Slide 1: Earnings Presentation Q3 2025
Earnings Presentation Q3 2025 November 6, 2025 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 2025 | Key Messages
Third Quarter 2025 | Key Messages Record A&D Drives Growth Margins Outperform Q3’25 Aerospace & Defense revenue Q3’25 gross margin and Adj. EBITDA increased 50% year-over-year driven by above the high-end of guidance on higher record defense product revenue revenue, better mix and solid operational
Slide 4: Q3 2025 Summary | Record A&D Drives Continued Strength
Q3 2025 Summary | Record A&D Drives Continued Strength • Q3 revenue at the high-end of guidance – $66.7M of total revenue | +19% year-over-year, +8% quarter-over-quarter – Record quarterly A&D revenue of $45.6 million | +50% year-over-year, +12% quarter-over-quarter • Record A&D products revenue of
Slide 5: Revenue by Market | A&D Continues to Drive Growth
Revenue by Market | A&D Continues to Drive Growth Quarterly Revenue Q3 ’25 Total Revenue $ Millions • $66.7 million • +19% y/y $70 $67 • +8% q/q $62 $60 17% $56 Q3 ’25 Microfab Revenue 18% • $11.6 million $51 $52 $52 $51 • -19% y/y $50 25% $47 14% • +3% q/q 20% $45 20% 24% 20% 16% 17% $40 24% Q3 ’25
Slide 6: Q3 2025 Financial Update
Q3 2025 Financial Update
Slide 7: Q3 2025 Summary Financial Results | Solid Execution Drives Upside
Q3 2025 Summary Financial Results | Solid Execution Drives Upside Q3 2025 Q3 2024 Q2 2025 • Q3 ’25 Revenue grew 19% Y/Y Total Revenue ($ in millions) $66.7 $56.1 $61.7 • Product revenue +16% Y/Y Products Revenue $47.6 $41.1 $40.8 • Development revenue +28% Y/Y Development Revenue $19.1 $15.0 $20.9 •
Slide 8: 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% $40 35% 30.3% 28.8% 30% $30 23.8% 22.0% 25% 20.9% $48 20% $20 $41 $41 $41 $38 $38 $34 $36 $32 15% $10 10% 5% 0.7% $0 0% Q3 Q4 Q1 Q2
Slide 9: 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 $17.4 $17.7 $17.8 $17.5 $17.2 $16.8 $16.0 40% $15 7.9 8.6 9.2 8.2 8.3 8.3 7.7 8.6 8.2 30% $10 20% $5 9.5 9.4 9.1 9.6 9.4 9.0 8.9 8.9 7.7 10% $0 0% Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 No
Slide 10: Strong Balance Sheet and Working Capital Management
Strong Balance Sheet and Working Capital Management Cash and Investments ($M) Accounts Receivable ($M) and Inventory ($M) and Days Sales Outstanding (DSO) Days of Inventory (DOI) $90 73 75 $100 180 $150 71 68 65 $90 $80 62 63 140 160 $125 $121 59 $117 58 $112 $113 $115 $114 $116 $70 60 $80 123 128 5
Slide 11: Outlook | Q4 2025
Outlook | Q4 2025 • Q4 2025 Revenues of $72 million to $78 million; midpoint of $75 million – Products: $55 million at midpoint • A&D revenue up sequentially, Commercial revenue flat-to-up sequentially – Advanced Development: $20 million at midpoint • Q4 2025 Gross Margin of 27% to 32% – Products: 3
Slide 12: Simply brilliant
eee Simply brilliant
Slide 13: Appendix
Appendix
Slide 14: Supplemental Information | Revenue & Gross Margin
Supplemental Information | Revenue & Gross Margin nLight, Inc. 2022 2023 2024 2025 (in thousands, except per share data) Q1 Q2 Q3 Q4 Totals Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Revenue: Products $ 51,061 $ 48,180 $ 48,042 $ 45,375 $ 192,658 $ 41,107 $ 39,592 $ 38,103 $ 37,864 $ 156,666 $ 29,
Slide 15: GAAP to Non-GAAP Reconciliation | Operating Expenses
GAAP to Non-GAAP Reconciliation | Operating Expenses nLight, Inc. 2022 2023 2024 2025 (in thousands, except per share data) Q1 Q2 Q3 Q4 Totals Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 R&D expense (GAAP) $ 13,711 $ 13,788 $ 12,716 $ 13,558 $ 53,773 $ 11,301 $ 12,004 $ 10,744 $ 12,114 $ 46,163 $ 1
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. 2022 2023 2024 2025 (in thousands, except per share data) Q1 Q2 Q3 Q4 Totals Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Stock-based compensation included in following: Cost of revenues $ 709 $ 684 $ 712 $ 572 $ 2,67
Slide 17: Supplemental Information | Key Revenue Metrics
Supplemental Information | Key Revenue Metrics nLight, Inc. 2022 2023 2024 2025 (in thousands, except per share data) Q1 Q2 Q3 Q4 FY 2022 Q1 Q2 Q3 Q4 FY 2023 Q1 Q2 Q3 Q4 FY 2024 Q1 Q2 Q3 Revenues by end market Aerospace and defense $ 23,144 $ 22,513 $ 20,194 $ 22,340 $ 88,191 $ 21,131 $ 24,508 $ 19,