Gross margin of 55.7%; Non-GAAP gross margin 56.1%, above guidance range.
LAKE MARY, FL, Nov 7, 2024 – FARO has announced its financial results for the third quarter ended September 30, 2024. Revenue for the third quarter of 2024 was $82.6M, flat compared to $82.1M for the second quarter ended June 30, 2024. Net loss was $0.3M.
“I am proud of our ongoing progress in profitability, achieving 55.7% gross margins, GAAP net loss of $0.3 million and $8.9 million of adjusted EBITDA, or 10.7% of revenue, all exceeding our expectations for the third quarter. This marks a significant transformation in our operations over the past year, as its the first time that we have delivered back-to-back double-digit quarterly adjusted EBITDA margins in almost a decade,” said Peter Lau, president & chief executive officer. “Looking ahead, we are committed to executing on our growth initiatives, even in a difficult macroeconomic environment. With our recent product launches, including the Quantum X Arm and next generation Focus Premium Max Laser Scanner, we are excited about the actions we are taking to drive organic revenue growth over the longer term.”
A complete chart of the financial results is available here.
For more information about FARO, visit faro.com.
