Laser Photonics Announces Second Quarter 2024 Results
Rhea-AI Summary
Laser Photonics (NASDAQ:LASE) reported Q2 2024 results, showing a revenue decline to $0.6 million from $1.0 million in Q2 2023. The company experienced a 35.4% decrease in revenue and a 53.7% drop in gross profit. Operating loss widened to $(2.1) million from $(0.7) million year-over-year. Despite the decline, CleanTech products represented over 80% of sales. CEO Wayne Tupuola emphasized focus on market penetration for CleanTech, development of new product lines, and optimization of manufacturing processes. The company introduced new products, including updates to the CleanTech series and the SaberTech line of laser cutting systems. LPC also announced a partnership with Echelon 1 Solutions to bring CleanTech laser systems to Department of Defense customers.
Positive
- CleanTech products represented over 80% of sales in Q2 2024
- Partnership announced with Echelon 1 Solutions to bring CleanTech laser systems to DoD customers
- Introduction of new products including updated CleanTech series and SaberTech laser cutting systems
- Successful early testing of Laser Shield Anti-Drone System prototype
Negative
- Revenue decreased by 35.4% to $0.6 million in Q2 2024 compared to Q2 2023
- Gross profit declined by 53.7% to $0.3 million in Q2 2024
- Operating loss widened to $(2.1) million from $(0.7) million year-over-year
- Net loss increased to $(2.1) million from $(0.7) million in Q2 2023
- Diluted loss per share worsened to $(0.20) from $(0.09) in Q2 2023
News Market Reaction 1 Alert
On the day this news was published, LASE declined 21.56%, reflecting a significant negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
ORLANDO, FL / ACCESSWIRE / August 29, 2024 / Laser Photonics Corporation (NASDAQ:LASE), ("LPC"), a leading global developer of CleanTech laser systems for laser cleaning and other material applications, today announced results for its second quarter ended June 30, 2024.
Wayne Tupuola, CEO of Laser Photonics, commented:
"While our second quarter reflected a revenue decline due to pushouts in timing for expected orders that were delayed resulting from customers' internal capex review processes, we are encouraged by the mix of CleanTech representing over
"Looking ahead, we are focused on market penetration activities for CleanTech, developing and commercializing leading edge new product lines for defense applications, laser cutting, semiconductor equipment and additive manufacturing while also optimizing our manufacturing and procurement processes to enhance our gross margin profile. We believe these efforts, combined with our ongoing investments in sales, marketing and strategic partnerships, will position us for stronger performance in the latter half of the year and 2025. We remain dedicated to delivering high-value solutions to our customers and driving long-term growth for our shareholders."
Financial Highlights: (Q224 vs. Q223)
Revenue:
$0.6 million compared to$1.0 million ;Gross Profit:
$0.3 million compared to$0.7 million ;Operating Loss: (
$2.1) million compared to ($0.7) million ;Net Loss: (
$2.1) million from ($0.7) million ;Loss per Share: (
$0.20) compared to ($0.09) .
Select Financial Metrics* |
| ||||||||||||||||||||||||
(in $M except for EPS) |
|
| 2Q24 |
|
|
| 2Q23 |
|
| Change |
|
| YTD 2024 |
|
| YTD 2023 |
|
| Change |
|
| ||||
Revenue |
| $ | 0.6 |
|
| $ | 1.0 |
|
|
| -35.4 | % |
| $ | 1.4 |
|
| $ | 1.6 |
|
|
| -16.8 | % |
|
Gross Profit |
| $ | 0.3 |
|
| $ | 0.7 |
|
|
| -53.7 | % |
| $ | 0.7 |
|
| $ | 1.1 |
|
|
| -35.5 | % |
|
Gross Margin |
|
| 50.6 | % |
|
| 70.6 | % |
|
|
|
|
|
| 51.3 | % |
|
| 66.3 | % |
|
|
| % |
|
Operating Loss |
| $ | (2.1 | ) |
| $ | (0.7 | ) |
|
| -211.2 | % |
| $ | (3.7 | ) |
| $ | (1.6 | ) |
|
| -133.2 | % |
|
Net Loss |
| $ | (2.1 | ) |
| $ | (0.7 | ) |
|
| -211.3 | % |
| $ | (3.7 | ) |
| $ | (1.9 | ) |
|
| -90.0 | % |
|
Diluted Loss per Share (EPS) |
| $ | (0.20 | ) |
| $ | (0.09 | ) |
|
| -122.2 | % |
| $ | (0.37 | ) |
| $ | (0.25 | ) |
|
| -48.0 | % |
|
*numbers may not add due to rounding
Second Quarter Business Highlights
Announced Customer Orders:
ES Fox purchased a CleanTech 500-CTHD laser cleaning system.
Partnerships:
Announced a partnership with Echelon 1 Solutions, a provider of turn-key solutions to solve complex military supply chain, space utilization, and space optimization problems, to help bring LPC CleanTech laser systems to Department of Defense (DoD) customers.
Products:
Announced the successful early testing of Fonon's Laser Shield Anti-Drone System (LSAD) prototype at LPC's testing facility. The LSAD is a cutting-edge solution in development for the deterrence of unauthorized drone activity;
Updated the CleanTech series, featuring mobile connectivity for remote monitoring and control, a new compact form factor for the scan head and smart overheat protection for added safety;
Introduced the SaberTech line of high-power laser cutting systems featuring material distortion reducing Turbo Piercing technology.
Management's Second Quarter Commentary
Management has posted its second quarter of 2024 commentary on the LPC investor page. Investors can access it here: https://invest.laserphotonics.com/
About Laser Photonics Corporation
Laser Photonics is a vertically-integrated manufacturer and R&D Center of Excellence for industrial laser technologies and systems. LPC seeks to disrupt the
Cautionary Note Concerning Forward-Looking Statements
This press release contains "forward-looking statements" (within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended), including statements regarding the Company's plans, prospects, potential results and use of proceeds. These statements are based on current expectations as of the date of this press release and involve a number of risks and uncertainties, which may cause results and uses of proceeds to differ materially from those indicated by these forward-looking statements. These risks include, without limitation, those described under the caption "Risk Factors" in the Registration Statement. Any reader of this press release is cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this press release except as required by applicable laws or regulations.
Laser Photonics Investor Relations Contact:
laser@haydenir.com
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except par value data)
(unaudited)
| As of |
|
| As of |
| |||
| June 30, 2024 |
|
| December 31, 2023 |
| |||
Assets |
|
|
|
|
|
| ||
Current Assets: |
|
|
|
|
|
| ||
Cash and Cash Equivalents |
| $ | 2,747,633 |
|
| $ | 6,201,137 |
|
Accounts Receivable, Net |
|
| 446,016 |
|
|
| 816,364 |
|
Inventory |
|
| 2,105,421 |
|
|
| 2,237,455 |
|
Other Assets |
|
| 405,638 |
|
|
| 39,190 |
|
Total Current Assets |
|
| 5,704,708 |
|
|
| 9,294,146 |
|
Property, Plant, & Equipment, Net |
|
| 923,675 |
|
|
| 952,811 |
|
Intangible Assets, Net |
|
| 4,077,662 |
|
|
| 4,279,987 |
|
Operating Lease Right-of-Use Asset |
|
| 374,559 |
|
|
| 597,143 |
|
Total Assets |
| $ | 11,080,604 |
|
| $ | 15,124,087 |
|
|
|
|
|
|
|
|
| |
Liabilities & Stockholders' Equity |
|
|
|
|
|
|
|
|
Current Liabilities: |
|
|
|
|
|
|
|
|
Accounts Payable |
| $ | 198,236 |
|
| $ | 223,040 |
|
Deferred Revenue |
|
| 116,564 |
|
|
| 213,114 |
|
Current Portion of Operating Lease |
|
| 197,614 |
|
|
| 434,152 |
|
Accrued Expenses |
|
| 107,614 |
|
|
| 161,538 |
|
Total Current Liabilities |
|
| 620,028 |
|
|
| 1,031,844 |
|
Long Term Liabilities: |
|
|
|
|
|
|
|
|
Lease liability - less current |
|
| 176,945 |
|
|
| 162,991 |
|
Total Long Term Liabilities |
|
| 176,945 |
|
|
| 162,991 |
|
Total Liabilities |
|
| 796,973 |
|
|
| 1,194,835 |
|
|
|
|
|
|
|
|
| |
Stockholders' Equity: |
|
|
|
|
|
|
|
|
Preferred stock Par value |
|
| - |
|
|
| - |
|
Common Stock Par Value |
|
| 12,270 |
|
|
| 9,253 |
|
Additional Paid in Capital |
|
| 19,211,044 |
|
|
| 19,180,725 |
|
Retained Earnings (Deficit) |
|
| (8,914,443 | ) |
|
| (5,235,486 | ) |
Treasury Stock |
|
| (25,240 | ) |
|
| (25,240 | ) |
Total Stockholders' Equity |
|
| 10,283,631 |
|
|
| 13,929,252 |
|
Total Liabilities & Stockholders' Equity |
| $ | 11,080,604 |
|
| $ | 15,124,087 |
|
STATEMENTS OF PROFIT AND LOSS
(in thousands, except per share data)
(unaudited)
| Three Months Ended |
|
| Six Months Ended |
| |||||||||||
| June 30, 2024 |
|
| June 30, |
|
| June 30, 2024 |
|
| June 30, |
| |||||
Net Sales |
| $ | 623,435 |
|
| $ | 965,440 |
|
| $ | 1,366,426 |
|
| $ | 1,641,632 |
|
Cost of Sales |
|
| 308,081 |
|
|
| 283,864 |
|
|
| 665,204 |
|
|
| 553,761 |
|
Gross Profit |
|
| 315,354 |
|
|
| 681,576 |
|
|
| 701,222 |
|
|
| 1,087,871 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Operating Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales & Marketing |
|
| 266,282 |
|
|
| 522,918 |
|
|
| 402,891 |
|
|
| 785,842 |
|
General & Administrative |
|
| 1,615,082 |
|
|
| 393,352 |
|
|
| 2,991,035 |
|
|
| 969,217 |
|
Depreciation & Amortization |
|
| 245,894 |
|
|
| 100,947 |
|
|
| 431,210 |
|
|
| 184,084 |
|
Payroll Expenses |
|
| 238,703 |
|
|
| 302,409 |
|
|
| 447,158 |
|
|
| 646,111 |
|
Research and Development Cost |
|
| 60,232 |
|
|
| 40,205 |
|
|
| 107,923 |
|
|
| 80,459 |
|
Total Operating Expenses |
|
| 2,426,194 |
|
|
| 1,359,831 |
|
|
| 4,380,217 |
|
|
| 2,665,713 |
|
Operating Income (Loss) |
|
| (2,110,839 | ) |
|
| (678,255 | ) |
|
| (3,678,995 | ) |
|
| (1,577,842 | ) |
Other Income (Expenses): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Other Income (Loss) |
|
| (2,723 | ) |
|
| (639 | ) |
|
| 37 |
|
|
| (358,657 | ) |
Income (Loss) Before Tax |
|
| (2,113,562 | ) |
|
| (678,894 | ) |
|
| (3,678,958 | ) |
|
| (1,936,499 | ) |
Tax Provision |
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
Net Income (Loss) |
| $ | (2,113,562 | ) |
| $ | (678,894 | ) |
| $ | (3,678,958 | ) |
| $ | (1,936,499 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Deemed Dividend from Software Acquisition |
|
| (6,615,000 | ) |
|
| 0 |
|
|
| (6,615,000 | ) |
|
| 0 |
|
Net Comprehensive loss attributed to Common Shareholders |
|
| (8,728,562 | ) |
|
| (678,894 | ) |
|
| (10,293,958 | ) |
|
| (1,936,499 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Earnings (Loss) per Share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and Diluted |
| $ | (0.20 | ) |
| $ | (0.09 | ) |
| $ | (0.37 | ) |
| $ | (0.25 | ) |
Loss per share (attributable to common shareholders) |
| $ | (0.82 | ) |
| $ | (0.09 | ) |
| $ | (1.04 | ) |
| $ | (0.25 | ) |
Weighted Average of Shares Outstanding |
|
| 10,589,108 |
|
|
| 7,878,419 |
|
|
| 9,924,908 |
|
|
| 7,878,419 |
|
SOURCE: Laser Photonics Corp.
View the original press release on accesswire.com
FAQ
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What was the main product focus for Laser Photonics (LASE) in Q2 2024?
Did Laser Photonics (LASE) announce any new partnerships in Q2 2024?
