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Laser Photonics (NASDAQ: LASE) announced a significant order from E.S. Fox for its CleanTech 500-CTHD laser cleaning system, intended for use at Bruce Power in Ontario, the largest nuclear power plant in North America. The decision involved active participation from Bruce Power's employee unions, emphasizing the technology's safety and environmental benefits.
This collaboration aims to set a precedent for other nuclear facilities, promoting the shift from traditional abrasive cleaning methods to advanced laser cleaning. The CleanTech system requires no chemicals, reduces health risks, and minimizes waste, aligning with Bruce Power's Vacuum Building Outage program slated for April 2024, which involves periodic safety inspections and maintenance.
Laser Photonics (NASDAQ:LASE), a leader in CleanTech laser systems, announced its Q1 2024 financial results. The company reported a 10% increase in revenue to $0.7 million, despite a 4.9% decrease in gross profit to $0.4 million and a reduction in gross margin to 52.0% from 60.1% in Q1 2023. Operating loss decreased by 39.2% to $0.5 million, and net loss and diluted loss per share both decreased by 57% to $0.5 million and $0.06, respectively. Key customer orders included acquisitions from Pima Air & Space Museum, Liberty Utilities, Mine System Solutions, Sustainable Solutions Co., , and Karavan Trailers. Additionally, new distribution agreements were signed with Fastenal Company and Incredible Supply and Logistics (ISL). The company aims to refine production processes and improve cost efficiency in manufacturing to enhance future gross margins.
Laser Photonics (LPC) (NASDAQ: LASE) announces the launch of a redesigned website with enhanced user experience, AI integration, improved chat bot, and educational resources for industry professionals. The new website aims to provide visitors with easier access to products, technical information, industry-specific use cases, and investor relations materials. LPC's redesigned site will feature intuitive navigation, optimized loading times, and interactive tools to enhance user experience while showcasing the company's commitment to innovation and growth.
Fonon Technologies and Laser Photonics (NASDAQ: LASE) are joining forces to co-host an exhibit booth at MegaRust 2024, a trade show focusing on corrosion control solutions for naval services. The event will showcase advanced laser systems such as the CleanTech Handheld LPC-1500-AC and DefenseTech products to help professionals in the defense industry combat corrosion effectively.
Laser Photonics (LPC) (NASDAQ: LASE) opened a new state-of-the-art Customer Experience Center (CEC) to showcase their laser technology to customers. The 9,000-square-foot facility offers interactive demonstrations, hands-on experiences, and virtual tours for prospective clients. The CEC aims to enhance customer understanding of LPC's solutions and how they can benefit different industries. The center also provides remote engagement opportunities for customers across the country. Wayne Tupuola, CEO of LPC, highlighted the importance of the CEC in improving customer relationships, sales processes, and client communication.
Laser Photonics (NASDAQ: LASE) introduced the CleanTech CR-3030, a compact laser cleaning system that is smaller and lighter than previous models, offering the same performance with improved safety features. The system features an air-cooling system, reducing its size by 85% and weight by 70%. The new Laser Head Overheat Protection and Smartphone App enhance user experience and safety.
