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LASR

nLIGHT, Inc.

LASR

nLIGHT, Inc. • NASDAQ
$35.23 ▲ 1.50% (+0.52)
Market Cap $1.74 B
52w High $38.62
52w Low $6.20
Dividend Yield 0%
P/E -39.58
Volume 228.70K
Outstanding Shares 49.39M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $66.742M ▲ $28.052M ▲ $-6.874M ▼ -10.299% ▼ $-0.14 ▼ $-2.147M ▼
Q2-2025 $61.735M ▲ $22.693M ▼ $-3.591M ▲ -5.817% ▲ $-0.072 ▲ $229K ▲
Q1-2025 $51.668M ▲ $23.409M ▼ $-8.093M ▲ -15.663% ▲ $-0.16 ▲ $-5.94M ▲
Q4-2024 $47.381M ▼ $27.56M ▲ $-24.962M ▼ -52.684% ▼ $-0.52 ▼ $-17.301M ▼
Q3-2024 $56.129M $24.349M $-10.335M -18.413% $-0.21 $-7.521M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $115.792M ▲ $298.693M ▲ $80.2M ▲ $218.493M ▲
Q2-2025 $113.7M ▼ $295.254M ▲ $79.253M ▲ $216.001M ▲
Q1-2025 $116.718M ▲ $289.996M ▲ $77.237M ▲ $212.759M ▼
Q4-2024 $100.697M ▼ $270.241M ▼ $53.811M ▼ $216.43M ▼
Q3-2024 $106.697M $291.294M $56.024M $235.27M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-6.874M ▼ $5.217M ▲ $-2.886M ▼ $33K ▲ $2.296M ▲ $2.447M ▲
Q2-2025 $-3.591M ▲ $-1.385M ▼ $-1.95M ▲ $-279K ▼ $-3.383M ▼ $-3.778M ▼
Q1-2025 $-8.093M ▲ $-20K ▲ $-2.433M ▼ $18.765M ▲ $16.368M ▼ $-2.301M ▲
Q4-2024 $-24.962M ▼ $-3.887M ▲ $27.613M ▲ $1.066M ▲ $24.374M ▲ $-6.506M ▲
Q3-2024 $-10.335M $-5.617M $-1.98M $-573K $-7.929M $-7.228M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Aerospace and Defense
Aerospace and Defense
 $30.00M ▲$30.00M ▲$40.00M ▲$50.00M ▲
Industrial
Industrial
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲
Microfabrication
Microfabrication
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has been relatively flat to slightly down over the last few years, which suggests the business is still fairly small and not yet in a strong growth phase on the top line. Margins are thin, and the company has recorded operating losses and net losses every single year in the period shown. Those losses widened again most recently, reversing some earlier improvement. This points to a model where heavy spending on R&D, engineering, and sales is not yet being fully covered by revenue. In short, nLIGHT looks like a technology‑rich but still subscale business that has not yet reached consistent profitability.

Balance Sheet

Balance Sheet The balance sheet is relatively clean and conservative. The company carries only modest debt, relying largely on shareholder equity rather than borrowing. Cash balances are lower than they were a few years ago but have stabilized more recently, which is encouraging given the ongoing losses. Total assets and equity have drifted down from prior peaks, reflecting both the lack of profits and some use of cash, but there is no sign of an overly stretched or highly leveraged position. Overall, the balance sheet gives some financial flexibility, but the company still needs to move closer to profitability to preserve that strength over time.

Cash Flow

Cash Flow Cash generation is mixed but not alarming. Operating cash flow has hovered around breakeven, occasionally slightly positive or slightly negative, which is better than the reported accounting losses might suggest. However, once you include steady investment in equipment and facilities, free cash flow has usually been modestly negative. That means the company is still consuming a bit of cash to fund growth and development rather than funding itself from its own operations. The burn rate does not appear extreme, but without a clear move to stronger positive operating cash flow, there is ongoing dependence on the existing cash cushion and capital market access over the longer term.

Competitive Edge

Competitive Edge nLIGHT operates in a specialized corner of the laser and photonics market, particularly high‑power semiconductor and fiber lasers for demanding industrial, aerospace, and defense uses. Its vertical integration—from semiconductor chips all the way up to full laser systems—gives it cost, performance, and customization advantages that many rivals cannot easily replicate. A large patent portfolio and deep application know‑how act as additional barriers to entry. At the same time, the company competes against both large diversified industrial players and lower‑cost Asian manufacturers, and it is exposed to cyclical industrial demand and defense procurement timing. The pivot toward defense and advanced manufacturing improves differentiation but also concentrates the business more in government‑driven markets.

Innovation and R&D

Innovation and R&D Innovation is clearly at the core of nLIGHT’s strategy. The company is pushing advanced, programmable fiber lasers (such as its Corona platform), AI‑enabled process optimization tools, and specialized solutions for electric vehicle manufacturing and additive manufacturing. On the defense side, it is working on high‑energy laser systems and sensing technologies, supported by notable government contracts. This heavy R&D focus creates a strong technology pipeline and helps sustain its competitive moat, but it also contributes to ongoing losses. The payoff depends on how quickly these innovations move from development and pilot programs into larger, repeat production orders, especially in defense and high‑end industrial applications.

Summary

nLIGHT is a technologically sophisticated laser company that appears to be in a transition phase: strong on innovation and niche positioning, weaker on scale and profitability. Financially, it shows persistent losses, only marginal revenue growth, and modest but manageable cash burn, supported by a relatively solid, low‑debt balance sheet. Strategically, it is leaning into defense, aerospace, and advanced manufacturing, where its vertically integrated model, IP portfolio, and programmable laser technologies can shine. The main opportunity lies in converting its technical wins and contracts into durable, higher‑margin volume business. The main risks are continued earnings and cash flow pressure if that transition takes longer than expected, along with exposure to industrial cycles and government defense budgets.

NEWS

November 6, 2025 · 4:10 PM UTC

nLIGHT, Inc. Announces Third Quarter 2025 Results

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October 13, 2025 · 8:05 AM UTC

nLIGHT to Announce Third Quarter 2025 Financial Results on November 6th

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