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Q2 2025 Earnings Call Presentation August 13, 2025 1
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Disclaimer All statements in this presentation, other than those relating to historical facts, are "forward‐looking statements.” Forward-looking statements contained in this presentation include, but are not limited to, statements regarding Gauzy’ Ltd.’s (the “Company”) strategic and business plans, technology, relationships, objectives and expectations for its business, growth, the impact of trends on and interest in its business, intellectual property, products and its future results, operations and financial performance and condition and may be identified by the use of words such as “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” and similar expressions or variations of such words are intended to identify forward-looking statements. For example, the Company is using forward-looking statements when it discusses financial plans, its project pipeline, its expected revenue models, the potential of its technology, its strategy, market potential for its technology, its future growth and its anticipated revenues and other financial results. Forward-looking statements are not historical facts, and are based upon management’s current expectations, beliefs and projections, many of which, by their nature, are inherently uncertain. Such expectations, beliefs and projections are expressed in good faith. However, there can be no assurance that management’s expectations, beliefs and projections will be achieved, and actual results may differ materially from what is expressed or indicated by the forward-looking statements. In particular, forward looking statements in this presentation include the Company’s expected revenue growth for cockpit shading through the end of 2024 as well as expected aggregated revenue over ten years. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the forward-looking statements. For a more detailed description of the risks and uncertainties affecting the Company, reference is made to the Company’s reports filed from time to time with the Securities and Exchange Commission (“SEC”), including, but not limited to, the risks detailed in the Company’s Annual Report on Form 20-F filed with the SEC on March 11, 2025 and in subsequent filings with the SEC. Forward-looking statements speak only as of the date the statements are made. The Company assumes no obligation to update forward-looking statements to reflect actual results, subsequent events or circumstances, changes in assumptions or changes in other factors affecting forward-looking information except to the extent required by applicable securities laws. If the Company does update one or more forward-looking statements, no inference should be drawn that the Company will make additional updates with respect thereto or with respect to other forward-looking statements. This presentation does not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any of our securities nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Any offering of securities can only be made in compliance with applicable securities laws. Trade names, trademarks and service marks of third parties in this presentation are the property of their respective holders. This presentation contains certain supplemental financial measures that are not calculated pursuant to generally accepted accounting principles in the United States (“GAAP”). The Company believes that these non-GAAP financial measures, when presented in conjunction with comparable GAAP measures, provide useful information about its operating results and enhance the overall ability to assess the Company’s financial performance. These non-GAAP financial measures are in addition to, and not as a substitute for or superior to measures of financial performance prepared in accordance with GAAP. There are a number of limitations related to the use of these non-GAAP financial measures versus their most directly comparable GAAP equivalents. For example, other companies may calculate non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. 2
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3 Record Backlog Supports Continued Adoption of Gauzy’s Innovative Technologies Purchase Order Backlog of $43M, up $7M New Strategic Customers and Product Releases Across Segments Q2 Revenues of $20.1M and Gross Margin of 21.4% $15M of Bank Debt Raised at Favorable Rates and Terms Reaffirms Full Year 2025 Guidance Nasdaq: GAUZ Q2 2025 Highlights
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ManufacturingSites Israel – Tel Aviv Pending Headquarters Tel Aviv,Israel Global Distribution (1) Tel Aviv Stuttgart Lyon Shanghai Guangzhou Dubai Singapore Seoul Montreal Dallas, TX Miami, FL Los Angeles, CA Melbourne, FL Salt Lake City, UT New York, NY Unique Product Categories (1) Smart glass technologies Global Employees (1) 712 4 Germany – Stuttgart France – Lyon USA – Melbourne, FL Patents (1) 147 Granted 17 100+Certified Partners 60+ Countries 20+ ADAS / CMS systems Traditional shading Hardware & system management Partnership programs 15 Office Locations LTM Q2 2025A $96.8 million Customers 1,300+ (1) As of Q2 Quarter End, June 30, 20254 A Global Leader in Vision & Light Control
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Architecture Technologies including camera monitor systems, smart mirrors, safety doors and integratedLCG® Safety-Tech Top Tier 1 vendor of custom and serial LCG® and traditionalshading products for businessandcommercial aircrafts Aeronautics Gauzy Ltd. About Gauzy Source: Frost & Sullivan. Interior and exterior LCG® for built spaces across sectors with over 95 certified fabrication partners Key Technologies PDLC / SPD / Electromechanical Shading Key Technologies PDLC / SPD Key Technologies ADAS / CMS / Driver Protection Doors 5 Combined TAM of $44 billion in 2023 growing at a CAGR of 23% through 2028 Serving automotive customers as a Tier 1/2 supplier with LCG® and transparentdisplays for vehicle glazing Key Technologies PDLC / SPD Four Business Divisions Defined by Distinct End Markets Automotive
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6 Strong Multi-Year Backlog to Drive Compounding Growth Note: Contracted backlog as of December 2024 to be updated annually; revenue pipeline and purchase orders as of June 2025 from customers with serial production programs. REVENUE PIPELINE +$1B Contracted & uncommitted revenue expected to realize over 10 years $409M Minimum contracted & committed revenue expected to realize over 10 years CONTRACTED BACKLOG (Q4 2024) $43M Customer orders to contribute expected revenue out of backlog over next six months PURCHASE ORDERS (Q2 2025) Expected 2025 revenue at the midpoint of the guidance range REVENUE ~$135M
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21.3 1.7 1.9 18.0 $42.9 Q2 2025 Aeronautics Architecture Automotive Safety-Tech Purchase Orders(2) (1) Defined as revenue from customers who were also customers in 2023 and earlier. (2) Purchase orders are a key business metric that we define as booked orders based on purchase orders or hard commitments that have not been shipped yet or have been shipped but not yet recognized as revenue.7 ✓Up $7.2M compared to Q1 2025 ✓Multi-year supply agreements with aerospace, automotive and ADAS / CMS customers ✓Over 80% of 2024 revenues recurring(1) in nature ✓New supply agreements provide compounding effect on recurring revenues(1) ✓Diverse customer base with over 1,300 customers in more than 30 countries across multiple end markets $ in millions Strong Backlog & Long-Term Supply Agreements Drive Visibility A strong backlog and long-term supply agreements give us exceptional visibility into future demand, enabling us to deliver consistent results and sustained growth.
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Revenue 8 $24.4 $20.1 Q2 2024 Q2 2025 YoY Growth +22.4% Gross Profit $6.6 $4.3 Q2 2024 Q2 2025 +64.0% Adjusted EBITDA +680bps $ in millions (35.0%) -$4.8M (17.8%) YoY Growth Financial Highlights Q2 2025 (16.0%) (43.4%)Margin 27.0% 21.4% ($3.9) ($8.7) Q2 2024 Q2 2025
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35.6 44.3 3.4 4.011.5 12.8 39.2 35.7 $89.7 $96.8 L T M Q 2 2 0 2 4 L T M Q 2 2 0 2 5 Aeronautics Architecture Automotive Safety-Tech 9 Adoption Trends Driving Long-Term Revenue Growth $ in millions 41.9% YoY Growth 7.9% 7.9%
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10 ($ in Millions) Aeronautics Architecture Automotive Safety Tech Revenue YoY Change $6.9 (31.7%) $2.5 (5.2%) $1.4 54.1% $9.3 (14.1%) Gross Profit $1.6 $0.8 $0.2 $1.6 Gross Margin 23.0% 33.9% 15.6% 17.7% (1) Q2 2025 results are unaudited • Multiple segments experienced shifts in the timing of deliveries, which are not expected to impact full year deliveries • Gross margin reflects lower revenues and segment mix Q2 2025 Segment Performance(1)
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11 (1) Defined as the sum of short-term borrowing and current maturities of bank loan, short-term loan relating to factoring arrangements and current maturities of long-term debt measured under the fair value option. (2) Defined as the sum of long-term debt measured under the fair value option and long-term bank loan. Strong Liquidity Profile Supports Business Plan Execution Since April 2025, Closed on $15 Million of Debt Financing with Mizrahi Bank, Including $5 Million in July ($ in Millions) June 30, 2025 December 31, 2024 Cash and Cash Equivalents 1.2 5.6 Undrawn Credit Line 35.0 35.0 Total Available Liquidity (including undrawn credit line) 36.2 40.6 Short Term Debt Facilities(1) 17.8 16.5 Long Term Debt Facilities(2) 35.2 21.9 Total Debt Facilities 53.0 38.4
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12 Reaffirms Strong Full Year 2025 Guidance REVENUE $130-140M +26-35% YoY • Revenue growth of >30% at the midpoint reflects strong demand across all four segments, growing adoption of Gauzy technologies, and expanded production capacity in place to meet demand • Expect first ever full year of positive Adjusted EBITDA • Benefits of scale, favorable operating leverage, and strong recurring revenue base driving improved profitability • We expect the second half to be significantly stronger than the first half, supported by the record spike in the backlog of purchase orders to be shipped in 2025.
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13 (1) 2024 vs 2023 Source: Frost & Sullivan. 1. Rapidly growing light and vision control company, 33% year over year growth(1) 2. Addressing multiple TAMs in excess of $44B 3. Top tier customers with established relationships 4. Global, asset light operations approach poised for significant growth 5. Strong and differentiated technology supported by strong patent portfolio 6. Robust financial model with significant operating leverage driving margin expansion 7. Vertically integrated capabilities Investment Highlights
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Reconciliations 14
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Reconciliation of Net Loss to Adjusted EBITDA 15 (1) One-time expenses related to the Earn Out Agreement with the Sellers. (2) Doubtful debt expenses related to accounts receivable that we do not expect to collect; such amounts are not included in our net trade receivables. Three Months Ended June 30, Six Months Ended June 30, (in thousands of USD) 2025 2024 2025 2024 Net Loss $(10,736) (23,087 ) $(21,514) (36,334 ) Income tax expense (income) $16 22 $71 84 Financial (income) expenses, net $(1,790) 15,274 $240 18,828 Depreciation and amortization $2,229 1,515 $4,329 3,043 EBITDA $(10,281) (6,276 ) $(16,874) (14,379 ) Acquisition related costs and debt raising costs $159 852 $243 2,182 Non-cash fair value adjustments(1) $- (193 ) $- (168 ) Equity-based compensation expense $1,072 1,164 $1,970 3,324 One-time expense (income) $88 - $209 - Doubtful debt expenses(2) $267 553 $304 389 Adjusted EBITDA $(8,695) (3,900 ) $(14,148) (8,652 ) Net Loss Margin (53.5)% (94.6 )% (50.7)% (73.9 )% Adjusted EBITDA Margin (43.4)% (16.0 )% (33.4)% (17.6 )%