Slide 1: Earnings Presentation Q4 2022
Exhibit 99.2 [mLIGHT Earnings Presentation Q4 2022 February 23, 2023 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 release 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 such
Slide 3: nLIGHT 2022 Business Highlights
nLIGHT 2022 Business Highlights * 2022 Revenue | continued transition of business model — Total revenue declined 10% to $242M as China revenue declined 62% to less than 10% of revenue — US Government funded development revenue declined 23% to $49M due to timing of programs — Product revenue outside
Slide 4: Vertically Integrated | Chip through beam control
Vertically Integrated | Chip through beam control Semiconductor Semiconductor Optical Fiber Beam Control Device Fiber Coupled Fiber Laser & Delivery nlLIGHT
Slide 5: Revenue | Record $221M of non-China revenue
Revenue | Record $221M of non-China revenue Annual Revenue — Geography Geography $ Millions 2022 vs. 2021 Change 10% $300 5 $270 $242 $250 China 62% $223 $200 $191 Non-China $150 43% $139 $100 38% $50 + 62% $0 2016 2017 2018 2019 2020 2021 2022 nlLIGHT 5
Slide 6: Revenue | Non-China product growth increased 14% y-o-y
Revenue | Non-China product growth increased 14% y-o-y Annual Revenue — Product, Development and China Market $ Millions 2022 vs. 2021 Change -10% $300 | $270 $250 4 China -62% $200 | $191 $177 Development -23% $150 | $139 _ 4 $115 Product (non-China $100 $104 whee ( ) $83 $50 $0 1 1 + + 2017 2018 2
Slide 7: Revenue | 93% of total revenue from non-China customers
Revenue | 93% of total revenue from non-China customers Quarterly Revenue — Geography $ Millions $75 5 $72 $69 $66 954 $62 $61 $61 $60 $60 - $57 $52 $51 $52 $46 $48 $45 4 $42 42 844 $43 $43 $37 $35 $37 $30 $30 5 $29 fo bo pe foe $25 $26 Ly 89° 92988 o14 939) $22 7298 759 694 $15 - cach 54 wa 72 oss
Slide 8: Revenue | Focused on growing applications
Revenue | Focused on growing applications Annual Revenue — Market Market 2022 vs. 2021 Change $ Millions tom $270 $250 | Microfabrication $223 -1% +11% Non-China $200 | $191 -51% China $177 Industrial $150 4 $139 4% +27% Non-China -70% China $100 ; Aerospace/Defense $50 + 16% -4% Products -23% Devel
Slide 9: Revenue | By end market
Revenue | By end market Quarterly Revenue — By Market Market $ Millions Moen Q4 ‘21 Change 16% $75 5 $72 $69 67 $66 er 564 $62 | $61 $61 $60 $60 - $57 $52 $54 $52 Microfabrication -34% sas SS $44 “30% Nor-China $45 5 $42 $42 $43 $43 -44% China $37 $37 364 37% $35 359) sof 36° Lo 36% i: $30 | $29 $30
Slide 10: Financial Update
Financial Update
Slide 11: Summary Financial Results | Revenue and Gross Margin
Summary Financial Results | Revenue and Gross Margin Full Year and Q4 $ Millions; % of Revenue Total Revenue $67.5 $56.7 $270.1 $242.1 Products Revenue 50.9 45.4 206.2 192.7 Development Revenue 16.5 11.3 64.0 49.4 Gross Margin 26.6% 10.2% 28.6% 21.0% Products Margin 33.1% 10.8% 35.6% 24.6% Developme
Slide 12: Gross Margin | Product and Development
Gross Margin | Product and Development Revenue and Gross Margin — Quarterly $ Millions; % of Revenue $80 $70 $60 $50 $40 $30 $20 $10 $0 Revenue — Overall GM % —Products GM % 37% 36% 36% 36% 0% 30% 10% ai | a2| a3 | aa 2016 nlIGHT at | a2 | a3 | aa 2017 at | a2] a3 aa 2018 at| a2] a3 aa 2019 ai | a2/
Slide 13: Operating Expenses | R&D and SG&A
Operating Expenses | R&D and SG&A Operating Expenses (Non-GAAP) $ Millions; % of Revenue 7 $19.5, 509 $20 © scaa sta $188 5, $19.3 $19.3 50% HM R&D $176 7 . = OpEx as % of Sales gi47 515-1 + 40% $15 - $14.2 $14.3 914. $125 gi9 $13.0 $12.9 $114 $14.2 - 30% $10.4 $10 20% $5 10% $0 0% 2018 nLIGHT Note:
Slide 14: Summary Financial Results | Profitability and Cash Flow
Summary Financial Results | Profitability and Cash Flow Full Year and Q4 $ Millions; % of Revenue Net Income (Loss) ($8.8) ($22.7) ($29.7) ($54.6) Non-GAAP Net Income (Loss)* (0.2) (12.3) 10.7 (22.3) Net Income (Loss) Per Share (diluted) (0.20) (0.50) (0.70) (1.23) Non-GAAP Net Income (Loss) Per Sha
Slide 15: Strong Balance Sheet and Working Capital Management
Strong Balance Sheet and Working Capital Management Cash and Debt Position ($M) Accounts Receivable ($M) and Inventory ($M) and Days Sales Outstanding (DSO) Days of Inventory (DOI) $200 $90 70 $90 160 $186 $175 $80 60 882 140 $70 $70 150 120 $ 50 $60 $60 $125 100 $50 $46 44 40 $50 $100 $42 80 $40 $3
Slide 16: Outlook | Q1 2023
Outlook | Q1 2023 * Q1 2023 Revenues of $50 million to $56 million; midpoint of $53 million — Laser Products: approximately $41 million at midpoint — Advanced Development: approximately $12 million at midpoint * Q1 2023 Gross Margin of 17% to 20% — Laser Products: 20% to 24% — Advanced Development:
Slide 17: Simply brilliant
eee cee Simply brilliant
Slide 18: Appendix
Appendix
Slide 19: Supplemental Information | Revenue and Gross Margin
Supplemental Information | Revenue and Gross Margin cc 5 c2aer s s51705 s sr0as $ as.e2] $ sors] $ auger s ances s snare $ aaase| $ r7405q] $ se900 $ aston Ss sisi7 $ standl s regseil s a7azs s soso: $ s4ae s sosoe]s 205105] $ stost s 4are0 s ance 5 asare] $ 192659 aa a TaiSe|—A1BST SIE aeve| —Tresi
Slide 20: GAAP to Non-GAAP Reconciliation | Operating Expenses
GAAP to Non-GAAP Reconciliation | Operating Expenses TLR, Boe eat eo) am aE [iv tousands, excee per share deta ar as ra] a ra] on rao a sa ra ot ar] a [GAAP research ard development PRED eaperse F 4S S 45 § SAS § GOH] S o108] S GH S GE S GMT § OMS] S 2B ta7] 5 BEM S 9A S 1110 S DOL S ated] S 11710 §
Slide 21: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Adjusted EBITDA, Net Income and EPS Pai ce on oe er | ee ee ee ee eee pamela a eo erat woe vey ume eed emacs arm nam] ome ttt aa] am] aetna ta] mf awsome] ae Fries pant ~ 2 & wf ‘ & & & oa s Se wf ol & te om om af Som ON a od ce ee at a oocieetergomee 2h tm i SG a Ge
Slide 22: Supplemental Information | Key Revenue Metrics
Supplemental Information | Key Revenue Metrics AUIGRETE: 2 uo a wal mi (im tousands, except per share dat) OT OC CC CTY ‘Revenues by end market Industral 19,148 $ 26251 $ 20800 $ 17.476] $ a2z762] $ 18,124 § 20.920 $ 18977 $ 18647] $ 75.569] $ 15.000 $ 22530 $ 21800 $ 25.97—] $§ sears] $ 21400 $ 24.
Slide 23: Supplemental Information | Revenue by power level
Supplemental Information | Revenue by power level Fiber Laser Revenue by Power - Quarterly Percent of total fiber laser sales 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 8 35% Vd Boge” 4873974 p3"4 R14 439/80 1% 714 26Y HA Fey pay 8% 9 ; zoo A zope? 451945074 Loo ov 94 cogs 4 Ho" horfs974074 1 1% Q1