Laser Photonics Announces First Quarter 2023 Results

About this update from Laser Photonics Corporation

[{"type":"text","content":"ORLANDO, FL / ACCESSWIRE / May 10, 2023 / Laser Photonics Corporation (NASDAQ:LASE), (\"LPC\"), a leading global developer of CleanTech laser systems for laser cleaning and other material applications, today announced results for its first quarter ended March 31, 2023.Wayne Tupuola, chief executive officer of Laser Photonics, commented: \"Our first quarter was largely in line with our expectations, with revenue down slightly, strong gross margins and GAAP operating losses due to investments for future growth and non-cash and one-time expenses. Additionally, during the quarter, we shipped to several new customers, including new members of our service provider network (SPN), which we expect to serve as a sales multiplier over time.\"First Quarter Financial Highlights (FY23 vs FY22)Revenue increased 2.1% to $1.2 million;Gross Margin expanded 510 basis points to 80.5%;GAAP Operating Loss of ($1.2) million versus GAAP Operating Income of $0.4 million;First quarter 2023 GAAP Operating Loss included approximately $1.0 million in mark-to-market expense related to non-cash stock issuance costs and expense related to a severance agreement;Other Loss of $0.2 million related to an increase in bad debt expense from a prior year sale;GAAP Net Loss and Loss per Share of of ($1.4) million and ($0.18) versus GAAP Net Income and EPS of $0.4 million and $0.08, respectively;First quarter 2023 GAAP Net Loss included approximately $1.0 million in mark-to-market expense related to non-cash stock issuance costs and expense related to a severance agreement.Select Financial Metrics: Fiscal 2023 versus Fiscal 2022*(in $M except for EPS) 1Q23 1Q22 Change Revenue $1.2 $1.2 $0.0 Gross Margin 80.5% 75.4% Operating Income/(Loss) $(1.2) $0.4 nm GAAP Net Income (Loss) $(1.4) $0.4 nm GAAP Diluted Earnings/(Loss) per Share $(0.18) $0.08 nm *numbers may not add due to roundingNm - non-measurable2023 Commentary\"As we discussed last month on our fourth quarter earnings call, we plan on making significant investments in 2023 to capture the tremendous market opportunity over the mid to long term for our CleanTech systems. We have already taken steps towards executing on this investment plan, adding four senior account executives to focus on the DoD/military, energy and automotive verticals with plans to target adding three more account executives over the next few mon...

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