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nLIGHT, Inc. Announces First Quarter 2023 Results
Revenues of $54.1 million and products gross margin of 33% for the first quarter of 2023 CAMAS, Wash.--(BUSINESS WIRE)-- nLIGHT, Inc. (Nasdaq: LASR), a
About this update from Nlight, Inc.
[{"type":"text","content":"\nRevenues of $54.1 million and products gross margin of 33% for the first quarter of 2023\n\n\n CAMAS, 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 2023.\n\n\n“Our continued strategic focus on the industrial market outside of China and on the aerospace and defense markets, combined with improvements in our U.S.-based manufacturing capacity and lower overall expenses, enabled us generate revenue above the midpoint of our guidance and meaningfully exceed our gross margin guidance for the first quarter,” commented Scott Keeney, nLIGHT’s President and Chief Executive Officer.\n\n\n“The more favorable mix of business and our execution of cost control initiatives enabled us to generate 33% products gross margin and positive cash flow during the quarter. Our balance sheet remains strong and we ended the quarter with $108 million of cash, cash equivalents and marketable securities with no outstanding debt.”\n\n\nMr. Keeney continued, “We are also pleased to announce today that we have been awarded an $86 million contract to produce a High Energy Laser (HEL) prototype for the next phase of development in support of the Department of Defense’s (DoD) High Energy Laser Scaling Initiative (HELSI). This contract award reflects nLIGHT’s deep commitment to the defense market and our ability to combine our leading technology with the benefits of high-volume commercial laser operations to deliver innovative and cost-effective directed energy lasers.”\n\n\nFirst Quarter 2023 Financial Highlights\n\n\n\n\n \n\n\n\n\n\n\nThree Months Ended March 31,\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\n(In thousands, except percentages)\n\n\n\n\n\n\n2023\n\n\n\n\n\n\n \n\n\n\n\n\n\n2022\n\n\n\n\n\n\n \n\n\n\n\n\n\n% Change\n\n\n\n\n\n\n\n\nRevenues\n\n\n\n\n\n\n$\n\n\n\n\n\n\n54,091\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n64,459\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n(16.1\n\n\n\n\n\n\n)%\n\n\n\n\n\n\n\n\nGross margin\n\n\n\n\n\n\n \n\n\n\n\n\n\n26.4\n\n\n\n\n\n\n%\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n25.1\n\n\n\n\n\n\n%\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\nLoss from operations\n\n\n\n\n\n\n$\n\n\n\n\n\n\n(8,207\...