Company: GAUZ
Filing Date: 2025-03-11
Form Type: 20-F
Source: 0001213900-25-022437
Chunk: 54

Company: Gauzy Ltd.
Filing Date: 2025-03-11
Form: 20-F
Item: Item 5
Chunk 54
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 thousands of USD)       2024                           2023               
 ────────────────────────────────────────────────────────────────────────────────
  Net Loss                    $                  53,182      $          79,267  
  EBITDA                      $                 (24,130                (26,251  
  Adjusted EBITDA             $                 (14,249                (20,697  
  Adjusted EBITDA Margin                          (13.8                  (26.5  

EBITDA is a non-GAAP financial
metric that we define as our net loss, the most directly comparable financial measure based on GAAP, excluding net financial expense,
tax expense and depreciation and amortization.

Our net loss was $53.2 million
and $79.3 million for the years ended December 31, 2024 and 2023, respectively. Our EBITDA was approximately $(24.1) million
and $(26.3) million for the years ended December 31, 2024 and 2023, respectively. This was primarily driven by operating expenses,
including our share-based compensation, research and development expenses, general and administrative expenses and sales and marketing
expenses.

Adjusted EBITDA, Adjusted EBITDA
Margin and Net Loss Margin

Adjusted EBITDA is a non-GAAP
financial metric that we define as EBITDA (as defined above) excluding acquisition-related costs, one-time expenses and equity-based
compensation expenses.

Our Adjusted EBITDA improved
from $(20.7) million for the year ended December 31, 2023 to $(14.2) million for the year ended December 31, 2024. This improvement
was primarily driven by an increase in gross profit partially offset by an increase in operating expenses, research and development expenses,
general and administrative expenses and sales and marketing expenses.

We define Adjusted EBITDA
Margin as Adjusted EBITDA (as defined above) for the period divided by revenue for the same period. We consider Net Loss divided by revenue
as the most directly comparable U. S. GAAP measure to Adjusted EBITDA Margin. We defined Net Loss Margin as our Net Loss divided by revenue.

Our Net Loss Margin improved from (102.0%) for
the year ended December 31, 2023 to (51.0%) for the year ended December 31, 2024. Our Adjusted EBITDA Margin improved from
(26.5%) for