Laser Photonics Announces Second Quarter 2023 Results

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[{"type":"text","content":"ORLANDO, FL / ACCESSWIRE / August 15, 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 second quarter ended June 30, 2023.Wayne Tupuola, chief executive officer of Laser Photonics, commented: \"Our second quarter was a mixed bag as sales, which given the capex and low volume nature of our business, were lumpy, but we benefited from continued strong gross margins. We continued to invest in sales and marketing and R&D during the quarter to set the table for future sales growth. These efforts have enabled us to expand our pipeline, and we are working diligently to convert these to orders over the next 12 months.\"Second Quarter Financial Highlights (FY23 vs FY22)Revenue decreased 28.5% to $1.0 million;Gross Margin expanded 600 basis points to 70.7%;GAAP Operating Income of $0.0 million versus $0.3 million;FY23 GAAP Operating Loss included approximately $0.7 million in mark-to-market contra-expense related to non-cash stock issuance costs;Other Loss of $0.2 million related to an increase in bad debt expense from a prior year sale;GAAP Net Income and EPS of of $0.0 million and $0.00 versus $0.3 million and $0.07, respectively;GAAP Net Income included approximately $0.7 million in mark-to-market contra-expense related to non-cash stock issuance costs mentioned above. Select Financial Metrics: Fiscal 2023 versus Fiscal 2022* (in $M except for EPS) 2Q23 2Q22 Change Revenue $1.0 $1.4 (28.5%) Gross Margin 70.7% 64.7% Operating Income/(Loss) $0.0 $0.3 (91.4%) GAAP Net Income (Loss) $0.0 $0.3 (91.1%) GAAP Diluted Earnings/(Loss) per Share $0.00 $0.07 nm *numbers may not add due to rounding Nm - non-measurable 2023 Commentary\"We are making investments in 2023 to capture the tremendous market opportunity over the long term for our CleanTech systems. This includes continuing to invest in sales and marketing to raise awareness of our products, while also innovating to stay ahead of the technology curve. With respect to the latter, we are working on a new laser cutting platform, the Titan FX, designed to meet the safety and efficiency needs for a specific aerospace customer. We believe this technology will also be relevant across our other industry verticals and more importantly, we believe we can...

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