olivLaw · US equity research
Gauzy Ltd. GAUZ
Miscellaneous Electrical Machinery, Equipment & Supplies · SIC 3690 · Vertical: Miscellaneous Electrical Machinery, Equipment & Supplies (SIC 3690)
Gauzy Ltd. develops light and vision control technologies, including smart glass materials and AI-powered driver assistance systems, for mobility and architecture, where its products replace traditional mechanical shading. The company is still loss-making, but the market it serves, supported by climate policy, is described as having high growth potential, with a global smart glass market estimated at 124 billion USD by 2028.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Gauzy Ltd. (GAUZ) stock was 6.81 USD (+5.58% on the day), with market capitalisation 127.5 m USD, beta 0.97, 52-week range 4.09–102.20 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 62.4
- strong (55–70)
- Bollinger (20, 2)
- 3.61 – 6.91
- in the upper half of the band · %B 0.97 · band width 62.9%
- SMA 50 / 200
- 6.19 / 10.76
- mixed trend
- MACD (12, 26, 9)
- 0.18 / -0.09
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +46.1% | −1.1% | +47.2 pp | — |
| 3 months | +35.7% | −0.5% | +36.1 pp | — |
| 6 months | −21.0% | +4.4% | −25.4 pp | — |
| Year to date | −73.6% | +12.3% | −85.9 pp | — |
| 1 year | −93.3% | +13.5% | −106.9 pp | −59.3% |
| 3 years | unavailable | +76.4% | unavailable | −46.7% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 |
|---|---|---|
| Revenue | 78.0 m | 103.5 m |
| Revenue YoY | unavailable | +32.8% |
| Net income | -79.3 m | -53.2 m |
| Net income YoY | unavailable | unavailable |
| Diluted EPS | -18.19 | -4.11 |
| Diluted EPS YoY | unavailable | unavailable |
| net % | -101.7% | -51.4% |
| Free cash flow | -37.0 m | -43.5 m |
Reported results vs expectations
Loading…
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 5.6 m USD
- Financial debt
- 34.7 m USD
- Net debt
- 29.1 m USD
- Equity
- 48.3 m USD
- Total assets
- 138.2 m USD
- Debt / equity
- 0.72x
- Current ratio
- 0.96x
- ROE
- unavailable
- ROA
- -40.0%
- FCF margin
- -42.0%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | Source (latest year) |
|---|---|---|---|
| Revenue | 78.0 m | 103.5 m | SEC (XBRL)· 11 Mar 2025verified |
| Cost of revenue | 58.0 m | 73.8 m | SEC (XBRL)· 11 Mar 2025verified |
| Gross profit | 19.9 m | 29.7 m | SEC (XBRL)· 11 Mar 2025verified |
| Research & development | 16.0 m | 17.6 m | SEC (XBRL)· 11 Mar 2025verified |
| Operating income | -32.0 m | -30.8 m | SEC (XBRL)· 11 Mar 2025verified |
| Depreciation & amortisation | 5.7 m | 6.7 m | SEC (XBRL)· 11 Mar 2025verified |
| EBITDA | -26.3 m ≈ | -24.1 m ≈ | SEC (XBRL)· 11 Mar 2025derived |
| Interest expense | 13.5 m | 11.5 m | SEC (XBRL)· 11 Mar 2025verified |
| Pre-tax income | -79.1 m | -53.1 m | SEC (XBRL)· 11 Mar 2025verified |
| Income tax | 183.0 k | 62.0 k | SEC (XBRL)· 11 Mar 2025verified |
| Net income | -79.3 m | -53.2 m | SEC (XBRL)· 11 Mar 2025verified |
| Diluted EPS | -18.19 | -4.11 | SEC (XBRL)· 11 Mar 2025verified |
| Weighted average diluted shares | 4.4 m | 12.9 m | SEC (XBRL)· 11 Mar 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2023 | 2024 | Source (latest year) |
|---|---|---|---|
| Cash | 4.6 m | 5.6 m | SEC (XBRL)· 11 Mar 2025verified |
| Receivables | 19.7 m | 24.4 m | SEC (XBRL)· 11 Mar 2025verified |
| Inventories | 13.2 m | 15.9 m | SEC (XBRL)· 11 Mar 2025verified |
| Current assets | 46.5 m | 54.6 m | SEC (XBRL)· 11 Mar 2025verified |
| Property, plant & equipment, net | 20.5 m | 27.5 m | SEC (XBRL)· 11 Mar 2025verified |
| Goodwill | 21.6 m | 20.3 m | SEC (XBRL)· 11 Mar 2025verified |
| Intangibles (excl. goodwill) | 23.9 m | 19.3 m | SEC (XBRL)· 11 Mar 2025verified |
| Total assets | 127.9 m | 138.2 m | SEC (XBRL)· 11 Mar 2025verified |
| Short-term debt | 14.3 m | — | SEC (XBRL)· 11 Mar 2025verified |
| Long-term debt | — | 34.7 m | SEC (XBRL)· 11 Mar 2025verified |
| Current liabilities | 64.9 m | 56.7 m | SEC (XBRL)· 11 Mar 2025verified |
| Total liabilities | 194.3 m | 89.9 m | SEC (XBRL)· 11 Mar 2025verified |
| Equity | -136.9 m † | 48.3 m † | SEC (XBRL)· 11 Mar 2025verified |
| Shares outstanding at year end | — | 18.7 m | SEC (XBRL)· 11 Mar 2025verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2023 | 2024 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | -31.1 m | -31.9 m | SEC (XBRL)· 11 Mar 2025verified |
| Capex | 5.9 m | 11.6 m | SEC (XBRL)· 11 Mar 2025verified |
| Free cash flow | -37.0 m ≈ | -43.5 m ≈ | SEC (XBRL)· 11 Mar 2025derived |
| Investing cash flow | -10.6 m | -11.5 m | SEC (XBRL)· 11 Mar 2025verified |
| Financing cash flow | 41.7 m | 44.6 m | SEC (XBRL)· 11 Mar 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 32 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 127.5 m USD
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
- Balance sheet10
- Growth69
- Valuation35
- Quality21
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 2.93 – 14.05 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/Sales2.93 – 14.05 (Mid 7.25)15 companies used · median multiple 1.6x · quartiles 0.8x – 2.8xATKR, CHPT, DFLI, ELVA, ENR, ENS, EOSE, EPOW, MVST, NOVT, NRGV, SPB, UCAR, ULBI, XPON
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 32/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 28.7% | 0 (on a fixed band) | 15% |
| EBIT margin · Quality | -29.7% | 68 (vs peers) | 12% |
| FCF margin · Quality | -42.0% | 0 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| Revenue growth (YoY) · Growth | 32.8% | 69 (vs peers) | 12% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.0x | 10 (on a fixed band) | 9% |
| EV/Sales · Valuation | 1.5x | 62 (vs peers) | 24% |
| FCF yield · Valuation | -34.1% | 0 (on a fixed band) | 18% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial10/100 · 1/2 factors with a value
- Growth· partial69/100 · 1/2 factors with a value
- Quality21/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/1 factors with a value
- Valuation35/100 · 2/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
GAUZY LTD. (GAUZ). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 103.5 m USD in 2024; YoY growth 32.8%; net margin -51.4%.
The estimated value range is 2.93–14.05 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 7.25 USD, the price of 6.81 USD leaves a potential of 6.5% (value / price − 1) and a margin of safety of 6.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 32/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance, growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Gross margin: 28.7%
- FCF margin: -42.0%
- Current ratio: 1.0x
- FCF yield: -34.1%
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, Net debt / EBITDA, Shareholder yield (distributions).
Versus the vertical median
Miscellaneous Electrical Machinery, Equipment & Supplies (SIC 3690) · same industry (4-digit SIC) · compared with 38 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ENSEnerSys | 5.6 bn | 16.7 | 18.4% | 9.3% | +3.7% | +9% / +76% |
| NOVTNovanta Inc. | 5.5 bn | 92.8 | 5.1% | 6.0% | +3.3% | +28% / +1% |
| ATKRAtkore Inc. | 3.2 bn | — | -11.9% | -5.5% | −11.0% | +37% / −24% |
| SPBSpectrum Brands Holdings, Inc. | 2.1 bn | 28.0 | 4.2% | 2.8% | −5.2% | +54% / +32% |
| NVXNOVONIX Ltd | 1.9 bn | — | -62.0% | -1,650.8% | −4.1% | −81% / −88% |
| ENREnergizer Holdings, Inc. | 1.7 bn | 21.3 | 42.2% | 2.7% | +2.3% | +38% / −18% |
| AMPXAmprius Technologies, Inc. | 1.2 bn | — | -36.1% | -33.4% | +202.1% | −25% / +106% |
| EMATEvolution Metals & Technologies Corp. | 1.2 bn | — | — | — | unavailable | unavailable / unavailable |
| EOSEEos Energy Enterprises, Inc. | 779.3 m | — | — | -246.8% | +631.8% | −86% / +95% |
| ENVXEnovix Corporation | 612.3 m | — | -82.2% | -473.9% | +37.9% | −64% / −75% |
| NRGVEnergy Vault Holdings, Inc. | 578.2 m | — | -225.9% | -48.6% | +340.9% | −8% / +38% |
| SLDPSolid Power, Inc. | 515.7 m | — | -20.5% | -1,152.2% | +8.0% | −57% / +60% |
| FLNCFluence Energy, Inc. | 312.1 m | — | -20.7% | -3.1% | −16.1% | −69% / −76% |
| CHPTChargePoint Holdings, Inc. | 306.4 m | — | -1,015.1% | -40.6% | −1.4% | +39% / −69% |
| SESSES AI Corporation | 286.4 m | — | -31.2% | -289.6% | +929.4% | −60% / −63% |
| ULBIEnerSys | 260.3 m | 1.4 | -4.8% | -3.5% | +16.2% | +175% / +109% |
| MVSTMicrovast Holdings, Inc. | 255.7 m | — | 11.4% | 13.9% | +12.6% | −81% / −43% |
| ELVAElectrovaya Inc. | 173.4 m | — | -673.8% | -3.4% | +170.8% | +7% / +94% |
| ELPWElong Power Holding Ltd. | 145.7 m | — | — | -271.3% | +430.7% | −100% / −100% |
| NEOVNeoVolta, Inc. | 134.6 m | — | -101.1% | -161.0% | +58.2% | −44% / +28% |
| GAUZGauzy Ltd. | 127.5 m | — | — | -51.4% | +32.8% | −93% / unavailable |
| BYRNByrna Technologies Inc. | 97.4 m | — | -14.9% | -9.2% | +37.7% | −77% / −29% |
| EPOWE-Power Inc. | 88.8 m | — | — | -35.8% | −28.6% | −88% / −87% |
| BLNKBlink Charging Co. | 65.4 m | — | -79.9% | -52.2% | −18.0% | −66% / −86% |
| STISolidion Technology, Inc. | 37.8 m | — | -1,382.4% | -23,852.8% | unavailable | −59% / −99% |
1- and 3-year price returns: for GAUZ from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 11 Mar 2025; since then the company filed 6-K (16 Oct 2026), 6-K (01 Oct 2026), 6-K (21 Sept 2026), 6-K (18 Sept 2026), 6-K (31 Aug 2026), 6-K (24 Aug 2026).
In brief
Gauzy Ltd. develops light and vision control technologies, including smart glass materials and AI-powered driver assistance systems, for mobility and architecture, where its products replace traditional mechanical shading. The company is still loss-making, but the market it serves, supported by climate policy, is described as having high growth potential, with a global smart glass market estimated at 124 billion USD by 2028 1.
SWOT
Strengths
- Leading positions in aerospace and in ADAS for commercial vehicles, with long-standing relationships with major customers.
- Vertical integration from nanoparticle synthesis to lamination, which offers cost flexibility.
- Revenue diversified across regions and segments, with no dominant customer.
Weaknesses
- Continued net losses and a significant accumulated deficit, with a possible need for additional capital.
- Dependence on OEM validation, which can take years before revenue arrives.
- High repair and replacement costs for defective products, including through recalls.
Opportunities
- Growing adoption of smart glass in buildings and in electric vehicles with panoramic roofs.
- Extending ADAS to more complex commercial vehicles and to other segments such as rail or maritime.
- Strategic acquisitions, aided by its listed status, to broaden the portfolio.
Threats
- Delays or cancellations of projects by OEM customers could weaken forecast revenue.
- Geopolitical tensions in Israel and the region could affect operations if conflicts expand.
- Cheaper or faster competing technologies could displace current products.
Risks
- Uncertain OEM validationhigh
The company invests heavily in validating products without assurance that it will win production models, which could severely affect future business.
- Losses and need for capitalhigh
The company does not expect to be profitable in the near or medium term and could need additional financing, which may not be available on acceptable terms.
- Repair and recall costsmedium
Defective products can carry high replacement and administrative costs, and recalls could damage reputation.
- Fluctuating resultsmedium
Quarterly and annual results have fluctuated and may continue to do so for reasons that are hard to control.
- Conditions in Israelmedium
Regional conflicts could affect operations if ceasefires collapse or the war expands.
Investment thesis
What would need to be true (bull case)
- If adoption of smart glass and ADAS accelerates in construction and automotive, the company could benefit from its already established leading positions.
- If climate policies in the US and EU remain supportive, demand for sustainable technologies could sustain growth.
- If losses narrow as capacity grows, margins could expand through operating leverage.
What would break the thesis
- If OEMs do not validate products or postpone projects, revenue could stay below expectations.
- If the company cannot fund its losses without new capital, shareholder dilution could become an issue.
- If competing technologies advance faster, current products could lose competitiveness.
What to watch
- Revenue trends by segment, especially aerospace and safety techQ1 2027
- Number of new design wins with OEMs and Tier 1 suppliers2027
- Reduction in net losses and accumulated deficitnext 10-K
- Security developments in Israel and durability of the ceasefire2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 11 Mar 2025; since then the company filed 6-K (16 Oct 2026), 6-K (01 Oct 2026), 6-K (21 Sept 2026), 6-K (18 Sept 2026), 6-K (31 Aug 2026), 6-K (24 Aug 2026).
The business
Gauzy Ltd. is a fully integrated light and vision control company headquartered in Tel Aviv, incorporated in Israel and reporting on Form 20-F as a foreign private issuer on Nasdaq 1. Its key products include SPD and LC materials for smart glass and ADAS solutions with camera monitoring systems (CMS) for trucks, buses and coaches 1. It supplies customers in aerospace, automotive and architecture, including Boeing, Honda, Mercedes, Ford and Ferrari 1. It operates production facilities in Israel, France, Germany and the United States and sells in over 60 countries 1.
The business model is Tier 1 in aerospace and commercial vehicles and Tier 2 in automotive and architecture, where materials are delivered to glass fabricators that integrate them into the final product 1. Contract lengths run from 15 years or more in aeronautics to about eight years in automotive and five to ten years in safety tech 1. Development cycles with new customers take one to four years after a design win, meaning spending before revenue 1.
The company acquired Vision Lite in January 2022 and Resonac's full SPD intellectual property portfolio and business in September 2023, expanding its portfolio and production chain 1. Net losses were 53.2 million USD in 2024 compared with 79.3 million USD in 2023, and the company cannot guarantee profitability in the near or medium term 1.
Segments
Aerospace
Aerospace accounted for approximately 40.0% of revenue in 2024, with smart glass and shading solutions for cabins and cockpits in serial production with seven business jet OEMs 1.
Safety tech and commercial vehicles
The safety tech and commercial vehicle segment accounted for 44.1% of revenue in 2024, the largest segment, with CMS and ADAS systems for trucks, buses and coaches 1.
Architecture and automotive
Architecture accounted for 12.7% of revenue and automotive for 3.2% in 2024; in automotive, the technology is integrated into panoramic roofs and windshields, particularly for electric vehicles 1.
Market context
Frost and Sullivan, cited by the company, estimates the global smart glass market will reach 124 billion USD by 2028, with a CAGR of 22.8% from 2023 to 2028 1. Approximately 80% of flat glass produced globally has historically been used in building and construction, making architecture an important growth area 1. On policy, the US Inflation Reduction Act and the EU Renewable Energy Directive support adoption of light control technologies 1.
Growth potential depends on OEM adoption and on how many design wins the company secures, and the company's own market estimates could prove inaccurate 1.
Trends
- Climate and energy policytailwind
US and EU legislation supporting sustainable technologies, and tax credits for electrically controlled variable tint materials, could accelerate adoption in architecture 1.
- Replacement of mechanical products with electronicstailwind
The shift from mechanical shading to smart glass and ADAS in automotive and aerospace is described as a structural trend 1.
- Long validation cyclesheadwind
Product development with OEMs takes years, and losing a design win can block supply for many years 1.
- Raw material and energy costsmixed
Global supply chain disruptions and high energy prices are expected to continue, affecting costs 1.
Competitive position
The company faces competitors in smart glass and vehicle vision systems, but the provided sources do not name specific rivals 1. Its advantage rests on leading positions in certain niches and long-standing OEM relationships that make replacing a supplier after a design win difficult 1.
Technological progress by competitors could reduce the competitiveness of current products if the company does not expand its innovation pipeline quickly 1.
- Smart glass competitors not named in source
The source does not name direct smart glass competitors; competition in this area is mentioned only in general terms.
- CMS and ADAS suppliers for commercial vehicles
The company describes itself as a market leader in CMS and ADAS for trucks, buses and coaches, but the source does not name rivals.
- Aerospace shading suppliers
The company holds a leading position in cockpit shading, and the source does not identify rivals in this segment.
- Photochromic and thermochromic technology producers
The source describes these passive technologies as existing alternatives but does not name companies.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)16 Oct 2026
- Current report (foreign issuer)01 Oct 2026
- Current report (foreign issuer)21 Sept 2026
- Current report (foreign issuer)18 Sept 2026
- Current report (foreign issuer)31 Aug 2026
- Current report (foreign issuer)24 Aug 2026
- Current report (foreign issuer)17 Aug 2026
- Current report (foreign issuer)20 Jul 2026
- Current report (foreign issuer)26 May 2026
- Current report (foreign issuer)08 Apr 2026
Sources
- [1] Form 20-F, fiscal year ended 2024-12-31 · SEC / Gauzy Ltd. · 11 Mar 2025
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.