LAKE MARY, FL, Feb 28, 2024 – FARO has announced its financial results for the fourth quarter and full year ended December 31, 2023. Revenue for the fourth quarter of 2023 was $98.8M, 13.8% up compared to $86.8M for the third quarter ended September 30, 2023. Net profit was $1.6M.

“We are pleased with our improved financial performance and remain excited about the long term prospects of our integrated hardware and software solutions strategy to create customer value in our core markets,” said Peter Lau, president & chief executive officer. “GAAP EPS of $0.08 and non-GAAP EPS of $0.36 exceeded the high end of our guidance range. GAAP net income of $1.6 million and Adjusted EBITDA of $13.2 million, an increase of 12% year over year, attributed to higher than anticipated revenue and continued improvement in operational execution. We also expanded our cash position by generating $18.7 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 quickly and easily 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.

More information is available at www.faro.com.