NLIGHT, INC. Files 10-Q for Period Ending March 31, 2024

Ticker: LASR · Form: 10-Q · Filed: May 3, 2024 · CIK: 1124796

Nlight, INC. 10-Q Filing Summary
FieldDetail
CompanyNlight, INC. (LASR)
Form Type10-Q
Filed DateMay 3, 2024
Risk Levelmedium
Pages15
Reading Time18 min
Key Dollar Amounts$0.0001
Sentimentbearish

Sentiment: bearish

Topics: NLIGHT, LASR, 10-Q, Q1 2024, Financial Results

Related Tickers: LASR

TL;DR

<b>NLIGHT, INC. experienced a revenue decline and increased net loss in Q1 2024 compared to the prior year.</b>

AI Summary

NLIGHT, INC. (LASR) filed a Quarterly Report (10-Q) with the SEC on May 3, 2024. NLIGHT, INC. reported revenue of $48.8 million for the first quarter of 2024. Revenue decreased by 14.4% compared to $57.0 million in the first quarter of 2023. Gross profit for Q1 2024 was $14.1 million, a decrease from $18.0 million in Q1 2023. Operating loss for Q1 2024 was $15.5 million, compared to an operating loss of $11.6 million in Q1 2023. The company reported a net loss of $17.6 million for Q1 2024, versus a net loss of $13.2 million for Q1 2023.

Why It Matters

For investors and stakeholders tracking NLIGHT, INC., this filing contains several important signals. The decrease in revenue and increase in net loss indicate potential challenges in market demand or operational efficiency for NLIGHT, INC. during the first quarter. The filing provides detailed segment information, allowing investors to analyze performance across Product, Development, Industrial, Microfabrication, and Aerospace and Defense sectors.

Risk Assessment

Risk Level: medium — NLIGHT, INC. shows moderate risk based on this filing. The company reported a significant year-over-year decrease in revenue (-14.4%) and an increase in net loss, suggesting ongoing financial performance challenges.

Analyst Insight

Investors should monitor NLIGHT, INC.'s strategies to reverse the revenue decline and improve profitability in upcoming quarters.

Financial Highlights

revenue
48.8
net Income
-17.6
revenue Growth
-14.4%

Revenue Breakdown

SegmentRevenueGrowth
Product48.8-14.4%

Key Numbers

Key Players & Entities

FAQ

When did NLIGHT, INC. file this 10-Q?

NLIGHT, INC. filed this Quarterly Report (10-Q) with the SEC on May 3, 2024.

What is a 10-Q filing?

A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by NLIGHT, INC. (LASR).

Where can I read the original 10-Q filing from NLIGHT, INC.?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by NLIGHT, INC..

What are the key takeaways from NLIGHT, INC.'s 10-Q?

NLIGHT, INC. filed this 10-Q on May 3, 2024. Key takeaways: NLIGHT, INC. reported revenue of $48.8 million for the first quarter of 2024.. Revenue decreased by 14.4% compared to $57.0 million in the first quarter of 2023.. Gross profit for Q1 2024 was $14.1 million, a decrease from $18.0 million in Q1 2023..

Is NLIGHT, INC. a risky investment based on this filing?

Based on this 10-Q, NLIGHT, INC. presents a moderate-risk profile. The company reported a significant year-over-year decrease in revenue (-14.4%) and an increase in net loss, suggesting ongoing financial performance challenges.

What should investors do after reading NLIGHT, INC.'s 10-Q?

Investors should monitor NLIGHT, INC.'s strategies to reverse the revenue decline and improve profitability in upcoming quarters. The overall sentiment from this filing is bearish.

Filing Stats: 4,609 words · 18 min read · ~15 pages · Grade level 16.7 · Accepted 2024-05-03 13:19:54

Key Financial Figures

Filing Documents

Financial Information

Part I. Financial Information 1

Unaudited Interim Financial Statements

Item 1. Unaudited Interim Financial Statements 1 Consolidated Balance Sheets: March 3 1 , 202 4 and December 31, 202 3 (unaudited) 1 Consolidated Statements of Operations: Three Months Ended Mar ch 31 , 202 4 and 202 3 (unaudited) 2 Consolidated Statements of Comprehensive Loss: Three Months Ended March 3 1 , 202 4 and 202 3 (unaudited) 3 Consolidated Statements of Stockholders' Equity: Three Months Ended March 3 1 , 202 4 and 202 3 (unaudited) 4 Consolidated Statements of Cash Flows: Three Months Ended March 3 1 , 202 4 and 202 3 (unaudited) 5

Notes to Consolidated Financial Statements (unaudited)

Notes to Consolidated Financial Statements (unaudited) 6

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 16

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 22

Controls and Procedures

Item 4. Controls and Procedures 23

Other Information

Part II. Other Information 23

Legal Proceedings

Item 1. Legal Proceedings 24

Risk Factors

Item 1A. Risk Factors 24

Other Information

Item 5. Other Information 24

Exhibits

Item 6. Exhibits 25

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS nLIGHT, Inc. Consolidated Balance Sheets (In thousands) (Unaudited) As of March 31, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 61,306 $ 53,210 Marketable securities 59,775 59,672 Accounts receivable, net of allowances of $ 410 and $ 315 27,545 39,585 Inventory 53,013 52,160 Prepaid expenses and other current assets 17,564 15,927 Total current assets 219,203 220,554 Restricted cash 257 256 Lease right-of-use assets 12,675 12,616 Property, plant and equipment, net 50,290 52,300 Intangible assets, net 1,278 1,652 Goodwill 12,382 12,399 Other assets, net 6,746 7,026 Total assets $ 302,831 $ 306,803 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 13,911 $ 12,166 Accrued liabilities 13,599 12,556 Deferred revenues 7,583 4,849 Current portion of lease liabilities 3,171 3,181 Total current liabilities 38,264 32,752 Non-current income taxes payable 5,485 5,391 Long-term lease liabilities 10,993 10,978 Other long-term liabilities 3,732 3,263 Total liabilities 58,474 52,384 Stockholders' equity: Common stock - $ 0.0001 par value; 190,000 shares authorized, 47,552 and 47,266 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 16 16 Additional paid-in capital 525,000 521,184 Accumulated other comprehensive loss ( 2,589 ) ( 2,477 ) Accumulated deficit ( 278,070 ) ( 264,304 ) Total stockholders' equity 244,357 254,419 Total liabilities and stockholders' equity $ 302,831 $ 306,803 See accompanying notes to consolidated financial statements. 1 nLIGHT, Inc. Consolidated Statements of Operations (In thousands, except per share data) (Unaudited) Three Months Ended March 31, 2024 2023 Revenue: Products $ 29,370 $ 41,107 Development 15,157 12,984 Total revenue 44,527 54,091 Cost of revenue: Products 23,231 27,526 Development 13,808 12,302 Total cost of revenue 37,039 39,828 Gross profit 7,488 14,263 Op

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements Note 1 - Basis of Presentation and New Accounting Pronouncements Basis of Presentation The accompanying unaudited consolidated financial statements of nLIGHT, Inc. and our wholly-owned subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) and pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). The unaudited financial information reflects, in the opinion of management, all adjustments necessary for a fair presentation of financial position, results of operations, stockholders' equity, and cash flows for the interim periods presented. The results reported for the interim period presented are not necessarily indicative of results that may be expected for the full year. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023. Critical Accounting Policies Our critical accounting policies have not materially changed during the three months ended March 31, 2024, from those disclosed in our Annual Report on Form 10-K for the year ended December 31, 2023. New Accounting Pronouncements ASU 2023-07 In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, Improvements to Reportable Segment Disclosures. The amendments in this ASU are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. We will adopt ASU 2023-07 in the fourth quarter of 2024 using a retrospective transition method. We are currently evaluating the impact of this guidance on our consolidated financial statements. ASU 2023-09 In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures. This ASU requires enhanced jurisdict

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