nLIGHT (NASDAQ: LASR) delivers strong 2025 growth with record revenue and improved margins

Rhea-AI Filing Summary

nLIGHT, Inc. reported record growth for the fourth quarter and full year 2025, led by strong aerospace and defense demand. Full-year revenue reached $261.3 million, up 31.6% from $198.5 million in 2024, while GAAP gross margin improved to 29.8% from 16.6%.

The company significantly narrowed its GAAP net loss to $23.5 million for 2025 from $60.8 million a year earlier and generated full-year Adjusted EBITDA of $23.5 million versus a loss of $18.8 million. Fourth-quarter revenue rose 71.3% to $81.2 million, with GAAP gross margin climbing to 30.7% from 2.4%.

nLIGHT issued guidance for the first quarter of 2026 with expected revenue between $70 million and $76 million, overall gross margin of 27%–32%, and Adjusted EBITDA of $5 million–$10 million, indicating expectations for continued profitable growth on a non-GAAP basis.

Positive

• Record revenue growth and mix strength: 2025 revenue rose 31.6% to $261.3 million, with aerospace and defense revenue increasing to $175.3 million from $109.5 million, highlighting strong demand in a key strategic end market.
• Major profitability turnaround: GAAP gross margin improved from 16.6% to 29.8%, GAAP net loss narrowed from $60.8 million to $23.5 million, and Adjusted EBITDA shifted from a $18.8 million loss to $23.5 million of positive Adjusted EBITDA.
• Non-GAAP earnings and stronger cash position: Non-GAAP net income reached $13.1 million versus a $30.9 million loss in 2024, and cash and cash equivalents plus marketable securities totaled approximately $133.6 million at December 31, 2025, supported by $21.3 million of operating cash flow.

Negative

• Business still unprofitable on a GAAP basis: Despite strong growth and margin expansion, the company reported a 2025 GAAP net loss of $23.5 million and continues to rely on non-GAAP metrics such as Adjusted EBITDA and non-GAAP net income to demonstrate profitability.

Insights

Equity Research Analyst

nLIGHT posts strong 2025 growth, margin recovery and positive non-GAAP earnings.

nLIGHT delivered record 2025 revenue of $261.3 million, up 31.6%, driven largely by aerospace and defense sales, which reached $175.3 million for the year. Fourth-quarter revenue grew 71.3% to $81.2 million, underscoring strong momentum exiting the year.

Profitability metrics improved sharply. GAAP gross margin expanded to 29.8% for 2025 from 16.6%, and GAAP net loss shrank to $23.5 million. Adjusted EBITDA swung to a full-year gain of $23.5 million from a $18.8 million loss in 2024, while non-GAAP net income reached $13.1 million.

The balance sheet strengthened, with cash and cash equivalents of $98.7 million plus $34.9 million in marketable securities as of December 31, 2025, and positive operating cash flow of $21.3 million. Guidance for Q1 2026 targets revenue of $70–$76 million and Adjusted EBITDA of $5–$10 million, so subsequent filings will show whether growth and margins track this outlook.

0001124796false00011247962026-02-262026-02-26

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): February 26, 2026

________________________________________________________

NLIGHT, INC.

(Exact name of registrant as specified in its charter)

________________________________________________________

Delaware			001-38462			91-2066376
(State or other jurisdiction of incorporation or organization)			(Commission File Number)			(I.R.S. Employer Identification Number)
4637 NW 18th Avenue Camas, Washington						98607
(Address of principal executive offices)						(Zip Code)
(360) 566-4460
(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
Common Stock, par value $0.0001 per share			LASR			The Nasdaq Stock Market LLC

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 February 26, 2026, nLIGHT, Inc. (the "Company") announced its financial results for the three and twelve months ended December 31, 2025. 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 February 26, 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:

February 26, 2026

By:

/s/ JOSEPH CORSO

Joseph Corso

Chief Financial Officer

Exhibit 99.1

nLIGHT, Inc. Announces Fourth Quarter and Full Year 2025 Results

Revenues of $261.3 million for the full year 2025 increased 32% year-over-year

Record revenues of $81.2 million for the fourth quarter of 2025 increased 71% year-over-year

CAMAS, Wash., February 26, 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 fourth quarter and full year 2025.

“2025 was an exceptional year for nLIGHT, with strong revenue growth driven by continued strength in our A&D markets as we executed well against existing programs and won new awards that helped drive additional growth,” commented Scott Keeney, nLIGHT’s President and Chief Executive Officer. “Importantly, our accelerated revenue growth drove significant year-over-year improvement in our gross margins and Adjusted EBITDA, demonstrating the leverage that is inherent in our model. As I look forward to 2026, I am confident that our growth will continue and believe we are well positioned for new contract wins in our key markets of directed energy, laser sensing and advanced manufacturing.”

Full Year 2025 Financial Highlights

			Year Ended December 31,
(In thousands, except percentages)			2025						2024						% Change
Revenues			$	261,330					$	198,548					31.6		%
Gross margin			29.8		%				16.6		%
Loss from operations			$	(26,550)					$	(65,636)					59.5		%
Operating margin			(10.2)		%				(33.1)		%
Net loss			$	(23,467)					$	(60,792)					61.4		%
Adjusted EBITDA(1)			$	23,466					$	(18,788)					224.9		%
(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.

Revenues for the full year 2025 were a record $261.3 million, an increase of 31.6% compared to $198.5 million for the full year 2024. GAAP gross margin was 29.8% for the full year 2025 compared to 16.6% for the full year 2024. Non-GAAP gross margin was 30.8% for the full year 2025 compared to 17.9% for the full year 2024. GAAP net loss for the full year 2025 was $23.5 million, or $0.47 per diluted share, compared to a net loss of $60.8 million, or $1.27 per diluted share, for the full year 2024. Non-GAAP net income for the full year 2025 was $13.1 million, or $0.24 per diluted share, compared to non-GAAP net loss of $30.9 million, or $0.65 per diluted share, for the full year 2024.

Fourth Quarter 2025 Financial Highlights

			Three Months Ended December 31,
(In thousands, except percentages)			2025						2024						% Change
Revenues			$	81,185					$	47,381					71.3		%
Gross margin			30.7		%				2.4		%
Loss from operations			$	(5,405)					$	(26,429)					79.5		%
Operating margin			(6.7)		%				(55.8)		%
Net loss			$	(4,909)					$	(24,962)					80.3		%
Adjusted EBITDA(1)			$	10,691					$	(11,301)					194.6		%
(1) A reconciliation of the non-GAAP information provided here to the most directly comparable GAAP metric has been provided in the financial statement tables included in this release.

Record revenues of $81.2 million for the fourth quarter of 2025 were up 71.3% compared to $47.4 million for the fourth quarter of 2024. GAAP gross margin was 30.7% for the fourth quarter of 2025 compared to 2.4% for the

fourth quarter of 2024. Non-GAAP gross margin was 31.6% for the fourth quarter of 2025 compared to 3.7% for the fourth quarter of 2024.GAAP net loss for the fourth quarter of 2025 was $4.9 million, or $0.10 per diluted share, compared to GAAP net loss of $25.0 million or $0.51 per diluted share, for the fourth quarter of 2024. Non-GAAP net income for the fourth quarter of 2025 was $7.8 million, or $0.14 per diluted share, compared to non-GAAP net loss of $14.5 million, or $0.30 per diluted share, for the fourth quarter of 2024.

Outlook

For the first quarter of 2026, nLIGHT expects revenues to be in the range of $70 million to $76 million. The midpoint of $73 million includes Laser Products revenue of approximately $54 million and Advanced Development revenue of approximately $19 million. nLIGHT expects overall gross margin to be in the range of 27% to 32%, with Laser Products gross margin in the range of 34% to 39% and Advanced Development gross margin of approximately 8%. nLIGHT expects Adjusted EBITDA to be in the range of $5 million to $10 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, February 26, 2026

A webcast to discuss the fourth quarter and full year results will be held on Thursday, February 26, 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/292266527.

Use of Non-GAAP Financial Results

In addition to U.S. GAAP results, this press release contains non-GAAP financial results, including 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 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, restructuring charges, 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, restructuring charges, 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 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 approximately 850 people with operations in the United States, Europe and Asia. 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 December 31,												Year Ended December 31,
			2025						2024						2025						2024
Revenue:
Products			$	55,126					$	31,699					$	179,236					$	136,659
Development			26,059						15,682						82,094						61,889
Total revenue			81,185						47,381						261,330						198,548
Cost of revenue:
Products			34,539						31,475						111,454						108,003
Development			21,692						14,775						71,913						57,526
Total cost of revenue(1)			56,231						46,250						183,367						165,529
Gross profit			24,954						1,131						77,963						33,019
Operating expenses:
Research and development(1)			14,052						11,384						47,972						45,107
Sales, general, and administrative(1)			15,692						11,885						54,193						49,257
Restructuring			615						4,291						2,348						4,291
Total operating expenses			30,359						27,560						104,513						98,655
Loss from operations			(5,405)						(26,429)						(26,550)						(65,636)
Other income:
Interest income			1,031						398						4,906						1,773
Interest (expense)			(331)						(38)						(1,084)						(105)
Other (expense) income, net			68						506						(40)						3,100
Loss before income taxes			(4,637)						(25,563)						(22,768)						(60,868)
Income tax expense (benefit)			272						(601)						699						(76)
Net loss			$	(4,909)					$	(24,962)					$	(23,467)					$	(60,792)
Net loss per share, basic and diluted			$	(0.10)					$	(0.51)					$	(0.47)					$	(1.27)
Shares used in per share calculations:
Basic and diluted			50,931						48,557						49,979						47,900

(1)Includes stock-based compensation as follows:
			Three Months Ended December 31,												Year Ended December 31,
			2025						2024						2025						2024
Cost of revenues			$	687					$	609					$	2,470					$	2,438
Research and development			3,103						1,671						9,281						7,505
Sales, general, and administrative			7,832						3,720						21,660						15,018
			$	11,622					$	6,000					$	33,411					$	24,961

nLIGHT, Inc.

Condensed Consolidated Balance Sheets

(In thousands)

(Unaudited)

			As of December 31,
			2025						2024
Assets
Current assets:
Cash and cash equivalents			$	98,699					$	65,829
Marketable Securities			34,934						34,868
Accounts receivable, net			50,836						34,895
Inventory			45,407						40,800
Prepaid expenses and other current assets			13,314						17,697
Total current assets			243,190						194,089
Restricted cash			322						259
Lease right-of-use assets			15,020						10,822
Property, plant and equipment, net			42,114						46,937
Intangible assets, net			—						833
Goodwill			12,448						12,354
Other assets, net			2,116						4,947
Total assets			$	315,210					$	270,241
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable			$	20,890					$	15,076
Accrued liabilities			19,052						13,268
Deferred revenue			1,489						3,577
Current portion of lease liabilities			2,776						2,314
Line of credit			20,000						—
Total current liabilities			64,207						34,235
Non-current income taxes payable			5,902						5,541
Long-term lease liabilities			13,431						9,819
Other long-term liabilities			4,921						4,216
Total liabilities			88,461						53,811
Stockholders' equity:
Common stock - par value			16						16
Additional paid-in capital			578,360						544,842
Accumulated other comprehensive loss			(3,064)						(3,332)
Accumulated deficit			(348,563)						(325,096)
Total stockholders’ equity			226,749						216,430
Total liabilities and stockholders’ equity			$	315,210					$	270,241

nLIGHT, Inc.

Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

			Year Ended December 31,
			2025						2024
Cash flows from operating activities:
Net loss			$	(23,467)					$	(60,792)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation			12,330						12,988
Amortization			1,927						4,608
(Increase) reduction in carrying amount of right-of-use assets			(4,062)						1,759
Provision for losses on (recoveries of) accounts receivable			(1,115)						1,489
Stock-based compensation			33,411						24,961
Deferred income taxes			159						(651)
Loss on disposal of property, plant and equipment			160						194
Accrued interest earned on marketable securities			(500)						—
Non-cash restructuring charges			1,425						1,185
Changes in operating assets and liabilities:
Accounts receivable, net			(14,703)						2,845
Inventory			(4,151)						11,048
Prepaid expenses and other current assets			4,447						(1,787)
Other assets, net			1,408						(1,131)
Accounts payable			5,888						3,231
Accrued and other long-term liabilities			6,059						706
Deferred revenues			(2,103)						(1,224)
Lease liabilities			3,940						(1,992)
Non-current income taxes payable			277						204
Net cash provided by (used in) operating activities			21,330						(2,359)
Cash flows from investing activities:
Proceeds from sale of fixed assets			542						—
Purchases of property, plant and equipment			(9,032)						(7,932)
Purchase of marketable securities			(78,599)						(88,643)
Proceeds from maturities and sales of marketable securities			78,318						113,265
Net cash provided by (used in) investing activities			(8,771)						16,690
Cash flows from financing activities:
Proceeds from line of credit			20,000						—
Proceeds from employee stock plan purchases			2,895						2,721
Proceeds from stock option exercises			281						500
Tax payments related to stock award issuances			(3,066)						(4,524)
Net cash provided by (used in) financing activities			20,110						(1,303)
Effect of exchange rate changes on cash			264						(406)
Net increase in cash and cash equivalents and restricted cash			32,933						12,622
Cash and cash equivalents and restricted cash, beginning of period			66,088						53,466
Cash and cash equivalents and restricted cash, end of period			$	99,021					$	66,088
Supplemental disclosures:
Cash paid for interest, net			$	1,071					$	61
Operating cash outflows from operating leases			3,458						4,030
Right-of-use assets obtained in exchange for lease liabilities			6,640						1,336
Accrued purchases of property, equipment and patents			409						298
Reconciliation of cash and cash equivalents and restricted cash:
Cash and cash equivalents			$	98,699					$	65,829
Restricted cash			322						259
Total cash and cash equivalents and restricted cash			$	99,021					$	66,088

nLIGHT, Inc.

Reconciliation of GAAP Financial Metrics to Non-GAAP

(In thousands, except per share data)

(Unaudited)

Reconciliation of Net Loss to Adjusted EBITDA

			Three Months Ended December 31,												Year Ended December 31,
			2025						2024						2025						2024
Net loss			$	(4,909)					$	(24,962)					$	(23,467)					$	(60,792)
Income tax expense (benefit)			272						(601)						699						(76)
Other (expense) income, net			(68)						(506)						40						(3,100)
Interest income			(1,031)						(398)						(4,906)						(1,773)
Interest expense			331						38						1,084						105
Depreciation and amortization			3,859						4,837						14,257						17,596
Stock-based compensation			11,622						6,000						33,411						24,961
Restructuring charges			615						4,291						2,348						4,291
Adjusted EBITDA			$	10,691					$	(11,301)					$	23,466					$	(18,788)

Reconciliation of GAAP to Non-GAAP Net Income (Loss), and GAAP to Non-GAAP Net Income (Loss) per Share, Basic and Diluted

			Three Months Ended December 31,												Year Ended December 31,
			2025						2024						2025						2024
Net loss			$	(4,909)					$	(24,962)					$	(23,467)					$	(60,792)
Add back:
Stock-based compensation(1)			11,622						6,000						33,411						24,961
Amortization of purchased intangibles(1)			436						148						833						594
Restructuring charges			615						4,291						2,348						4,291
Non-GAAP net income (loss)			$	7,764					$	(14,523)					$	13,125					$	(30,946)
GAAP weighted-average shares outstanding			50,931						48,557						49,979						47,900
Dilutive effect of common stock equivalents			4,587						—						3,702						—
Non-GAAP weighted-average number of shares, diluted			55,518						48,557						53,681						47,900
Non-GAAP net income (loss) per share, basic			$	0.15					$	(0.30)					$	0.26					$	(0.65)
Non-GAAP net income (loss) per share, diluted			$	0.14					$	(0.30)					$	0.24					$	(0.65)

(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 December 31,												Year Ended December 31,
			2025						2024						2025						2024
Aerospace and Defense			$	56,298					$	30,127					$	175,253					$	109,540
Industrial			10,668						9,137						38,847						45,615
Microfabrication			14,219						8,117						47,230						43,393
			$	81,185					$	47,381					$	261,330					$	198,548

FAQ

How did nLIGHT (LASR) perform financially in full year 2025?

nLIGHT reported 2025 revenue of $261.3 million, up 31.6% from 2024. GAAP gross margin improved to 29.8%, and GAAP net loss narrowed to $23.5 million. Adjusted EBITDA turned positive at $23.5 million, reflecting significantly better operating performance.

What were nLIGHT’s fourth quarter 2025 results?

In the fourth quarter of 2025, nLIGHT generated $81.2 million in revenue, a 71.3% increase year-over-year. GAAP gross margin rose to 30.7% from 2.4%, and GAAP net loss improved to $4.9 million. Adjusted EBITDA was positive at $10.7 million.

How important was aerospace and defense to nLIGHT’s 2025 revenue mix?

Aerospace and defense was nLIGHT’s largest end market in 2025, with revenue of $175.3 million versus $109.5 million in 2024. This segment represented the majority of total revenue, reflecting strong demand for mission critical directed energy and optical sensing applications.

Did nLIGHT achieve profitability on a non-GAAP basis in 2025?

Yes. nLIGHT reported non-GAAP net income of $13.1 million for 2025, compared with a non-GAAP net loss of $30.9 million in 2024. Non-GAAP net income per diluted share was $0.24, highlighting improved margins and operating leverage in the business.

What guidance did nLIGHT give for the first quarter of 2026?

For Q1 2026, nLIGHT expects revenue between $70 million and $76 million. Overall gross margin is projected at 27%–32%, and Adjusted EBITDA is forecast between $5 million and $10 million, with contributions from both Laser Products and Advanced Development.

What is nLIGHT’s cash and balance sheet position at year-end 2025?

As of December 31, 2025, nLIGHT held $98.7 million in cash and cash equivalents and $34.9 million in marketable securities. Total assets were $315.2 million, and stockholders’ equity stood at $226.7 million, indicating a solid capital base.

How did nLIGHT’s operating cash flow change in 2025?

In 2025, nLIGHT generated $21.3 million of net cash from operating activities, compared with a $2.4 million outflow in 2024. The improvement reflects higher revenue, stronger gross margins, and more efficient working capital management during the year.

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