Nlight, Inc. · NASDAQ:LASR
Nlight — Q4 2025 Earnings Presentation
19 slides from Nlight's earnings presentation, Feb 26, 2026
Slide 1: Earnings Presentation Q4 & FY 2025
Earnings Presentation Q4 & FY 2025 February 26, 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: Full Year 2025 | Key Messages
Full Year 2025 | Key Messages Record A&D Revenue Margin Expansion 2025 A&D revenue increased 60% year- 2025 gross margin and Adjusted EBITDA over-year driven by both record A&D improved significantly on higher volumes, product and development revenue better mix, solid operational execution and disci
Slide 4: 2025 Summary | Strong Growth & Execution
2025 Summary | Strong Growth & Execution • 2025 revenue grew 32% year-over-year, driven by strength in A&D – $261.3 million of total revenue | +32% year-over-year – Record annual A&D revenue of $175.3 million | +60% year-over-year • Record A&D products revenue of $93.2 million | +96% year-over-year
Slide 5: Q4 2025 Summary | Record A&D Drives Continued Strength
Q4 2025 Summary | Record A&D Drives Continued Strength • Q4 revenue above guidance – Record total quarterly revenue of $81.2 million | +71% year-over-year, +22% quarter-over-quarter – Record quarterly A&D revenue of $56.3 million | +87% year-over-year, +24% quarter-over-quarter • Record A&D Products
Slide 6: Revenue by Market | A&D Continues to Drive Growth
Revenue by Market | A&D Continues to Drive Growth Quarterly Revenue Q4 ’25 Total Revenue $ Millions • $81.2 million • +71% y/y $90 • +22% q/q $81 $80 18% Q4 ’25 Microfab Revenue $70 $67 • $14.2 million • +75% y/y $62 13% • +22% q/q $60 $56 17% $52 $52 18% $51 $50 $45 25% $47 14% Q4 ’25 Industrial Re
Slide 7: Q4 & FY 2025 Financial Update
Q4 & FY 2025 Financial Update
Slide 8: 2025 Summary Financial Results | Strong Growth & Execution
2025 Summary Financial Results | Strong Growth & Execution FY 2025 FY 2024 FY 2023 • 2025 Revenue grew 32% Y/Y Total Revenue ($ in millions) $261.3 $198.5 $209.9 • Product revenue +31% Y/Y Products Revenue $179.2 $136.7 $156.7 • Development revenue +33% Y/Y Development Revenue $82.1 $61.9 $53.2 • Gr
Slide 9: Q4 2025 Summary Financial Results | Strong growth & Execution Drives Upside
Q4 2025 Summary Financial Results | Strong growth & Execution Drives Upside Q4 2025 Q4 2024 Q3 2025 • Q4 ’25 Revenue grew 71% Y/Y Total Revenue ($ in millions) $81.2 $47.4 $66.7 • Product revenue +74% Y/Y Products Revenue $55.1 $31.7 $47.6 • Development revenue +66% Y/Y Development Revenue $26.1 $15
Slide 10: Gross Margin | Products Gross Margin Trends
Gross Margin | Products Gross Margin Trends Products Revenue & Gross Margin – Quarterly $ Millions; % of Revenue Products Revenue Products GM % $50 45% 41.0% 38.5% 40% 37.3% $40 33.5% 35% 30.3% 28.8% 30% $30 22.0% $55 25% 20.9% $48 20% $20 $41 $41 $41 $38 $34 $36 $32 15% $10 10% 5% 0.7% $0 0% Q4 Q1
Slide 11: Operating Expenses | R&D and SG&A
Operating Expenses | R&D and SG&A Operating Expenses (Non-GAAP) $ Millions; % of Revenue $20 50% $18.0 $18.3 $18.4 $17.4 $17.7 $17.8 $17.5 $17.2 $16.8 40% $15 7.9 7.9 8.6 9.2 8.2 8.3 8.3 7.7 8.6 30% $10 20% $5 10.5 9.5 8.9 9.4 9.1 9.6 9.4 9.0 8.9 10% $0 0% Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2024 2025 Note:
Slide 12: Strong Balance Sheet and Working Capital Management
Strong Balance Sheet and Working Capital Management Cash and Investments ($M) Accounts Receivable ($M) and Inventory ($M) and Days Sales Outstanding (DSO) Days of Inventory (DOI) $150 $90 71 75 $100 180 68 $134 65 $80 $90 143 160 62 $125 $121 59 140 $117 58 60 $113 $115 $114 $116 $70 56 $80 53 140 $
Slide 13: Outlook | Q1 2026
Outlook | Q1 2026 • Q1 2026 Revenues of $70 million to $76 million; midpoint of $73 million – Products: $54 million at midpoint – Advanced Development: $19 million at midpoint • Q1 2026 Gross Margin of 27% to 32% – Products: 34% to 39% – Advanced Development: ~8% • Q1 2026 Adjusted EBITDA of $5 mill
Slide 14: Simply brilliant
Ve eeceeee Simply brilliant
Slide 15: Appendix
Appendix
Slide 16: Supplemental Information | Revenue & Gross Margin
Supplemental Information | Revenue & Gross Margin nLight, Inc. 2023 2024 2025 (in thousands, except per share data) Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Revenue: Products $ 41,107 $ 39,592 $ 38,103 $ 37,864 $ 156,666 $ 29,370 $ 34,458 $ 41,132 $ 31,699 $ 136,659 $ 35,678 $ 40,824 $
Slide 17: GAAP to Non-GAAP Reconciliation | Operating Expenses
GAAP to Non-GAAP Reconciliation | Operating Expenses nLight, Inc. 2023 2024 2025 (in thousands, except per share data) Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total R&D expense (GAAP) $ 11,301 $ 12,004 $ 10,744 $ 12,114 $ 46,163 $ 10,659 $ 11,736 $ 11,328 $ 11,384 $ 45,107 $ 11,374 $ 11,012
Slide 18: GAAP to Non-GAAP Reconciliation | Adjusted EBITDA, Net Income and EPS
GAAP to Non-GAAP Reconciliation | Adjusted EBITDA, Net Income and EPS nLight, Inc. 2023 2024 2025 (in thousands, except per share data) Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Stock-based compensation included in following: Cost of revenues $ 700 $ 663 $ 508 $ 535 $ 2,406 $ 541 $ 659 $
Slide 19: Supplemental Information | Key Revenue Metrics
Supplemental Information | Key Revenue Metrics nLight, Inc. 2023 2024 2025 (in thousands, except per share data) Q1 Q2 Q3 Q4 FY 2023 Q1 Q2 Q3 Q4 FY 2024 Q1 Q2 Q3 Q4 FY 2025 Revenues by end market Aerospace and defense $ 21,131 $ 24,508 $ 19,027 $ 26,728 $ 91,394 $ 21,745 $ 27,390 $ 30,278 $ 30,127 $