Revenue growth has accelerated to 55.2% in 2026Q1, though gross margins remain sensitive to fixed costs, recovering to 33.1% from a 2.4% low in 2024Q4.
| Sales/Revenue | 289.84M | 261.33M | 198.55M | 209.92M | 242.06M | 270.15M | 222.79M | 176.62M | 191.36M | 138.58M | 101.33M |
| Revenue Growth % | 40.91% | 31.62% | -5.42% | -13.28% | -10.4% | 21.26% | 26.14% | -7.7% | 38.09% | 36.77% | - |
| Cost of Goods Sold | 199.17M | 183.37M | 165.53M | 163.81M | 191.24M | 192.84M | 163.43M | 124.28M | 124.4M | 94.31M | 78.16M |
| COGS % of Revenue | - | 70.17% | 83.37% | 78.03% | 79% | 71.38% | 73.35% | 70.37% | 65.01% | 68.05% | 77.14% |
| Gross Profit | 90.68M | 77.96M | 33.02M | 46.11M | 50.82M | 77.31M | 59.36M | 52.34M | 66.96M | 44.27M | 23.17M |
| Gross Margin % | 31.28% | 29.83% | 16.63% | 21.97% | 21% | 28.62% | 26.65% | 29.63% | 34.99% | 31.95% | 22.86% |
| Gross Profit Growth % | - | 136.12% | -28.4% | -9.26% | -34.26% | 30.23% | 13.42% | -21.84% | 51.24% | 91.12% | - |
| Operating Expenses | 108.04M | 104.51M | 98.66M | 92.88M | 105.92M | 107.52M | 80.41M | 62.25M | 49.9M | 34.48M | 32.5M |
| OpEx % of Revenue | - | 39.99% | 49.69% | 44.24% | 43.76% | 39.8% | 36.09% | 35.24% | 26.08% | 24.88% | 32.08% |
| Selling, General & Admin | 57.25M | 54.19M | 49.26M | 45.9M | 48.26M | 52.71M | 39.25M | 34.11M | 28.84M | 19.35M | 17.27M |
| SG&A % of Revenue | - | 20.74% | 24.81% | 21.86% | 19.94% | 19.51% | 17.62% | 19.31% | 15.07% | 13.97% | 17.04% |
| Research & Development | 48.44M | 47.97M | 45.11M | 46.16M | 53.77M | 54.81M | 41.16M | 28.14M | 21.05M | 15.12M | 15.24M |
| R&D % of Revenue | - | 18.36% | 22.72% | 21.99% | 22.21% | 20.29% | 18.48% | 15.93% | 11% | 10.91% | 15.04% |
| Other Operating Expenses | 1.61M | 2.35M | 4.29M | 817K | 3.89M | 0 | 0 | 0 | -253K | 0 | 0 |
| Operating Income | -17.36M | -26.55M | -65.64M | -46.77M | -55.1M | -30.22M | -21.05M | -9.91M | 17.06M | 9.8M | -9.34M |
| Operating Margin % | -5.99% | -10.16% | -33.06% | -22.28% | -22.76% | -11.19% | -9.45% | -5.61% | 8.92% | 7.07% | -9.22% |
| Operating Income Growth % | - | 59.55% | -40.35% | 15.13% | -82.35% | -43.56% | -112.41% | -158.07% | 74.15% | 204.93% | - |
| EBITDA | -3.59M | -25.64M | -48.04M | -30.74M | -39.4M | -15.16M | -7.36M | -345K | 25.35M | 17.72M | -1.24M |
| EBITDA Margin % | -1.24% | -9.81% | -24.2% | -14.64% | -16.28% | -5.61% | -3.3% | -0.2% | 13.25% | 12.79% | -1.22% |
| EBITDA Growth % | 91.78% | 46.62% | -56.3% | 22% | -159.95% | -105.87% | -2034.2% | -101.36% | 43.06% | 1530.19% | - |
| D&A (Non-Cash Add-back) | 13.77M | 908K | 17.6M | 16.03M | 15.7M | 15.06M | 13.69M | 9.56M | 8.29M | 7.92M | 8.1M |
| EBIT | -13.38M | -20.86M | -61.34M | -45.95M | -51.21M | -30.22M | -21.05M | -9.91M | 16.98M | 9.8M | -9.34M |
| Net Interest Income | 2.67M | 3.05M | 1.67M | 1.34M | 529K | -163K | 78K | 2.61M | 728K | -1.27M | -2.23M |
| Interest Income | 4.83M | 4.95M | 1.67M | 1.34M | 529K | 0 | 78K | 2.61M | 728K | 0 | 0 |
| Interest Expense | 2.16M | 1.91M | 0 | 0 | 0 | 163K | 0 | 0 | 0 | 1.27M | 2.23M |
| Other Income/Expense | 3.25M | 3.78M | 4.77M | 4.12M | 867K | 173K | 456K | 3.14M | 475K | -3.1M | -2.98M |
| Pretax Income | -14.11M | -22.77M | -60.87M | -42.65M | -54.23M | -30.04M | -20.59M | -6.76M | 17.54M | 6.7M | -12.32M |
| Pretax Margin % | -4.87% | -8.71% | -30.66% | -20.32% | -22.41% | -11.12% | -9.24% | -3.83% | 9.16% | 4.83% | -12.16% |
| Income Tax | 615K | 699K | -76K | -978K | 344K | -375K | 340K | 6.12M | 3.6M | 4.86M | 1.88M |
| Effective Tax Rate % | -4.36% | -3.07% | 0.12% | 2.29% | -0.63% | 1.25% | -1.65% | -90.45% | 20.53% | 72.56% | -15.28% |
| Net Income | -14.73M | -23.47M | -60.79M | -41.67M | -54.58M | -29.67M | -20.93M | -12.88M | 13.94M | 1.84M | -14.2M |
| Net Margin % | -5.08% | -8.98% | -30.62% | -19.85% | -22.55% | -10.98% | -9.4% | -7.29% | 7.28% | 1.33% | -14.02% |
| Net Income Growth % | 73.28% | 61.4% | -45.89% | 23.65% | -83.96% | -41.74% | -62.47% | -192.44% | 658.74% | 112.93% | - |
| Net Income (Continuing) | -14.73M | -23.47M | -60.79M | -41.67M | -54.58M | -29.67M | -20.93M | -12.88M | 13.94M | 1.84M | -14.2M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.25 | -0.48 | -1.27 | -0.90 | -1.23 | -0.70 | -0.55 | -0.35 | 0.47 | 0.06 | -0.49 |
| EPS Growth % | 73.54% | 62.2% | -41.11% | 26.83% | -75.71% | -27.27% | -57.14% | -174.47% | 683.33% | 112.24% | - |
| EPS (Basic) | - | -0.48 | -1.27 | -0.90 | -1.23 | -0.70 | -0.55 | -0.35 | 0.47 | 0.07 | -0.55 |
| Diluted Shares Outstanding | 59.98M | 50.93M | 47.9M | 46.08M | 44.44M | 42.14M | 38.37M | 37.12M | 29.96M | 29.12M | 29.12M |
| Basic Shares Outstanding | 54.12M | 50.93M | 47.9M | 46.08M | 44.44M | 42.14M | 38.37M | 37.12M | 29.76M | 25.83M | 25.83M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - |
High fixed cost sensitivity
According to recent financial filings, nLIGHT has achieved a notable revenue acceleration, with year-over-year growth reaching 55.2% in 2026Q1, signaling a successful pivot away from legacy industrial markets toward higher-value aerospace and defense applications that appear to be driving current top-line momentum.
The recent surge in revenue suggests that the company's strategic realignment is beginning to gain traction, moving beyond the volatility of the Chinese industrial sector. Investors should monitor whether this growth trajectory is sustainable or if it remains dependent on the lumpy, milestone-based nature of government-funded Advanced Development contracts.
As reported in quarterly statements, nLIGHT's gross margin reached 33.1% in 2026Q1, marking a significant recovery from the 2.4% trough observed in 2024Q4, though the company continues to struggle with the high fixed-cost burden inherent in its vertically integrated semiconductor fabrication model.
The improvement in gross margin appears to be a direct result of increased factory utilization as production volumes scale. However, the structural reliance on internal wafer fabrication means that any future slowdown in demand could quickly compress margins, necessitating a closer look at the company's ability to maintain pricing power in competitive laser markets.
Based on the provided income statement data, nLIGHT has yet to achieve consistent operating leverage, as operating expenses remain elevated relative to revenue, resulting in a near-breakeven operating margin of -0.5% in 2026Q1 despite the substantial top-line expansion observed over the last several quarters.
While the company is narrowing its operating losses, the persistence of negative operating margins suggests that the current revenue scale is insufficient to absorb the high R&D and SG&A costs required for its specialized technology. Future profitability appears contingent on the company's ability to grow revenue significantly faster than its fixed operating expense base.
Analysis of recent filings indicates that stock-based compensation remains a material factor in the company's financial profile, with $11.6 million recorded in 2025Q4 alone, which complicates the interpretation of GAAP net income and suggests a persistent dilution risk for shareholders during this pre-profitability phase.
The reliance on equity-based incentives to manage cash burn warrants further investigation, as it effectively shifts the cost of operations from the income statement to the equity base. Investors should consider the impact of this ongoing dilution when evaluating the company's long-term path to GAAP-positive earnings.
Quick answers to the most common questions about buying LASR stock.
For fiscal year 2025, nLIGHT, Inc. (LASR) reported total revenue of $261.3M. This represents a 157.9% increase compared to $101.3M in 2016.
nLIGHT, Inc. (LASR) reported a net loss of $23.5M for the fiscal year ending 2025.
nLIGHT, Inc. (LASR) reported an operating income of $-26.6M, resulting in an operating profit margin of -10.2%. This margin reflects the operational efficiency of the business before interest and taxes.
nLIGHT, Inc. (LASR) generated $78.0M in gross profit for the year, representing a gross profit margin of 29.8%. This demonstrates the company's core pricing power and production efficiency.