Nlight, Inc. · NASDAQ:LASR
Nlight — Q3 2024 Earnings Presentation
18 slides from Nlight's earnings presentation, Nov 7, 2024
Slide 1: Earnings Presentation Q3 2024
Earnings Presentation Q3 2024 November 7, 2024 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: Q3 24 Business Highlights
Q3 24 Business Highlights • Q3 revenue above the midpoint of guidance – $56.1M of total revenue, products revenue of $41.1M and development revenue of $15.0M – Record quarterly A&D products revenue – 11% y/y increase compared to Q3 ’23 • Gross margins and Adjusted EBITDA within guidance range and im
Slide 4: Revenue | Quarterly Revenue by Geography
Revenue | > 95% of total revenue from non-China customers Quarterly Revenue – Geography Geography $ Millions Q3 ‘24 vs. Q3 ‘23 Change 11% $75 $72 $69 $67 $66 $64 $62 $61 $61$60 $60 $57 $56 $54$53 $52 China $52$51 $51$52 $51 -10% $48 $46 $44$43$43 $45 $45 $42 $42 $37$37 $35 $29$30 $30 81% 89% $25$26
Slide 5: Revenue | By end market
Revenue | By end market Quarterly Revenue – By Market Market $ Millions Q3 ‘24 vs. Q3 ‘23 Change 11% $75 $72 $69 $67 $66 $64 $62 $61 24% $61$60 $60 20% 29% 25% $57 $56 27% $54$53 $52 23% Microfabrication $52$51 25% 27% $51$52 $51 $48 29% 20% +19% Overall $46 25% 24% 23% 20%$45 +24% Non-China $44$43$
Slide 6: Financial Update
Financial Update
Slide 7: Summary Financial Results | Revenue and Gross Margin
Summary Financial Results | Revenue and Gross Margin Quarterly $ Millions; % of Revenue Q3 2023 Q3 2024 Total Revenue $50.6 $56.1 Products Revenue 38.1 41.1 Development Revenue 12.5 15.0 Gross Margin 19.6% 22.4% Products Margin 23.9% 28.8% Development Margin 6.8% 4.7% 7
Slide 8: Gross Margin | Product and Development
Gross Margin | Product and Development Revenue and Gross Margin – Quarterly Product Revenue $ Millions; % of Revenue Overall GM % $80 40% 37% Products GM % 36% 36% 36% $70 33% 33% 35% 35% 36% 32% 35% 34% 34% 30% 30% 30% 33% 33% 32% 29% $60 31% 28% 29% 30% 30% 29% 30% 30% 29% 29% 30% 26% 28% 24% 24%
Slide 9: Operating Expenses | R&D and SG&A
Operating Expenses | R&D and SG&A Operating Expenses (Non-GAAP) $ Millions; % of Revenue $20 $19.3$19.3$19.5 50% SG&A $18.8 $18.1 $18.2 $18.0$18.3 $17.6 $17.4 R&D $17.3 $17.2 $16.6 OpEx as % of Revenue $16.0 $15.1 40% $14.7 8.6 $15 $14.2 $14.3 8.4 9.0 7.8 8.1 10.1 $13.0$12.9 $12.8 7.7 7.9 8.6 9.2 $1
Slide 10: Summary Financial Results | Profitability and Cash Flow
Summary Financial Results | Profitability and Cash Flow Quarterly $ Millions (except per share data) Q3 2023 Q3 2024 Net Income (Loss) ($11.9) ($10.3) Non-GAAP Net Income (Loss)* (4.9) (3.7) Net Income (Loss) Per Share (diluted) (0.26) (0.21) Non-GAAP Net Income (Loss) Per Share (diluted)* (0.10) (0
Slide 11: Strong Balance Sheet and Working Capital Management
Strong Balance Sheet and Working Capital Management Cash and Investments ($M) Accounts Receivable ($M) and Inventory ($M) and Days Sales Outstanding (DSO) Days of Inventory (DOI) $90 73 75 $100 180 $200 70 68 157 67 155 65 65 $90 141 $175 $80 62 152 160 $166 61 131 $81 144 58 60 $80 140 $70 55 $80 1
Slide 12: Outlook | Q4 2024
Outlook | Q4 2024 • Q4 2024 Revenues of $49 million to $54 million; midpoint of $51.5 million – Laser Products: approximately $36.5 million at midpoint – Advanced Development: approximately $15 million at midpoint • Q4 2024 Gross Margin of 17% to 21% – Laser Products: 21% to 25% – Advanced Developme
Slide 13: Simply brilliant
Ve eeceeee Simply brilliant
Slide 14: Appendix
Appendix
Slide 15: Supplemental Information | Revenue, Gross Margin and Operating Expenses
Supplemental Information | Revenue, Gross Margin and Operating Expenses Revenue and Gross Margin nLight, Inc. 2019 2020 2021 2022 2023 2024 (in thousands, except per share data) Q1 Q2 Q3 Q4 Totals Q1 Q2 Q3 Q4 Totals Q1 Q2 Q3 Q4 Totals Q1 Q2 Q3 Q4 Totals Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Total Revenue: Prod
Slide 16: GAAP to Non-GAAP Reconciliation | Adjusted EBITDA, Net Income and EPS
GAAP to Non-GAAP Reconciliation | Adjusted EBITDA, Net Income and EPS nLight, Inc. 2019 2020 2021 2022 2023 2024 (in thousands, except per share data) Q1 Q2 Q3 Q4 Totals Q1 Q2 Q3 Q4 Totals Q1 Q2 Q3 Q4 Totals Q1 Q2 Q3 Q4 Totals Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Total Net income (loss) $ (1,235) $ (155) $ (7
Slide 17: Supplemental Information | Key Revenue Metrics
Supplemental Information | Key Revenue Metrics nLight, Inc. 2019 2020 2021 2022 2023 2024 (in thousands, except per share data) Q1 Q2 Q3 Q4 Totals Q1 Q2 Q3 Q4 Totals Q1 Q2 Q3 Q4 Totals Q1 Q2 Q3 Q4 FY 2022 Q1 Q2 Q3 Q4 FY 2023 Q1 Q2 Q3 FY 2024 Revenues by end market Industrial $ 18,124 $ 20,920 $ 18,9
Slide 18: Supplemental Information | Fiber Laser Revenue by Power Level
Supplemental Information | Fiber Laser Revenue by Power Level Fiber Laser Revenue by Power – Quarterly Percent of total fiber laser sales 100% 9% 10% Low Power 14% 12% 11% 14% 17% 17% 12% 12% 16% 90% 22% 19% 17% 20% 19% 20% 19% < 2kW 27% 27% 31% 30% 34% 32% 35% 80% 43% 41% 45% 28% 51% 49% 34% 28% Me