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/
Joseph Corso Chief Financial Officer nLIGHT, Inc. (360) 566-4460
joe.corso@nlight.net
nLIGHT (NASDAQ:LASR)
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