Q3 2024 nLIGHT Inc Earnings Call Transcript
Key Points
- nLight Inc (LASR) reported third-quarter revenue of $56.1 million, which was above the midpoint of their guidance range and represented an 11% growth both sequentially and year over year.
- The aerospace and defense business grew 59% year over year, driven by record A&D product revenue.
- The company maintains a strong balance sheet with $107 million in cash and investments and no debt.
- nLight Inc (LASR) has made significant progress in its directed energy programs, including the Healthy Two program and the Army's DDM SHORAD effort.
- The company successfully transitioned its manufacturing operations from Shanghai to Thailand and the US, reducing reliance on China.
- The industrial segment experienced a 41% year-over-year decline in revenue, with continued competition from Chinese laser manufacturers impacting sales.
- Overall demand in the industrial market remains weak, with challenges persisting in the cutting market.
- The company reported a net loss on a non-GAAP basis of $3.7 million or 8 cents per share.
- Development gross margin decreased to 5% due to increased estimated costs on a significant fixed-price contract.
- nLight Inc (LASR) expects continued volatility and pressure in its commercial markets, with no significant rebound anticipated in 2025.
Good day and welcome to the nLIGHT Incorporate third-quarter, 2024 earnings call at this time. All participants are in a listen-only mode following the speaker's remarks, there will be a question-and-answer session.
If you would like to ask a question at that time, please press star one on your telephone keypad.
You may remove yourself at any time by pressing star two. (operator instructions)
Please note today's call will be recorded lastly. If you should require operator assistance during today's call. Please press star zero. (operator instructions)
I will now turn the call over to John Marchetti. Please go ahead, sir.
Thank you and good afternoon everyone. I'm John Marchetti and Light's VP of Corporate Development and the head of investor relations with me on the call. Today are Scott Keeney and Light's Chairman and CEO and Joe Corso and Lights CFO.
Today's discussion will contain forward-looking statements
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