NLIGHT, INC. LASR
nLIGHT, Inc. is a leading provider of high‑power lasers for mission-critical directed energy, optical sensing, and advanced manufacturing applications. 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 high energy pulsed fiber lasers, fiber amplifiers, and beam combination and control systems for use in high-energy laser systems for directed energy and laser sensing systems 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. We sell our products into three primary end markets: Aerospace and Defense, Industrial, and Microfabrication.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $261.3M | $198.5M | $209.9M | $242.1M | $270.1M | $222.8M | $176.6M | $191.4M | $138.6M | $101.3M |
| Cost of revenue | $183.4M | $165.5M | $163.8M | $191.2M | $192.8M | $163.4M | $124.3M | $124.4M | $94.3M | $78.2M |
| Gross profit | $78.0M | $33.0M | $46.1M | $50.8M | $77.3M | $59.4M | $52.3M | $67.0M | $44.3M | $23.2M |
| R&D | $48.0M | $45.1M | $46.2M | $53.8M | $54.8M | $41.2M | $28.1M | $21.1M | $15.1M | $15.2M |
| SG&A | $54.2M | $49.3M | $45.9M | $48.3M | $52.7M | $39.2M | $34.1M | $28.8M | $19.4M | $17.3M |
| Total operating expenses | $104.5M | $98.7M | $92.9M | $105.9M | $107.5M | $80.4M | $62.2M | $49.9M | $34.5M | $32.5M |
| Operating income | -$26.6M | -$65.6M | -$46.8M | -$55.1M | -$30.2M | -$21.0M | -$9.9M | $17.1M | $9.8M | -$9.3M |
| Interest expense | $1.1M | $105.0K | $67.0K | — | — | — | — | — | — | — |
| Pre-tax income | -$22.8M | -$60.9M | -$42.6M | -$54.2M | -$30.0M | -$20.6M | -$6.8M | $17.5M | $6.7M | -$12.3M |
| Income tax | $699.0K | $76.0K | $978.0K | $344.0K | $375.0K | $340.0K | $6.1M | $3.6M | $4.9M | $1.9M |
| Net income | -$23.5M | -$60.8M | -$41.7M | -$54.6M | -$29.7M | -$20.9M | -$12.9M | $13.9M | $1.8M | -$14.2M |
| EPS, basic | -0.47 | -1.27 | -0.90 | -1.23 | -0.70 | -0.55 | -0.35 | 0.38 | 0.00 | -5.68 |
| EPS, diluted | -0.47 | -1.27 | -0.90 | -1.23 | -0.70 | -0.55 | -0.35 | 0.32 | 0.00 | -5.68 |
| Shares, diluted (wtd. avg.) | $50.0M | $47.9M | $46.1M | $44.4M | $42.1M | $38.4M | $37.1M | $30.0M | $2.7M | $2.5M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $98.7M | $65.8M | $53.2M | $58.1M | $146.8M | $102.6M | $117.3M | $149.5M | $36.7M | $13.5M |
| Short-term investments | $34.9M | $34.9M | $59.7M | $50.4M | $0 | — | — | — | — | — |
| Receivables | $50.8M | $34.9M | $39.6M | $37.9M | $41.6M | $31.8M | $27.1M | $26.5M | $13.4M | — |
| Inventory | $45.4M | $40.8M | $52.2M | $67.6M | $73.7M | $54.7M | $46.1M | $35.3M | $29.6M | — |
| Total current assets | $243.2M | $194.1M | $220.6M | $230.8M | $277.2M | $200.6M | $198.6M | $218.6M | $84.6M | — |
| Property, plant and equipment | $42.1M | $46.9M | $52.3M | $60.7M | $56.1M | $44.5M | $27.7M | $21.5M | $18.0M | — |
| Goodwill | $12.4M | $12.4M | $12.4M | $12.4M | $12.4M | $12.5M | $9.9M | $1.4M | $1.4M | — |
| Other intangibles | $0 | $833.0K | $1.7M | $4.0M | $6.7M | $8.3M | $10.0M | $2.7M | $1.8M | — |
| Total assets | $315.2M | $270.2M | $306.8M | $329.2M | $373.6M | $283.6M | $250.0M | $250.1M | $110.1M | — |
| Accounts payable | $20.9M | $15.1M | $12.2M | $17.5M | $26.3M | $21.1M | $12.7M | $12.1M | $12.9M | — |
| Short-term debt | — | — | — | — | $0 | $184.0K | $51.0K | $91.0K | $2.4M | — |
| Total current liabilities | $64.2M | $34.2M | $32.8M | $34.5M | $45.8M | $41.4M | $25.0M | $23.6M | $28.9M | — |
| Long-term debt | — | — | — | — | $0 | $215.0K | $0 | $18.0K | $15.1M | — |
| Total liabilities | $88.5M | $53.8M | $52.4M | $58.4M | $71.5M | $63.7M | $33.4M | $32.3M | $48.9M | — |
| Retained earnings | -$348.6M | -$325.1M | -$264.3M | -$222.6M | -$168.1M | -$138.4M | -$117.5M | -$104.7M | -$118.7M | — |
| Total equity | $226.7M | $216.4M | $254.4M | $270.8M | $302.1M | $219.9M | $216.6M | $217.8M | $61.3M | $29.7M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $21.3M | -$2.4M | $10.1M | -$14.5M | -$7.4M | $13.0M | -$4.2M | $3.4M | $3.4M | $6.0M |
| Depreciation and amortisation | $12.3M | $13.0M | $12.4M | $11.1M | $9.2M | $7.7M | $6.6M | $5.9M | $5.4M | $8.1M |
| Stock-based compensation | $33.4M | $25.0M | $25.8M | $26.8M | $37.7M | $25.5M | $9.7M | $4.8M | $369.0K | $308.0K |
| Capital expenditure | $9.0M | $7.9M | $5.3M | $21.4M | $19.3M | $23.4M | $12.4M | $10.6M | $5.5M | $4.1M |
| Investing cash flow | -$8.8M | $16.7M | -$14.1M | -$72.4M | -$21.9M | -$24.5M | -$30.4M | -$11.7M | -$5.5M | -$4.0M |
| Financing cash flow | $20.1M | -$1.3M | -$859.0K | -$1.3M | $73.7M | -$3.8M | $2.5M | $121.3M | $24.4M | $3.6M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001124796-26-000018.
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