Company: GAUZ
Filing Date: 2025-03-11
Form Type: 20-F
Source: 0001213900-25-022437
Chunk: 149

Company: Gauzy Ltd.
Filing Date: 2025-03-11
Form: 20-F
Item: Item 19
Chunk 149
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 and authorized the undersigned to sign this Annual Report
on Form 20-F filed on its behalf.

                            GAUZY LTD.                               
  Date: March 11, 2025      By:             /s/                      
                                            Eyal Peso                
                                            Chief Executive Officer  

GAUZY LTD.

2024 ANNUAL REPORT

GAUZY LTD.

2024 ANNUAL REPORT

TABLE
OF CONTENTS

                                                                                                                                    Page  
  Report of Independent Registered Public Accounting Firm                                                                           F-2   
  CONSOLIDATED FINANCIAL STATEMENTS:                                                                                                      
  Consolidated Balance Sheets                                                                                                       F-3   
  Consolidated Statements of Operations and Comprehensive Loss                                                                      F-5   
  Consolidated Statements of Changes in Redeemable Convertible Preferred Shares and Shareholders’ Equity (Capital Deficiency):      F-6   
  Consolidated Statements of Cash Flows                                                                                             F-7   
  Notes to the Consolidated Financial Statements                                                                                    F-9   

F-1

Report of Independent Registered Public
Accounting Firm

To the Board of Directors and Shareholders of Gauzy
Ltd.

Opinion on the Financial Statements

We have audited the accompanying consolidated
balance sheets of Gauzy Ltd. and its subsidiaries (the “ Company”) as of December 31, 2024 and 2023, and the related consolidated
statements of operations and comprehensive loss, of changes in redeemable convertible preferred shares and Shareholders’ Equity
(capital deficiency) and of cash flows for the years then ended, including the related notes (collectively referred to as the “consolidated
financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial
position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for the years then ended
in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These consolidated financial statements are the
responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial
statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United
States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U. S. federal securities laws and
the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these consolidated
financial statements