Gauzy appoints new board member and audit chair

TEL AVIV – Gauzy Ltd. (NASDAQ: GAUZ), a company specializing in light and vision control technology with a market capitalization of $143 million, announced today the appointment of Lilach Payorski to its Board of Directors and as Chair of its Audit Committee. According to InvestingPro data, while the company has achieved nearly 30% revenue growth, it faces significant challenges with cash burn and profitability. Payorski, who holds over 25 years of experience in financial and operational leadership roles, currently serves on the boards of Oddity Tech and Kamada Ltd (NASDAQ:KMDA)., both NASDAQ-listed companies.

Her previous roles include CFO and Senior Vice President, Corporate Finance of Stratasys (NASDAQ:SSYS) Ltd., with prior managerial positions at PMC-Sierra Inc., Check Point Software (ETR:SOWGn) Technologies (NASDAQ:CHKP), Wind River Systems, and Ernst & Young. Payorski's academic credentials include a B.A. in Accounting and Economics from Tel Aviv University, and she has completed a specialized program for Board Directors and Senior Corporate Officers at LAHAV, School of Management.

Eyal Peso, CEO of Gauzy, expressed confidence in Payorski's appointment, stating her strategic guidance will be crucial as the company aims to solidify its global leadership in its field. The appointment comes at a critical time, as InvestingPro analysis shows the company's stock has declined over 53% in the past year, with multiple analysts revising earnings expectations downward. Payorski's expertise in corporate governance, financial reporting, and capital markets is expected to be instrumental for Gauzy's future challenges and opportunities.

In response to her appointment, Payorski expressed her honor in joining Gauzy's board and her eagerness to contribute to the company's success and growth.

Gauzy Ltd. is headquartered in Tel Aviv, Israel, and operates subsidiaries across the globe, including in Germany, France, the United States, Canada, China, Singapore, and the United Arab Emirates. The company's technologies are implemented across various industries such as aeronautics, automotive, and architecture, serving brands in over 30 countries. Based on InvestingPro's Fair Value analysis, the stock appears slightly undervalued despite current challenges. Subscribers can access 8 additional ProTips and comprehensive financial metrics in the Pro Research Report, offering deeper insights into the company's potential.

This announcement is based on a press release statement and reflects Gauzy's current plans and expectations for its business operations and financial performance. It should be noted that forward-looking statements involve risks and uncertainties, and actual events or results may differ materially. Gauzy has not provided any guidance on the expected immediate financial impact of this appointment.

In other recent news, Gauzy Ltd. experienced weaker-than-expected third-quarter results, falling approximately $4 million short of TD Cowen's forecasts. The firm maintains its Buy rating on Gauzy but reduced the stock's price target from $24.00 to $18.00. To accommodate rising demand, Gauzy is expanding its labor force in France. The company's preliminary Q3 2024 revenue estimates range between $23.0 million and $23.5 million, a 24% increase from 2023, and Q4 2024 revenue estimates range from $28 million to $34 million, a 41% increase at the midpoint compared to 2023.

Gauzy has also entered a strategic partnership with Ferrari (NYSE:RACE), marking the first use of smart glass technology in Ferrari's SUVs. Additionally, Gauzy's Smart-Vision® camera monitor system will be implemented on buses in New York and Paris, enhancing road safety. The company's aeronautics business revenue for the first half of 2024 reached approximately $20.2 million, with projected Q2 revenues ranging between $24.0 million and $24.5 million, and first half 2024 revenues expected to range between $48.7 million and $49.2 million.

Analysts from Stifel and TD Cowen have initiated a 'Buy' rating on Gauzy, indicating a positive outlook on the company's potential. Key executives in the company have also made a significant investment of $501,400, demonstrating their confidence in the company's future. These are all recent developments in Gauzy's operations.

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