Revenues of $44.5 million for the first 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 first quarter of 2024.
“With total revenue of $44.5 million, Q1 results were within the
range of our guidance, and we continue to believe that Q1 is our
trough revenue quarter,” commented Scott Keeney, nLIGHT’s President
and Chief Executive Officer. “We expect sequential revenue growth
in the second quarter, and for the second half of the year to be
stronger than the first half of 2024, with increasing visibility
for continued growth next year primarily driven by our aerospace
and defense business."
Mr. Keeney continued, “Although revenue from our commercial end
markets declined in the first quarter, continued development of
innovative products for fast-growing opportunities such as additive
manufacturing and a deeper presence in aerospace and defense
position us well for long-term growth.”
“We ended the quarter with $121 million of cash, cash
equivalents and marketable securities with no outstanding debt,
which is enabling us to continue to invest for long-term growth and
profitability. With the majority of our operational initiatives
behind us and our revenue pipeline continuing to strengthen, I
remain optimistic for growth in 2024 and for our renewed momentum
to carry into the next year and beyond.”
First Quarter 2024 Financial Highlights
Three Months Ended March
31,
(In thousands, except
percentages)
2024
2023
% Change
Revenues
$
44,527
$
54,091
(17.7
)%
Gross margin
16.8
%
26.4
%
Loss from operations
$
(14,718
)
$
(8,207
)
(79.3
)%
Operating margin
(33.1
)%
(15.2
)%
Net loss
$
(13,766
)
$
(7,730
)
(78.1
)%
Adjusted EBITDA(1)
$
(4,894
)
$
1,273
(484.4
)%
Adjusted EBITDA, as a percentage of
revenues
(11.0
)%
2.4
%
(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 $44.5 million for the first quarter of 2024 were
down 17.7% compared to $54.1 million for the first quarter of 2023.
Gross margin was 16.8% for the first quarter of 2024 compared to
26.4% for the first quarter of 2023. GAAP net loss for the first
quarter of 2024 was $13.8 million, or $0.29 per diluted share,
compared to net loss of $7.7 million, or $0.17 per diluted share,
for the first quarter of 2023. Non-GAAP net loss for the first
quarter of 2024 was $8.2 million, or $0.17 per diluted share,
compared to non-GAAP net loss of $1.8 million, or $0.04 per diluted
share, for the first 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 second quarter of 2024, nLIGHT expects revenues to be in
the range of $47 million to $51 million. The midpoint of $49
million includes Laser Products revenue of approximately $34
million and Advanced Development revenue of approximately $15
million. nLIGHT expects overall gross margin to be in the range of
18% to 22%, with Laser Products gross margin in the range of 23% to
27% and Advanced Development gross margin of approximately 8%.
nLIGHT expects Adjusted EBITDA to be in the range of ($1) 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,
May 2, 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 First 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 March
31,
2024
2023
Revenue:
Products
$
29,370
$
41,107
Development
15,157
12,984
Total revenue
44,527
54,091
Cost of revenue:
Products
23,231
27,526
Development
13,808
12,302
Total cost of revenue(1)
37,039
39,828
Gross profit
7,488
14,263
Operating expenses:
Research and development(1)
10,659
11,301
Sales, general, and administrative(1)
11,547
11,169
Total operating expenses
22,206
22,470
Loss from operations
(14,718
)
(8,207
)
Other income:
Interest income, net
455
337
Other income, net
641
404
Loss before income taxes
(13,622
)
(7,466
)
Income tax expense
144
264
Net loss
$
(13,766
)
$
(7,730
)
Net loss per share, basic
$
(0.29
)
$
(0.17
)
Net loss per share, diluted
$
(0.29
)
$
(0.17
)
Shares used in per share calculations:
Basic
47,242
45,706
Diluted
47,242
45,706
(1)Includes stock-based compensation as
follows:
Three Months Ended March
31,
2024
2023
Cost of revenues
$
541
$
700
Research and development
1,613
2,098
Sales, general, and administrative
3,277
2,705
$
5,431
$
5,503
nLIGHT, Inc.
Condensed Consolidated Balance
Sheets
(In thousands)
(Unaudited)
As of
March 31, 2024
December 31, 2023
Assets
Current assets:
Cash and cash equivalents
$
61,306
$
53,210
Marketable Securities
59,775
59,672
Accounts receivable, net
27,545
39,585
Inventory
53,013
52,160
Prepaid expenses and other current
assets
17,564
15,927
Total current assets
219,203
220,554
Restricted cash
257
256
Lease right-of-use assets
12,675
12,616
Property, plant and equipment, net
50,290
52,300
Intangible assets, net
1,278
1,652
Goodwill
12,382
12,399
Other assets, net
6,746
7,026
Total assets
$
302,831
$
306,803
Liabilities and Stockholders’
Equity
Current liabilities:
Accounts payable
$
13,911
$
12,166
Accrued liabilities
13,599
12,556
Deferred revenue
7,583
4,849
Current portion of lease liabilities
3,171
3,181
Total current liabilities
38,264
32,752
Non-current income taxes payable
5,485
5,391
Long-term lease liabilities
10,993
10,978
Other long-term liabilities
3,732
3,263
Total liabilities
58,474
52,384
Stockholders' equity:
Common stock - par value
16
16
Additional paid-in capital
525,000
521,184
Accumulated other comprehensive loss
(2,589
)
(2,477
)
Accumulated deficit
(278,070
)
(264,304
)
Total stockholders’ equity
244,357
254,419
Total liabilities and stockholders’
equity
$
302,831
$
306,803
nLIGHT, Inc.
Consolidated Statements of Cash
Flows
(In thousands)
(Unaudited)
Three Months Ended March
31,
2024
2023
Cash flows from operating activities:
Net loss
$
(13,766
)
$
(7,730
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation
3,135
3,105
Amortization
1,258
872
(Increase) reduction in carrying amount of
right-of-use assets
(70
)
6
Provision for losses on (recoveries of)
accounts receivable
95
(2
)
Stock-based compensation
5,431
5,503
Loss on disposal of property, plant and
equipment
35
—
Changes in operating assets and
liabilities:
Accounts receivable, net
11,892
1,905
Inventory
(888
)
662
Prepaid expenses and other current
assets
(1,646
)
(4,549
)
Other assets, net
(616
)
(540
)
Accounts payable
2,099
(411
)
Accrued and other long-term
liabilities
1,555
1,855
Deferred revenues
2,745
(142
)
Lease liabilities
15
(45
)
Non-current income taxes payable
101
155
Net cash provided by operating
activities
11,375
644
Cash flows from investing activities:
Purchases of property, plant and
equipment
(1,556
)
(684
)
Purchase of marketable securities
(24,357
)
(34,359
)
Proceeds from maturities and sales of
marketable securities
24,365
24,998
Net cash used in investing activities
(1,548
)
(10,045
)
Cash flows from financing activities:
Proceeds from stock option exercises
10
143
Tax payments related to stock award
issuances
(1,625
)
(182
)
Net cash used in financing activities
(1,615
)
(39
)
Effect of exchange rate changes on
cash
(115
)
17
Net increase (decrease) in cash, cash
equivalents and restricted cash
8,097
(9,423
)
Cash, cash equivalents and restricted
cash, beginning of period
53,466
58,078
Cash, cash equivalents and restricted
cash, end of period
$
61,563
$
48,655
Supplemental disclosures:
Cash paid for income taxes
210
144
Operating cash outflows from operating
leases
1,034
923
Right-of-use assets obtained in exchange
for lease liabilities
831
731
Accrued purchases of property, equipment
and patents
422
697
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,
2024
2023
Net loss
$
(13,766
)
$
(7,730
)
Income tax expense
144
264
Other income, net
(641
)
(404
)
Interest income, net
(455
)
(337
)
Depreciation and amortization
4,393
3,977
Stock-based compensation
5,431
5,503
Adjusted EBITDA
$
(4,894
)
$
1,273
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,
2024
2023
Net loss
$
(13,766
)
$
(7,730
)
Add back:
Stock-based compensation(1)
5,431
5,503
Amortization of purchased
intangibles(1)
149
435
Non-GAAP net loss
(8,186
)
(1,792
)
GAAP weighted-average shares
outstanding
47,242
45,706
Participating securities
—
—
Non-GAAP weighted-average number of
shares, basic
47,242
45,706
Dilutive effect of common stock
equivalents
—
—
Non-GAAP weighted-average number of
shares, diluted
47,242
45,706
Non-GAAP net loss per share, basic and
diluted
$
(0.17
)
$
(0.04
)
(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/20240502418967/en/
Joseph Corso Chief Financial Officer nLIGHT, Inc. (360) 566-4460
joe.corso@nlight.net
nLIGHT (NASDAQ:LASR)
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