EX-99.1 2 exhibit991-q12025.htm EX-99.1 Document

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Exhibit 99.1

nLIGHT, Inc. Announces First Quarter 2025 Results
Record A&D revenue drives first quarter upside

CAMAS, Wash., May 8, 2025 - nLIGHT, Inc. (Nasdaq: LASR), a leading provider of high-power lasers for critical directed energy, optical sensing, and advanced manufacturing applications, today reported financial results for the first quarter of 2025.

“I am pleased with the strong start to the year. Total revenue of $51.7 million was above the high-end of the guidance range, driven by record results in our aerospace and defense markets,” commented Scott Keeney, nLIGHT’s President and Chief Executive Officer. “We expect sequential revenue growth in the second quarter as we continue to ramp our defense products, and we are increasingly confident in our aerospace and defense outlook for 2025, calling for growth of at least 25% year-over-year."

First Quarter 2025 Financial Highlights
Three Months Ended March 31,
(In thousands, except percentages)20252024% Change
Revenues$51,668 $44,527 16.0 %
Gross margin26.7 %16.8 %
Loss from operations$(9,610)$(14,718)34.7 %
Operating margin(18.6)%(33.1)%
Net loss$(8,093)$(13,766)41.2 %
Adjusted EBITDA(1)
$116 $(4,894)NM*
(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 $51.7 million for the first quarter of 2025 were up 16.0% compared to $44.5 million for the first quarter of 2024. Gross margin was 26.7% for the first quarter of 2025 compared to 16.8% for the first quarter of 2024. GAAP net loss for the first quarter of 2025 was $8.1 million, or $0.16 per diluted share, compared to net loss of $13.8 million, or $0.29 per diluted share, for the first quarter of 2024. Non-GAAP net loss for the first quarter of 2025 was $1.9 million, or $0.04 per diluted share, compared to non-GAAP net loss of $8.2 million, or $0.17 per diluted share, for the first quarter of 2024. 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 second quarter of 2025, nLIGHT expects revenues to be in the range of $53 million to $59 million. The midpoint of $56 million includes Products revenue of approximately $38 million and Advanced Development revenue of approximately $18 million. nLIGHT expects overall gross margin to be in the range of 19% to 25%, with Products gross margin in the range of 27% to 33% and Advanced Development gross margin of approximately 8%. nLIGHT expects Adjusted EBITDA to be in the range of ($4) 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, May 8, 2025

Parties interested in listening to nLIGHT’s quarterly conference call may do so by dialing 1-800-549-8228 (U.S., toll-free) or +1-289-819-1520 (international and toll), with the conference title: nLIGHT First Quarter 2025 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 lasers for mission critical directed energy, optical sensing, and advanced manufacturing applications. Headquartered in Camas, Washington, nLIGHT employs approximately 800 people with operations in the United States, Europe and Asia. For more information, please visit www.nlight.net.

For more information, contact:
John Marchetti
VP Corporate Development and Investor Relations
nLIGHT, Inc.
(360) 566-4460
john.marchetti@nlight.net






























nLIGHT, Inc.
Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)
Three Months Ended March 31,
20252024
Revenue:
Products$35,678 $29,370 
Development15,990 15,157 
Total revenue51,668 44,527 
Cost of revenue:
Products23,724 23,231 
Development14,145 13,808 
Total cost of revenue(1)
37,869 37,039 
Gross profit13,799 7,488 
Operating expenses:
Research and development(1)
11,374 10,659 
Sales, general, and administrative(1)
12,035 11,547 
Total operating expenses23,409 22,206 
Loss from operations(9,610)(14,718)
Other income:
Interest income, net1,640 455 
Other income, net14 641 
Loss before income taxes(7,956)(13,622)
Income tax expense137 144 
Net loss$(8,093)$(13,766)
Net loss per share, basic $(0.16)$(0.29)
Net loss per share, diluted$(0.16)$(0.29)
Shares used in per share calculations:
Basic and diluted49,093 47,242 
(1)Includes stock-based compensation as follows:
Three Months Ended March 31,
20252024
Cost of revenues$570 $541 
Research and development1,784 1,613 
Sales, general, and administrative3,702 3,277 
$6,056 $5,431 




nLIGHT, Inc.

Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)
As of
March 31, 2025December 31, 2024
Assets
Current assets:
     Cash and cash equivalents$82,196 $65,829 
     Marketable Securities34,522 34,868 
     Accounts receivable, net36,582 34,895 
     Inventory43,793 40,800 
     Prepaid expenses and other current assets18,679 17,697 
          Total current assets215,772 194,089 
Restricted cash260 259 
Lease right-of-use assets11,334 10,822 
Property, plant and equipment, net45,453 46,937 
Intangible assets, net684 833 
Goodwill12,384 12,354 
Other assets, net4,109 4,947 
          Total assets$289,996 $270,241 
Liabilities and Stockholders’ Equity
Current liabilities:
     Accounts payable$16,922 $15,076 
     Accrued liabilities14,855 13,268 
     Deferred revenue2,853 3,577 
     Current portion of lease liabilities2,533 2,314 
          Total current liabilities37,163 34,235 
Line of credit20,000 — 
Non-current income taxes payable5,612 5,541 
Long-term lease liabilities10,089 9,819 
Other long-term liabilities4,373 4,216 
     Total liabilities77,237 53,811 
Stockholders' equity:
     Common stock - par value16 16 
     Additional paid-in capital549,663 544,842 
     Accumulated other comprehensive loss(3,731)(3,332)
     Accumulated deficit(333,189)(325,096)
          Total stockholders’ equity212,759 216,430 
          Total liabilities and stockholders’ equity$289,996 $270,241 











nLIGHT, Inc.

Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Three Months Ended March 31,
20252024
Cash flows from operating activities:
Net loss$(8,093)$(13,766)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation3,172 3,135 
Amortization498 1,258 
(Increase) reduction in carrying amount of right-of-use assets(473)(70)
Provision for losses on (recoveries of) accounts receivable(466)95 
Stock-based compensation6,056 5,431 
Deferred income taxes(3)— 
Loss on disposal of property, plant and equipment62 35 
Interest earned on marketable securities not yet received(227)— 
Changes in operating assets and liabilities:
Accounts receivable, net(768)11,892 
Inventory(2,811)(888)
Prepaid expenses and other current assets(959)(1,646)
Other assets, net502 (616)
Accounts payable2,018 2,099 
Accrued and other long-term liabilities1,693 1,555 
Deferred revenues(736)2,745 
Lease liabilities450 15 
Non-current income taxes payable65 101 
Net cash provided by operating activities(20)11,375 
Cash flows from investing activities:
Purchases of property, plant and equipment(2,281)(1,556)
Purchase of marketable securities(34,288)(24,357)
Proceeds from maturities and sales of marketable securities34,136 24,365 
Net cash used in investing activities(2,433)(1,548)
Cash flows from financing activities:
Proceeds from line of credit20,000 — 
Proceeds from stock option exercises121 10 
Tax payments related to stock award issuances(1,356)(1,625)
Net cash used in financing activities18,765 (1,615)
Effect of exchange rate changes on cash56 (115)
Net increase (decrease) in cash, cash equivalents and restricted cash16,368 8,097 
Cash, cash equivalents and restricted cash, beginning of period66,088 53,466 
Cash, cash equivalents and restricted cash, end of period$82,456 $61,563 
Supplemental disclosures:
Cash paid for interest, net$12 $— 
Cash paid for income taxes47 210 
Operating cash outflows from operating leases855 1,034 
Right-of-use assets obtained in exchange for lease liabilities1,188 831 
Accrued purchases of property, equipment and patents337 422 
Reconciliation of cash and cash equivalents and restricted cash:
Cash and cash equivalents$82,196 $61,306 
Restricted cash260 257 
Total cash and cash equivalents and restricted cash$82,456 $61,563 




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 March 31,
20252024
Net loss$(8,093)$(13,766)
Income tax expense137 144 
Other income, net(14)(641)
Interest income, net(1,640)(455)
Depreciation and amortization3,670 4,393 
Stock-based compensation6,056 5,431 
Adjusted EBITDA$116 $(4,894)


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

Three Months Ended March 31,
20252024
Net loss$(8,093)$(13,766)
Add back:
Stock-based compensation(1)
6,056 5,431 
Amortization of purchased intangibles(1)
149 149 
Non-GAAP net loss(1,888)(8,186)
GAAP weighted-average shares outstanding49,093 47,242 
Participating securities— — 
Non-GAAP weighted-average number of shares, basic49,093 47,242 
Dilutive effect of common stock equivalents— — 
Non-GAAP weighted-average number of shares, diluted49,093 47,242 
Non-GAAP net loss per share, basic and diluted$(0.04)$(0.17)
(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.