Slide 1: Earnings Presentation Q2 2026
Earnings Presentation Q2 2026 August 6, 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: Second Quarter 2026 | Key Messages
Second Quarter 2026 | Key Messages A&D Drives Strong Growth Margins & Adj. EBITDA Q2’26 Aerospace & Defense revenue Q2’26 gross margin and Adjusted EBITDA increased 41% year-over-year driven by above / at the high-end of guidance on record A&D product revenue record revenue, healthy product margins,
Slide 4: Q2 2026 Summary | Record Product Revenue and Strong Margins
Q2 2026 Summary | Record Product Revenue and Strong Margins • Q2 revenue above the high-end of guidance – $82.6M of total revenue | +34% year-over-year, +3% quarter-over-quarter – Total A&D revenue of $57.3 million | +41% year-over-year, +4% quarter-over-quarter • Record A&D products revenue of $34.
Slide 5: Revenue by Market | A&D Drove Growth
Revenue by Market | A&D Drove Growth Quarterly Revenue Q2 ’26 Total Revenue $ Millions • $82.6 million • +34% y/y • +3% q/q $90 $81 $83 $80 $80 Q2 ’26 Microfab Revenue 18% • $13.3 million 17% 20% $70 $67 • +17% y/y • +2% q/q $62 16% $60 25% 19% 17% $56 $52 20% $51 Q2 ’26 Industrial Revenue $50 24% $
Slide 6: Q2 2026 Financial Update
Q2 2026 Financial Update
Slide 7: Q2 2026 Summary Financial Results | Strong Execution Drove Solid Results
Q2 2026 Summary Financial Results | Strong Execution Drove Solid Results Q2 2026 Q2 2025 Q1 2026 • Q2 ’26 Revenue grew 34% Y/Y Total Revenue ($ in millions) $82.6 $61.7 $80.2 • Product revenue +45% Y/Y Products Revenue $59.4 $40.8 $58.2 • Development revenue +11% Y/Y Development Revenue $23.2 $20.9
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 Non-GAAP GM % $70 50% 44.6% 42.3% 42.4% 45% $60 40.0% 38.6% 40% 35.1% $50 32.2% 35% 30.3% 30% $40 22.7% 21.6% 25% $30 $58 $59 $55 20% $48 $20 $4
Slide 9: Operating Expenses | Operating Expense Trends
Operating Expenses | Operating Expense Trends Operating Expenses (Non-GAAP) $ Millions; % of Revenue R&D SG&A $20 $19.5 50% $18.0 $18.3 $18.4 $17.7 $17.8 $17.5 $17.2 $17.1 $16.8 40% $15 9.1 7.9 8.6 9.2 8.2 8.3 8.3 8.6 7.5 7.7 30% $10 20% $5 10.5 10.4 8.9 9.4 9.1 9.6 9.4 9.0 8.9 9.6 10% $0 0% Q1 Q2 Q
Slide 10: Adjusted EBITDA | Quarterly Trends
Adjusted EBITDA | Quarterly Trends Adjusted EBITDA $ millions $20.0 $15.0 $10.0 $13.8 $10.7 $10.7 $7.1 $5.0 $5.5 $0.1 $0.0 -$1.6 -$1.0 -$4.9 -$5.0 -$11.3 -$10.0 -$15.0 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Note: Excluding stock-based compensation expense, amortization of purcha
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 91 87 78 75 73 71 75 68 62 63 58 59 56 56 53 52 50 38 37 35 34 34 32 32 31 31 30 25 0 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2
Slide 12: Operating Cash Flow | Converting Adjusted EBITDA to Cash
Operating Cash Flow | Converting Adjusted EBITDA to Cash Operating Cash Flow and Adjusted EBITDA Conversion $ in millions $24.0 Adjusted EBITDA Operating Cash Flow $20.7 $21.0 $17.5 $18.0 $15.0 $13.8 $11.4 $12.0 $10.7 $10.7 $9.7 $9.0 $7.1 $5.6 $5.2 $6.0 $3.0 $0.1 $0.0 ($0.0) ($1.0) ($1.4) -$3.0 ($1.
Slide 13: Outlook | Q3 2026
Outlook | Q3 2026 • Q3 2026 Revenues of $63 million to $73 million; midpoint of $68 million – Products: $43 million at midpoint • Due to supply chain challenges, Q3 2026 product revenue guidance EXCLUDES approximately $17 million that nLIGHT would have expected to ship in the 3rd quarter of 2026 but
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 Q2 6mo. Revenue: Products $ 29,370 $ 34,458 $ 41,132 $ 31,699 $ 136,659 $ 35,678 $ 40,824 $ 47,608 $ 55,126 $ 179,236 $ 58,202 $ 59,363 $ 117,565
Slide 17: GAAP to Non-GAAP Reconciliation | Gross Margin
GAAP to Non-GAAP Reconciliation | Gross Margin nLight, Inc. 2026 (in thousands, except per share data) Q1 Q2 6mo. Ending 6/30/2026 Products Development Total Products Development Total Products Development Total Revenue $ 58,202 $ 21,979 $ 80,181 $ 59,363 $ 23,228 $ 82,591 $ 117,565 $ 45,207 $ 162,7
Slide 18: GAAP to Non-GAAP Reconciliation | Gross Margin (cont'd)
GAAP to Non-GAAP Reconciliation | Gross Margin (cont’d) 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
Slide 19: 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 Q2 6mo. 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 $ 13,130 $ 24,97
Slide 20: 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 Q2 6mo. Stock-based compensation included in following: Cost of revenues $ 541 $ 659 $ 629 $ 609 $ 2,438 $ 570 $ 598 $ 615 $
Slide 21: 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 Q2 FY 2026 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,