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Faro Announce 2024 Financial Results

Keith Mills Publishing Editor

FARO Technologies has announced its financial results for the fourth quarter and full year ended December 31, 2024.

Fourth Quarter 2024 Financial Summary

  • Total sales of $93.5 million, down 5% year over year
  • Gross margin of 56.7%, compared to 50.9% in the prior year period
  • Non-GAAP gross margin of 57.4%, compared to 51.3% in the prior year period
  • Operating expenses of $48.4 million, compared to $48.9 million in the prior year period
  • Non-GAAP operating expenses of $39.9 million, compared to $41.3 million in the prior year period
  • Net loss of $1.0 million compared to net income of $1.6 million in the prior year period
  • Non-GAAP net income of $9.5 million compared to net income of $5.8 million in the prior year period
  • EBITDA of $8.2 million, or 8.8% of total sales compared to $3.7 million, or 3.7% of total sales in the prior year period
  • Adjusted EBITDA of $16.7 million, or 17.9% of total sales compared to $11.9 million, or 12.1% of total sales in the prior year period
  • Cash, cash equivalents & short-term investments of $98.7 million, compared to $88.9 million as of September 30, 2024.

Full Year 2024 Financial Summary

  • Total sales of $342.4 million, down 5% compared to the prior year period
  • Net loss of $9.1 million compared to net loss of $56.6 million in the prior year period
  • Non-GAAP net income of $18.5 million compared to non-GAAP net loss of $9.9 million in the prior year period

Regional Revenue Performance

“We are proud to conclude the year with strong momentum, surpassing targets across all of our metrics in the fourth quarter and achieving a decade-high adjusted EBITDA margin of 18% along with our fifth consecutive quarter of positive operating cash flow,” said Peter Lau, President & Chief Executive Officer. “2024 was a milestone year for FARO, marking our first double-digit adjusted EBITDA margin since 2018 and the first time in over a decade to exceed 11% adjusted EBITDA margins for the full year, driving a $29.6 million year-over-year increase in operating cash flow. As we enter 2025, we are confident that our multi-phase strategy, focused on operational excellence, organic growth, and strategic investments, positions us for sustained market leadership and long-term value creation for our shareholders.”

For more information: www.faro.com

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