LAKE MARY, FL, May 2, 2024 – FARO has announced its financial results for the first quarter ended March 31, 2024. Revenue for the first quarter of 2024 was $84.2M, 14.8% down compared to $98.8M for the fourth quarter ended December 31, 2023. Net loss was $7.3M.
“We’re pleased with our strong start to the year, with our first quarter financial performance providing a solid foundation from which we expect to continue to invest in our strategic initiatives within our core markets,” said Peter Lau, president & chief executive officer. “GAAP loss per share of $(0.38) and non-GAAP EPS of $0.09 exceeded the high end of our guidance range. GAAP net loss of $7.3 million and Adjusted EBITDA of $5.6 million, or 6.6% of revenue, demonstrates the progress we continue to make towards our aspirational financial goals. In addition, we again expanded our cash position by generating $6.6 million of operating cash flow in the quarter, driven by profitability and efficiencies in working capital.”
A complete chart of the financial results is available here.
About FARO
For 40 years, FARO has provided industry-leading technology solutions that enable customers to measure their world, and then use that data to make smarter decisions faster. FARO continues to be a pioneer in bridging the digital and physical worlds through data-driven reliable accuracy, precision, and immediacy.
For more information, visit www.faro.com.
