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nLIGHT, Inc.

nLIGHT, Inc.

NASDAQ•LASR
CEO: Mr. Scott H. Keeney
Sector: Technology
Industry: Semiconductors
Listing Date: 2018-04-26
nLIGHT, Inc. designs, develops, manufactures, and sells semiconductor and fiber lasers for industrial, microfabrication, and aerospace and defense applications. The company operates in two segments, Laser Products and Advanced Development. It offers semiconductor lasers with various ranges of power levels, wavelengths, and output fiber sizes; and programmable and serviceable fiber lasers for use in industrial and aerospace and defense applications. The company also provides laser sensors, including light detection and ranging technologies for intelligence, surveillance, and reconnaissance applications; and fiber amplifiers, beam combination, and control systems for use in high-energy laser systems in directed energy applications. It sells its products through direct sales force in the United States, China, South Korea, and European countries, as well as through independent sales representatives and distributors in Asia, Australia, Europe, the Middle East, and South America. The company was formerly known as nLight Photonics Corporation and changed its name to nLIGHT, Inc. in January 2016. nLIGHT, Inc. was incorporated in 2000 and is headquartered in Camas, Washington.
Contact Information
4637 NW 18th Avenue, Camas, WA, 98607, United States
360-566-4460
www.nlight.net
Market Cap
$1.51B
P/E (TTM)
-34.8
70.3
Dividend Yield
--
52W High
$38.62
52W Low
$6.20
52W Range
75%
2.6
F-Score
Modified Piotroski Analysis
Based on 9-year fundamentals
Weak • 2.6 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2016-2024

Financial Dashboard

Q3 2025 Data

Revenue

$66.74M+18.91%
4-Quarter Trend

EPS

-$0.14-33.33%
4-Quarter Trend

FCF

$2.45M-133.85%
4-Quarter Trend

2025 Q3 Earnings Highlights

Key Highlights

Nine Month Revenue Growth Total revenue reached $180.1M for nine months, increasing 19.2% from $151.2M in prior year period.
Gross Margin Expansion Gross profit surged 66.2% to $53.0M; gross margin improved significantly to 29.4% versus 21.1%.
Net Loss Significantly Reduced Nine month net loss narrowed to $18.6M, a substantial improvement from $35.8M loss reported previously.
Aerospace Defense Revenue Surge Aerospace and Defense revenue grew 49.8% to $119.0M, driven by directed energy laser product unit sales.

Risk Factors

International Trade Policy Uncertainty Ongoing global trade policy volatility, tariffs, and export controls risk supply chain disruption and increased input costs.
Competitive Pricing Erosion Industry dynamics include typical erosion of average selling prices (ASPs) for established products, pressuring margins.
Restructuring Charges Taken Recorded $1.7M in restructuring charges during Q3 2025, including employee termination costs and asset write-downs.
Reliance on Key Customers Credit risk concentration exists; top customer accounted for 17% of net receivables as of September 30, 2025.

Outlook

Sufficient Liquidity Position Liquidity sufficient for next 12 months, supported by $20.0M LOC draw and existing cash balances totaling $115.8M.
Continued R&D Investment Anticipate continued heavy investment in research and development to achieve technology roadmap and product innovation goals.
New Performance Stock Grants Issued Special 2025 PRSUs tied to VWAP hurdles ($30.00 to $40.00) vesting through 2029.
Managing Contract Estimates Development revenue relies on cost estimates for long-term contracts; changes impact gross margin realization periodically.

Peer Comparison

Revenue (TTM)

Ultra Clean Holdings, Inc.UCTT
$2.11B
+6.7%
Himax Technologies, Inc.HIMX
$866.32M
-3.7%
Photronics, Inc.PLAB
$856.15M
-1.8%

Gross Margin (Latest Quarter)

MaxLinear, Inc.MXL
56.6%
+2.2 pp
Veeco Instruments Inc.VECO
41.4%
-0.5 pp
PAR Technology CorporationPAR
41.3%
-3.2 pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
DQ$2.25B-6.6-7.9%0.0%
VECO$1.76B28.47.6%20.6%
PAR$1.58B-18.7-9.9%29.2%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
+12.1%
Steady Growth
4Q Net Income CAGR
N/M
Profitability Shift
Cash Flow Stability
25%
Cash Flow Needs Attention

Research & Insights

Reports
All Years
  • Form 10-Q - Q3 2025

    Period End: Sep 30, 2025|Filed: Nov 7, 2025|
    Revenue: $66.74M+18.9%
    |
    EPS: $-0.14-33.3%
    Miss
  • Form 10-Q - Q2 2025

    Period End: Jun 30, 2025|Filed: Aug 8, 2025|
    Revenue: $61.74M+22.2%
    |
    EPS: $-0.07-71.0%
    Beat
  • Form 10-Q - Q1 2025

    Period End: Mar 31, 2025|Filed: May 9, 2025|
    Revenue: $51.67M+16.0%
    |
    EPS: $-0.16-44.8%
    Beat
  • Form 10-K - FY 2024

    Period End: Dec 31, 2024|Filed: Feb 28, 2025|
    Revenue: $198.55M-5.4%
    |
    EPS: $-1.27-41.1%
    Miss
  • Form 10-Q - Q3 2024

    Period End: Sep 30, 2024|Filed: Nov 8, 2024|
    Revenue: $56.13M+10.9%
    |
    EPS: $-0.21-19.2%
    Miss
  • Form 10-Q - Q2 2024

    Period End: Jun 30, 2024|Filed: Aug 2, 2024|
    Revenue: $50.51M-5.2%
    |
    EPS: $-0.25+31.6%
    Miss
  • Form 10-Q - Q1 2024

    Period End: Mar 31, 2024|Filed: May 3, 2024|
    Revenue: $44.53M-17.7%
    |
    EPS: $-0.29+70.6%
    Miss
  • Form 10-K - FY 2023

    Period End: Dec 31, 2023|Filed: Feb 26, 2024|
    Revenue: $209.92M-13.3%
    |
    EPS: $-0.90+26.8%
    Miss