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Mar 31, 2024
FARO Q1 2024 Earnings Report
FARO's first quarter performance in 2024 demonstrated a strong start to the year, with revenue at the upper end of guidance and Non-GAAP EPS exceeding guidance.
Key Takeaways
FARO Technologies reported Q1 2024 revenue of $84.2 million, a GAAP loss per share of $(0.38), and non-GAAP EPS of $0.09. The company generated $6.6 million in operating cash flow and achieved a gross margin of 51.4%.
Revenue reached $84.2 million, hitting the upper end of the guidance range.
GAAP loss per share was $(0.38), while non-GAAP EPS was $0.09, surpassing the guidance.
Cash flow from operations amounted to $6.6 million.
Gross margin was 51.4%, increasing from 46.7% in the prior year.
FARO
FARO
FARO Revenue by Segment
FARO Revenue by Geographic Location
Revenue by Segment
Product Sales Revenue
CapyFin.comService Sales Revenue
CapyFin.comRevenue by Geographic Location
Americas Revenue
CapyFin.comEMEA Revenue
CapyFin.comAPAC Revenue
CapyFin.com Forward Guidance
For the second quarter ending June 30, 2024, FARO expects revenue in the range of $79 to $87 million, gross margin between 50.5% and 52.0%, operating expenses between $46 and $48 million, and a net loss per share in the range of ($0.43) to ($0.23).
Positive Outlook
- Revenue is expected to be in the range of $79 to $87 million.
- Gross margin is projected to be between 50.5% and 52.0%.
- Non-GAAP gross margin is expected to be between 51.0% and 52.5%.
- Operating expenses are anticipated to be in the range of $46 to $48 million.
- Non-GAAP operating expenses are projected to be between $41 and $43 million.
Challenges Ahead
- Net loss per share is expected to be in the range of ($0.43) to ($0.23).
- Non-GAAP net loss to net income per share is projected to be in the range of $(0.08) to $0.12.
- Stock-based compensation is expected to impact gross margin by 0.5%.
- Purchase accounting intangible amortization and restructuring costs are expected to impact operating expenses.
- Non-GAAP tax adjustments are also expected to influence diluted loss per share.
Revenue & Expenses
Visualization of income flow from segment revenue to net income