nLIGHT, Inc. · NASDAQ:LASR
nLIGHT — Q3 2026 Earnings Presentation
21 slides from nLIGHT's earnings presentation, Nov 5, 2026
Slide 1: Earnings Presentation Q3 2026
Earnings Presentation Q3 2026 November 5, 2026 This presentation contains nLIGHT, Inc. proprietary information. No part of it may be circulated, quoted, or reproduced for distribution without prior written approval from nLIGHT, Inc.
Slide 2: Safe Harbor Statement
Safe Harbor Statement Certain statements in this presentation are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Words
Slide 3: Third Quarter 2026 | Key Messages
Third Quarter 2026 | Key Messages Defense Drives Y/Y Growth Record Product Margins Q3’26 Defense & Space revenue Q3’26 product gross margin was a record increased 15% year-over-year on 47.4% driven by a favorable mix, strong continued execution in DE and defense factory absorption, lower reserves an
Slide 4: Q3 2026 Summary | Supply Constrained Product Revenue and Strong Margins
Q3 2026 Summary | Supply Constrained Product Revenue and Strong Margins • Q3 revenue above the high-end of guidance – Total revenue of $73.8 million | +11% year-over-year, -11% quarter-over-quarter on supply constraints – Total Defense & Space revenue of $52.5 million | +15% year-over-year, -8% quar
Slide 5: Revenue by Market | Defense & Space Drove y/y Growth
Revenue by Market | Defense & Space Drove y/y Growth Quarterly Revenue $ Millions Q3 ’26 Total Revenue • $73.8 million $90 • +11% y/y $83 • -11% q/q $81 $80 $80 $74 $70 $67 36% 34% Q3 ’26 Adv. Mfg. Revenue 37% $62 • $21.3 million 32% • +1% y/y $60 $56 46% • -16% q/q $51 $52 $50 $47 26% $45 62% 51% $
Slide 6: Q3 2026 Financial Update
Q3 2026 Financial Update
Slide 7: Q3 2026 Summary Financial Results | Strong Execution Drove Solid Results
Q3 2026 Summary Financial Results | Strong Execution Drove Solid Results Q3 2026 Q3 2025 Q2 2026 • Q3 ’26 Revenue grew 11% Y/Y Total Revenue ($ in millions) $73.8 $66.7 $82.6 • Product revenue +1% Y/Y Products Revenue $48.0 $47.6 $59.4 • Development revenue +34% Y/Y Development Revenue $25.7 $19.1 $
Slide 8: Gross Margin | Products Gross Margin Trends
Gross Margin | Products Gross Margin Trends Products Revenue & Non-GAAP Product Gross Margin – Quarterly $ Millions; % of Revenue Products Revenue Products Non-GAAP GM % $70 60% $60 48.8% 50% 44.6% 42.3% 42.4% $50 40.0% 38.6% 40% 35.1% $40 32.2% 30.3% 30% $30 22.7% 21.6% $58 $59 $55 $48 $48 20% $20
Slide 9: Operating Expenses | Operating Expense Trends
Operating Expenses | Operating Expense Trends Operating Expenses (Non-GAAP) $ Millions; % of Revenue R&D SG&A $20 $19.5 50% $18.0 $18.3 $18.4 $17.7 $17.8 $17.5 $17.4 $17.2 $17.1 $16.8 40% $15 9.1 7.9 8.6 9.2 8.2 8.3 7.4 8.3 8.6 7.5 7.7 30% $10 20% $5 10.5 10.4 10.0 8.9 9.4 9.1 9.6 9.4 9.0 8.9 9.6 10
Slide 10: Adjusted EBITDA | Quarterly Trends
Adjusted EBITDA | Quarterly Trends Adjusted EBITDA $ millions $20.0 $15.0 $10.0 $13.8 $11.1 $10.7 $10.7 $7.1 $5.0 $5.6 $0.1 $0.0 -$1.6 -$1.0 -$4.9 -$5.0 -$11.3 -$10.0 -$15.0 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Note: Excluding stock-based compensation expense, amortizati
Slide 11: Cash Flow Conversion | Working Capital Trends
Cash Flow Conversion | Working Capital Trends Working Capital Metrics Days 175 164 CCC DSO DIO DPO 150 144 128 132 128 126 123 125 125 118 112 104 103 101 99 96 98 97 100 91 87 78 75 73 71 75 68 62 63 58 59 56 56 56 53 52 50 43 38 37 35 34 34 32 32 31 31 30 25 0 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q
Slide 12: Operating Cash Flow | Adjusted EBITDA and Operating Cash Trends
Operating Cash Flow | Adjusted EBITDA and Operating Cash Trends Operating Cash Flow and Adjusted EBITDA $ in millions $24.0 Adjusted EBITDA Operating Cash Flow $20.7 $21.0 $17.5 $18.0 $15.0 $13.8 $11.4 $11.1 $12.0 $10.7 $10.7 $9.7 $9.0 $7.1 $5.6 $5.2 $6.0 $3.0 $0.1 $0.0 ($0.0) ($1.0) ($1.4) -$3.0 ($
Slide 13: Outlook | Q4 2026
Outlook | Q4 2026 • Q4 2026 Revenues of $84 million to $90 million; midpoint of $87 million – Products: $63 million at midpoint • Due to ongoing supply chain challenges, Q4 2026 product revenue guidance EXCLUDES approximately $15 million that nLIGHT would have expected to ship in the 4th quarter of
Slide 14: Ve eeceeee Simply brilliant
Ve eeceeee Simply brilliant
Slide 15: Appendix
Appendix
Slide 16: Supplemental Information | Revenue & Gross Margin
Supplemental Information | Revenue & Gross Margin nLight, Inc. 2024 2025 2026 (in thousands, except per share data) Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 9 mo. Revenue: Products $ 29,370 $ 34,458 $ 41,132 $ 31,699 $ 136,659 $ 35,678 $ 40,824 $ 47,608 $ 55,126 $ 179,236 $ 58,202 $ 59,363 $ 48,
Slide 17: GAAP to Non-GAAP Reconciliation | Gross Margin
GAAP to Non-GAAP Reconciliation | Gross Margin nLight, Inc. 2026 (in thousands, except per share data) Q1 Q2 Q3 9 mo. Products Development Total Products Development Total Products Development Total Products Development Total Revenue 58,202 21,979 80,181 59,363 23,228 82,591 48,047 25,716 73,763 165
Slide 18: GAAP to Non-GAAP Reconciliation | Gross Margin (cont'd)
GAAP to Non-GAAP Reconciliation | Gross Margin (cont’d) nLight, Inc. 2024 (in thousands, except per share data) Q1 Q2 Q3 Q4 Total Products Development Total Products Development Total Products Development Total Products Development Total Products Development Total Revenue 29,370 15,157 44,527 34,458
Slide 19: GAAP to Non-GAAP Reconciliation | Operating Expenses
GAAP to Non-GAAP Reconciliation | Operating Expenses nLight, Inc. 2024 2025 2026 (in thousands, except per share data) Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 9 mo. R&D expense (GAAP) $ 10,659 $ 11,736 $ 11,328 $ 11,384 $ 45,107 $ 11,374 $ 11,012 $ 11,534 $ 14,052 $ 47,972 $ 11,846 $ 13,130 $ 1
Slide 20: GAAP to Non-GAAP Reconciliation | Adjusted EBITDA, Net Income and EPS
GAAP to Non-GAAP Reconciliation | Adjusted EBITDA, Net Income and EPS nLight, Inc. 2024 2025 2026 (in thousands, except per share data) Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 9 mo. Stock-based compensation included in following: Cost of revenues $ 541 $ 659 $ 629 $ 609 $ 2,438 $ 570 $ 598 $ 61
Slide 21: Supplemental Information | Key Revenue Metrics
Supplemental Information | Key Revenue Metrics nLight, Inc. 2024 2025 2026 (in thousands, except per share data) Q1 Q2 Q3 Q4 FY 2024 Q1 Q2 Q3 Q4 FY 2025 Q1 Q2 Q3 9 mo. Revenues by end market Defense and Space $ 21,745 $ 27,390 $ 30,278 $ 30,127 $ 109,540 $ 32,706 $ 40,695 $ 45,554 $ 56,298 $ 175,253