Management believes that presenting these non-GAAP financial measures provide investors with additional analytical tools which are useful in evaluating our operating results and the ongoing performance of our underlying businesses because they (i) provide meaningful supplemental information regarding financial performance by excluding impact of one-time items and other items affecting comparability between periods, (ii) permit investors to view performance using the same tools that management uses to budget, make operating and strategic decisions, and evaluate our core operating performance across periods, and (iii) otherwise provide supplemental information that may be useful to investors in evaluating our financial results.
First Quarter 2025 Financial Results Revenue in the first quarter of 2025 was $6.8 million compared to $7.8 million in the first quarter of 2024.
The decrease was primarily driven by funding uncertainty within the Company’s customer base and delays in the delivery of committed orders.Gross margins were 47.4% compared to 34.5% in the first quarter of 2024, an improvement of approximately 13 percentage points, driven by a 10% shift in revenues from hardware into software and services, improvements in hardware profitability from the Inspire 2 platform, and a greater proportion of sales of zSpace-owned software content versus 3rd party licensing.
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