Revenues of $209.9 million for the full year
2023 Revenues of $51.9 million for the fourth quarter of 2023
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 fourth quarter and full year 2023.
“Driven by strong execution in aerospace & defense, fourth
quarter revenue of $51.9 million was above the top end of our
guidance range and we ended the year with a 34% year-over-year
increase in backlog,” commented Scott Keeney, nLIGHT’s President
and Chief Executive Officer.
Mr. Keeney continued, “2023 was a transformative year for
nLIGHT. We were awarded multiple large directed energy contracts,
secured new commercial design wins, substantially completed the
transition of our manufacturing base, and prudently managed
operating expenses and working capital.”
“Our full year 2023 financial results reflect the operational
improvements we implemented during the year. Products gross margins
increased 250 basis points year-over-year on lower revenue levels,
and we increased cash, cash equivalents and investments by
approximately $5 million to approximately $113 million. We believe
our strategic initiatives coupled with operational improvement
position us well for long-term profitable growth.”
Full Year 2023 Financial Highlights
Year Ended December
31,
(In thousands, except
percentages)
2023
2022
% Change
Revenues
$
209,921
$
242,058
(13.3
)%
Gross margin
22.0
%
21.0
%
Loss from operations
$
(46,766
)
$
(55,102
)
15.1
%
Operating margin
(22.3
)%
(22.8
)%
Net loss
$
(41,670
)
$
(54,579
)
23.7
%
Adjusted EBITDA(1)
$
(4,093
)
$
(8,754
)
53.2
%
Adjusted EBITDA, as a percentage of
revenues
(1.9
)%
(3.6
)%
(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.
Revenues of $209.9 million for the full year 2023 were down
13.3% compared to $242.1 million for the full year 2022. Gross
margin was 22.0% for the full year 2023 compared to 21.0% for the
full year 2022. GAAP net loss for the full year 2023 was $41.7
million, or $0.90 per diluted share, compared to net loss of $54.6
million, or $1.23 per diluted share, for the full year 2022.
Non-GAAP net loss for the full year 2023 was $13.6 million, or
$0.30 per diluted share, compared to non-GAAP net loss of $22.3
million, or $0.50 per diluted share, for the full year 2022.
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.
Fourth Quarter 2023 Financial Highlights
Three Months Ended December
31,
(In thousands, except
percentages)
2023
2022
% Change
Revenues
$
51,892
$
56,679
(8.4
)%
Gross margin
18.9
%
10.2
%
Loss from operations
$
(14,342
)
$
(23,495
)
39.0
%
Operating margin
(27.6
)%
(41.5
)%
Net loss
$
(13,238
)
$
(22,659
)
41.6
%
Adjusted EBITDA(1)
$
(3,297
)
$
(9,502
)
65.3
%
Adjusted EBITDA, as a percentage of
revenues
(6.4
)%
(16.8
)%
(1) A reconciliation of the non-GAAP
information provided here to the most directly comparable GAAP
metric has been provided in the financial statement tables included
in this release.
Revenues of $51.9 million for the fourth quarter of 2023 were
down 8.4% compared to $56.7 million for the fourth quarter of 2022.
Gross margin was 18.9% for the fourth quarter of 2023 compared to
10.2% for the fourth quarter of 2022. GAAP net loss for the fourth
quarter of 2023 was $13.2 million, or $0.28 per diluted share,
compared to GAAP net loss of $22.7 million or $0.50 per diluted
share, for the fourth quarter of 2022. Non-GAAP net loss for the
fourth quarter of 2023 was $6.0 million, or $0.13 per diluted
share, compared to non-GAAP net loss of $12.3 million, or $0.27 per
diluted share, for the fourth quarter of 2022. Reconciliations of
the non-GAAP metrics presented here to the most directly comparable
GAAP metrics have been provided in the tables included at the end
of this release.
Outlook
For the first quarter of 2024, nLIGHT expects revenues to be in
the range of $42 million to $46 million. The midpoint of $44
million includes Laser Products revenue of approximately $31
million and Advanced Development revenue of approximately $13
million. nLIGHT expects overall gross margin to be in the range of
15% to 20%, with Laser Products gross margin in the range of 20% to
25% and Advanced Development gross margin of approximately 7%.
nLIGHT expects Adjusted EBITDA to be in the range of ($7) million
to ($5) 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,
February 22, 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 Fourth Quarter 2023 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 1,100 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 December
31,
Year Ended December
31,
2023
2022
2023
2022
Revenue:
Products
$
37,864
$
45,375
$
156,666
$
192,658
Development
14,028
11,304
53,255
49,400
Total revenue
51,892
56,679
209,921
242,058
Cost of revenue:
Products
29,368
40,471
114,181
145,272
Development
12,720
10,425
49,627
45,965
Total cost of revenue(1)
42,088
50,896
163,808
191,237
Gross profit
9,804
5,783
46,113
50,821
Operating expenses:
Research and development(1)
12,114
13,558
46,163
53,773
Sales, general, and administrative(1)
11,215
11,828
45,899
48,258
Restructuring
817
3,892
817
3,892
Total operating expenses
24,146
29,278
92,879
105,923
Loss from operations
(14,342
)
(23,495
)
(46,766
)
(55,102
)
Other income (expense):
Interest income (expense), net
352
291
1,342
529
Other income, net
779
446
2,776
338
Loss before income taxes
(13,211
)
(22,758
)
(42,648
)
(54,235
)
Income tax expense (benefit)
27
(99
)
(978
)
344
Net loss
$
(13,238
)
$
(22,659
)
$
(41,670
)
$
(54,579
)
Net loss per share, basic
$
(0.28
)
$
(0.50
)
$
(0.90
)
$
(1.23
)
Net loss per share, diluted
$
(0.28
)
$
(0.50
)
$
(0.90
)
$
(1.23
)
Shares used in per share calculations:
Basic
46,735
45,039
46,078
44,436
Diluted
46,735
45,039
46,078
44,436
(1)Includes stock-based compensation as
follows:
Three Months Ended December
31,
Year Ended December
31,
2023
2022
2023
2022
Cost of revenues
$
535
$
572
$
2,406
$
2,677
Research and development
2,329
2,267
9,866
11,675
Sales, general, and administrative
3,323
3,190
13,560
12,405
$
6,187
$
6,029
$
25,832
$
26,757
nLIGHT, Inc.
Condensed Consolidated Balance
Sheets
(In thousands)
(Unaudited)
As of
December 31, 2023
December 31, 2022
Assets
Current assets:
Cash and cash equivalents
$
53,210
$
57,826
Marketable Securities
59,672
50,391
Accounts receivable, net
39,585
37,913
Inventory
52,160
67,600
Prepaid expenses and other current
assets
15,927
17,026
Total current assets
220,554
230,756
Restricted cash
256
252
Lease right-of-use assets
12,616
13,893
Property, plant and equipment, net
52,300
60,693
Intangible assets, net
1,652
4,041
Goodwill
12,399
12,376
Other assets, net
7,026
7,222
Total assets
$
306,803
$
329,233
Liabilities and Stockholders’
Equity
Current liabilities:
Accounts payable
$
12,166
$
17,507
Accrued liabilities
12,556
12,820
Deferred revenue
4,849
1,407
Current portion of lease liabilities
3,181
2,758
Total current liabilities
32,752
34,492
Non-current income taxes payable
5,391
6,699
Long-term lease liabilities
10,978
12,852
Other long-term liabilities
3,263
4,345
Total liabilities
52,384
58,388
Stockholders' equity:
Common stock - par value
16
16
Additional paid-in capital
521,184
496,211
Accumulated other comprehensive loss
(2,477
)
(2,748
)
Accumulated deficit
(264,304
)
(222,634
)
Total stockholders’ equity
254,419
270,845
Total liabilities and stockholders’
equity
$
306,803
$
329,233
nLIGHT, Inc.
Consolidated Statements of Cash
Flows
(In thousands)
(Unaudited)
Year Ended December
31,
2023
2022
Cash flows from operating activities:
Net loss
$
(41,670
)
$
(54,579
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation
12,401
11,085
Amortization
3,629
4,614
Reduction in carrying amount of
right-of-use assets
1,269
3,000
Provision for losses on accounts
receivable
27
4
Stock-based compensation
25,832
26,757
Deferred income taxes
7
4
Loss on disposal of assets
542
51
Non-cash restructuring charges
—
2,758
Changes in operating assets and
liabilities:
Accounts receivable, net
(1,677
)
2,757
Inventory
14,890
4,623
Prepaid expenses and other current
assets
1,109
(1,753
)
Other assets, net
(1,156
)
(5,219
)
Accounts payable
(4,503
)
(5,904
)
Accrued and other long-term
liabilities
(1,336
)
(577
)
Deferred revenues
3,432
(208
)
Lease liabilities
(1,449
)
(1,942
)
Non-current income taxes payable
(1,256
)
(13
)
Net cash provided by (used in) operating
activities
10,091
(14,542
)
Cash flows from investing activities:
Acquisition of business, net of cash
acquired
—
(664
)
Purchases of property, plant and
equipment
(5,339
)
(21,388
)
Acquisition of intangible assets and
capitalization of patents
—
(332
)
Purchase of marketable securities
(127,907
)
(99,985
)
Proceeds from maturities and sales of
marketable securities
119,146
49,988
Net cash used in investing activities
(14,100
)
(72,381
)
Cash flows from financing activities:
Proceeds from employee stock plan
purchases
2,469
2,358
Proceeds from stock option exercises
640
1,197
Tax payments related to stock award
issuances
(3,968
)
(4,861
)
Net cash used in financing activities
(859
)
(1,306
)
Effect of exchange rate changes on
cash
256
(477
)
Net decrease in cash, cash equivalents and
restricted cash
(4,612
)
(88,706
)
Cash, cash equivalents and restricted
cash, beginning of period
58,078
146,784
Cash, cash equivalents and restricted
cash, end of period
$
53,466
$
58,078
Supplemental disclosures:
Cash paid for interest, net
$
40
$
—
Cash paid for income taxes
256
442
Operating cash outflows from operating
leases
3,850
3,925
Right-of-use assets obtained in exchange
for lease liabilities
1,716
1,349
Accrued purchases of property, equipment
and patents
745
207
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 December
31,
Year Ended December
31,
2023
2022
2023
2022
Net loss
$
(13,238
)
$
(22,659
)
$
(41,670
)
$
(54,579
)
Income tax expense (benefit)
27
(99
)
(978
)
344
Other income, net
(779
)
(446
)
(2,776
)
(338
)
Interest income, net
(352
)
(291
)
(1,342
)
(529
)
Depreciation and amortization
4,041
4,072
16,024
15,699
Stock-based compensation
6,187
6,029
25,832
26,757
Restructuring charges
817
3,892
817
3,892
Adjusted EBITDA
$
(3,297
)
$
(9,502
)
$
(4,093
)
$
(8,754
)
Reconciliation of GAAP to Non-GAAP Net
Loss, and GAAP to Non-GAAP Net Loss per Share, Basic and
Diluted
Three Months Ended December
31,
Year Ended December
31,
2023
2022
2023
2022
Net loss
$
(13,238
)
$
(22,659
)
$
(41,670
)
$
(54,579
)
Add back:
Stock-based compensation(1)
6,187
6,029
25,832
26,757
Amortization of purchased
intangibles(1)
264
435
1,415
1,674
Restructuring charges
817
3,892
817
3,892
Non-GAAP net loss
(5,970
)
(12,303
)
(13,606
)
(22,256
)
GAAP weighted-average shares
outstanding
46,735
45,039
46,078
44,436
Participating securities
—
—
—
—
Non-GAAP weighted-average number of
shares, basic
46,735
45,039
46,078
44,436
Dilutive effect of common stock
equivalents
—
—
—
—
Non-GAAP weighted-average number of
shares, diluted
46,735
45,039
46,078
44,436
Non-GAAP net loss per share, basic
$
(0.13
)
$
(0.27
)
$
(0.30
)
$
(0.50
)
Non-GAAP net loss per share, diluted
$
(0.13
)
$
(0.27
)
$
(0.30
)
$
(0.50
)
(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/20240222989894/en/
Joseph Corso Chief Financial Officer nLIGHT, Inc. (360) 566-4460
joe.corso@nlight.net
nLIGHT (NASDAQ:LASR)
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