Slide 1: Earnings Presentation Q1 2026
Earnings Presentation Q1 2026 May 7, 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: First Quarter 2026 | Key Messages
First Quarter 2026 | Key Messages A&D Drives Strong Growth Margins & Adj. EBITDA Q1’26 Aerospace & Defense revenue Q1’26 gross margin and record Adjusted increased 69% year-over-year driven by EBITDA well above guidance on record record A&D product revenue product margins, OpEx discipline and strong
Slide 4: Q1 2026 Summary | Record A&D Product Revenue Drives Continued Strength
Q1 2026 Summary | Record A&D Product Revenue Drives Continued Strength • Q1 revenue above the high-end of guidance – $80.2M of total revenue | +55% year-over-year, -1% quarter-over-quarter – Total A&D revenue of $55.1 million | +69% year-over-year, -2% quarter-over-quarter • Record A&D products reve
Slide 5: Revenue by Market | A&D Continues to Drive Growth
Revenue by Market | A&D Continues to Drive Growth Quarterly Revenue Q1 ’26 Total Revenue $ Millions • $80.2 million • +55% y/y • -1% q/q $90 $81 $80 $80 Q1 ’26 Microfab Revenue 17% 20% • $13.0 million $70 $67 • +29% y/y • -8% q/q $62 $60 25% 19% 17% $56 $52 20% $51 Q1 ’26 Industrial Revenue $50 24%
Slide 6: Q1 2026 Financial Update
Q1 2026 Financial Update
Slide 7: Q1 2026 Summary Financial Results | Strong Execution Drives Upside
Q1 2026 Summary Financial Results | Strong Execution Drives Upside Q1 2026 Q1 2025 Q4 2025 • Q1 ’26 Revenue grew 55% Y/Y • Product revenue +63% Y/Y Total Revenue ($ in millions) $80.2 $51.7 $81.2 • Development revenue +37% Y/Y Products Revenue $58.2 $35.7 $55.1 Development Revenue $22.0 $16.0 $26.1
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 NG GM % $50 50% 44.6% 42.3% 45% 40.0% $40 38.6% 40% 35.1% 32.2% 35% 30.3% $30 $58 30% $55 22.7% 21.6% $48 25% $20 $41 $41 20% $34 $36 $32 $29 15
Slide 9: Operating Expenses | Continued Leverage of Operating Expenses
Operating Expenses | Continued Leverage of Operating Expenses Operating Expenses (Non-GAAP) $ Millions; % of Revenue $20 50% $18.0 $18.3 $18.4 $17.7 $17.8 $17.5 $17.2 $17.1 $16.8 40% $15 7.9 8.6 9.2 8.2 8.3 8.3 8.6 7.5 7.7 30% $10 20% $5 10.5 8.9 9.4 9.1 9.6 9.4 9.0 8.9 9.6 10% $0 0% Q1 Q2 Q3 Q4 Q1
Slide 10: Adjusted EBITDA | Strong Flow-through of Gross Margin in 1Q'26
Adjusted EBITDA | Strong Flow-through of Gross Margin in 1Q’26 Adjusted EBITDA $ thousands; % of Product Revenue $18,000 30% Adjusted EBITDA Margin $15,000 $12,000 $13,831 17% 20% 13% $10,693 $9,000 11% 9% 10% $6,000 $7,109 $5,549 $3,000 0% -2% 0% -3% $0 -$1,600 -$999 $116 -$3,000 -11% -$4,893 -10%
Slide 11: Cash Flow Conversion | Continued Improvement in Working Capital
Cash Flow Conversion | Continued Improvement in Working Capital Working Capital Metrics Days 175 164 CCC DSO DIO DPO 150 144 128 132 128 126 123 125 125 118 104 103 101 96 98 97 100 87 78 75 71 75 68 62 63 58 59 56 56 53 50 38 37 35 34 32 32 31 31 30 25 0 Q124 Q224 Q324 Q424 Q125 Q225 Q325 Q425 Q126
Slide 12: Operating Cash Flow | Converting Adj. EBITDA to Cash
Operating Cash Flow | Converting Adj. EBITDA to Cash Operating Cash Flow and Adjusted EBITDA Conversion $ in thousands $21,000 Adjusted EBITDA Operating Cash Flow $17,518 $18,000 $15,000 $13,831 $11,375 $12,000 $10,691 $9,683 $9,000 $7,109 $5,550 $5,217 $6,000 $3,000 $116 $0 ($20) ($994) ($1,385) -$
Slide 13: Outlook | Q2 2026
Outlook | Q2 2026 • Q2 2026 Revenues of $75 million to $81 million; midpoint of $78 million – Products: $58 million at midpoint • A&D revenue up sequentially – Advanced Development: $20 million at midpoint • Q2 2026 Gross Margin of 29% to 33% – Products: 37% to 41% – Advanced Development: ~8% • Q1 2
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. 2024 2025 2026 (in thousands, except per share data) Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 Revenue: Products $ 29,370 $ 34,458 $ 41,132 $ 31,699 $ 136,659 $ 35,678 $ 40,824 $ 47,608 $ 55,126 $ 179,236 $ 58,202 Development 15,157 16,053
Slide 17: GAAP to Non-GAAP Reconciliation | Gross Margin
GAAP to Non-GAAP Reconciliation | Gross Margin 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 16,053 5
Slide 18: 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 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 Non-GAAP adjustments: St
Slide 19: 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 Stock-based compensation included in following: Cost of revenues $ 541 $ 659 $ 629 $ 609 $ 2,438 $ 570 $ 598 $ 615 $ 687 $ 2,
Slide 20: 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 Revenues by end market Aerospace and defense $ 21,745 $ 27,390 $ 30,278 $ 30,127 $ 109,540 $ 32,706 $ 40,695 $ 45,554 $ 56,298 $ 175,253 $ 55,12