Business
nLIGHT, Inc. Announces First Quarter 2020 Results
Revenues of $43.2 million and gross margin of 22.0% for the first quarter of 2020 VANCOUVER, Wash.--(BUSINESS WIRE)-- nLIGHT, Inc. (Nasdaq: LASR), a leading
About this update from Nlight, Inc.
[{"type":"text","content":"\nRevenues of $43.2 million and gross margin of 22.0% for the first quarter of 2020\n\n VANCOUVER, Wash.--(BUSINESS WIRE)--\nnLIGHT, 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 2020.\n\n\n“Despite numerous challenges related to the COVID-19 pandemic, our first quarter financial performance was solid and is a testament to the commitment and focus of the entire nLIGHT team,” commented Scott Keeney, nLIGHT’s President and Chief Executive Officer. “Even as the global impact from COVID-19 expanded relative to what was known when we provided our outlook in mid-February, we delivered results that were better than we expected across key revenue and profitability metrics. The stronger revenues reflect less severe disruptions to our China manufacturing operations and supply chain. Additionally, our aerospace and defense business delivered record sales, and to date neither our core aerospace and defense or Nutronics operations have experienced sales disruptions as a result of COVID-19.\n\n\n“We exited the first quarter with a solid balance sheet highlighted by over $100 million in net cash. This strong liquidity positions us to continue to invest in innovation and product development to capture an increasing portion of the growing opportunity across the high-power laser market,” Keeney continued. “While the near-term environment remains one of significant uncertainty, what we see today is relatively resilient demand across most of the customers and markets we serve.\n\n\n“The impact on global daily life and economic activity due to COVID-19 is unprecedented. I would like to extend my gratitude to our global employees for their extraordinary efforts during this crisis. Their dedication has ensured our operations continue to support our customers and partners through these challenging times. All of our manufacturing facilities are open and we have implemented safety procedures based on local and federal government guidelines to protect the well-being of those who cannot work from home.”\n\n\nFirst Quarter 2020 Financial Highlights\n\n\n\n\n \n\n\n\nThree Months Ended March 31,\n\n\n\n \n\n\n\n \n\n\n\n\n\n(In thousands, except percentages)\n\n\n\n2020\n\n\n\n \n\n\n\n2...