Financial results for the second quarter ended June 30, 2024

LAKE MARY, FL, Aug 12, 2024 – FARO has announced its financial results for the second quarter ended June 30, 2024. Revenue for the second quarter of 2024 was $82.1M, 2.5% down compared to $84.2M for the first quarter ended March 31, 2024. Net loss was $0.5M.

“As I reflect on the completion of my first year at FARO, I am pleased with the execution of the first phase of our journey to drive operational excellence and we are pacing well ahead of our expectations,” said Peter Lau, president & chief executive officer. “By continuing to build a strong base of financial performance, marked by consistent EBITDA and free cash flow generation, we are investing in several multi-year value creation activities. Against the backdrop of a difficult macroeconomic environment, FARO delivered GAAP net loss of $0.5 million and $8.4 million of adjusted EBITDA, or 10.3% of revenue, concluding a first half of 2024 adjusted EBITDA that exceeded full year fiscal 2023 adjusted EBITDA. Looking forward, we are excited about the next phase in our journey, as we communicated in March, to deliver on the key organic growth plans which our operational improvements has enabled.”

A complete chart of the financial results is available here.

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. For more information, visit www.faro.com.