nLIGHT (LASR) swings to profit as Q1 2026 revenue jumps 55%
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
nLIGHT, Inc. reported strong first quarter 2026 results, with revenue of $80.2 million, up 55.2% from $51.7 million a year earlier. Growth was led by Aerospace and Defense revenue of $55.1 million, up from $32.7 million, including record A&D product revenue of $33.1 million that increased 98% year-over-year.
Gross margin improved to 33.1% from 26.7%. The company swung to GAAP net income of $0.6 million, or $0.01 per diluted share, versus a GAAP net loss of $8.1 million, or $0.16 per diluted share, in the prior-year quarter. Adjusted EBITDA rose to $13.8 million from $0.1 million.
For the second quarter of 2026, nLIGHT expects revenue between $75 million and $81 million, overall gross margin between 29% and 33%, and Adjusted EBITDA between $8 million and $12 million, with guidance reflecting contributions from both Products and Advanced Development businesses.
Positive
- Strong revenue growth and mix: Q1 2026 revenue reached $80.2 million, up 55.2% year-over-year, with Aerospace and Defense revenue increasing to $55.1 million and record A&D product revenue of $33.1 million, up 98%.
- Profitability and cash position improved: Gross margin expanded to 33.1%, GAAP results swung to $0.6 million net income from an $8.1 million loss, Adjusted EBITDA rose to $13.8 million, and cash, cash equivalents and restricted cash increased to $298.5 million.
- Supportive outlook: Q2 2026 guidance calls for $75–$81 million in revenue, 29–33% overall gross margin, and $8–$12 million in Adjusted EBITDA, indicating expectations for continued profitability on a non‑GAAP basis.
Negative
- None.
Insights
nLIGHT delivers sharp growth, margin expansion, and a positive earnings inflection with solid Q2 guidance.
nLIGHT posted Q1 2026 revenue of $80.2 million, up 55.2% year-over-year, driven mainly by Aerospace and Defense revenue of $55.1 million. Record A&D product revenue of $33.1 million, up 98%, shows strong demand in its core defense-focused markets.
Profitability improved meaningfully. Gross margin increased to 33.1% from 26.7%, helped by scale and mix. The company moved from a GAAP net loss of $8.1 million to GAAP net income of $0.6 million. Adjusted EBITDA climbed to $13.8 million from $0.1 million, indicating healthier underlying operations despite higher stock-based compensation.
Guidance for Q2 2026 calls for revenue of $75–$81 million, overall gross margin of 29–33%, and Adjusted EBITDA of $8–$12 million. The outlook allocates about $58 million to Products revenue and $20 million to Advanced Development revenue for the midpoint, suggesting continued balance between product sales and development programs.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Q1 2026 Revenue: $80.2 million
Q1 2026 Gross Margin: 33.1%
Q1 2026 GAAP Net Income: $0.6 million
+5 more
8 metrics
Q1 2026 Revenue
$80.2 million
Three months ended March 31, 2026; up 55.2% year-over-year
Q1 2026 Gross Margin
33.1%
Versus 26.7% in the three months ended March 31, 2025
Q1 2026 GAAP Net Income
$0.6 million
Three months ended March 31, 2026; $0.01 per diluted share
Q1 2026 Adjusted EBITDA
$13.8 million
Three months ended March 31, 2026; up from $0.1 million
Q2 2026 Revenue Guidance
$75–$81 million
Company outlook for the second quarter of 2026
Q1 2026 A&D Revenue
$55.1 million
Aerospace and Defense revenue for the three months ended March 31, 2026
Cash and Equivalents
$298.5 million
Cash, cash equivalents and restricted cash as of March 31, 2026
Proceeds from Public Offerings
$191.3 million
Net cash provided by public offerings in Q1 2026 financing activities
Key Terms
Adjusted EBITDA, non-GAAP net income (loss), gross margin, Aerospace and Defense, +2 more
6 terms
Adjusted EBITDA financial
"Adjusted EBITDA (1) | $ | 13,831 | | | $ | 116 |"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
non-GAAP net income (loss) financial
"Non-GAAP net income for the first quarter of 2026 was $11.8 million"
Non-GAAP net income (loss) is a company’s profit or loss figure that has been adjusted to exclude items management considers unusual, one-time, or not reflective of ongoing operations—like large write-offs, restructuring costs, or certain non-cash expenses. Investors use it to see an adjusted view of underlying business performance, similar to looking at a household budget after removing one-off bills, but because companies choose what to exclude, comparisons across firms can be less consistent.
gross margin financial
"Gross margin was 33.1% for the first quarter of 2026 compared to 26.7%"
Gross margin is the difference between how much money a company makes from selling its products and how much it costs to produce them, expressed as a percentage of sales. It shows how efficiently a company is turning sales into profit before other expenses like marketing or salaries. Higher gross margin means the company keeps more money from each sale, which is a good sign of financial health.
Aerospace and Defense financial
"Aerospace and Defense | $ | 55,127 | | | $ | 32,706 |"
Aerospace and defense encompass industries involved in designing, manufacturing, and supporting aircraft, spacecraft, military equipment, and security systems. These sectors are crucial for national security, technological innovation, and transportation. For investors, they represent areas with significant government contracts and long-term growth potential driven by advancements in technology and defense needs.
stock-based compensation financial
"We define non-GAAP gross margin as GAAP gross margin adjusted for stock-based compensation"
Stock-based compensation is when a company pays employees, directors or consultants with shares or the right to buy shares instead of or in addition to cash. It matters to investors because issuing stock or options spreads ownership thinner (like cutting a pie into more slices), which can reduce each existing share’s claim on profits and can also change reported earnings; investors watch it to assess true cost of running the business and how management is incentivized.
forward-looking statements regulatory
"Certain statements in this release are “forward-looking statements” within the meaning of Section 27A"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
Earnings Snapshot
Revenue: $80.2 million · Guidance included
Q1 2026
Revenue
$80.2 million
+55.2% YoY
Gross Margin
33.1%
up from 26.7% YoY
GAAP Net Income
$0.6 million
from $(8.1) million YoY
Adjusted EBITDA
$13.8 million
from $0.1 million YoY
Guidance
For Q2 2026, nLIGHT expects revenue of $75–$81 million, overall gross margin of 29–33%, and Adjusted EBITDA of $8–$12 million.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________________________________________
FORM 8-K
________________________________________________________
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 7, 2026
________________________________________________________
(Exact name of registrant as specified in its charter)
________________________________________________________
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification Number) | ||||||
| (Address of principal executive offices) | (Zip Code) | |||||||
( | ||||||||
| (Registrant’s telephone number, including area code) | ||||||||
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of Each Class | Trading Symbol | Name of Exchange on which Registered | ||||||
$0.0001 per share | ||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On May 7, 2026, nLIGHT, Inc. (the "Company") announced its financial results for the three months ended March 31, 2026. The full text of the press release issued in connection with the announcement is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information included in Item 2.02 of this Current Report on Form 8-K (including Exhibit 99.1) shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
| Exhibit No. | Description | |||||||
99.1 | Earnings Release issued by nLIGHT, Inc. on May 7, 2026 | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| NLIGHT, INC. | ||||||||||||||
| (Registrant) | ||||||||||||||
| Date: | May 7, 2026 | |||||||||||||
| By: | /s/ JOSEPH CORSO | |||||||||||||
| Joseph Corso | ||||||||||||||
| Chief Financial Officer | ||||||||||||||
Exhibit 99.1
nLIGHT, Inc. Announces First Quarter 2026 Results
Revenues of $80.2 million increased 55% year-over-year
Record A&D product revenues of $33.1 million increased 98% year-over-year
CAMAS, Wash., May 7, 2026 - nLIGHT, Inc. (Nasdaq: LASR), a leading provider of high-power lasers for mission critical directed energy, optical sensing, and advanced manufacturing applications, today reported record financial results for the first quarter of 2026.
“Our first quarter results represent another strong quarter of execution for nLIGHT with total revenue, gross margin, and Adjusted EBITDA all above our expectations. Our results were again driven by strength in our A&D markets with record defense product revenue nearly doubling year-over-year,” commented Scott Keeney, nLIGHT’s President and Chief Executive Officer. “Looking ahead, we remain encouraged by the pipeline of directed energy opportunities, including follow‑on production content, upgrades to existing platforms, and new prototype programs that should position us for continued growth over the next several years.”
First Quarter 2026 Financial Highlights
| Three Months Ended March 31, | |||||||||||||||||
| (In thousands, except percentages) | 2026 | 2025 | % Change | ||||||||||||||
| Revenues | $ | 80,181 | $ | 51,668 | 55.2 | % | |||||||||||
| Gross margin | 33.1 | % | 26.7 | % | |||||||||||||
| Loss from operations | $ | (719) | $ | (9,610) | 92.5 | % | |||||||||||
| Operating margin | (0.9) | % | (18.6) | % | |||||||||||||
| Net income (loss) | $ | 645 | $ | (8,093) | NM* | ||||||||||||
Adjusted EBITDA(1) | $ | 13,831 | $ | 116 | NM* | ||||||||||||
(1) A reconciliation of the non-GAAP metrics presented here to the most directly comparable GAAP metric has been provided in the tables included at the end of this release. | |||||||||||||||||
*Not meaningful
Revenues of $80.2 million for the first quarter of 2026 were up 55.2% compared to $51.7 million for the first quarter of 2025. Gross margin was 33.1% for the first quarter of 2026 compared to 26.7% for the first quarter of 2025. GAAP net income for the first quarter of 2026 was $0.6 million, or $0.01 per diluted share, compared to GAAP net loss of $8.1 million, or $0.16 per diluted share, for the first quarter of 2025. Non-GAAP net income for the first quarter of 2026 was $11.8 million, or $0.22 per diluted share, compared to non-GAAP net loss of $1.9 million, or $0.04 per diluted share, for the first quarter of 2025. Reconciliations of the non-GAAP metrics presented here to the most directly comparable GAAP metric have been provided in the tables included at the end of this release.
Outlook
For the second quarter of 2026, nLIGHT expects revenues to be in the range of $75 million to $81 million. The midpoint of $78 million includes Products revenue of approximately $58 million and Advanced Development revenue of approximately $20 million. nLIGHT expects overall gross margin to be in the range of 29% to 33%, with Products gross margin in the range of 37% to 41% and Advanced Development gross margin of approximately 8%. nLIGHT expects Adjusted EBITDA to be in the range of $8 million to $12 million.
We have not reconciled our outlook for Adjusted EBITDA because unrealized and realized foreign exchange gains and losses cannot be reasonably calculated or predicted nor can the probable significance be determined at this time. Accordingly, a reconciliation is not available without unreasonable effort.
Investor Webcast at 2:00 p.m. Pacific Time, Thursday, May 7, 2026
A webcast to discuss the first quarter results will be held on Thursday, May 7, 2026, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time). The audio webcast will be available on the investor relations section of the company's web site at http://investors.nlight.net. A replay of the webcast will be available shortly after the conclusion of the call.
The webcast can also be accessed directly at https://events.q4inc.com/attendee/724898168.
Use of Non-GAAP Financial Results
In addition to U.S. GAAP results, this press release contains non-GAAP financial results, including non-GAAP gross margin, Adjusted EBITDA, non-GAAP net income (loss) and non-GAAP net income (loss) per share, basic and diluted. We use Adjusted EBITDA to help us evaluate our business, measure our performance, identify trends affecting our business, formulate business plans and make strategic decisions. In addition to our results determined in accordance with GAAP, we believe Adjusted EBITDA is a meaningful measure of performance as it is commonly utilized by us and the investment community to analyze operating performance in our industry. Similarly, we believe that providing non-GAAP gross margin, non-GAAP net income (loss) and non-GAAP net income (loss) per share, basic and diluted, is useful to our investors as they present an informative supplemental view of our results from period to period by removing the effect of stock-based compensation expense and other non-recurring items. However, the non-GAAP metrics presented herein are specific to us and may not be comparable to similar metrics disclosed by other companies because of differing methods used by other companies in calculating them.
We define Adjusted EBITDA as net income (loss) adjusted for income tax expense (benefit), other non-operating income or expense, interest income or expense, depreciation and amortization, stock-based compensation, acquisition and integration-related costs, and other non-recurring items as determined by management, as applicable. We define non-GAAP gross margin as GAAP gross margin adjusted for stock-based compensation and other non-recurring items as determined by management, as applicable. We define non-GAAP net income (loss) as GAAP net income (loss) adjusted for stock-based compensation, amortization of purchased intangibles, acquisition and integration-related costs, and other non-recurring items as determined by management, as applicable. We define non-GAAP net income (loss) per share, basic and diluted, as non-GAAP net income (loss) divided by the weighted-average number of shares outstanding during the respective period plus the dilutive effect of any common stock equivalents during the period in the case of non-GAAP net income (loss) per share, diluted.
Tables presenting the reconciliation of net loss to Adjusted EBITDA, as well as the reconciliation of GAAP to non-GAAP gross margin, GAAP to non-GAAP net income (loss) and GAAP to non-GAAP net income (loss) per share, basic and diluted, are included at the end of this press release.
Safe Harbor Statement
Certain statements in this release are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Words such as “outlook,” “guidance,” “expects,” “intends,” “projects,” “plans,” “believes,” “estimates,” “targets,” “anticipates,” and similar expressions may identify these forward-looking statements. Examples of forward-looking statements include, but are not limited to, statements regarding expected revenues, gross margin, and Adjusted EBITDA, and our business strategy and ability to profitably grow our business, as well as any other statement that does not directly relate to any historical or current fact. Forward-looking statements are based on our current expectations and assumptions, which may not prove to be accurate. These statements are not guarantees and are subject to risks, uncertainties and changes in
circumstances that are difficult to predict. Many factors could cause actual results to differ materially and adversely from these forward-looking statements, including but not limited to our ability to compete successfully in the markets for our products; changes in the markets we serve or in the global economy; our ability to increase our volumes and decrease our costs to offset potential declines in the average selling prices of our products; rapid technological changes in the markets that we participate in; our ability to develop and maintain products that can achieve market acceptance; our ability to generate sufficient revenues to achieve or maintain profitability in the future; our high levels of fixed costs and inventory and their effect on our gross profits and results of operations if demand for our products declines or we maintain excess inventory levels; our ability to manage growth and spending during economic downturns; our manufacturing capacity and operations and their suitability for future levels of demand; our reliance on third parties to manufacture certain of our products and product components; our reliance on a small number of customers for a significant portion of our revenues; our ability to manage risks associated with international customers and operations; the effect of government export and import controls on our ability to compete in international markets; our ability to protect our proprietary technology and intellectual property rights; fluctuations in our quarterly results of operations and other operating measures; and the effect on our business of claims, lawsuits, government investigations, other legal or regulatory proceedings, or commercial or contractual disputes that we are or may become involved in. Additional information concerning these and other factors can be found in nLIGHT's filings with the Securities and Exchange Commission (the “SEC”), including other risks, relevant factors and uncertainties identified in the “Risk Factors” section of nLIGHT's most recent Annual Report on Form 10-K or subsequent filings with the SEC. nLIGHT undertakes no obligation to update publicly or revise any forward-looking statements contained herein to reflect future events or developments, except as required by law.
The nLIGHT logo and “nLIGHT” are registered trademarks or trademarks of nLIGHT, Inc. in various jurisdictions.
About nLIGHT
nLIGHT, Inc. is a leading provider of high-power lasers for mission critical directed energy, optical sensing, and advanced manufacturing applications. Headquartered in Camas, Washington, nLIGHT employs more than 800 people with operations in the United States, Europe and Asia. The company’s vertically integrated approach enables performance leadership from laser chip through system-level solutions. For more information, please visit www.nlight.net.
For more information, contact:
John Marchetti
VP Corporate Development and Investor Relations
nLIGHT, Inc.
(360) 566-4460
john.marchetti@nlight.net
nLIGHT, Inc.
Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Revenue: | |||||||||||
| Products | $ | 58,202 | $ | 35,678 | |||||||
| Development | 21,979 | 15,990 | |||||||||
| Total revenue | 80,181 | 51,668 | |||||||||
| Cost of revenue: | |||||||||||
| Products | 32,810 | 23,724 | |||||||||
| Development | 20,858 | 14,145 | |||||||||
Total cost of revenue(1) | 53,668 | 37,869 | |||||||||
| Gross profit | 26,513 | 13,799 | |||||||||
| Operating expenses: | |||||||||||
Research and development(1) | 11,846 | 11,374 | |||||||||
Sales, general, and administrative(1) | 15,091 | 12,035 | |||||||||
| Restructuring | 295 | — | |||||||||
| Total operating expenses | 27,232 | 23,409 | |||||||||
| Loss from operations | (719) | (9,610) | |||||||||
| Other income: | |||||||||||
| Interest income | 1,562 | 1,688 | |||||||||
| Interest (expense) | (300) | (48) | |||||||||
| Other income, net | 155 | 14 | |||||||||
| Income (loss) before income taxes | 698 | (7,956) | |||||||||
| Income tax expense | 53 | 137 | |||||||||
| Net income (loss) | $ | 645 | $ | (8,093) | |||||||
| Net income (loss) per share, basic | $ | 0.01 | $ | (0.16) | |||||||
| Net income (loss) per share, diluted | $ | 0.01 | $ | (0.16) | |||||||
| Shares used in per share calculations: | |||||||||||
| Basic | 54,121 | 49,093 | |||||||||
| Diluted | 59,975 | 49,093 | |||||||||
(1)Includes stock-based compensation as follows: | ||||||||||||||
| Three Months Ended March 31, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| Cost of revenues | $ | 1,054 | $ | 570 | ||||||||||
| Research and development | 2,261 | 1,784 | ||||||||||||
| Sales, general, and administrative | 7,571 | 3,702 | ||||||||||||
| $ | 10,886 | $ | 6,056 | |||||||||||
nLIGHT, Inc.
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)
| As of | |||||||||||
| March 31, 2026 | December 31, 2025 | ||||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 298,211 | $ | 98,699 | |||||||
| Marketable Securities | 34,383 | 34,934 | |||||||||
| Accounts receivable, net | 48,105 | 50,836 | |||||||||
| Inventory | 43,864 | 45,407 | |||||||||
| Prepaid expenses and other current assets | 21,502 | 13,314 | |||||||||
| Total current assets | 446,065 | 243,190 | |||||||||
| Restricted cash | 322 | 322 | |||||||||
| Lease right-of-use assets | 14,266 | 15,020 | |||||||||
| Property, plant and equipment, net | 40,897 | 42,114 | |||||||||
| Goodwill | 12,432 | 12,448 | |||||||||
| Other assets, net | 1,717 | 2,116 | |||||||||
| Total assets | $ | 515,699 | $ | 315,210 | |||||||
| Liabilities and Stockholders’ Equity | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 19,125 | $ | 20,890 | |||||||
| Accrued liabilities | 16,929 | 19,052 | |||||||||
| Deferred revenue | 4,093 | 1,489 | |||||||||
| Current portion of lease liabilities | 2,902 | 2,776 | |||||||||
| Line of credit | 20,000 | 20,000 | |||||||||
| Total current liabilities | 63,049 | 64,207 | |||||||||
| Non-current income taxes payable | 5,991 | 5,902 | |||||||||
| Long-term lease liabilities | 12,681 | 13,431 | |||||||||
| Other long-term liabilities | 4,741 | 4,921 | |||||||||
| Total liabilities | 86,462 | 88,461 | |||||||||
| Stockholders' equity: | |||||||||||
| Common stock - par value | 17 | 16 | |||||||||
| Additional paid-in capital | 780,482 | 578,360 | |||||||||
| Accumulated other comprehensive loss | (3,344) | (3,064) | |||||||||
| Accumulated deficit | (347,918) | (348,563) | |||||||||
| Total stockholders’ equity | 429,237 | 226,749 | |||||||||
| Total liabilities and stockholders’ equity | $ | 515,699 | $ | 315,210 | |||||||
nLIGHT, Inc.
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Cash flows from operating activities: | |||||||||||
| Net loss | $ | 645 | $ | (8,093) | |||||||
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||||||||||
| Depreciation | 3,158 | 3,172 | |||||||||
| Amortization | 211 | 498 | |||||||||
| (Increase) reduction in carrying amount of right-of-use assets | 723 | (473) | |||||||||
| Provision for losses on (recoveries of) accounts receivable | (9) | (466) | |||||||||
| Stock-based compensation | 10,886 | 6,056 | |||||||||
| Deferred income taxes | (3) | (3) | |||||||||
| Loss on disposal of property, plant and equipment | 24 | 62 | |||||||||
| Interest earned on marketable securities not yet received | (231) | (227) | |||||||||
| Non-cash restructuring charges | 295 | — | |||||||||
| Changes in operating assets and liabilities: | |||||||||||
| Accounts receivable, net | 2,736 | (768) | |||||||||
| Inventory | 1,343 | (2,811) | |||||||||
| Prepaid expenses and other current assets | (8,165) | (959) | |||||||||
| Other assets, net | 189 | 502 | |||||||||
| Accounts payable | (1,637) | 2,018 | |||||||||
| Accrued and other long-term liabilities | (2,528) | 1,693 | |||||||||
| Deferred revenues | 2,610 | (736) | |||||||||
| Lease liabilities | (594) | 450 | |||||||||
| Non-current income taxes payable | 30 | 65 | |||||||||
| Net cash provided by (used in) operating activities | 9,683 | (20) | |||||||||
| Cash flows from investing activities: | |||||||||||
| Purchases of property, plant and equipment | (2,113) | (2,281) | |||||||||
| Purchase of marketable securities | (34,173) | (34,288) | |||||||||
| Proceeds from maturities and sales of marketable securities | 34,918 | 34,136 | |||||||||
| Net cash used in investing activities | (1,368) | (2,433) | |||||||||
| Cash flows from financing activities: | |||||||||||
| Proceeds from public offerings, net of offering costs | 191,275 | — | |||||||||
| Proceeds from line of credit | — | 20,000 | |||||||||
| Proceeds from stock option exercises | 150 | 121 | |||||||||
| Tax payments related to stock award issuances | (190) | (1,356) | |||||||||
| Net cash provided by financing activities | 191,235 | 18,765 | |||||||||
| Effect of exchange rate changes on cash | (38) | 56 | |||||||||
| Net increase in cash, cash equivalents and restricted cash | 199,512 | 16,368 | |||||||||
| Cash, cash equivalents and restricted cash, beginning of period | 99,021 | 66,088 | |||||||||
| Cash, cash equivalents and restricted cash, end of period | $ | 298,533 | $ | 82,456 | |||||||
| Supplemental disclosures: | |||||||||||
| Cash paid for interest, net | $ | 288 | $ | 12 | |||||||
| Operating cash outflows from operating leases | 797 | 855 | |||||||||
| Right-of-use assets obtained in exchange for lease liabilities | (32) | 1,188 | |||||||||
| Accrued purchases of property, equipment and patents | 222 | 337 | |||||||||
| Reconciliation of cash and cash equivalents and restricted cash: | |||||||||||
| Cash and cash equivalents | $ | 298,211 | $ | 82,196 | |||||||
| Restricted cash | 322 | 260 | |||||||||
| Total cash and cash equivalents and restricted cash | $ | 298,533 | $ | 82,456 | |||||||
nLIGHT, Inc.
Reconciliation of GAAP Financial Metrics to Non-GAAP
(In thousands, except per share data)
(Unaudited)
Reconciliation of GAAP to Non-GAAP Gross Profit
| Three Months Ended March 31, | |||||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||
| Products | Development | Total | Products | Development | Total | ||||||||||||||||||
| Revenue | $ | 58,202 | $ | 21,979 | $ | 80,181 | $ | 35,678 | $ | 15,990 | $ | 51,668 | |||||||||||
| Cost of revenue | (32,810) | (20,858) | (53,668) | (23,724) | (14,145) | (37,869) | |||||||||||||||||
| Gross profit | $ | 25,392 | $ | 1,121 | $ | 26,513 | $ | 11,954 | $ | 1,845 | $ | 13,799 | |||||||||||
| Non-GAAP adjustments | |||||||||||||||||||||||
| Stock-based compensation | 590 | 464 | 1,054 | 570 | — | 570 | |||||||||||||||||
| Non-GAAP gross profit | $ | 25,982 | $ | 1,585 | $ | 27,567 | $ | 12,524 | $ | 1,845 | $ | 14,369 | |||||||||||
| Gross margin | 43.6 | % | 5.1 | % | 33.1 | % | 33.5 | % | 11.5 | % | 26.7 | % | |||||||||||
| Non-GAAP gross margin | 44.6 | % | 7.2 | % | 34.4 | % | 35.1 | % | 11.5 | % | 27.8 | % | |||||||||||
Reconciliation of Net Loss to Adjusted EBITDA
| Three Months Ended March 31, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| Net income (loss) | $ | 645 | $ | (8,093) | ||||||||||
| Income tax expense | 53 | 137 | ||||||||||||
| Other income, net | (155) | (14) | ||||||||||||
| Interest income | (1,562) | (1,688) | ||||||||||||
| Interest expense | 300 | 48 | ||||||||||||
| Depreciation and amortization | 3,369 | 3,670 | ||||||||||||
| Stock-based compensation | 10,886 | 6,056 | ||||||||||||
| Restructuring charges | 295 | — | ||||||||||||
| Adjusted EBITDA | $ | 13,831 | $ | 116 | ||||||||||
Reconciliation of GAAP to Non-GAAP Net Loss, and GAAP to Non-GAAP Net Loss per Share, Basic and Diluted
| Three Months Ended March 31, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| Net income (loss) | $ | 645 | $ | (8,093) | ||||||||||
| Add back: | ||||||||||||||
Stock-based compensation(1) | 10,886 | 6,056 | ||||||||||||
Amortization of purchased intangibles(1) | — | 149 | ||||||||||||
| Restructuring charges | 295 | — | ||||||||||||
| Non-GAAP net income (loss) | 11,826 | (1,888) | ||||||||||||
| GAAP weighted-average shares outstanding | 54,121 | 49,093 | ||||||||||||
| Participating securities | — | — | ||||||||||||
| Non-GAAP weighted-average number of shares, basic | 54,121 | 49,093 | ||||||||||||
| Dilutive effect of common stock equivalents | 5,854 | — | ||||||||||||
| Non-GAAP weighted-average number of shares, diluted | 59,975 | 49,093 | ||||||||||||
| Non-GAAP net income (loss) per share, basic | $ | 0.22 | $ | (0.04) | ||||||||||
| Non-GAAP net income (loss) per share, diluted | $ | 0.20 | $ | (0.04) | ||||||||||
(1) There is no income tax effect related to the stock-based compensation and amortization of purchased intangibles adjustments due to the full valuation allowance in the United States.
nLIGHT, Inc.
Supplemental Schedule of Financial Information
(In thousands)
(Unaudited)
Revenues by End Market
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Aerospace and Defense | $ | 55,127 | $ | 32,706 | |||||||
| Industrial | 12,025 | 8,856 | |||||||||
| Microfabrication | 13,029 | 10,106 | |||||||||
| $ | 80,181 | $ | 51,668 | ||||||||
FAQ
How did nLIGHT (LASR) perform financially in Q1 2026?
nLIGHT reported strong Q1 2026 results, with revenue of $80.2 million, up 55.2% year-over-year. Gross margin improved to 33.1%, and the company generated GAAP net income of $0.6 million and Adjusted EBITDA of $13.8 million, marking a clear profitability improvement.
What drove nLIGHT (LASR) revenue growth in the first quarter of 2026?
Growth was led by Aerospace and Defense, where revenue reached $55.1 million, up from $32.7 million a year earlier. Record A&D product revenue of $33.1 million, increasing 98% year-over-year, was a key contributor, alongside gains in industrial and microfabrication markets.
Did nLIGHT (LASR) return to profitability in Q1 2026?
Yes. nLIGHT reported GAAP net income of $0.6 million, or $0.01 per diluted share, compared with a GAAP net loss of $8.1 million, or $0.16 per diluted share, in Q1 2025. Non-GAAP net income was $11.8 million versus a non-GAAP net loss of $1.9 million.
What is nLIGHT (LASR) guiding for Q2 2026 revenue and margins?
For Q2 2026, nLIGHT expects revenue of $75–$81 million. Overall gross margin is projected between 29% and 33%, with Products gross margin of 37–41% and Advanced Development gross margin around 8%, reflecting differing economics across segments.
How did nLIGHT’s Adjusted EBITDA change year-over-year in Q1 2026?
Adjusted EBITDA improved significantly, reaching $13.8 million in Q1 2026 compared with $0.1 million in Q1 2025. This metric adjusts net income for items like interest, taxes, depreciation, amortization, stock-based compensation, restructuring charges, and other non‑recurring items.
What was nLIGHT (LASR) cash position at March 31, 2026?
As of March 31, 2026, nLIGHT reported cash, cash equivalents and restricted cash of $298.5 million. Total assets were $515.7 million, and stockholders’ equity was $429.2 million, reflecting a stronger balance sheet compared with December 31, 2025.