADJUSTMENT ON CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	(178)	58
BALANCE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF YEAR	4,705	4,696
BALANCE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF YEAR	5,734	4,705
Cash and cash equivalents	5,615	4,575
Restricted cash	119	130
TOTAL CASH, CASH EQUIVALENTS AND RESTRICTED CASH SHOWN IN STATEMENT OF CASH FLOWS	5,734	4,705
SUPPLEMENTARY INFORMATION ON INVESTING AND FINANCING ACTIVITIES NOT INVOLVING CASH FLOWS:
Conversion of preferred share to Ordinary shares	70,537	25,769
Conversion of CLAs to Ordinary shares	69,570
Exercise of warrants	444
Reclass of warrants to Additional paid in capital	28,225
Right-of-use assets obtained in exchange for lease obligations: Operating leases	1,014	5,161
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Interest paid	6,780	6,914
Interest received	246
Income taxes paid	$ 114	$ 46

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
CURRENT ASSETS:
Cash and cash equivalents	$ 5,615	$ 4,575
Restricted cash	119	130
Trade receivables, net of allowance for credit losses of $1,262 and $904 as of December 31, 2024, and 2023, respectively	24,358	19,671
Institutions	4,227	6,926
Inventories	15,876	13,174
Other current assets	4,413	2,045
TOTAL CURRENT ASSETS	54,608	46,521
NON-CURRENT ASSETS:
Restricted long-term bank deposit	139	127
Restricted investment in marketable securities	3,215	1,932
Operating lease right of use assets	10,515	12,377
Property and equipment, net	27,461	20,530
Other non-current assets	2,707	1,000
Intangible assets:
Customer relationships	12,081	13,917
Technology	3,589	5,698
Goodwill	20,282	21,550
Other intangible asset	3,648	4,292
TOTAL NON-CURRENT ASSETS	83,637	81,423
TOTAL ASSETS	138,245	127,944
CURRENT LIABILITIES:
Short-term borrowing and current maturities of bank loans	3,353	4,146
Short-term loan relating to factoring arrangements	13,184	10,032
Trade payables	18,130	13,989
Employee related obligations	8,887	8,745
Accrued expenses	5,805	6,767
Deferred revenues	883	742
Current maturities of operating lease liabilities	2,315	2,494
Current maturities of finance lease liabilities	45	240
Acquisition earn-out liability		2,997
Current maturities of long-term debt measured under the fair value option		14,286
Warrants and phantom warrants to purchase ordinary shares	206
Other current liabilities (including $890 and $0 due to related parties as of December 31, 2024, and 2023, respectively)	3,920	448
TOTAL CURRENT LIABILITIES	56,728	64,886
LONG-TERM LIABILITIES:
Long-term debt measured under the fair value option (including $0 and $21,976 due to related parties as of December 31, 2024 and 2023, respectively)	17,777	30,841
Convertible loans (CLAs) measured under the fair value option (including $0 and $9,780 due to related parties as of December 31, 2024, and 2023, respectively)		55,940
Long-term bank loans	4,128	7,850
Warrants and phantom warrants to purchase preferred shares		21,566
Operating lease liabilities	7,528	9,112
Finance lease liabilities	43	96
Long-term Employee related obligations	1,416	1,868
Employee rights upon retirement	1,347	1,208
Other long-term liabilities	948	931
TOTAL LONG-TERM LIABILITIES	33,187	129,412
COMMITMENTS AND CONTINGENT LIABILITIES (see Note 11)
TOTAL LIABILITIES	89,915	194,298
REDEEMABLE CONVERTIBLE PREFERRED SHARES:
Convertible preferred shares value		70,537
SHAREHOLDERS’ EQUITY (CAPITAL DEFICIENCY):
Ordinary shares (49,200,191 and 16,987,315 shares authorized as of December 31, 2024 and 2023 respectively; 18,720,287 and 5,276,184 shares issued and outstanding as of December 31, 2024 and 2023)	865	320
Additional paid-in capital	275,390	35,134
Other comprehensive loss	(2,913)	(515)
Accumulated deficit	(225,012)	(171,830)
TOTAL SHAREHOLDERS’ EQUITY (CAPITAL DEFICIENCY):	48,330	(136,891)
TOTAL LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS’ EQUITY (CAPITAL DEFICIENCY):	138,245	127,944
Convertible Preferred Shares A
REDEEMABLE CONVERTIBLE PREFERRED SHARES:
Convertible preferred shares value
Convertible Preferred Shares B
REDEEMABLE CONVERTIBLE PREFERRED SHARES:
Convertible preferred shares value
Convertible Preferred Shares C
REDEEMABLE CONVERTIBLE PREFERRED SHARES:
Convertible preferred shares value
Convertible Preferred Shares D
REDEEMABLE CONVERTIBLE PREFERRED SHARES:
Convertible preferred shares value