nLIGHT Q4 outlook excludes about $15M in revenue
At the $87 million revenue midpoint, nLIGHT expects approximately $63 million from Products and $24 million from Advanced Development.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
nLIGHT, Inc. (LASR) reported third-quarter 2026 revenue of $73.763 million, up 10.5% from $66.742 million a year earlier. Gross margin was 33.1%, versus 31.1%. GAAP net loss was $7.176 million, or $0.12 per diluted share, compared with $6.874 million, or $0.14. Adjusted EBITDA was $11.050 million, up 55.4% from $7.109 million; non-GAAP net income was $10.201 million, or $0.16 per diluted share, versus $4.320 million, or $0.08.
For the fourth quarter of 2026, nLIGHT expects revenue of $84 million to $90 million, gross margin of 30% to 36%, and Adjusted EBITDA of $12 million to $18 million. Guidance excludes approximately $15 million of product revenue now expected to be delivered in the first half of 2027 because of ongoing supply chain constraints. For the nine months ended September 30, 2026, net cash provided by operating activities was $17.282 million, compared with $3.812 million a year earlier.
3 points · 0 major0 major · 2 points
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate pointRevenue rose 10.5% to $73.763 million in Q3 2026.
- Moderate pointAdjusted EBITDA rose 55.4% to $11.050 million.
- Moderate pointNine-month net cash provided by operating activities was $17.282 million, versus $3.812 million.
Negative
- Moderate pointOperating loss widened 26.3% to $9.219 million.
- Moderate point. Forward-looking: it has not happened yet and may not happen.Q4 guidance excludes approximately $15 million of expected product revenue.
Filing Explained
The 8-K records
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, or exhibit attachments filed with this report.
Key Figures
Revenue: $73.763 million
Gross margin: 33.1%
Loss from operations: $9.219 million loss
+5 more
8 metrics
Revenue
$73.763 million
Three months ended September 30, 2026; up 10.5% from the prior-year quarter
Gross margin
33.1%
Three months ended September 30, 2026; 31.1% in the prior-year quarter
Loss from operations
$9.219 million loss
Three months ended September 30, 2026; 26.3% change from the prior-year quarter
Net loss
$7.176 million loss
Three months ended September 30, 2026; $0.12 per diluted share
Adjusted EBITDA
$11.050 million
Three months ended September 30, 2026; up 55.4% from the prior-year quarter
Fourth-quarter revenue guidance
$84 million to $90 million
Fourth quarter of 2026
Product revenue excluded from guidance
Approximately $15 million
Expected delivery moved from Q4 2026 to the first half of 2027
Net cash provided by operating activities
$17.282 million
Nine months ended September 30, 2026; $3.812 million in the prior-year period
Key Terms
Adjusted EBITDA, non-GAAP gross margin, full valuation allowance, weighted-average number of shares outstanding, +1 more
5 terms
Adjusted EBITDA financial
"We define Adjusted EBITDA as net income (loss) adjusted for"
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 gross margin financial
"We define non-GAAP gross margin as GAAP gross margin adjusted for"
Non-GAAP gross margin is a measure of a company's profitability that shows how much money it makes from sales after subtracting the direct costs of producing its products or services, but without applying certain accounting adjustments required by standard rules. It helps investors understand the company's core earning ability by excluding items like one-time expenses or accounting changes. This metric provides a clearer picture of ongoing business performance beyond official financial reports.
full valuation allowance financial
"due to the full valuation allowance in the United States"
dilutive effect of common stock equivalents financial
"plus the dilutive effect of any common stock equivalents during the period"
Earnings Snapshot
Revenue: $73.763 million · Guidance included
Third quarter 2026
Revenue
$73.763 million
+10.5%
Gross margin
33.1%
31.1% in the prior-year quarter
Adjusted EBITDA
$11.050 million
+55.4%
Non-GAAP net income
$10.201 million
$4.320 million in the prior-year quarter
Guidance
Fourth-quarter 2026 revenue of $84 million to $90 million; overall gross margin of 30% to 36%; Adjusted EBITDA of $12 million to $18 million.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much revenue did LASR report for the third quarter of 2026?
nLIGHT reported revenue of $73.763 million, up 10.5% from $66.742 million in Q3 2025. Gross margin was 33.1%, compared with 31.1% a year earlier. GAAP net loss was $7.176 million, and Adjusted EBITDA was $11.050 million.
What is LASR's fourth-quarter 2026 outlook?
nLIGHT expects revenue of $84 million to $90 million, including approximately $63 million in Products revenue and approximately $24 million in Advanced Development revenue at the $87 million midpoint. Overall gross margin is expected at 30% to 36%; Products gross margin at 40% to 46%; Advanced Development gross margin approximately 8%. Adjusted EBITDA is expected at $12 million to $18 million.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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): November 5, 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 November 5, 2026, nLIGHT, Inc. (the "Company") announced its financial results for the three and nine months ended September 30, 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 November 5, 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: | November 5, 2026 | |||||||||||||
| By: | /s/ JOSEPH CORSO | |||||||||||||
| Joseph Corso | ||||||||||||||
| Chief Financial Officer | ||||||||||||||
Exhibit 99.1
nLIGHT, Inc. Announces Third Quarter 2026 Results
Solid Execution and Continued Strength in Defense Drives Quarterly Results
CAMAS, Wash., November 5, 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 financial results for the third quarter of 2026.
"Solid execution during the third quarter enabled us to deliver revenue above the high end of our guidance range, record product gross margins and strong Adjusted EBITDA despite ongoing supply constraints,” commented Scott Keeney, nLIGHT’s Chairman and Chief Executive Officer. “Demand for our products remains strong and our pipeline of opportunities continues to expand across directed energy, laser sensing and advanced manufacturing. We are making important investments in our manufacturing capacity and supply chain to support this expected growth, and we believe nLIGHT is well positioned as our defense programs increasingly transition from development toward fielding and production.”
Third Quarter 2026 Financial Highlights
| Three Months Ended September 30, | |||||||||||||||||
| (In thousands, except percentages) | 2026 | 2025 | % Change | ||||||||||||||
| Revenues | $ | 73,763 | $ | 66,742 | 10.5 | % | |||||||||||
| Gross margin | 33.1 | % | 31.1 | % | |||||||||||||
| Loss from operations | $ | (9,219) | $ | (7,299) | (26.3) | % | |||||||||||
| Operating margin | (12.5) | % | (10.9) | % | |||||||||||||
| Net loss | $ | (7,176) | $ | (6,874) | (4.4) | % | |||||||||||
Adjusted EBITDA(1) | $ | 11,050 | $ | 7,109 | 55.4 | % | |||||||||||
(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 $73.8 million for the third quarter of 2026 were up 10.5% compared to $66.7 million for the third quarter of 2025. Gross margin was 33.1% for the third quarter of 2026 compared to 31.1% for the third quarter of 2025. GAAP net loss for the third quarter of 2026 was $7.2 million, or $0.12 per diluted share, compared to net loss of $6.9 million, or $0.14 per diluted share, for the third quarter of 2025. Non-GAAP net income for the third quarter of 2026 was $10.2 million, or $0.16 per diluted share, compared to non-GAAP net income of $4.3 million, or $0.08 per diluted share, for the third 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 fourth quarter of 2026, nLIGHT expects revenues to be in the range of $84 million to $90 million. The midpoint of $87 million includes Products revenue of approximately $63 million and Advanced Development revenue of approximately $24 million. Due to ongoing supply chain constraints, nLIGHT’s fourth quarter revenue guidance excludes approximately $15 million of product revenue that nLIGHT would have expected to ship in the fourth quarter but is now expected to be delivered in the first half of 2027.
nLIGHT expects overall gross margin to be in the range of 30% to 36%, with Products gross margin in the range of 40% to 46% and Advanced Development gross margin of approximately 8%. nLIGHT expects Adjusted EBITDA to be in the range of $12 million to $18 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, November 5, 2026
A webcast to discuss the third quarter results will be held on Thursday, November 5, 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/340012307.
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, our business strategy and opportunities to grow our business, ongoing supply chain challenges, 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 900 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
Vice President, Corporate Development & 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 September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Revenue: | |||||||||||||||||||||||
| Products | $ | 48,047 | $ | 47,608 | $ | 165,612 | $ | 124,110 | |||||||||||||||
| Development | 25,716 | 19,134 | 70,923 | 56,035 | |||||||||||||||||||
| Total revenue | 73,763 | 66,742 | 236,535 | 180,145 | |||||||||||||||||||
| Cost of revenue: | |||||||||||||||||||||||
| Products | 25,289 | 28,086 | 93,028 | 76,915 | |||||||||||||||||||
| Development | 24,043 | 17,903 | 66,838 | 50,221 | |||||||||||||||||||
Total cost of revenue(1) | 49,332 | 45,989 | 159,866 | 127,136 | |||||||||||||||||||
| Gross profit | 24,431 | 20,753 | 76,669 | 53,009 | |||||||||||||||||||
| Operating expenses: | |||||||||||||||||||||||
Research and development(1) | 12,535 | 11,534 | 37,511 | 33,920 | |||||||||||||||||||
Sales, general, and administrative(1) | 13,653 | 14,785 | 44,906 | 38,501 | |||||||||||||||||||
| Restructuring | 7,462 | 1,733 | 7,757 | 1,733 | |||||||||||||||||||
| Total operating expenses | 33,650 | 28,052 | 90,174 | 74,154 | |||||||||||||||||||
| Loss from operations | (9,219) | (7,299) | (13,505) | (21,145) | |||||||||||||||||||
| Other income: | |||||||||||||||||||||||
| Interest income | 2,456 | 1,079 | 6,492 | 3,875 | |||||||||||||||||||
| Interest expense | (25) | (317) | (529) | (753) | |||||||||||||||||||
| Other income (expense), net | (72) | (64) | 116 | (108) | |||||||||||||||||||
| Loss before income taxes | (6,860) | (6,601) | (7,426) | (18,131) | |||||||||||||||||||
| Income tax expense | 316 | 273 | 444 | 427 | |||||||||||||||||||
| Net loss | $ | (7,176) | $ | (6,874) | $ | (7,870) | $ | (18,558) | |||||||||||||||
| Net loss per share, basic and diluted | $ | (0.12) | $ | (0.14) | $ | (0.14) | $ | (0.37) | |||||||||||||||
| Shares used in per share calculations: | |||||||||||||||||||||||
| Basic and diluted | 57,895 | 50,288 | 56,346 | 49,658 | |||||||||||||||||||
(1)Includes stock-based compensation as follows: | |||||||||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Cost of revenues | $ | 1,156 | $ | 615 | $ | 3,427 | $ | 1,783 | |||||||||||||||
| Research and development | 2,496 | 2,560 | 7,439 | 6,178 | |||||||||||||||||||
| Sales, general, and administrative | 6,263 | 6,187 | 20,898 | 13,828 | |||||||||||||||||||
| $ | 9,915 | $ | 9,362 | $ | 31,764 | $ | 21,789 | ||||||||||||||||
nLIGHT, Inc.
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)
| As of | |||||||||||
| September 30, 2026 | December 31, 2025 | ||||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 279,371 | $ | 98,699 | |||||||
| Marketable securities | 34,832 | 34,934 | |||||||||
| Accounts receivable, net | 45,329 | 50,836 | |||||||||
| Inventory | 59,840 | 45,407 | |||||||||
| Prepaid expenses and other current assets | 35,127 | 13,314 | |||||||||
| Total current assets | 454,499 | 243,190 | |||||||||
| Restricted cash | 322 | 322 | |||||||||
| Lease right-of-use assets | 17,868 | 15,020 | |||||||||
| Property, plant and equipment, net | 43,902 | 42,114 | |||||||||
| Goodwill | 12,420 | 12,448 | |||||||||
| Other assets, net | 1,061 | 2,116 | |||||||||
| Total assets | $ | 530,072 | $ | 315,210 | |||||||
| Liabilities and Stockholders’ Equity | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 23,331 | $ | 20,890 | |||||||
| Accrued liabilities | 23,403 | 19,052 | |||||||||
| Deferred revenues | 9,880 | 1,489 | |||||||||
| Current portion of lease liabilities | 2,362 | 2,776 | |||||||||
| Line of credit | — | 20,000 | |||||||||
| Total current liabilities | 58,976 | 64,207 | |||||||||
| Non-current income taxes payable | 6,022 | 5,902 | |||||||||
| Long-term lease liabilities | 16,890 | 13,431 | |||||||||
| Other long-term liabilities | 4,846 | 4,921 | |||||||||
| Total liabilities | 86,734 | 88,461 | |||||||||
| Stockholders' equity: | |||||||||||
| Common stock - par value | 17 | 16 | |||||||||
| Additional paid-in capital | 803,128 | 578,360 | |||||||||
| Accumulated other comprehensive loss | (3,374) | (3,064) | |||||||||
| Accumulated deficit | (356,433) | (348,563) | |||||||||
| Total stockholders’ equity | 443,338 | 226,749 | |||||||||
| Total liabilities and stockholders’ equity | $ | 530,072 | $ | 315,210 | |||||||
nLIGHT, Inc.
Consolidated Statements of Cash Flows
(In thousands) (Unaudited)
| Nine Months Ended September 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| Cash flows from operating activities: | |||||||||||
| Net loss | $ | (7,870) | $ | (18,558) | |||||||
| Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
| Depreciation | 9,182 | 9,151 | |||||||||
| Amortization | 414 | 1,247 | |||||||||
| (Increase) reduction in carrying amount of right-of-use assets | (3,002) | 784 | |||||||||
| Provision for losses on (recoveries of) accounts receivable | 17 | (1,131) | |||||||||
| Stock-based compensation | 31,764 | 21,789 | |||||||||
| Deferred income taxes | 258 | 101 | |||||||||
| Loss on disposal of property, plant and equipment | — | 190 | |||||||||
| Gain on sale of subsidiary | (9) | — | |||||||||
| Interest earned on marketable securities not yet received | (678) | (256) | |||||||||
| Non-cash restructuring charges | 4,818 | 1,243 | |||||||||
| Changes in operating assets and liabilities: | |||||||||||
| Accounts receivable, net | 3,554 | (13,186) | |||||||||
| Inventory | (15,060) | (10,203) | |||||||||
| Prepaid expenses and other current assets | (21,772) | 5,914 | |||||||||
| Other assets, net | 399 | 1,099 | |||||||||
| Accounts payable | 2,288 | 1,886 | |||||||||
| Accrued and other long-term liabilities | 1,543 | 5,795 | |||||||||
| Deferred revenues | 8,395 | (1,247) | |||||||||
| Lease liabilities | 3,077 | (927) | |||||||||
| Non-current income taxes payable | (36) | 121 | |||||||||
| Net cash provided by operating activities | 17,282 | 3,812 | |||||||||
| Cash flows from investing activities: | |||||||||||
| Proceeds from sale of fixed assets | — | 447 | |||||||||
| Purchases of property, plant and equipment | (11,407) | (7,444) | |||||||||
| Purchase of marketable securities | (43,988) | (68,697) | |||||||||
| Proceeds from maturities and sales of marketable securities | 44,742 | 68,425 | |||||||||
| Proceeds from sale of subsidiary, net of cash disposed | 396 | — | |||||||||
| Net cash used in investing activities | (10,257) | (7,269) | |||||||||
| Cash flows from financing activities: | |||||||||||
| Proceeds from public offering, net of underwriting discounts | 192,194 | — | |||||||||
| Public offering costs | (919) | — | |||||||||
| Proceeds from line of credit | — | 20,000 | |||||||||
| Repayments of line of credit | (20,000) | — | |||||||||
| Proceeds from employee stock plan purchases | 1,668 | 1,385 | |||||||||
| Proceeds from stock option exercises | 836 | 196 | |||||||||
| Tax payments related to stock award issuances | (190) | (3,062) | |||||||||
| Net cash provided by financing activities | 173,589 | 18,519 | |||||||||
| Effect of exchange rate changes on cash | 58 | 278 | |||||||||
| Net increase (decrease) in cash, cash equivalents and restricted cash | 180,672 | 15,340 | |||||||||
| Cash and cash equivalents and restricted cash, beginning of period | 99,021 | 66,088 | |||||||||
| Cash and cash equivalents and restricted cash, end of period | $ | 279,693 | $ | 81,428 | |||||||
| Supplemental disclosures: | |||||||||||
| Cash paid for interest, net | $ | 504 | $ | 740 | |||||||
| Operating cash outflows from operating leases | 2,591 | 2,536 | |||||||||
| Right-of-use assets obtained in exchange for lease liabilities | 2,372 | 1,208 | |||||||||
| Accrued purchases of property, equipment and patents | 525 | 426 | |||||||||
| Reconciliation of cash and cash equivalents and restricted cash: | |||||||||||
| Cash and cash equivalents | $ | 279,371 | $ | 81,108 | |||||||
| Restricted cash | 322 | 320 | |||||||||
| Total cash and cash equivalents and restricted cash | $ | 279,693 | $ | 81,428 | |||||||
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 September 30, | |||||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||
| Products | Development | Total | Products | Development | Total | ||||||||||||||||||
| Revenue | $ | 48,047 | $ | 25,716 | $ | 73,763 | $ | 47,608 | $ | 19,134 | $ | 66,742 | |||||||||||
| Cost of revenue | (25,289) | (24,043) | (49,332) | (28,086) | (17,903) | (45,989) | |||||||||||||||||
| Gross profit | $ | 22,758 | $ | 1,673 | $ | 24,431 | $ | 19,522 | $ | 1,231 | $ | 20,753 | |||||||||||
| Non-GAAP adjustments | |||||||||||||||||||||||
| Stock-based compensation | 687 | 469 | 1,156 | 615 | — | 615 | |||||||||||||||||
| Non-GAAP gross profit | $ | 23,445 | $ | 2,142 | $ | 25,587 | $ | 20,137 | $ | 1,231 | $ | 21,368 | |||||||||||
| Gross margin | 47.4 | % | 6.5 | % | 33.1 | % | 41.0 | % | 6.4 | % | 31.1 | % | |||||||||||
| Non-GAAP gross margin | 48.8 | % | 8.3 | % | 34.7 | % | 42.3 | % | 6.4 | % | 32.0 | % | |||||||||||
| Nine Months Ended September 30, | |||||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||
| Products | Development | Total | Products | Development | Total | ||||||||||||||||||
| Revenue | $ | 165,612 | $ | 70,923 | $ | 236,535 | $ | 124,110 | $ | 56,035 | $ | 180,145 | |||||||||||
| Cost of revenue | (93,028) | (66,838) | (159,866) | (76,915) | (50,221) | (127,136) | |||||||||||||||||
| Gross profit | $ | 72,584 | $ | 4,085 | $ | 76,669 | $ | 47,195 | $ | 5,814 | $ | 53,009 | |||||||||||
| Non-GAAP adjustments | |||||||||||||||||||||||
| Stock-based compensation | 2,039 | 1,388 | 3,427 | 1,783 | — | 1,783 | |||||||||||||||||
| Non-GAAP gross profit | $ | 74,623 | $ | 5,473 | $ | 80,096 | $ | 48,978 | $ | 5,814 | $ | 54,792 | |||||||||||
| Gross margin | 43.8 | % | 5.8 | % | 32.4 | % | 38.0 | % | 10.4 | % | 29.4 | % | |||||||||||
| Non-GAAP gross margin | 45.1 | % | 7.7 | % | 33.9 | % | 39.5 | % | 10.4 | % | 30.4 | % | |||||||||||
Reconciliation of Net Loss to Adjusted EBITDA
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net loss | $ | (7,176) | $ | (6,874) | $ | (7,870) | $ | (18,558) | |||||||||||||||
| Income tax expense | 316 | 273 | 444 | 427 | |||||||||||||||||||
| Other income, net | 72 | 64 | (116) | 108 | |||||||||||||||||||
| Interest income | (2,456) | (1,079) | (6,492) | (3,875) | |||||||||||||||||||
| Interest expense | 25 | 317 | 529 | 753 | |||||||||||||||||||
| Depreciation and amortization | 2,892 | 3,313 | 9,596 | 10,398 | |||||||||||||||||||
| Stock-based compensation | 9,915 | 9,362 | 31,764 | 21,789 | |||||||||||||||||||
| Restructuring charges | 7,462 | 1,733 | 7,757 | 1,733 | |||||||||||||||||||
| Adjusted EBITDA | $ | 11,050 | $ | 7,109 | $ | 35,612 | $ | 12,775 | |||||||||||||||
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 September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net loss | $ | (7,176) | $ | (6,874) | $ | (7,870) | $ | (18,558) | |||||||||||||||
| Add back: | |||||||||||||||||||||||
Stock-based compensation(1) | 9,915 | 9,362 | 31,764 | 21,789 | |||||||||||||||||||
Amortization of purchased intangibles(1) | — | 99 | — | 397 | |||||||||||||||||||
| Restructuring charges | 7,462 | 1,733 | 7,757 | 1,733 | |||||||||||||||||||
| Non-GAAP net income (loss) | 10,201 | 4,320 | 31,651 | 5,361 | |||||||||||||||||||
| GAAP weighted-average shares outstanding | 57,895 | 50,288 | 56,346 | 49,658 | |||||||||||||||||||
| Participating securities | — | — | — | — | |||||||||||||||||||
| Non-GAAP weighted-average number of shares, basic | 57,895 | 50,288 | 56,346 | 49,658 | |||||||||||||||||||
| Dilutive effect of common stock equivalents | 4,259 | 4,139 | 5,180 | 3,259 | |||||||||||||||||||
| Non-GAAP weighted-average number of shares, diluted | 62,154 | 54,427 | 61,526 | 52,917 | |||||||||||||||||||
| Non-GAAP net income per share, basic | $ | 0.18 | $ | 0.09 | $ | 0.56 | $ | 0.11 | |||||||||||||||
| Non-GAAP net income per share, diluted | $ | 0.16 | $ | 0.08 | $ | 0.51 | $ | 0.10 | |||||||||||||||
(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 September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Defense & Space | $ | 52,460 | $ | 45,554 | $ | 164,885 | $ | 118,955 | |||||||||||||||
| Advanced Manufacturing | 21,303 | 21,188 | 71,650 | 61,190 | |||||||||||||||||||
| $ | 73,763 | $ | 66,742 | $ | 236,535 | $ | 180,145 | ||||||||||||||||