Gauzy Ltd.

Good morning and welcome to Gosselin VISA's first quarter 2025 earnings conference call. Today's call is being recorded and we have allocated one hour for prepared remarks and Q&A. At this time, I would like to turn the conference over to Dan Scott, Investor Relations. Thank you. You may begin.

Thank you, Operator, and thank you, everyone, for joining us today. Hosting the call today are Gauzy's CEO and co-founder, Eyal Peso, and Chief Financial Officer, Meir Peleg. On this call, management will be making forward-looking statements, not historical facts, which are based on management's current expectations, beliefs, projections, and assumptions, many of which, by their nature, are inherently uncertain. These forward-looking statements are subject to risks and uncertainties. Actual results could differ materially from our forward-looking statements or If any of our key expectations, beliefs, projections, or assumptions are incorrect because of other factors discussed in today's earnings news release and the comments made during this conference call or in our latest report and filings with the Securities and Exchange Commission, each of which can be found on our website, www.gauzy.com. We do not undertake any duty to update any forward-looking statements. This call contains time-sensitive information that is accurate only as of today, May 13, 2025. Except as required by law, Gauzy disclaims any obligation to publicly update or revise any information to reflect events or circumstances that occur after this call. Today's presentation also includes references to non-GAAP financial measures. You should refer to the information contained in the company's first quarter press release for definitional information and reconciliations of historical non-GAAP measures to the comparable financial measures. With that, let me turn the call over to Al.

Thank you very much, Dan, and good morning, everyone. Thank you for joining us today as we discuss our first quarter 2025 results. For today's call, I'd like you to focus on three key takeaways. First, our solid first quarter performance in the face of global uncertainty for our customers which underscores the strength of our business model and the growing demand for our technologies. Second, the significant business milestones we've achieved during the quarter and subsequent to its end that will drive our growth in 2025 and beyond. Third, we have signed the first $10 million out of a previously announced $20 million planned debt financing under significantly more favorable terms as compared to our borrowings as a private company. And finally, our reaffirmed 2025 guidance supported by a strong backlog of purchase orders and enhanced balance sheet. We delivered a solid start to the year despite a two to three week period in March 2025 of market uncertainty as customers attempted to assess tariff impacts and risks. Revenue growth in the automotive and safety tech divisions was offset by some timing shifts in deliveries in the aero and architecture divisions, which we expect to revert to a more normal cadence across the balance of the year. This view is supported by the record spike in the backlog of purchase orders to be shipped in the next few months. We're excited to execute against the backlog after a quarter in which we demonstrated our ability to deliver significant gross margin expansion as we accelerate revenues into the back half of 2025. Now let me highlight some of the key business milestones we achieved during the first quarter and subsequent period. On our last call, we told you about our new black SPD smart lab technology introduced at CES, our partnership with Tourneo to enhance London's 8,500 bus fleet with ADAS, our partnership with Umbrella to enhance ADAS for customers such as Ford trucks, and our FMCSA exemption renewal to accelerate adoption of ADAS in commercial vehicles across the U.S. I'll now focus my comments on three recent announcements. First, we announced that Air France KLM Group has selected our advanced shading system for the new La Première first-class suits in the Boeing 777 aircraft. These five window suites represent a significant opportunity in the airline shading market, valued at $600 million annually, with 6.4% projected growth through 2028. Gauzy has captured over 95% of the cockpit shading market and works with OEMs, including Embraer, HondaJet, Daher, and others, The double pleated system allows passengers to choose between translucent and blackout settings while providing centralized control for crew members. This is another example of our goal of transferring our cockpit shading success to cabin applications. Second, we announced that Mercedes-Benz has implemented our smart glass technologies in 75% of the glazing in the new Vision V show car, which premiered in the Odo Show in Shanghai 2025. This marks Mercedes-Benz's first use of Gauzy's dual technology windows, combining SPD and PDLC for enhanced shading, privacy, and digital application. Mercedes previously used SPD in its Magic Sky control. In Division V, these technologies allowed transitions between transparent, shaded, and private states while creating projection surfaces. The solution reduces glare and cabin temperature while maintaining visibility. A segmented PDLC partition provides flexible privacy between cabins. And importantly, today we're excited to announce the ramp-up of shipments for the superproduction of the Cadillac Celestique EV with four-zone SPD sunroof, marking the continuation of business with GM. These collaborations with Cadillac and Mercedes are yet another example of growing demand for our automotive smart glass technologies, with the market projected to reach $25 billion by 2028. Before I turn it over to Mayo, I want to emphasize that our backlog of purchase orders, which was below $31 million at year-end 2024, expanded to almost $36 million at the end of March, indicative of the strong continued demand for our product. As a reminder, purchase order backlog represents orders we have in hand and expect to ship in the next few months. The entire Gauzy organization is excited to deliver on this tremendous momentum. With that, I will turn it over to Mayle for an update on Gauzy's financial results.