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    nLIGHT, Inc. Announces Second Quarter 2024 Results

    8/1/24 4:05:00 PM ET
    $LASR
    Semiconductors
    Technology
    Get the next $LASR alert in real time by email

    Revenues of $50.5 million for the second quarter of 2024

    nLIGHT, Inc. (NASDAQ:LASR), a leading provider of high-power semiconductor and fiber lasers used in the industrial, microfabrication, and aerospace and defense markets, today reported financial results for the second quarter of 2024.

    "Second quarter revenue of $50.5 million was at the upper end of our guidance range and increased 13% compared to the first quarter," commented Scott Keeney, nLIGHT's President & Chief Executive Officer. "Strong execution in directed energy and in existing laser sensing programs resulted in 26% quarter-over-quarter growth in our Aerospace & Defense business. We also announced a strategic partnership with EOS, an industry leader in additive manufacturing. Additive manufacturing remains a key growth area for nLIGHT and we believe our work with EOS positions us even better for long-term growth in this market."

    Mr. Keeney continued, "Higher volumes and a more favorable mix of business during the second quarter enabled us to increase products gross margin to 30%, above the high end of our guidance range. We generated approximately $7 million from cash flow from operations during the first six months of the year and we ended the quarter with approximately $115 million of cash and investments with no debt."

    Second Quarter 2024 Financial Highlights

     

    Three Months Ended June 30,

     

     

    (In thousands, except percentages)

    2024

     

    2023

     

    % Change

    Revenues

    $

    50,511

     

     

    $

    53,304

     

     

    (5.2)%

    Gross margin

     

    23.5

    %

     

     

    22.7

    %

     

     

    Loss from operations

    $

    (12,690

    )

     

    $

    (11,686

    )

     

    (8.6)%

    Operating margin

     

    (25.1

    )%

     

     

    (21.9

    )%

     

     

    Net loss

    $

    (11,729

    )

     

    $

    (8,823

    )

     

    (32.9)%

    Adjusted EBITDA(1)

    $

    (1,599

    )

     

    $

    (150

    )

     

    NM*

    Adjusted EBITDA, as a percentage of revenues

     

    (3.2

    )%

     

     

    (0.3

    )%

     

     

    (1)

    A reconciliation of the non-GAAP metrics presented here to the most directly comparable GAAP metric has been provided in the tables included at the end of this release.

    *

    Not meaningful

    Revenues of $50.5 million for the second quarter of 2024 were down 5.2% compared to $53.3 million for the second quarter of 2023. Gross margin was 23.5% for the second quarter of 2024 compared to 22.7% for the second quarter of 2023. GAAP net loss for the second quarter of 2024 was $11.7 million, or $0.25 per diluted share, compared to net loss of $8.8 million, or $0.19 per diluted share, for the second quarter of 2023. Non-GAAP net loss for the second quarter of 2024 was $4.6 million, or $0.10 per diluted share, compared to non-GAAP net loss of $0.9 million, or $0.02 per diluted share, for the second quarter of 2023. Reconciliations of the non-GAAP metrics presented here to the most directly comparable GAAP metric have been provided in the tables included at the end of this release.

    Outlook

    For the third quarter of 2024, nLIGHT expects revenues to be in the range of $53 million to $58 million. The midpoint of $55.5 million includes Laser Products revenue of approximately $39.5 million and Advanced Development revenue of approximately $16 million. nLIGHT expects overall gross margin to be in the range of 22% to 26%, with Laser Products gross margin in the range of 28% to 32% and Advanced Development gross margin of approximately 8%. nLIGHT expects Adjusted EBITDA to be in the range of ($2) million to $1 million.

    We have not reconciled our outlook for Adjusted EBITDA because unrealized and realized foreign exchange gains and losses cannot be reasonably calculated or predicted nor can the probable significance be determined at this time. Accordingly, a reconciliation is not available without unreasonable effort.

    Investor Conference Call at 2:00 p.m. Pacific Time, Thursday, August 1, 2024

    Parties interested in listening to nLIGHT's quarterly conference call may do so by dialing 1-844-282-4705 (U.S., toll-free) or +1-412-317-5625 (international and toll), with the conference title: nLIGHT Second Quarter 2024 Earnings. The call can also be accessed via the web by going to nLIGHT's Investor Relations page at http://investors.nlight.net.

    Use of Non-GAAP Financial Results

    In addition to U.S. GAAP results, this press release contains non-GAAP financial results, including Adjusted EBITDA, non-GAAP net income (loss) and non-GAAP net income (loss) per share, basic and diluted. We use Adjusted EBITDA to help us evaluate our business, measure our performance, identify trends affecting our business, formulate business plans and make strategic decisions. In addition to our results determined in accordance with GAAP, we believe Adjusted EBITDA is a meaningful measure of performance as it is commonly utilized by us and the investment community to analyze operating performance in our industry. Similarly, we believe that providing non-GAAP net income (loss) and non-GAAP net income (loss) per share, basic and diluted, is useful to our investors as they present an informative supplemental view of our results from period to period by removing the effect of stock-based compensation expense and other non-recurring items. However, the non-GAAP metrics presented herein are specific to us and may not be comparable to similar metrics disclosed by other companies because of differing methods used by other companies in calculating them.

    We define Adjusted EBITDA as net income (loss) adjusted for income tax expense (benefit), other non-operating income or expense, interest income or expense, depreciation and amortization, stock-based compensation, acquisition and integration-related costs, and other non-recurring items as determined by management, as applicable. We define non-GAAP net income (loss) as GAAP net income (loss) adjusted for stock-based compensation, amortization of purchased intangibles, acquisition and integration-related costs, and other non-recurring items as determined by management, as applicable. We define non-GAAP net income (loss) per share, basic and diluted, as non-GAAP net income (loss) divided by the weighted-average number of shares outstanding during the respective period plus the dilutive effect of any common stock equivalents during the period in the case of non-GAAP net income (loss) per share, diluted.

    Tables presenting the reconciliation of net loss to Adjusted EBITDA, as well as the reconciliation of GAAP to non-GAAP net income (loss) and GAAP to non-GAAP net income (loss) per share, basic and diluted, are included at the end of this press release.

    Safe Harbor Statement

    Certain statements in this release are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Words such as "outlook," "guidance," "expects," "intends," "projects," "plans," "believes," "estimates," "targets," "anticipates," and similar expressions may identify these forward-looking statements. Examples of forward-looking statements include, but are not limited to, statements regarding expected revenues, gross margin, and Adjusted EBITDA, and our business strategy and ability to profitably grow our business, as well as any other statement that does not directly relate to any historical or current fact. Forward-looking statements are based on our current expectations and assumptions, which may not prove to be accurate. These statements are not guarantees and are subject to risks, uncertainties and changes in circumstances that are difficult to predict. Many factors could cause actual results to differ materially and adversely from these forward-looking statements, including but not limited to our ability to compete successfully in the markets for our products; changes in the markets we serve or in the global economy; our ability to increase our volumes and decrease our costs to offset potential declines in the average selling prices of our products; rapid technological changes in the markets that we participate in; our ability to develop and maintain products that can achieve market acceptance; our ability to generate sufficient revenues to achieve or maintain profitability in the future; our high levels of fixed costs and inventory and their effect on our gross profits and results of operations if demand for our products declines or we maintain excess inventory levels; our ability to manage growth and spending during economic downturns; our manufacturing capacity and operations and their suitability for future levels of demand; our reliance on third parties to manufacture certain of our products and product components; our reliance on a small number of customers for a significant portion of our revenues; our ability to manage risks associated with international customers and operations; the effect of government export and import controls on our ability to compete in international markets; our ability to protect our proprietary technology and intellectual property rights; fluctuations in our quarterly results of operations and other operating measures; and the effect on our business of claims, lawsuits, government investigations, other legal or regulatory proceedings, or commercial or contractual disputes that we are or may become involved in. Additional information concerning these and other factors can be found in nLIGHT's filings with the Securities and Exchange Commission (the "SEC"), including other risks, relevant factors and uncertainties identified in the "Risk Factors" section of nLIGHT's most recent Annual Report on Form 10-K or subsequent filings with the SEC. nLIGHT undertakes no obligation to update publicly or revise any forward-looking statements contained herein to reflect future events or developments, except as required by law.

    The nLIGHT logo and "nLIGHT" are registered trademarks or trademarks of nLIGHT, Inc. in various jurisdictions.

    About nLIGHT

    nLIGHT, Inc. is a leading provider of high-power semiconductor and fiber lasers for industrial, microfabrication, aerospace and defense applications. Our lasers are changing not only the way things are made but also the things that can be made. Headquartered in Camas, Washington, nLIGHT employs over 900 people with operations in the U.S., China, Finland, Korea and Italy. For more information, please visit www.nlight.net.

    nLIGHT, Inc.

     

    Consolidated Statements of Operations

    (In thousands, except per share data)

    (Unaudited)

     

     

    Three Months Ended June 30,

     

    Six Months Ended June 30,

     

    2024

     

    2023

     

    2024

     

    2023

    Revenue:

     

     

     

     

     

     

     

    Products

    $

    34,458

     

     

    $

    39,592

     

     

    $

    63,828

     

     

    $

    80,699

     

    Development

     

    16,053

     

     

     

    13,712

     

     

     

    31,210

     

     

     

    26,696

     

    Total revenue

     

    50,511

     

     

     

    53,304

     

     

     

    95,038

     

     

     

    107,395

     

    Cost of revenue:

     

     

     

     

     

     

     

    Products

     

    24,011

     

     

     

    28,272

     

     

     

    47,242

     

     

     

    55,798

     

    Development

     

    14,650

     

     

     

    12,924

     

     

     

    28,458

     

     

     

    25,226

     

    Total cost of revenue(1)

     

    38,661

     

     

     

    41,196

     

     

     

    75,700

     

     

     

    81,024

     

    Gross profit

     

    11,850

     

     

     

    12,108

     

     

     

    19,338

     

     

     

    26,371

     

    Operating expenses:

     

     

     

     

     

     

     

    Research and development(1)

     

    11,736

     

     

     

    12,004

     

     

     

    22,395

     

     

     

    23,305

     

    Sales, general, and administrative(1)

     

    12,804

     

     

     

    11,790

     

     

     

    24,351

     

     

     

    22,959

     

    Total operating expenses

     

    24,540

     

     

     

    23,794

     

     

     

    46,746

     

     

     

    46,264

     

    Loss from operations

     

    (12,690

    )

     

     

    (11,686

    )

     

     

    (27,408

    )

     

     

    (19,893

    )

    Other income:

     

     

     

     

     

     

     

    Interest income, net

     

    459

     

     

     

    350

     

     

     

    914

     

     

     

    687

     

    Other income, net

     

    622

     

     

     

    1,057

     

     

     

    1,263

     

     

     

    1,461

     

    Loss before income taxes

     

    (11,609

    )

     

     

    (10,279

    )

     

     

    (25,231

    )

     

     

    (17,745

    )

    Income tax expense

     

    120

     

     

     

    (1,456

    )

     

     

    264

     

     

     

    (1,192

    )

    Net loss

    $

    (11,729

    )

     

    $

    (8,823

    )

     

    $

    (25,495

    )

     

    $

    (16,553

    )

    Net loss per share, basic

    $

    (0.25

    )

     

    $

    (0.19

    )

     

    $

    (0.54

    )

     

    $

    (0.36

    )

    Net loss per share, diluted

    $

    (0.25

    )

     

    $

    (0.19

    )

     

    $

    (0.54

    )

     

    $

    (0.36

    )

    Shares used in per share calculations:

     

     

     

     

     

     

     

    Basic

     

    47,658

     

     

     

    45,717

     

     

     

    47,450

     

     

     

    45,580

     

    Diluted

     

    47,658

     

     

     

    45,717

     

     

     

    47,450

     

     

     

    45,580

     

    (1)Includes stock-based compensation as follows:

     

     

     

     

     

     

     

     

    Three Months Ended June 30,

     

    Six Months Ended June 30,

     

    2024

     

    2023

     

    2024

     

    2023

    Cost of revenues

    $

    659

     

    $

    663

     

    $

    1,200

     

    $

    1,363

    Research and development

     

    2,175

     

     

     

    2,826

     

     

     

    3,788

     

     

     

    4,924

     

    Sales, general, and administrative

     

    4,169

     

     

     

    4,026

     

     

     

    7,446

     

     

     

    6,731

     

     

    $

    7,003

     

     

    $

    7,515

     

     

    $

    12,434

     

     

    $

    13,018

     

    nLIGHT, Inc.

     

    Condensed Consolidated Balance Sheets

    (In thousands)

    (Unaudited)

     

     

    As of

     

    June 30, 2024

     

    December 31, 2023

    Assets

     

     

     

    Current assets:

     

     

     

    Cash and cash equivalents

    $

    49,386

     

     

    $

    53,210

     

    Marketable Securities

     

    65,173

     

     

     

    59,672

     

    Accounts receivable, net

     

    32,192

     

     

     

    39,585

     

    Inventory

     

    52,321

     

     

     

    52,160

     

    Prepaid expenses and other current assets

     

    13,432

     

     

     

    15,927

     

    Total current assets

     

    212,504

     

     

     

    220,554

     

    Restricted cash

     

    257

     

     

     

    256

     

    Lease right-of-use assets

     

    11,934

     

     

     

    12,616

     

    Property, plant and equipment, net

     

    49,428

     

     

     

    52,300

     

    Intangible assets, net

     

    1,130

     

     

     

    1,652

     

    Goodwill

     

    12,377

     

     

     

    12,399

     

    Other assets, net

     

    6,669

     

     

     

    7,026

     

    Total assets

    $

    294,299

     

     

    $

    306,803

     

     

     

     

     

    Liabilities and Stockholders' Equity

     

     

     

    Current liabilities:

     

     

     

    Accounts payable

    $

    13,360

     

     

    $

    12,166

     

    Accrued liabilities

     

    12,894

     

     

     

    12,556

     

    Deferred revenue

     

    5,651

     

     

     

    4,849

     

    Current portion of lease liabilities

     

    2,930

     

     

     

    3,181

     

    Total current liabilities

     

    34,835

     

     

     

    32,752

     

    Non-current income taxes payable

     

    5,505

     

     

     

    5,391

     

    Long-term lease liabilities

     

    10,452

     

     

     

    10,978

     

    Other long-term liabilities

     

    3,975

     

     

     

    3,263

     

    Total liabilities

     

    54,767

     

     

     

    52,384

     

    Stockholders' equity:

     

     

     

    Common stock - par value

     

    16

     

     

     

    16

     

    Additional paid-in capital

     

    531,822

     

     

     

    521,184

     

    Accumulated other comprehensive loss

     

    (2,507

    )

     

     

    (2,477

    )

    Accumulated deficit

     

    (289,799

    )

     

     

    (264,304

    )

    Total stockholders' equity

     

    239,532

     

     

     

    254,419

     

    Total liabilities and stockholders' equity

    $

    294,299

     

     

    $

    306,803

     

    nLIGHT, Inc.

     

    Consolidated Statements of Cash Flows

    (In thousands)

    (Unaudited)

     

     

    Six Months Ended June 30,

     

    2024

     

    2023

    Cash flows from operating activities:

     

     

     

    Net loss

    $

    (25,495

    )

     

    $

    (16,553

    )

    Adjustments to reconcile net loss to net cash used in operating activities:

     

     

     

    Depreciation

     

    6,240

     

     

     

    6,230

     

    Amortization

     

    2,241

     

     

     

    1,768

     

    (Increase) reduction in carrying amount of right-of-use assets

     

    669

     

     

     

    292

     

    Provision for losses on (recoveries of) accounts receivable

     

    467

     

     

     

    (2

    )

    Stock-based compensation

     

    12,434

     

     

     

    13,018

     

    Loss on disposal of property, plant and equipment

     

    44

     

     

     

    —

     

    Changes in operating assets and liabilities:

     

     

     

    Accounts receivable, net

     

    6,869

     

     

     

    (8,449

    )

    Inventory

     

    (167

    )

     

     

    2,197

     

    Prepaid expenses and other current assets

     

    2,479

     

     

     

    951

     

    Other assets, net

     

    (1,399

    )

     

     

    (319

    )

    Accounts payable

     

    1,438

     

     

     

    (941

    )

    Accrued and other long-term liabilities

     

    1,134

     

     

     

    158

     

    Deferred revenues

     

    818

     

     

     

    (46

    )

    Lease liabilities

     

    (764

    )

     

     

    (374

    )

    Non-current income taxes payable

     

    137

     

     

     

    (1,393

    )

    Net cash provided by operating activities

     

    7,145

     

     

     

    (3,463

    )

    Cash flows from investing activities:

     

     

     

    Purchases of property, plant and equipment

     

    (3,702

    )

     

     

    (1,640

    )

    Purchase of marketable securities

     

    (54,506

    )

     

     

    (59,273

    )

    Proceeds from maturities and sales of marketable securities

     

    49,265

     

     

     

    50,089

     

    Net cash used in investing activities

     

    (8,943

    )

     

     

    (10,824

    )

    Cash flows from financing activities:

     

     

     

    Proceeds from employee stock plan purchases

     

    1,355

     

     

     

    1,220

     

    Proceeds from stock option exercises

     

    137

     

     

     

    332

     

    Tax payments related to stock award issuances

     

    (3,288

    )

     

     

    (3,132

    )

    Net cash used in financing activities

     

    (1,796

    )

     

     

    (1,580

    )

    Effect of exchange rate changes on cash

     

    (229

    )

     

     

    (139

    )

    Net increase (decrease) in cash, cash equivalents and restricted cash

     

    (3,823

    )

     

     

    (16,006

    )

    Cash, cash equivalents and restricted cash, beginning of period

     

    53,466

     

     

     

    58,078

     

    Cash, cash equivalents and restricted cash, end of period

    $

    49,643

     

     

    $

    42,072

     

    Supplemental disclosures:

     

     

     

    Cash paid for interest, net

    $

    20

     

     

    $

    20

     

    Cash paid for income taxes

     

    307

     

     

     

    262

     

    Operating cash outflows from operating leases

     

    2,042

     

     

     

    1,931

     

    Right-of-use assets obtained in exchange for lease liabilities

     

    882

     

     

     

    1,197

     

    Accrued purchases of property, equipment and patents

     

    518

     

     

     

    1,157

     

    Reconciliation of cash, cash equivalents, and restricted cash:

     

     

     

    Cash and cash equivalents

    $

    49,386

     

     

    $

    41,818

     

    Restricted cash

     

    257

     

     

     

    254

     

    Total cash, cash equivalents, and restricted cash

    $

    49,643

     

     

    $

    42,072

     

    nLIGHT, Inc.

     

    Reconciliation of GAAP Financial Metrics to Non-GAAP

    (In thousands, except per share data)

    (Unaudited)

     

    Reconciliation of Net Loss to Adjusted EBITDA

     

     

    Three Months Ended June 30,

     

    Six Months Ended June 30,

     

    2024

     

    2023

     

    2024

     

    2023

    Net loss

    $

    (11,729

    )

     

    $

    (8,823

    )

     

    $

    (25,495

    )

     

    $

    (16,553

    )

    Income tax expense

     

    120

     

     

     

    (1,456

    )

     

     

    264

     

     

     

    (1,192

    )

    Other income, net

     

    (622

    )

     

     

    (1,057

    )

     

     

    (1,263

    )

     

     

    (1,461

    )

    Interest income, net

     

    (459

    )

     

     

    (350

    )

     

     

    (914

    )

     

     

    (687

    )

    Depreciation and amortization

     

    4,088

     

     

     

    4,021

     

     

     

    8,481

     

     

     

    7,998

     

    Stock-based compensation

     

    7,003

     

     

     

    7,515

     

     

     

    12,434

     

     

     

    13,018

     

    Adjusted EBITDA

    $

    (1,599

    )

     

    $

    (150

    )

     

    $

    (6,493

    )

     

    $

    1,123

     

    Reconciliation of GAAP to Non-GAAP Net Loss, and GAAP to Non-GAAP Net Loss per Share, Basic and Diluted

     

     

    Three Months Ended June 30,

     

    Six Months Ended June 30,

     

    2024

     

    2023

     

    2024

     

    2023

    Net loss

    $

    (11,729

    )

     

    $

    (8,823

    )

     

    $

    (25,495

    )

     

    $

    (16,553

    )

    Add back:

     

     

     

     

     

     

     

    Stock-based compensation(1)

     

    7,003

     

     

     

    7,515

     

     

     

    12,434

     

     

     

    13,018

     

    Amortization of purchased intangibles(1)

     

    148

     

     

     

    384

     

     

     

    297

     

     

     

    768

     

    Non-GAAP net loss

     

    (4,578

    )

     

     

    (924

    )

     

     

    (12,764

    )

     

     

    (2,767

    )

     

     

     

     

     

     

     

     

    GAAP weighted-average shares outstanding

     

    47,658

     

     

     

    45,717

     

     

     

    47,450

     

     

     

    45,580

     

    Participating securities

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

    Non-GAAP weighted-average number of shares, basic

     

    47,658

     

     

     

    45,717

     

     

     

    47,450

     

     

     

    45,580

     

    Dilutive effect of common stock equivalents

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

    Non-GAAP weighted-average number of shares, diluted

     

    47,658

     

     

     

    45,717

     

     

     

    47,450

     

     

     

    45,580

     

     

     

     

     

     

     

     

     

    Non-GAAP net loss per share, basic and diluted

    $

    (0.10

    )

     

    $

    (0.02

    )

     

    $

    (0.27

    )

     

    $

    (0.06

    )

    (1)

    There is no income tax effect related to the stock-based compensation and amortization of purchased intangibles adjustments due to the full valuation allowance in the United States.

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20240801695121/en/

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