NLIGHT, INC. Files 2023 Annual Report on Form 10-K

TL;DR

<b>NLIGHT, INC. has filed its 2023 10-K annual report detailing its financial performance and business operations.</b>

AI Summary

NLIGHT, INC. (LASR) filed a Annual Report (10-K) with the SEC on February 26, 2024. NLIGHT, INC. filed its annual report for the fiscal year ended December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal business address is 4637 NW 18th Avenue, Camas, WA 98607. NLIGHT, INC. was formerly known as NLIGHT PHOTONICS CORP, with a name change on September 25, 2000. The SIC code for NLIGHT, INC. is 3674 (Semiconductors & Related Devices).

Why It Matters

For investors and stakeholders tracking NLIGHT, INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of NLIGHT, INC.'s financial health and strategic direction for the fiscal year 2023, crucial for investors assessing its current standing and future prospects. Understanding the details within this report is essential for stakeholders to evaluate the company's performance in the semiconductor industry and its competitive positioning.

Risk Assessment

Risk Level: medium — NLIGHT, INC. shows moderate risk based on this filing. The filing is a standard 10-K, which is a comprehensive annual report. While it contains detailed financial information, it does not inherently signal immediate positive or negative developments beyond the typical disclosure of a company's annual performance and outlook.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to assess NLIGHT, INC.'s performance and identify potential investment opportunities or risks.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reported period)
• 2024-02-26 — Filing Date (Date of submission)
• 2023-01-01 — Period Start Date (Fiscal year 2023)
• 2022-12-31 — Prior Year End (Comparison period)

Key Players & Entities

• NLIGHT, INC. (company) — Filer name
• LASR (company) — Ticker symbol
• 4637 NW 18th Avenue, Camas, WA 98607 (company) — Business address
• NLIGHT PHOTONICS CORP (company) — Former company name
• 3674 (company) — Standard Industrial Classification

FAQ

Industry Context

NLIGHT, INC. operates in the Semiconductors & Related Devices industry, a sector characterized by rapid technological advancements and significant capital investment.

Regulatory Implications

As a publicly traded company, NLIGHT, INC. is subject to the reporting requirements of the Securities and Exchange Commission (SEC) under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the financial statements for revenue trends, profitability, and cash flow.
2. Review the 'Risk Factors' section for potential challenges and uncertainties.
3. Examine management's discussion and analysis (MD&A) for insights into business strategy and outlook.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K filing.
• 2024-02-26: Filing Date — Date NLIGHT, INC. submitted its 10-K report to the SEC.

Year-Over-Year Comparison

This is the initial 10-K filing for the fiscal year 2023, providing the latest comprehensive financial and operational data for NLIGHT, INC.

Key Financial Figures

• $0.0001 — ich Registered Common Stock, par value $0.0001 per share LASR The Nasdaq Stock Market
• $108.4 million — e is expected to occur. Backlog totaled $108.4 million and $80.4 million as of December 31, 20
• $80.4 million — cur. Backlog totaled $108.4 million and $80.4 million as of December 31, 2023 and 2022, respe
• $219.3 million — lue of our government contracts totaled $219.3 million. Seasonality Our quarterly revenues

Filing Documents

• lasr-20231231.htm (10-K) — 1631KB
• exhibit211-q4202310xk.htm (EX-21.1) — 7KB
• exhibit231-202310xk.htm (EX-23.1) — 2KB
• exhibit311-q4202310xk.htm (EX-31.1) — 9KB
• exhibit312-q4202310xk.htm (EX-31.2) — 9KB
• exhibit321-q4202310xk.htm (EX-32.1) — 7KB
• ex971compensationrecoveryp.htm (EX-97.1) — 37KB
• lasr-20231231_g1.jpg (GRAPHIC) — 188KB
• 0001124796-24-000018.txt (&nbsp;) — 9007KB
• lasr-20231231.xsd (EX-101.SCH) — 54KB
• lasr-20231231_cal.xml (EX-101.CAL) — 94KB
• lasr-20231231_def.xml (EX-101.DEF) — 208KB
• lasr-20231231_lab.xml (EX-101.LAB) — 824KB
• lasr-20231231_pre.xml (EX-101.PRE) — 500KB
• lasr-20231231_htm.xml (XML) — 1199KB

Risk Factors

Item 1A. Risk Factors 5

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 20

Cybersecurity

Item 1C. Cybersecurity 20

Properties

Item 2. Properties 21

Legal Proceedings

Item 3. Legal Proceedings 21

Mine Safety

Item 4. Mine Safety 21 Part II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 21

[Reserved]

Item 6. [Reserved] 22

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 22

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 33

Financial Statements

Item 8. Financial Statements 34

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 59

Controls and Procedures

Item 9A. Controls and Procedures 60

Other Information

Item 9B. Other Information 61

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 61 Part III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 61

Executive Compensation

Item 11. Executive Compensation 61

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 61

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 61

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 61 Part IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 62

Form 10-K Summary

Item 16. Form 10-K Summary 66

Signatures

Signatures 67 Table of Contents PART I

BUSINESS

ITEM 1. BUSINESS Overview nLIGHT, Inc., is a leading provider of highpower semiconductor and fiber lasers for industrial, microfabrication, and aerospace and defense applications. Headquartered in Camas, Washington, we design, develop and manufacture the critical elements of our lasers, and believe our vertically integrated business model enables us to rapidly introduce innovative products, control our costs and protect our intellectual property. We operate in two segments, Laser Products and Advanced Development, and we address three primary end markets: Industrial, Microfabrication, and Aerospace and Defense. Products Overview We design, manufacture, and sell a range of high-power semiconductor lasers and fiber lasers that are typically integrated into laser systems or manufacturing tools built by our customers. We also make fiber amplifiers and beam combination and control systems for use in high-energy laser (HEL) systems in directed energy applications, and laser sensing products used in a wide range of defense applications. Our vertical integration enables us to develop products that leverage the same underlying technology, thereby enabling us to offer innovative and reliable products to customers in each of our end markets. Semiconductor Lasers We sell high-power semiconductor lasers with a broad range of power levels, wavelengths, and output fiber sizes. Our semiconductor lasers are typically used as an integrated energy source for our OEM customers' solid-state lasers, which are used primarily in a wide range of microfabrication, and aerospace and defense applications. The core building block of our products is a compound semiconductor laser chip manufactured from a gallium arsenide wafer. We use our patented multiplexed single-chip architecture to combine and package multiple semiconductor laser chips into what we believe are the most brilliant semiconductor lasers commercially available. Fiber Lasers We offer programmable and serviceable h

RISK FACTORS

ITEM 1A. RISK FACTORS 5 Table of Contents You should carefully consider the following risk factors, in

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