NLIGHT, INC. Files Q3 2024 10-Q

TL;DR

NLIGHT Q3 2024 10-Q filed. Financials out.

AI Summary

NLIGHT, INC. filed its 10-Q for the period ending September 30, 2024. The company reported financial results for the third quarter and the first nine months of 2024. Key financial data and operational details are disclosed in this filing.

Why It Matters

This filing provides investors 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 — As a 10-Q filing, it contains detailed financial information and risk factors that could impact the company's performance.

Key Players & Entities

• NLIGHT, INC. (company) — Filer of the 10-Q
• 2024-09-30 (date) — End of the reporting period
• 2024-11-08 (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-20240930.htm (10-Q) — 1172KB
• exhibit311-q3202410xq.htm (EX-31.1) — 9KB
• exhibit312-q3202410xq.htm (EX-31.2) — 9KB
• exhibit321-q3202410xq.htm (EX-32.1) — 7KB
• 0001124796-24-000129.txt ( ) — 6035KB
• lasr-20240930.xsd (EX-101.SCH) — 34KB
• lasr-20240930_cal.xml (EX-101.CAL) — 67KB
• lasr-20240930_def.xml (EX-101.DEF) — 146KB
• lasr-20240930_lab.xml (EX-101.LAB) — 557KB
• lasr-20240930_pre.xml (EX-101.PRE) — 362KB
• lasr-20240930_htm.xml (XML) — 848KB

Financial Information

Part I. Financial Information 1

Unaudited Interim Financial Statements

Item 1. Unaudited Interim Financial Statements 1 Consolidated Balance Sheets: September 30, 2024 and December 31, 2023 (unaudited) 1 Consolidated Statements of Operations: Three and Nine Months Ended September 30, 2024 and 2023 (unaudited) 2 Consolidated Statements of Comprehensive Loss: Three and Nine Months Ended September 30, 2024 and 2023 (unaudited) 3 Consolidated Statements of Stockholders' Equity: Three and Nine Months Ended September 30 , 2024 and 2023 (unaudited) 4 Consolidated Statements of Cash Flows: Three and Nine Months Ended September 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 25

Controls and Procedures

Item 4. Controls and Procedures 26

Other Information

Part II. Other Information 26

Legal Proceedings

Item 1. Legal Proceedings 27

Risk Factors

Item 1A. Risk Factors 27

Other Information

Item 5. Other Information 27

Exhibits

Item 6. Exhibits 28

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS nLIGHT, Inc. Consolidated Balance Sheets (In thousands) (Unaudited) As of September 30, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 41,456 $ 53,210 Marketable securities 65,241 59,672 Accounts receivable, net of allowances of $ 1,810 and $ 315 40,282 39,585 Inventory 48,828 52,160 Prepaid expenses and other current assets 14,975 15,927 Total current assets 210,782 220,554 Restricted cash 258 256 Lease right-of-use assets 11,270 12,616 Property, plant and equipment, net 47,889 52,300 Intangible assets, net 981 1,652 Goodwill 12,408 12,399 Other assets, net 7,706 7,026 Total assets $ 291,294 $ 306,803 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 16,467 $ 12,166 Accrued liabilities 14,141 12,556 Deferred revenues 2,921 4,849 Current portion of lease liabilities 2,616 3,181 Total current liabilities 36,145 32,752 Non-current income taxes payable 5,638 5,391 Long-term lease liabilities 10,017 10,978 Other long-term liabilities 4,224 3,263 Total liabilities 56,024 52,384 Stockholders' equity: Common stock - $ 0.0001 par value; 190,000 shares authorized, 48,343 and 47,266 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively 16 16 Additional paid-in capital 537,776 521,184 Accumulated other comprehensive loss ( 2,388 ) ( 2,477 ) Accumulated deficit ( 300,134 ) ( 264,304 ) Total stockholders' equity 235,270 254,419 Total liabilities and stockholders' equity $ 291,294 $ 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Revenue: Products $ 41,132 $ 38,103 $ 104,960 $ 118,802 Development 14,997 12,531 46,207 39,227 Total revenue 56,129 50,634 151,167 158,029 Cost of revenue: Products 29,2

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 nine months ended September 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 jurisd

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