nLIGHT, Inc. (LASR) 10-Year Financial Performance & Capital Metrics

LASR • • Industrial / General

TechnologySemiconductorsOptoelectronics & PhotonicsLasers & LiDAR Systems

AboutnLIGHT, Inc. designs, manufactures, and sells semiconductor and fiber lasers for industrial, microfabrication, and aerospace and defense applications. It operates in two segments, Laser Products and Advanced Development. The company also provides fiber amplifiers, and beam combination and control systems for use in high-energy laser systems in directed energy applications. It sells its products through direct sales force in the United States, China, South Korea, and European countries, as well as through various independent sales representatives and distributors in Asia, Europe, and South America. The company was formerly known as nLight Photonics Corporation and changed its name to nLIGHT, Inc. in January 2016. nLIGHT, Inc. was incorporated in 2000 and is headquartered in Camas, Washington.Show more

Revenue $199M -5.4%
EBITDA -$48M -56.3%
Net Income -$61M -45.9%
EPS (Diluted) -1.27 -41.1%
Gross Margin 16.63% -24.3%
EBITDA Margin -24.2% -65.3%
Operating Margin -33.06% -48.4%
Net Margin -30.62% -54.2%
ROE -25.82% -62.7%
ROIC -26.04% -64.8%
Debt/Equity 0.06 +0.7%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Momentum leader: RS Rating 96 (top 4%)

✗Weaknesses

✗Weak Piotroski F-Score: 3/9
✗Negative free cash flow
✗Low quality earnings: Net income not backed by cash flow

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y2.37%

3Y-9.76%

TTM12.05%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM11.31%

EPS CAGR

10Y-

5Y-

3Y-

TTM13.36%

ROCE

10Y Avg-8.45%

5Y Avg-15.9%

3Y Avg-19.96%

Latest-25.74%

Peer Comparison

Lasers & LiDAR Systems

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
AEVAWAeva Technologies, Inc.	2.64M	0.16	-0.06	110.23%	-10.31%	-470.41%		0.04
AAOIApplied Optoelectronics, Inc.	2.53B	37.00	-8.22	14.57%	-36.97%	-27.88%		0.83
POETPOET Technologies Inc.	1.1B	8.31	-8.84	-91.11%	-66.28%	-76.09%		0.35
IPGPIPG Photonics Corporation	3.37B	80.03	-19.57	-24.1%	2.66%	1.22%	4.43%	0.01
LASRnLIGHT, Inc.	2.23B	43.83	-34.51	-5.42%	-19.13%	-19.92%		0.06

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	101.33M	138.58M	191.36M	176.62M	222.79M	270.15M	242.06M	209.92M	198.55M
Revenue Growth %	-	0.37%	0.38%	-0.08%	0.26%	0.21%	-0.1%	-0.13%	-0.05%
Cost of Goods Sold+	78.16M	94.31M	124.4M	124.28M	163.43M	192.84M	191.24M	163.81M	165.53M
COGS % of Revenue	0.77%	0.68%	0.65%	0.7%	0.73%	0.71%	0.79%	0.78%	0.83%
Gross Profit+	23.17M	44.27M	66.96M	52.34M	59.36M	77.31M	50.82M	46.11M	33.02M
Gross Margin %	0.23%	0.32%	0.35%	0.3%	0.27%	0.29%	0.21%	0.22%	0.17%
Gross Profit Growth %	-	0.91%	0.51%	-0.22%	0.13%	0.3%	-0.34%	-0.09%	-0.28%
Operating Expenses+	32.5M	34.48M	49.9M	62.25M	80.41M	107.52M	105.92M	92.88M	98.66M
OpEx % of Revenue	0.32%	0.25%	0.26%	0.35%	0.36%	0.4%	0.44%	0.44%	0.5%
Selling, General & Admin	17.27M	19.35M	28.84M	34.11M	39.25M	52.71M	48.26M	45.9M	49.26M
SG&A % of Revenue	0.17%	0.14%	0.15%	0.19%	0.18%	0.2%	0.2%	0.22%	0.25%
Research & Development	15.24M	15.12M	21.05M	28.14M	41.16M	54.81M	53.77M	46.16M	45.11M
R&D % of Revenue	0.15%	0.11%	0.11%	0.16%	0.18%	0.2%	0.22%	0.22%	0.23%
Other Operating Expenses	0	0	-253K	0	0	0	3.89M	817K	4.29M
Operating Income+	-9.34M	9.8M	17.06M	-9.91M	-21.05M	-30.22M	-55.1M	-46.77M	-65.64M
Operating Margin %	-0.09%	0.07%	0.09%	-0.06%	-0.09%	-0.11%	-0.23%	-0.22%	-0.33%
Operating Income Growth %	-	2.05%	0.74%	-1.58%	-1.12%	-0.44%	-0.82%	0.15%	-0.4%
EBITDA+	-1.24M	17.72M	25.35M	-345K	-7.36M	-15.16M	-39.4M	-30.74M	-48.04M
EBITDA Margin %	-0.01%	0.13%	0.13%	-0%	-0.03%	-0.06%	-0.16%	-0.15%	-0.24%
EBITDA Growth %	-	15.3%	0.43%	-1.01%	-20.34%	-1.06%	-1.6%	0.22%	-0.56%
D&A (Non-Cash Add-back)	8.1M	7.92M	8.29M	9.56M	13.69M	15.06M	15.7M	16.03M	17.6M
EBIT	-9.34M	9.8M	16.98M	-9.91M	-21.05M	-30.22M	-51.21M	-45.95M	-61.34M
Net Interest Income+	-2.23M	-1.27M	728K	2.61M	78K	-163K	529K	1.34M	1.67M
Interest Income	0	0	728K	2.61M	78K	0	529K	1.34M	1.67M
Interest Expense	2.23M	1.27M	0	0	0	163K	0	0	0
Other Income/Expense	-2.98M	-3.1M	475K	3.14M	456K	173K	867K	4.12M	4.77M
Pretax Income+	-12.32M	6.7M	17.54M	-6.76M	-20.59M	-30.04M	-54.23M	-42.65M	-60.87M
Pretax Margin %	-0.12%	0.05%	0.09%	-0.04%	-0.09%	-0.11%	-0.22%	-0.2%	-0.31%
Income Tax+	1.88M	4.86M	3.6M	6.12M	340K	-375K	344K	-978K	-76K
Effective Tax Rate %	1.15%	0.27%	0.79%	1.9%	1.02%	0.99%	1.01%	0.98%	1%
Net Income+	-14.2M	1.84M	13.94M	-12.88M	-20.93M	-29.67M	-54.58M	-41.67M	-60.79M
Net Margin %	-0.14%	0.01%	0.07%	-0.07%	-0.09%	-0.11%	-0.23%	-0.2%	-0.31%
Net Income Growth %	-	1.13%	6.59%	-1.92%	-0.62%	-0.42%	-0.84%	0.24%	-0.46%
Net Income (Continuing)	-14.2M	1.84M	13.94M	-12.88M	-20.93M	-29.67M	-54.58M	-41.67M	-60.79M
Discontinued Operations	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.49	0.06	0.47	-0.35	-0.55	-0.70	-1.23	-0.90	-1.27
EPS Growth %	-	1.12%	6.83%	-1.74%	-0.57%	-0.27%	-0.76%	0.27%	-0.41%
EPS (Basic)	-0.55	0.07	0.47	-0.35	-0.55	-0.70	-1.23	-0.90	-1.27
Diluted Shares Outstanding	29.12M	29.12M	29.96M	37.12M	38.37M	42.14M	44.44M	46.08M	47.9M
Basic Shares Outstanding	25.83M	25.83M	29.76M	37.12M	38.37M	42.14M	44.44M	46.08M	47.9M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	46.12M	84.58M	218.62M	198.59M	200.57M	277.2M	230.76M	220.55M	194.09M
Cash & Short-Term Investments	13.5M	36.69M	149.48M	117.25M	102.28M	146.53M	108.22M	112.88M	100.7M
Cash Only	13.5M	36.69M	149.48M	117.25M	102.28M	146.53M	57.83M	53.21M	65.83M
Short-Term Investments	0	0	0	0	0	0	50.39M	59.67M	34.87M
Accounts Receivable	10.69M	14.64M	26.53M	30.04M	37.5M	51.23M	37.91M	39.59M	34.9M
Days Sales Outstanding	38.51	38.57	50.6	62.07	61.44	69.22	57.17	68.83	64.15
Inventory	18.8M	29.57M	35.33M	46.13M	54.71M	73.75M	67.6M	52.16M	40.8M
Days Inventory Outstanding	87.82	114.45	103.66	135.48	122.18	139.58	129.02	116.22	89.97
Other Current Assets	824K	97K	7.29M	231K	378K	103K	10.43M	15.93M	17.7M
Total Non-Current Assets+	24.94M	25.57M	31.51M	51.37M	83.07M	96.41M	98.48M	86.25M	76.15M
Property, Plant & Equipment	20.3M	20.19M	21.46M	27.75M	56.78M	73.15M	74.59M	64.92M	57.76M
Fixed Asset Turnover	4.99x	6.86x	8.92x	6.37x	3.92x	3.69x	3.25x	3.23x	3.44x
Goodwill	1.39M	1.39M	1.39M	9.87M	12.48M	12.42M	12.38M	12.4M	12.35M
Intangible Assets	1.49M	1.84M	2.69M	10.01M	8.35M	6.7M	4.04M	1.65M	833K
Long-Term Investments	0	0	-3.11M	-72K	-69K	0	0	0	0
Other Non-Current Assets	381K	343K	5.97M	3.75M	5.46M	4.15M	7.47M	7.28M	5.21M
Total Assets+	71.06M	110.15M	250.13M	249.97M	283.64M	373.62M	329.23M	306.8M	270.24M
Asset Turnover	1.43x	1.26x	0.77x	0.71x	0.79x	0.72x	0.74x	0.68x	0.73x
Asset Growth %	-	0.55%	1.27%	-0%	0.13%	0.32%	-0.12%	-0.07%	-0.12%
Total Current Liabilities+	19.23M	28.89M	23.59M	25.04M	41.36M	45.77M	34.49M	32.75M	34.23M
Accounts Payable	9.38M	12.92M	12.07M	12.7M	21.06M	26.35M	17.51M	12.17M	15.08M
Days Payables Outstanding	43.8	50.01	35.41	37.3	47.03	49.87	33.41	27.11	33.24
Short-Term Debt	1.29M	2.36M	91K	51K	184K	0	0	0	0
Deferred Revenue (Current)	216K	961K	720K	679K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	3.26M	5.52M	3.98M	3.24M	0	0	0	0	0
Current Ratio	2.40x	2.93x	9.27x	7.93x	4.85x	6.06x	6.69x	6.73x	5.67x
Quick Ratio	1.42x	1.90x	7.77x	6.09x	3.53x	4.45x	4.73x	5.14x	4.48x
Cash Conversion Cycle	82.53	103.01	118.85	160.26	136.59	158.93	152.78	157.94	120.87
Total Non-Current Liabilities+	22.14M	19.97M	8.76M	8.32M	22.37M	25.71M	23.9M	19.63M	19.58M
Long-Term Debt	18.38M	15.11M	18K	0	215K	0	0	0	0
Capital Lease Obligations	0	0	0	0	10.38M	14.61M	12.85M	10.98M	9.82M
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	3.76M	4.86M	8.74M	8.32M	11.78M	11.1M	11.04M	8.65M	9.76M
Total Liabilities	41.37M	48.87M	32.35M	33.36M	63.73M	71.48M	58.39M	52.38M	53.81M
Total Debt+	19.67M	17.47M	109K	51K	13.05M	17.68M	15.61M	14.16M	12.13M
Net Debt	6.17M	-19.22M	-149.37M	-117.2M	-89.23M	-128.86M	-42.22M	-39.05M	-53.7M
Debt / Equity	0.66x	0.29x	0.00x	0.00x	0.06x	0.06x	0.06x	0.06x	0.06x
Debt / EBITDA	-	0.99x	0.00x	-	-	-	-	-	-
Net Debt / EBITDA	-	-1.08x	-5.89x	-	-	-	-	-	-
Interest Coverage	-4.19x	7.72x	-	-	-	-185.38x	-	-	-
Total Equity+	29.69M	61.28M	217.78M	216.61M	219.91M	302.13M	270.85M	254.42M	216.43M
Equity Growth %	-	1.06%	2.55%	-0.01%	0.02%	0.37%	-0.1%	-0.06%	-0.15%
Book Value per Share	1.02	2.10	7.27	5.84	5.73	7.17	6.10	5.52	4.52
Total Shareholders' Equity	29.69M	61.28M	217.78M	216.61M	219.91M	302.13M	270.85M	254.42M	216.43M
Common Stock	1K	14K	15K	15K	15K	15K	16K	16K	16K
Retained Earnings	-120.51M	-118.67M	-104.73M	-117.45M	-138.39M	-168.06M	-222.63M	-264.3M	-325.1M
Treasury Stock	0	0	0	0	0	0	0	0	0
Accumulated OCI	-3.01M	-719K	-2.16M	-2.69M	-259K	-587K	-2.75M	-2.48M	-3.33M
Minority Interest	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	5.96M	3.41M	3.33M	-4.24M	13.04M	-7.44M	-14.54M	10.09M	-2.36M
Operating CF Margin %	0.06%	0.02%	0.02%	-0.02%	0.06%	-0.03%	-0.06%	0.05%	-0.01%
Operating CF Growth %	-	-0.43%	-0.02%	-2.27%	4.07%	-1.57%	-0.95%	1.69%	-1.23%
Net Income	-14.2M	1.84M	13.94M	-12.88M	-20.93M	-29.67M	-54.58M	-41.67M	-60.79M
Depreciation & Amortization	8.1M	7.92M	8.29M	9.56M	13.69M	15.06M	15.7M	16.03M	17.6M
Stock-Based Compensation	308K	369K	4.8M	9.73M	25.46M	37.72M	26.76M	25.83M	24.96M
Deferred Taxes	226K	-424K	-1.31M	3.04M	-11K	37K	4K	7K	-651K
Other Non-Cash Items	331K	1.15M	46K	-400K	3M	3.2M	5.81M	1.84M	4.63M
Working Capital Changes	11.2M	-7.45M	-22.43M	-13.29M	-8.17M	-33.79M	-8.24M	8.05M	11.9M
Change in Receivables	569K	-3.52M	-13.73M	-395K	-4.01M	-9.51M	2.76M	27K	2.85M
Change in Inventory	8.97M	-9.88M	-6.14M	-10.67M	-6.94M	-18.99M	4.62M	14.89M	11.05M
Change in Payables	601K	2.49M	172K	844K	7.31M	3.46M	-5.9M	-4.5M	3.23M
Cash from Investing+	-4.03M	-5.48M	-11.68M	-30.4M	-24.54M	-21.85M	-72.38M	-14.1M	16.69M
Capital Expenditures	-4.06M	-5.48M	-11.71M	-12.4M	-24.35M	-19.32M	-21.72M	-5.34M	-7.93M
CapEx % of Revenue	0.04%	0.04%	0.06%	0.07%	0.11%	0.07%	0.09%	0.03%	0.04%
Acquisitions	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-
Other Investing	36K	6K	35K	-601K	0	-2.25M	0	0	0
Cash from Financing+	3.64M	24.42M	121.3M	2.45M	-3.77M	73.74M	-1.31M	-859K	-1.3M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-
Other Financing	8K	-243K	362K	2.51M	-6.42M	-8.18M	-4.86M	-3.97M	-4.52M
Net Change in Cash	-	-	-	-	-	-	-	-	-
Free Cash Flow+	1.9M	-2.07M	-8.38M	-17.87M	-11.31M	-29M	-36.26M	4.75M	-10.29M
FCF Margin %	0.02%	-0.01%	-0.04%	-0.1%	-0.05%	-0.11%	-0.15%	0.02%	-0.05%
FCF Growth %	-	-2.09%	-3.04%	-1.13%	0.37%	-1.56%	-0.25%	1.13%	-3.17%
FCF per Share	0.07	-0.07	-0.28	-0.48	-0.29	-0.69	-0.82	0.10	-0.21
FCF Conversion (FCF/Net Income)	-0.42x	1.86x	0.24x	0.33x	-0.62x	0.25x	0.27x	-0.24x	0.04x
Interest Paid	2.06M	1.44M	941K	0	0	117K	0	40K	61K
Taxes Paid	1.27M	3.49M	3.67M	2.33M	647K	526K	442K	256K	716K

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-47.83%	4.04%	9.99%	-5.93%	-9.59%	-11.37%	-19.05%	-15.87%	-25.82%
Return on Invested Capital (ROIC)	-19.53%	18.86%	23.17%	-8.86%	-13.72%	-14.91%	-20.57%	-15.8%	-26.04%
Gross Margin	22.86%	31.95%	34.99%	29.63%	26.65%	28.62%	21%	21.97%	16.63%
Net Margin	-14.02%	1.33%	7.28%	-7.29%	-9.4%	-10.98%	-22.55%	-19.85%	-30.62%
Debt / Equity	0.66x	0.29x	0.00x	0.00x	0.06x	0.06x	0.06x	0.06x	0.06x
Interest Coverage	-4.19x	7.72x	-	-	-	-185.38x	-	-	-
FCF Conversion	-0.42x	1.86x	0.24x	0.33x	-0.62x	0.25x	0.27x	-0.24x	0.04x
Revenue Growth	-	36.77%	38.09%	-7.7%	26.14%	21.26%	-10.4%	-13.28%	-5.42%

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024
Aerospace and Defense	-	42.8M	86.66M	104.94M	88.19M	91.39M	109.54M
Aerospace and Defense Growth	-	-	102.49%	21.09%	-15.96%	3.63%	19.85%
Industrial	-	76.67M	84.48M	94.8M	91.1M	71.04M	45.62M
Industrial Growth	-	-	10.19%	12.21%	-3.90%	-22.01%	-35.79%
Microfabrication	-	57.15M	51.65M	70.41M	62.77M	47.48M	43.39M
Microfabrication Growth	-	-	-9.63%	36.33%	-10.85%	-24.35%	-8.61%

Revenue by Geography

	2018	2019	2020	2021	2022	2023	2024
North America	70.69M	67.51M	107.62M	143.23M	137.45M	129.31M	132.81M
North America Growth	-	-4.50%	59.42%	33.09%	-4.03%	-5.92%	2.71%
CHINA	70.2M	64.13M	70.88M	55.45M	21.29M	11.89M	38.14M
CHINA Growth	-	-8.64%	10.52%	-21.78%	-61.61%	-44.14%	220.75%
World, Excluding China and North America	50.47M	44.97M	44.28M	71.47M	83.32M	68.72M	27.6M
World, Excluding China and North America Growth	-	-10.89%	-1.54%	61.39%	16.58%	-17.52%	-59.84%

Frequently Asked Questions

Growth & Financials

nLIGHT, Inc. (LASR) reported $227.5M in revenue for fiscal year 2024. This represents a 125% increase from $101.3M in 2016.

nLIGHT, Inc. (LASR) saw revenue decline by 5.4% over the past year.

nLIGHT, Inc. (LASR) reported a net loss of $43.5M for fiscal year 2024.

Dividend & Returns

nLIGHT, Inc. (LASR) has a return on equity (ROE) of -25.8%. Negative ROE indicates the company is unprofitable.

nLIGHT, Inc. (LASR) had negative free cash flow of $10.1M in fiscal year 2024, likely due to heavy capital investments.

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nLIGHT, Inc. (LASR) 10-Year Financial Performance & Capital Metrics

LASR • • Industrial / General

TechnologySemiconductorsOptoelectronics & PhotonicsLasers & LiDAR Systems

Revenue $199M -5.4%
EBITDA -$48M -56.3%
Net Income -$61M -45.9%
EPS (Diluted) -1.27 -41.1%
Gross Margin 16.63% -24.3%
EBITDA Margin -24.2% -65.3%
Operating Margin -33.06% -48.4%
Net Margin -30.62% -54.2%
ROE -25.82% -62.7%
ROIC -26.04% -64.8%
Debt/Equity 0.06 +0.7%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Momentum leader: RS Rating 96 (top 4%)

✗Weaknesses

✗Weak Piotroski F-Score: 3/9
✗Negative free cash flow
✗Low quality earnings: Net income not backed by cash flow

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y2.37%

3Y-9.76%

TTM12.05%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM11.31%

EPS CAGR

10Y-

5Y-

3Y-

TTM13.36%

ROCE

10Y Avg-8.45%

5Y Avg-15.9%

3Y Avg-19.96%

Latest-25.74%

Peer Comparison

Lasers & LiDAR Systems

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
AEVAWAeva Technologies, Inc.	2.64M	0.16	-0.06	110.23%	-10.31%	-470.41%		0.04
AAOIApplied Optoelectronics, Inc.	2.53B	37.00	-8.22	14.57%	-36.97%	-27.88%		0.83
POETPOET Technologies Inc.	1.1B	8.31	-8.84	-91.11%	-66.28%	-76.09%		0.35
IPGPIPG Photonics Corporation	3.37B	80.03	-19.57	-24.1%	2.66%	1.22%	4.43%	0.01
LASRnLIGHT, Inc.	2.23B	43.83	-34.51	-5.42%	-19.13%	-19.92%		0.06

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	101.33M	138.58M	191.36M	176.62M	222.79M	270.15M	242.06M	209.92M	198.55M
Revenue Growth %	-	0.37%	0.38%	-0.08%	0.26%	0.21%	-0.1%	-0.13%	-0.05%
Cost of Goods Sold+	78.16M	94.31M	124.4M	124.28M	163.43M	192.84M	191.24M	163.81M	165.53M
COGS % of Revenue	0.77%	0.68%	0.65%	0.7%	0.73%	0.71%	0.79%	0.78%	0.83%
Gross Profit+	23.17M	44.27M	66.96M	52.34M	59.36M	77.31M	50.82M	46.11M	33.02M
Gross Margin %	0.23%	0.32%	0.35%	0.3%	0.27%	0.29%	0.21%	0.22%	0.17%
Gross Profit Growth %	-	0.91%	0.51%	-0.22%	0.13%	0.3%	-0.34%	-0.09%	-0.28%
Operating Expenses+	32.5M	34.48M	49.9M	62.25M	80.41M	107.52M	105.92M	92.88M	98.66M
OpEx % of Revenue	0.32%	0.25%	0.26%	0.35%	0.36%	0.4%	0.44%	0.44%	0.5%
Selling, General & Admin	17.27M	19.35M	28.84M	34.11M	39.25M	52.71M	48.26M	45.9M	49.26M
SG&A % of Revenue	0.17%	0.14%	0.15%	0.19%	0.18%	0.2%	0.2%	0.22%	0.25%
Research & Development	15.24M	15.12M	21.05M	28.14M	41.16M	54.81M	53.77M	46.16M	45.11M
R&D % of Revenue	0.15%	0.11%	0.11%	0.16%	0.18%	0.2%	0.22%	0.22%	0.23%
Other Operating Expenses	0	0	-253K	0	0	0	3.89M	817K	4.29M
Operating Income+	-9.34M	9.8M	17.06M	-9.91M	-21.05M	-30.22M	-55.1M	-46.77M	-65.64M
Operating Margin %	-0.09%	0.07%	0.09%	-0.06%	-0.09%	-0.11%	-0.23%	-0.22%	-0.33%
Operating Income Growth %	-	2.05%	0.74%	-1.58%	-1.12%	-0.44%	-0.82%	0.15%	-0.4%
EBITDA+	-1.24M	17.72M	25.35M	-345K	-7.36M	-15.16M	-39.4M	-30.74M	-48.04M
EBITDA Margin %	-0.01%	0.13%	0.13%	-0%	-0.03%	-0.06%	-0.16%	-0.15%	-0.24%
EBITDA Growth %	-	15.3%	0.43%	-1.01%	-20.34%	-1.06%	-1.6%	0.22%	-0.56%
D&A (Non-Cash Add-back)	8.1M	7.92M	8.29M	9.56M	13.69M	15.06M	15.7M	16.03M	17.6M
EBIT	-9.34M	9.8M	16.98M	-9.91M	-21.05M	-30.22M	-51.21M	-45.95M	-61.34M
Net Interest Income+	-2.23M	-1.27M	728K	2.61M	78K	-163K	529K	1.34M	1.67M
Interest Income	0	0	728K	2.61M	78K	0	529K	1.34M	1.67M
Interest Expense	2.23M	1.27M	0	0	0	163K	0	0	0
Other Income/Expense	-2.98M	-3.1M	475K	3.14M	456K	173K	867K	4.12M	4.77M
Pretax Income+	-12.32M	6.7M	17.54M	-6.76M	-20.59M	-30.04M	-54.23M	-42.65M	-60.87M
Pretax Margin %	-0.12%	0.05%	0.09%	-0.04%	-0.09%	-0.11%	-0.22%	-0.2%	-0.31%
Income Tax+	1.88M	4.86M	3.6M	6.12M	340K	-375K	344K	-978K	-76K
Effective Tax Rate %	1.15%	0.27%	0.79%	1.9%	1.02%	0.99%	1.01%	0.98%	1%
Net Income+	-14.2M	1.84M	13.94M	-12.88M	-20.93M	-29.67M	-54.58M	-41.67M	-60.79M
Net Margin %	-0.14%	0.01%	0.07%	-0.07%	-0.09%	-0.11%	-0.23%	-0.2%	-0.31%
Net Income Growth %	-	1.13%	6.59%	-1.92%	-0.62%	-0.42%	-0.84%	0.24%	-0.46%
Net Income (Continuing)	-14.2M	1.84M	13.94M	-12.88M	-20.93M	-29.67M	-54.58M	-41.67M	-60.79M
Discontinued Operations	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.49	0.06	0.47	-0.35	-0.55	-0.70	-1.23	-0.90	-1.27
EPS Growth %	-	1.12%	6.83%	-1.74%	-0.57%	-0.27%	-0.76%	0.27%	-0.41%
EPS (Basic)	-0.55	0.07	0.47	-0.35	-0.55	-0.70	-1.23	-0.90	-1.27
Diluted Shares Outstanding	29.12M	29.12M	29.96M	37.12M	38.37M	42.14M	44.44M	46.08M	47.9M
Basic Shares Outstanding	25.83M	25.83M	29.76M	37.12M	38.37M	42.14M	44.44M	46.08M	47.9M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	46.12M	84.58M	218.62M	198.59M	200.57M	277.2M	230.76M	220.55M	194.09M
Cash & Short-Term Investments	13.5M	36.69M	149.48M	117.25M	102.28M	146.53M	108.22M	112.88M	100.7M
Cash Only	13.5M	36.69M	149.48M	117.25M	102.28M	146.53M	57.83M	53.21M	65.83M
Short-Term Investments	0	0	0	0	0	0	50.39M	59.67M	34.87M
Accounts Receivable	10.69M	14.64M	26.53M	30.04M	37.5M	51.23M	37.91M	39.59M	34.9M
Days Sales Outstanding	38.51	38.57	50.6	62.07	61.44	69.22	57.17	68.83	64.15
Inventory	18.8M	29.57M	35.33M	46.13M	54.71M	73.75M	67.6M	52.16M	40.8M
Days Inventory Outstanding	87.82	114.45	103.66	135.48	122.18	139.58	129.02	116.22	89.97
Other Current Assets	824K	97K	7.29M	231K	378K	103K	10.43M	15.93M	17.7M
Total Non-Current Assets+	24.94M	25.57M	31.51M	51.37M	83.07M	96.41M	98.48M	86.25M	76.15M
Property, Plant & Equipment	20.3M	20.19M	21.46M	27.75M	56.78M	73.15M	74.59M	64.92M	57.76M
Fixed Asset Turnover	4.99x	6.86x	8.92x	6.37x	3.92x	3.69x	3.25x	3.23x	3.44x
Goodwill	1.39M	1.39M	1.39M	9.87M	12.48M	12.42M	12.38M	12.4M	12.35M
Intangible Assets	1.49M	1.84M	2.69M	10.01M	8.35M	6.7M	4.04M	1.65M	833K
Long-Term Investments	0	0	-3.11M	-72K	-69K	0	0	0	0
Other Non-Current Assets	381K	343K	5.97M	3.75M	5.46M	4.15M	7.47M	7.28M	5.21M
Total Assets+	71.06M	110.15M	250.13M	249.97M	283.64M	373.62M	329.23M	306.8M	270.24M
Asset Turnover	1.43x	1.26x	0.77x	0.71x	0.79x	0.72x	0.74x	0.68x	0.73x
Asset Growth %	-	0.55%	1.27%	-0%	0.13%	0.32%	-0.12%	-0.07%	-0.12%
Total Current Liabilities+	19.23M	28.89M	23.59M	25.04M	41.36M	45.77M	34.49M	32.75M	34.23M
Accounts Payable	9.38M	12.92M	12.07M	12.7M	21.06M	26.35M	17.51M	12.17M	15.08M
Days Payables Outstanding	43.8	50.01	35.41	37.3	47.03	49.87	33.41	27.11	33.24
Short-Term Debt	1.29M	2.36M	91K	51K	184K	0	0	0	0
Deferred Revenue (Current)	216K	961K	720K	679K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	3.26M	5.52M	3.98M	3.24M	0	0	0	0	0
Current Ratio	2.40x	2.93x	9.27x	7.93x	4.85x	6.06x	6.69x	6.73x	5.67x
Quick Ratio	1.42x	1.90x	7.77x	6.09x	3.53x	4.45x	4.73x	5.14x	4.48x
Cash Conversion Cycle	82.53	103.01	118.85	160.26	136.59	158.93	152.78	157.94	120.87
Total Non-Current Liabilities+	22.14M	19.97M	8.76M	8.32M	22.37M	25.71M	23.9M	19.63M	19.58M
Long-Term Debt	18.38M	15.11M	18K	0	215K	0	0	0	0
Capital Lease Obligations	0	0	0	0	10.38M	14.61M	12.85M	10.98M	9.82M
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	3.76M	4.86M	8.74M	8.32M	11.78M	11.1M	11.04M	8.65M	9.76M
Total Liabilities	41.37M	48.87M	32.35M	33.36M	63.73M	71.48M	58.39M	52.38M	53.81M
Total Debt+	19.67M	17.47M	109K	51K	13.05M	17.68M	15.61M	14.16M	12.13M
Net Debt	6.17M	-19.22M	-149.37M	-117.2M	-89.23M	-128.86M	-42.22M	-39.05M	-53.7M
Debt / Equity	0.66x	0.29x	0.00x	0.00x	0.06x	0.06x	0.06x	0.06x	0.06x
Debt / EBITDA	-	0.99x	0.00x	-	-	-	-	-	-
Net Debt / EBITDA	-	-1.08x	-5.89x	-	-	-	-	-	-
Interest Coverage	-4.19x	7.72x	-	-	-	-185.38x	-	-	-
Total Equity+	29.69M	61.28M	217.78M	216.61M	219.91M	302.13M	270.85M	254.42M	216.43M
Equity Growth %	-	1.06%	2.55%	-0.01%	0.02%	0.37%	-0.1%	-0.06%	-0.15%
Book Value per Share	1.02	2.10	7.27	5.84	5.73	7.17	6.10	5.52	4.52
Total Shareholders' Equity	29.69M	61.28M	217.78M	216.61M	219.91M	302.13M	270.85M	254.42M	216.43M
Common Stock	1K	14K	15K	15K	15K	15K	16K	16K	16K
Retained Earnings	-120.51M	-118.67M	-104.73M	-117.45M	-138.39M	-168.06M	-222.63M	-264.3M	-325.1M
Treasury Stock	0	0	0	0	0	0	0	0	0
Accumulated OCI	-3.01M	-719K	-2.16M	-2.69M	-259K	-587K	-2.75M	-2.48M	-3.33M
Minority Interest	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	5.96M	3.41M	3.33M	-4.24M	13.04M	-7.44M	-14.54M	10.09M	-2.36M
Operating CF Margin %	0.06%	0.02%	0.02%	-0.02%	0.06%	-0.03%	-0.06%	0.05%	-0.01%
Operating CF Growth %	-	-0.43%	-0.02%	-2.27%	4.07%	-1.57%	-0.95%	1.69%	-1.23%
Net Income	-14.2M	1.84M	13.94M	-12.88M	-20.93M	-29.67M	-54.58M	-41.67M	-60.79M
Depreciation & Amortization	8.1M	7.92M	8.29M	9.56M	13.69M	15.06M	15.7M	16.03M	17.6M
Stock-Based Compensation	308K	369K	4.8M	9.73M	25.46M	37.72M	26.76M	25.83M	24.96M
Deferred Taxes	226K	-424K	-1.31M	3.04M	-11K	37K	4K	7K	-651K
Other Non-Cash Items	331K	1.15M	46K	-400K	3M	3.2M	5.81M	1.84M	4.63M
Working Capital Changes	11.2M	-7.45M	-22.43M	-13.29M	-8.17M	-33.79M	-8.24M	8.05M	11.9M
Change in Receivables	569K	-3.52M	-13.73M	-395K	-4.01M	-9.51M	2.76M	27K	2.85M
Change in Inventory	8.97M	-9.88M	-6.14M	-10.67M	-6.94M	-18.99M	4.62M	14.89M	11.05M
Change in Payables	601K	2.49M	172K	844K	7.31M	3.46M	-5.9M	-4.5M	3.23M
Cash from Investing+	-4.03M	-5.48M	-11.68M	-30.4M	-24.54M	-21.85M	-72.38M	-14.1M	16.69M
Capital Expenditures	-4.06M	-5.48M	-11.71M	-12.4M	-24.35M	-19.32M	-21.72M	-5.34M	-7.93M
CapEx % of Revenue	0.04%	0.04%	0.06%	0.07%	0.11%	0.07%	0.09%	0.03%	0.04%
Acquisitions	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-
Other Investing	36K	6K	35K	-601K	0	-2.25M	0	0	0
Cash from Financing+	3.64M	24.42M	121.3M	2.45M	-3.77M	73.74M	-1.31M	-859K	-1.3M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-
Other Financing	8K	-243K	362K	2.51M	-6.42M	-8.18M	-4.86M	-3.97M	-4.52M
Net Change in Cash	-	-	-	-	-	-	-	-	-
Free Cash Flow+	1.9M	-2.07M	-8.38M	-17.87M	-11.31M	-29M	-36.26M	4.75M	-10.29M
FCF Margin %	0.02%	-0.01%	-0.04%	-0.1%	-0.05%	-0.11%	-0.15%	0.02%	-0.05%
FCF Growth %	-	-2.09%	-3.04%	-1.13%	0.37%	-1.56%	-0.25%	1.13%	-3.17%
FCF per Share	0.07	-0.07	-0.28	-0.48	-0.29	-0.69	-0.82	0.10	-0.21
FCF Conversion (FCF/Net Income)	-0.42x	1.86x	0.24x	0.33x	-0.62x	0.25x	0.27x	-0.24x	0.04x
Interest Paid	2.06M	1.44M	941K	0	0	117K	0	40K	61K
Taxes Paid	1.27M	3.49M	3.67M	2.33M	647K	526K	442K	256K	716K

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-47.83%	4.04%	9.99%	-5.93%	-9.59%	-11.37%	-19.05%	-15.87%	-25.82%
Return on Invested Capital (ROIC)	-19.53%	18.86%	23.17%	-8.86%	-13.72%	-14.91%	-20.57%	-15.8%	-26.04%
Gross Margin	22.86%	31.95%	34.99%	29.63%	26.65%	28.62%	21%	21.97%	16.63%
Net Margin	-14.02%	1.33%	7.28%	-7.29%	-9.4%	-10.98%	-22.55%	-19.85%	-30.62%
Debt / Equity	0.66x	0.29x	0.00x	0.00x	0.06x	0.06x	0.06x	0.06x	0.06x
Interest Coverage	-4.19x	7.72x	-	-	-	-185.38x	-	-	-
FCF Conversion	-0.42x	1.86x	0.24x	0.33x	-0.62x	0.25x	0.27x	-0.24x	0.04x
Revenue Growth	-	36.77%	38.09%	-7.7%	26.14%	21.26%	-10.4%	-13.28%	-5.42%

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024
Aerospace and Defense	-	42.8M	86.66M	104.94M	88.19M	91.39M	109.54M
Aerospace and Defense Growth	-	-	102.49%	21.09%	-15.96%	3.63%	19.85%
Industrial	-	76.67M	84.48M	94.8M	91.1M	71.04M	45.62M
Industrial Growth	-	-	10.19%	12.21%	-3.90%	-22.01%	-35.79%
Microfabrication	-	57.15M	51.65M	70.41M	62.77M	47.48M	43.39M
Microfabrication Growth	-	-	-9.63%	36.33%	-10.85%	-24.35%	-8.61%

Revenue by Geography

	2018	2019	2020	2021	2022	2023	2024
North America	70.69M	67.51M	107.62M	143.23M	137.45M	129.31M	132.81M
North America Growth	-	-4.50%	59.42%	33.09%	-4.03%	-5.92%	2.71%
CHINA	70.2M	64.13M	70.88M	55.45M	21.29M	11.89M	38.14M
CHINA Growth	-	-8.64%	10.52%	-21.78%	-61.61%	-44.14%	220.75%
World, Excluding China and North America	50.47M	44.97M	44.28M	71.47M	83.32M	68.72M	27.6M
World, Excluding China and North America Growth	-	-10.89%	-1.54%	61.39%	16.58%	-17.52%	-59.84%

Frequently Asked Questions

Growth & Financials

nLIGHT, Inc. (LASR) reported $227.5M in revenue for fiscal year 2024. This represents a 125% increase from $101.3M in 2016.

nLIGHT, Inc. (LASR) saw revenue decline by 5.4% over the past year.

nLIGHT, Inc. (LASR) reported a net loss of $43.5M for fiscal year 2024.

Dividend & Returns

nLIGHT, Inc. (LASR) has a return on equity (ROE) of -25.8%. Negative ROE indicates the company is unprofitable.

nLIGHT, Inc. (LASR) had negative free cash flow of $10.1M in fiscal year 2024, likely due to heavy capital investments.