Company: GAUZ
Filing Date: 2025-03-11
Form Type: 20-F
Source: 0001213900-25-022437
Chunk: 150

Company: Gauzy Ltd.
Filing Date: 2025-03-11
Form: 20-F
Item: Item 19
Chunk 150
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 in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain
reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess
the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures
that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the
consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by
management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide
a reasonable basis for our opinion.

  Tel-Aviv,           / s/ Kesselman & Kesselman                                     
  March 11, 2025      Certified Public Accountants (Isr.)                            
                      A member firm of PricewaterhouseCoopers International Limited  

We have served as the Company’s auditor since
2012

Kesselman & Kesselman, 146 Derech Menachem
Begin, Tel-Aviv 6492103, Israel,

P. O Box 50005 Tel-Aviv 6150001, Telephone: +972
-3- 7954555, Fax:+972 -3- 7954556, www. pwc. com/il

F-2

GAUZY LTD.

CONSOLIDATED BALANCE SHEETS

(U. S. dollars in thousands, except share data)

                                                                                                                                  December 31                                      
                                                                                                                                  2024                          2023               
 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Assets                                                                                                                                                                           
  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