Laser Photonics Announces First Quarter 2024 Results
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.
- Revenue increased 10% to $0.7 million.
- Operating loss decreased 39.2% to $0.5 million.
- Net loss and diluted loss per share decreased 57% each to $0.5 million and $0.06.
- Significant customer orders from diverse industries.
- New distribution agreements with major players Fastenal Company and ISL.
- Gross profit decreased 4.9% to $0.4 million.
- Gross margin fell to 52.0% from 60.1% in Q1 2023.
Insights
Laser Photonics Corporation's first quarter results show a mix of positive and negative indicators for retail investors. The headline figure is the
It's interesting to see that CleanTech products account for over
The drop in gross margin due to the sales of lower power systems is a significant detail here. Lower power laser systems generally have lower profit margins compared to high-power systems. This reflects in the
Revenue increased
ORLANDO, FL / ACCESSWIRE / May 14, 2024 / Laser Photonics Corporation (NASDAQ:LASE), ("LPC"), a leading global developer of CleanTech laser systems for laser cleaning and other material applications, today announced results for its first quarter ended March 31, 2024.
Wayne Tupuola, CEO of Laser Photonics, commented: "Our first quarter generally showed positive momentum with
First Quarter Financial Highlights (FY24 vs FY23)
- Revenue increased
9.9% to$0.7 million ; - Gross Profit decreased
4.9% to$0.4 million ; Gross Margin decreased to52.0% from60.1% ; - GAAP Operating loss decreased
39.2% to ($0.5) million versus ($0.9) million ; - GAAP Net Loss and Loss per Share decreased
56.6% to ($0.5) million and57.1% to ($0.06) versus ($1.3) million and ($0.14) , respectively.
| Select Financial Metrics 2024 Versus 2023 | |||||||||||||
(in $M except for EPS) | 1Q24 | 1Q23 | Change | ||||||||||
Revenue | $ | 0.7 | $ | 0.7 | 9.9 | % | |||||||
Gross Profit | $ | 0.4 | $ | 0.4 | -4.9 | % | |||||||
Gross Margin | 52.0 | % | 60.1 | % | |||||||||
Operating Loss | $ | (0.5 | ) | $ | (0.9 | ) | 39.2 | % | |||||
Net Loss | $ | (0.5 | ) | $ | (1.3 | ) | 56.6 | % | |||||
Diluted Loss per Share (EPS) | $ | (0.06 | ) | $ | (0.14 | ) | 57.1 | % | |||||
*numbers may not add due to rounding | |||||||||||||
First Quarter Business Highlights
Announced Customer Orders
- Pima Air & Space Museum acquired a CleanTech LPC-1000-CTHS Laser Cleaning System
- Liberty Utilities acquired a Markstar Pro Laser Marking System
- Mine System Solutions acquired a CleanTech LPC-3000-CTHD and a MarkStar Pro Laser Marking System
- Sustainable Solutions Co., Ltd. acquired a CleanTech LPC-500-CTHD Laser Cleaning System
- Karavan Trailers, LLC acquired a CleanTech LPC-1500-CTHD Laser Cleaning System
Distribution Agreements
- Signed a distribution agreement for laser cleaning and personal protective equipment with the Fastenal Company , one of the country's largest industrial distributors
- Established a sales and distribution agreement with Incredible Supply and Logistics (ISL) , a leading national marketer and distributor to the U.S. Government and DoD
Conference Call and Webcast Information
Management will host a conference call and webcast to review the Company's results. Investors can submit questions ahead of time to laser@haydenir.com .
Conference Call Date/Time: Tuesday, May 14, 2024 10:00 a.m. Eastern Time
Toll Free: 1-877-407-3982
Toll/International: 1-201-493-6780
Call me™ Call me™
- Participants can use guest dial-in numbers above and be answered by an operator OR click the Call me™ link for instant telephone access to the event. The Call me™ link will become active 15 minutes before the scheduled start time.
Webcast Location: https://viavid.webcasts.com/starthere.jsp?ei=1671875&tp_key=7948928750
Replay
Toll Free: 1-844-512-2921
Toll/International: 1-412-317-6671
Replay Pin Number: 13746685
Replay Start: Tuesday, May 14, 2024, 12:00 p.m. ET
Replay Expiry: Tuesday, May 28, 2024, at 11:59 p.m. ET
About Laser Photonics Corporation
Laser Photonics is a vertically-integrated manufacturer and R&D Center of Excellence for industrial laser technologies and systems. LPC seeks to disrupt the
Cautionary Note Concerning Forward-Looking Statements
This press release contains "forward-looking statements" (within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended), including statements regarding the Company's plans, prospects, potential results and use of proceeds. These statements are based on current expectations as of the date of this press release and involve a number of risks and uncertainties, which may cause results and uses of proceeds to differ materially from those indicated by these forward-looking statements. These risks include, without limitation, those described under the caption "Risk Factors" in the Registration Statement. Any reader of this press release is cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this press release except as required by applicable laws or regulations.
Laser Photonics Investor Relations Contact:
laser@haydenir.com
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except par value data)
(unaudited)
| Quarter Ended March 31, | ||||||||
| 2024 | 2023 | |||||||
Assets | ||||||||
Current Assets: | ||||||||
Cash and Cash Equivalents | $ | 5,173,125 | $ | 10,815,691 | ||||
Accounts Receivable, Net | 443,309 | 102,239 | ||||||
Inventory | 2,167,000 | 1,274,148 | ||||||
Other Assets | 114,755 | 183,062 | ||||||
Total Current Assets | 7,898,189 | 12,375,140 | ||||||
Property, Plant, & Equipment, Net | 1,013,638 | 1,115,025 | ||||||
Intangible Assets, Net | 4,195,597 | 2,882,236 | ||||||
Operating Lease Right-of-Use Asset | 477,363 | 741,464 | ||||||
Total Assets | $ | 13,584,787 | $ | 17,113,865 | ||||
Liabilities & Stockholders' Equity | ||||||||
Current Liabilities: | ||||||||
Accounts Payable | $ | 306,302 | $ | 408,995 | ||||
BOFA Master CC 7530 | 62,440 | 11,593 | ||||||
Deferred Revenue | 772,686 | - | ||||||
Current Portion of Operating Lease | 314,373 | 344,510 | ||||||
Accrued Expenses | 16,567 | 77,929 | ||||||
Total Current Liabilities | 1,472,368 | 843,027 | ||||||
Long Term Liabilities: | ||||||||
Lease liability - less current | 162,991 | 162,991 | ||||||
Total Long Term Liabilities | 162,991 | 162,991 | ||||||
Total Liabilities | $ | 1,635,359 | $ | 1,006,018 | ||||
Stockholders' Equity: | ||||||||
Preferred stock Par value | - | - | ||||||
Common Stock Par Value | 92,703 | 78,783 | ||||||
Additional Paid in Capital | 18,110,923 | 18,140,520 | ||||||
Shares to be issued | - | 829,500 | ||||||
Retained Earnings (Deficit) | (5,683,247 | ) | (1,917,315 | ) | ||||
Treasury Stock | (25,240 | ) | - | |||||
Net Income (Loss) | (545,709 | ) | (1,257,605 | ) | ||||
Total Stockholders' Equity | $ | 11,949,430 | $ | 15,873,883 | ||||
Total Liabilities & Stockholders' Equity | $ | 13,584,789 | $ | 16,879,901 | ||||
STATEMENTS OF PROFIT AND LOSS
(in thousands, except per share data)
(unaudited)
Quarter Ended March 31, | ||||||||
| 2024 | 2023 | |||||||
Net Sales | $ | 742,991 | $ | 676,192 | ||||
Cost of Sales | 357,123 | 269,897 | ||||||
Other Income | - | - | ||||||
Gross Profit | $ | 385,868 | $ | 406,295 | ||||
Operating Expenses: | ||||||||
Sales & Marketing | 136,610 | 262,925 | ||||||
General & Administrative | 356,265 | 575,866 | ||||||
Depreciation & Amortization | 185,316 | 83,137 | ||||||
Payroll Expenses | 208,455 | 343,702 | ||||||
Other Expense | - | - | ||||||
Research and Development Cost | 47,691 | 40,254 | ||||||
Total Operating Expenses | 934,338 | 1,305,882 | ||||||
Operating Income (Loss) | $ | (548,470 | ) | $ | (899,588 | ) | ||
Other Income (Expenses): | ||||||||
Interest Expense | - | - | ||||||
Total Other Income (Loss) | 2,760 | (358,017 | ) | |||||
Income (Loss) Before Tax | $ | (545,709 | ) | $ | (1,257,605 | ) | ||
Tax Provision | 0 | |||||||
Net Income (Loss) | $ | (545,709 | ) | $ | (1,257,605 | ) | ||
Income (Loss) per Share: | ||||||||
Basic | $ | (0.06 | ) | $ | (0.14 | ) | ||
Diluted | $ | (0.06 | ) | $ | (0.14 | ) | ||
Weighted Average Shares Outstanding, Basic | 9,008,910 | 6,034,952 | ||||||
STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
| March 31, | ||||||||
| 2024 | 2023 | |||||||
Cash Flows From: | ||||||||
OPERATING ACTIVITIES | ||||||||
Net Income (Loss) | $ | (545,709 | ) | $ | (1,257,605 | ) | ||
Adjustments to Reconcile Net Income (Loss) to Net Cash Flow from Operating Activities: | ||||||||
Shares issued on conversion of debt | - | - | ||||||
Shares to be issued as consideration for services | - | |||||||
Shares issued for compensation | 33,336 | |||||||
Distribution to affiliate | (1,019,687 | ) | ||||||
Depreciation & Amortization | 185,316 | 83,137 | ||||||
Net Change, Right-of-Use Asset & Liabilities | - | |||||||
Change in Operating Assets & Liabilities: | ||||||||
Accounts Receivable | 373,055 | 319,123 | ||||||
Inventory | 110,816 | (228,129 | ) | |||||
Prepaids & Other Current Assets | (75,565 | ) | (98,942 | ) | ||||
Stock Account | ||||||||
Accounts Payable | 83,261 | 218,608 | ||||||
Accrued Expenses | (82,531 | ) | (351,500 | ) | ||||
21030 ?? Deferred Revenue | 71,453 | |||||||
Net Cash From (Used In) Operating Activities | $ | (866,257 | ) | $ | (1,315,308 | ) | ||
INVESTING ACTIVITIES | ||||||||
Purchase of Machinery & Equipment | (2,869 | ) | (1,399 | ) | ||||
Affiliate companies | (1 | ) | ||||||
Purchase of R&D Equipment | (4,095 | ) | - | |||||
Demonstration Equipment | - | - | ||||||
Office & Computer Equipment | (3,738 | ) | (49,402 | ) | ||||
Leasehold Improvements | (151,052 | ) | ||||||
Purchase of Intangible Assets | - | |||||||
Net Cash From (Used In) Investing Activities | $ | (161,754 | ) | $ | (50,801 | ) | ||
FINANCING ACTIVITIES | ||||||||
Proceeds from (Repayment of) Notes | - | - | ||||||
Proceeds from (Repayment of) PPP Loan | ||||||||
Dividends Paid | - | - | ||||||
Proceeds from Sale of Common Stock | ||||||||
Net Cash From (Used In) Financing Activities | - | - | ||||||
Net Cash Flow for Period | $ | (1,028,011 | ) | $ | (1,366,109 | ) | ||
Cash - Beginning of Period | 6,201,137 | 12,181,799 | ||||||
Cash - End of Period | $ | 5,173,126 | $ | 10,815,690 | ||||
SOURCE: Laser Photonics Corp.
View the original press release on accesswire.com
FAQ
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