Business
Laser Photonics Announces Second Quarter 2024 Results
ORLANDO, FL / ACCESSWIRE / August 29, 2024 / Laser Photonics Corporation (NASDAQ:LASE), ("LPC"), a leading global developer of CleanTech laser systems for
About this update from Laser Photonics Corporation
[{"type":"text","content":"ORLANDO, FL / ACCESSWIRE / August 29, 2024 / 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, 2024.Wayne Tupuola, CEO of Laser Photonics, commented:\"While our second quarter reflected a revenue decline due to pushouts in timing for expected orders that were delayed resulting from customers' internal capex review processes, we are encouraged by the mix of CleanTech representing over 80% of our sales during the quarter.\"Looking ahead, we are focused on market penetration activities for CleanTech, developing and commercializing leading edge new product lines for defense applications, laser cutting, semiconductor equipment and additive manufacturing while also optimizing our manufacturing and procurement processes to enhance our gross margin profile. We believe these efforts, combined with our ongoing investments in sales, marketing and strategic partnerships, will position us for stronger performance in the latter half of the year and 2025. We remain dedicated to delivering high-value solutions to our customers and driving long-term growth for our shareholders.\"Financial Highlights: (Q224 vs. Q223)Revenue: $0.6 million compared to $1.0 million;Gross Profit: $0.3 million compared to $0.7 million;Operating Loss: ($2.1) million compared to ($0.7) million;Net Loss: ($2.1) million from ($0.7) million;Loss per Share: ($0.20) compared to ($0.09).Select Financial Metrics* (in $M except for EPS) 2Q24 2Q23 Change YTD 2024 YTD 2023 Change Revenue $0.6 $1.0 -35.4% $1.4 $1.6 -16.8% Gross Profit $0.3 $0.7 -53.7% $0.7 $1.1 -35.5% Gross Margin 50.6% 70.6% 51.3% 66.3% % Operating Loss $(2.1) $(0.7) -211.2% $(3.7) $(1.6) -133.2% Net Loss $(2.1) $(0.7) -211.3% $(3.7) $(1.9) -90.0% Diluted Loss per Share (EPS) $(0.20) $(0.09) -122.2% $(0.37) $(0.25) -48.0% *numbers may not add due to roundingSecond Quarter Business HighlightsAnnounced Customer Orders:ES Fox purchased a CleanTech 500-CTHD laser cleaning system.Partnerships:Announced a partnership with Echelon 1 Solutions, a provider of turn-key solutions to solve complex military supply chain, space utilization, and space optimization problems, to help bring LPC CleanTech laser systems to Department of Defense (DoD) customers.Pro...