Business
nLIGHT, Inc. Announces Fourth Quarter and Full Year 2022 Results
Revenues of $242.1 million for the full year 2022 Revenues of $56.7 million for the fourth quarter of 2022 CAMAS, Wash.--(BUSINESS WIRE)-- nLIGHT, Inc.
About this update from Nlight, Inc.
[{"type":"text","content":"\nRevenues of $242.1 million for the full year 2022\n\nRevenues of $56.7 million for the fourth quarter of 2022\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 fourth quarter and full year 2022.\n\n“Our performance in 2022 reflects the continuing evolution of our business. Strong execution of our strategic growth initiatives enabled us to achieve 21% growth in Industrial and Microfabrication outside of China this year, which grew to a record $133 million, more than double the revenues we generated in these markets in 2020,” commented Scott Keeney, nLIGHT’s President and Chief Executive Officer. “We also achieved multiple milestones in Directed Energy – a key growth market for nLIGHT.”\n\nMr. Keeney continued, “In the fourth quarter, led by record quarterly sales to Industrial customers outside of China, we delivered revenue above the mid-point of our previously announced guidance range. Although moving certain elements of our manufacturing out of China has been challenging, we made significant progress during the quarter. We completed installation of key automation equipment in our Camas facility and implemented a new ERP system as of January 1, 2023. We also executed a targeted reduction-in-force, and focused our product portfolio to better align with our near- and long-term growth opportunities. As a result, we incurred approximately $6 million of non-routine inventory charges and approximately $4 million of restructuring expenses during the quarter. Looking forward, we believe the strategic decisions we made in the fourth quarter better position us for long-term profitable growth.”\n\nFull Year 2022 Financial Highlights\n\n\n\n \n\n\n\nYear Ended\nDecember 31,\n\n\n\n \n\n\n\n \n\n\n\n\n\n(In thousands, except percentages)\n\n\n\n \n\n\n\n2022\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n2021\n\n\n\n \n\n\n\n \n\n\n\n% Change\n\n\n\n\n\nRevenues\n\n\n\n$\n\n\n\n242,058\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n270,146\n\n\n\n \n\n\n\n \n\n\n\n(10.4\n\n\n\n)%\n\n\n\n\n\nGross margin\n\n\n\n \n\n\n\n21.0\n\n\n\n%\n\n\n\n \n\n\n\n \n\n\n\n28.6\n\n\n\n%\n\n\n\n \n\n\n\n \n\n\n\n\n\nLoss from operations\n\n\n\n$\n\n\n\n(55,102\n\n\n\n)\n\n\n\n \n\n\n\n$...