Company: GAUZ
Filing Date: 2025-03-11
Form Type: 20-F
Source: 0001213900-25-022437
Chunk: 41

Company: Gauzy Ltd.
Filing Date: 2025-03-11
Form: 20-F
Item: Item 5
Chunk 41
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ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS

MANAGEMENT’ S DISCUSSION AND ANALYSIS
OF

The
following discussion and analysis of our financial condition and results of operations should be read in conjunction with our financial
statements and the related notes included elsewhere in this Annual Report. The discussion below contains forward-looking statements that
are based upon our current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially
from these expectations due to inaccurate assumptions and known or unknown risks and uncertainties, including those identified in “ Cautionary
Note Regarding Forward-Looking Statements” and under “ Risk Factors” elsewhere in the Annual Report. Our discussion
and analysis for the two years ended December 31, 2023 can be found in our prospectus dated June 5, 2024, filed with the SEC on June
7, 2024 (Registration No. 333-278675).

Overview

We are a fully-integrated
light and vision control company, transforming the way we experience our everyday environments. Our cutting-edge nanotechnology and electronics
capabilities in light control, and our mechatronics and image analysis technologies in vision control, are revolutionizing mobility and
architectural end-markets. We have established distinct leadership positions across these large and high-growth markets, where our technologies
are replacing traditional mechanical products, such as shades, blinds and mirrors, with advanced and sustainable solutions offering superior
functionality. Our key products include suspended particle device, or SPD, and liquid crystal, or LC, materials for smart glass applications,
and AI-powered advanced driver assistance systems, or ADAS, solutions including camera monitoring systems, or CMS. We have established
serial production capabilities, either directly or through sub-contracts, with leading aerospace, automotive and architecture companies
including Boeing, Honda, Mercedes, Ford, Ferrari, MSC and Yutong. We benefit from both secular and regulatory tailwinds that are driving
the rapid adoption of light and vision control technologies. In addition to our core markets, we believe that our products may have a
multitude of tangible applications in other areas such as railway, maritime, specialty vehicle, private security and consumer appliances.

We aim to deliver a full suite
of proprietary technologies that offer superior performance attributes by leveraging our differentiated technical capabilities and market
insights, a competitive advantage we maintain through our core research and development and innovation organization. We have a comprehensive
product offering with multiple complementary light and vision control technologies, enabling