NLIGHT, INC. Files 10-Q for Q2 2024

TL;DR

NLIGHT Q2 10-Q filed. Financials out.

AI Summary

NLIGHT, INC. filed its 10-Q for the period ending June 30, 2024. The company reported financial results for the second quarter and the first half of 2024. Specific financial figures and operational details are provided within the filing.

Why It Matters

This filing provides investors and analysts with the latest financial performance and operational status of NLIGHT, INC., crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: medium — The filing is a standard quarterly report, but the semiconductor industry can be volatile, and specific financial performance details are not yet analyzed.

Key Players & Entities

• NLIGHT, INC. (company) — Filer of the 10-Q
• 20240630 (date) — End of reporting period
• 20240802 (date) — Filing date

FAQ

Key Financial Figures

• $0.0001 — ch Registered Common Stock, par value $0.0001 per share LASR The Nasdaq Stock Market

Filing Documents

• lasr-20240630.htm (10-Q) — 1174KB
• ex101_nlight-dsxofferxof.htm (EX-10.1) — 7KB
• exhibit311-q2202410xq.htm (EX-31.1) — 9KB
• exhibit312-q2202410xq.htm (EX-31.2) — 9KB
• exhibit321-q2202410xq.htm (EX-32.1) — 7KB
• ex101_nlight-dsxofferxof001.jpg (GRAPHIC) — 191KB
• ex101_nlight-dsxofferxof002.jpg (GRAPHIC) — 241KB
• ex101_nlight-dsxofferxof003.jpg (GRAPHIC) — 90KB
• 0001124796-24-000098.txt ( ) — 6739KB
• lasr-20240630.xsd (EX-101.SCH) — 34KB
• lasr-20240630_cal.xml (EX-101.CAL) — 66KB
• lasr-20240630_def.xml (EX-101.DEF) — 144KB
• lasr-20240630_lab.xml (EX-101.LAB) — 550KB
• lasr-20240630_pre.xml (EX-101.PRE) — 357KB
• lasr-20240630_htm.xml (XML) — 850KB

Financial Information

Part I. Financial Information 1

Unaudited Interim Financial Statements

Item 1. Unaudited Interim Financial Statements 1 Consolidated Balance Sheets: June 3 0 , 2024 and December 31, 2023 (unaudited) 1 Consolidated Statements of Operations: Three and Six Months Ended June 30 , 2024 and 2023 (unaudited) 2 Consolidated Statements of Comprehensive Loss: Three and Six Months Ended June 30 , 2024 and 2023 (unaudited) 3 Consolidated Statements of Stockholders' Equity: Three and Six Months Ended June 30 , 2024 and 2023 (unaudited) 4 Consolidated Statements of Cash Flows: Three and Six Months Ended June 30 , 2024 and 2023 (unaudited) 6

Notes to Consolidated Financial Statements (unaudited)

Notes to Consolidated Financial Statements (unaudited) 7

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 17

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 24

Controls and Procedures

Item 4. Controls and Procedures 25

Other Information

Part II. Other Information 25

Legal Proceedings

Item 1. Legal Proceedings 26

Risk Factors

Item 1A. Risk Factors 26

Other Information

Item 5. Other Information 26

Exhibits

Item 6. Exhibits 27

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS nLIGHT, Inc. Consolidated Balance Sheets (In thousands) (Unaudited) As of June 30, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 49,386 $ 53,210 Marketable securities 65,173 59,672 Accounts receivable, net of allowances of $ 781 and $ 315 32,192 39,585 Inventory 52,321 52,160 Prepaid expenses and other current assets 13,432 15,927 Total current assets 212,504 220,554 Restricted cash 257 256 Lease right-of-use assets 11,934 12,616 Property, plant and equipment, net 49,428 52,300 Intangible assets, net 1,130 1,652 Goodwill 12,377 12,399 Other assets, net 6,669 7,026 Total assets $ 294,299 $ 306,803 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 13,360 $ 12,166 Accrued liabilities 12,894 12,556 Deferred revenues 5,651 4,849 Current portion of lease liabilities 2,930 3,181 Total current liabilities 34,835 32,752 Non-current income taxes payable 5,505 5,391 Long-term lease liabilities 10,452 10,978 Other long-term liabilities 3,975 3,263 Total liabilities 54,767 52,384 Stockholders' equity: Common stock - $ 0.0001 par value; 190,000 shares authorized, 48,099 and 47,266 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively 16 16 Additional paid-in capital 531,822 521,184 Accumulated other comprehensive loss ( 2,507 ) ( 2,477 ) Accumulated deficit ( 289,799 ) ( 264,304 ) Total stockholders' equity 239,532 254,419 Total liabilities and stockholders' equity $ 294,299 $ 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Revenue: Products $ 34,458 $ 39,592 $ 63,828 $ 80,699 Development 16,053 13,712 31,210 26,696 Total revenue 50,511 53,304 95,038 107,395 Cost of revenue: Products 24,011 28,272 47,242 55,798

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 six months ended June 30, 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 jurisdiction

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View this 10-Q filing on SEC EDGAR