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Laser Photonics Announces Second Quarter 2024 Results

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Laser Photonics (NASDAQ:LASE) reported Q2 2024 results, showing a revenue decline to $0.6 million from $1.0 million in Q2 2023. The company experienced a 35.4% decrease in revenue and a 53.7% drop in gross profit. Operating loss widened to $(2.1) million from $(0.7) million year-over-year. Despite the decline, CleanTech products represented over 80% of sales. CEO Wayne Tupuola emphasized focus on market penetration for CleanTech, development of new product lines, and optimization of manufacturing processes. The company introduced new products, including updates to the CleanTech series and the SaberTech line of laser cutting systems. LPC also announced a partnership with Echelon 1 Solutions to bring CleanTech laser systems to Department of Defense customers.

Laser Photonics (NASDAQ:LASE) ha riportato i risultati del secondo trimestre 2024, mostrando un calo dei ricavi a $0,6 milioni rispetto a $1,0 milioni nel secondo trimestre 2023. L'azienda ha registrato una decurtazione dei ricavi del 35,4% e una riduzione del 53,7% del profitto lordo. La perdita operativa è aumentata a $(2,1) milioni rispetto a $(0,7) milioni anno su anno. Nonostante il calo, i prodotti CleanTech hanno rappresentato oltre l'80% delle vendite. Il CEO Wayne Tupuola ha sottolineato l'importanza della penetrazione di mercato per CleanTech, dello sviluppo di nuove linee di prodotti e dell'ottimizzazione dei processi di produzione. L'azienda ha presentato nuovi prodotti, inclusi aggiornamenti alla serie CleanTech e alla linea SaberTech di sistemi di taglio laser. LPC ha anche annunciato una partnership con Echelon 1 Solutions per fornire i sistemi laser CleanTech ai clienti del Dipartimento della Difesa.

Laser Photonics (NASDAQ:LASE) informó sobre los resultados del segundo trimestre de 2024, mostrando una disminución de ingresos a $0.6 millones desde $1.0 millones en el segundo trimestre de 2023. La compañía experimentó una disminución del 35.4% en los ingresos y una caída del 53.7% en la ganancia bruta. La pérdida operativa se amplió a $(2.1) millones desde $(0.7) millones año tras año. A pesar de la disminución, los productos CleanTech representaron más del 80% de las ventas. El CEO Wayne Tupuola enfatizó la importancia de la penetración de mercado para CleanTech, el desarrollo de nuevas líneas de productos y la optimización de los procesos de fabricación. La empresa presentó nuevos productos, incluidos actualizaciones a la serie CleanTech y la línea SaberTech de sistemas de corte láser. LPC también anunció una asociación con Echelon 1 Solutions para llevar los sistemas láser CleanTech a los clientes del Departamento de Defensa.

레이저 포토닉스 (NASDAQ:LASE)는 2024년 2분기 실적을 발표하며 수익이 2023년 2분기 $1.0 백만에서 $0.6 백만으로 감소했다고 보고했습니다. 이 회사는 수익이 35.4% 감소하고 총 이익이 53.7% 감소했다고 전했습니다. 운영 손실은 YoY에서 $(0.7) 백만에서 $(2.1) 백만으로 확대되었습니다. 감소에도 불구하고 CleanTech 제품은 판매의 80% 이상을 차지했습니다. CEO 웨인 투폴라는 CleanTech 시장 침투, 새로운 제품 라인 개발 및 제조 프로세스 최적화에 집중하겠다고 강조했습니다. 이 회사는 CleanTech 시리즈와 SaberTech 레이저 절단 시스템의 업데이트를 포함한 새로운 제품을 소개했습니다. LPC는 또한 CleanTech 레이저 시스템을 국방부 고객에게 제공하기 위해 Echelon 1 Solutions와 파트너십을 발표했습니다.

Laser Photonics (NASDAQ:LASE) a publié les résultats du deuxième trimestre 2024, montrant une baisse de ses revenus à 0,6 million de dollars contre 1,0 million de dollars au deuxième trimestre 2023. L'entreprise a connu une baisse de 35,4% des revenus et une chute de 53,7% du bénéfice brut. La perte opérationnelle s'est creusée, passant de $(0,7) million à $(2,1) millions d'une année sur l'autre. Malgré cette baisse, les produits CleanTech ont représenté plus de 80% des ventes. Le PDG Wayne Tupuola a souligné l'importance de la pénétration du marché pour CleanTech, du développement de nouvelles gammes de produits et de l'optimisation des processus de fabrication. L'entreprise a introduit de nouveaux produits, y compris des mises à jour de la série CleanTech et de la ligne SaberTech des systèmes de découpe laser. LPC a également annoncé un partenariat avec Echelon 1 Solutions pour fournir des systèmes laser CleanTech aux clients du département de la Défense.

Laser Photonics (NASDAQ:LASE) hat die Ergebnisse des zweiten Quartals 2024 veröffentlicht, die einen Rückgang der Einnahmen auf 0,6 Millionen USD von 1,0 Millionen USD im zweiten Quartal 2023 zeigen. Das Unternehmen erlebte einen Rückgang der Einnahmen um 35,4% und einen Rückgang des Bruttoertrags um 53,7%. Der operative Verlust weitete sich von $(0,7) Millionen im Vorjahr auf $(2,1) Millionen aus. Trotz des Rückgangs machten CleanTech-Produkte über 80% des Umsatzes aus. CEO Wayne Tupuola betonte die Fokussierung auf die Marktdurchdringung von CleanTech, die Entwicklung neuer Produktlinien und die Optimierung der Fertigungsprozesse. Das Unternehmen führte neue Produkte ein, darunter Aktualisierungen der CleanTech-Serie und die SaberTech-Linie von Laserschneidsystemen. LPC kündigte auch eine Partnerschaft mit Echelon 1 Solutions an, um CleanTech-Lasersysteme an Kunden des Verteidigungsministeriums zu bringen.

Positive
  • CleanTech products represented over 80% of sales in Q2 2024
  • Partnership announced with Echelon 1 Solutions to bring CleanTech laser systems to DoD customers
  • Introduction of new products including updated CleanTech series and SaberTech laser cutting systems
  • Successful early testing of Laser Shield Anti-Drone System prototype
Negative
  • Revenue decreased by 35.4% to $0.6 million in Q2 2024 compared to Q2 2023
  • Gross profit declined by 53.7% to $0.3 million in Q2 2024
  • Operating loss widened to $(2.1) million from $(0.7) million year-over-year
  • Net loss increased to $(2.1) million from $(0.7) million in Q2 2023
  • Diluted loss per share worsened to $(0.20) from $(0.09) in Q2 2023

Insights

Laser Photonics' Q2 2024 results reveal significant challenges. Revenue declined by 35.4% year-over-year to $0.6 million, while the net loss widened to $2.1 million from $0.7 million. The gross margin contracted sharply from 70.6% to 50.6%, indicating potential pricing pressures or inefficiencies. The operating loss tripled, suggesting difficulties in controlling costs amid declining revenues.

While management cites order delays due to customers' capex reviews, the substantial increase in losses raises concerns about the company's financial health. The focus on CleanTech (over 80% of sales) and new product development may be promising, but the current financial trajectory is unsustainable without significant improvements in revenue generation and cost management.

Laser Photonics' product developments show promise in diversifying its portfolio. The introduction of the SaberTech line with Turbo Piercing technology for laser cutting and the CleanTech series upgrades with mobile connectivity demonstrate efforts to stay competitive. The early testing of the Laser Shield Anti-Drone System (LSAD) prototype hints at potential entry into the growing anti-drone market.

However, the revenue decline suggests these innovations haven't yet translated into sales. The partnership with Echelon 1 Solutions could open doors in the defense sector, but it's important for LPC to accelerate market penetration and commercialization of these new technologies to reverse the negative financial trend.

ORLANDO, FL / ACCESSWIRE / August 29, 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 second quarter ended June 30, 2024.

Wayne Tupuola, CEO of Laser Photonics, commented:

"While our second quarter reflected a revenue decline due to pushouts in timing for expected orders that were delayed resulting from customers' internal capex review processes, we are encouraged by the mix of CleanTech representing over 80% of our sales during the quarter.

"Looking ahead, we are focused on market penetration activities for CleanTech, developing and commercializing leading edge new product lines for defense applications, laser cutting, semiconductor equipment and additive manufacturing while also optimizing our manufacturing and procurement processes to enhance our gross margin profile. We believe these efforts, combined with our ongoing investments in sales, marketing and strategic partnerships, will position us for stronger performance in the latter half of the year and 2025. We remain dedicated to delivering high-value solutions to our customers and driving long-term growth for our shareholders."

Financial Highlights: (Q224 vs. Q223)

  • Revenue: $0.6 million compared to $1.0 million;

  • Gross Profit: $0.3 million compared to $0.7 million;

  • Operating Loss: ($2.1) million compared to ($0.7) million;

  • Net Loss: ($2.1) million from ($0.7) million;

  • Loss per Share: ($0.20) compared to ($0.09).

Select Financial Metrics*

(in $M except for EPS)

2Q24

2Q23

Change

YTD 2024

YTD 2023

Change

Revenue

$

0.6

$

1.0

-35.4

%

$

1.4

$

1.6

-16.8

%

Gross Profit

$

0.3

$

0.7

-53.7

%

$

0.7

$

1.1

-35.5

%

Gross Margin

50.6

%

70.6

%

51.3

%

66.3

%

%

Operating Loss

$

(2.1

)

$

(0.7

)

-211.2

%

$

(3.7

)

$

(1.6

)

-133.2

%

Net Loss

$

(2.1

)

$

(0.7

)

-211.3

%

$

(3.7

)

$

(1.9

)

-90.0

%

Diluted Loss per Share (EPS)

$

(0.20

)

$

(0.09

)

-122.2

%

$

(0.37

)

$

(0.25

)

-48.0

%

*numbers may not add due to rounding

Second Quarter Business Highlights

Announced Customer Orders:

  • ES Fox purchased a CleanTech 500-CTHD laser cleaning system.

Partnerships:

  • Announced a partnership with Echelon 1 Solutions, a provider of turn-key solutions to solve complex military supply chain, space utilization, and space optimization problems, to help bring LPC CleanTech laser systems to Department of Defense (DoD) customers.

Products:

  • Announced the successful early testing of Fonon's Laser Shield Anti-Drone System (LSAD) prototype at LPC's testing facility. The LSAD is a cutting-edge solution in development for the deterrence of unauthorized drone activity;

  • Updated the CleanTech series, featuring mobile connectivity for remote monitoring and control, a new compact form factor for the scan head and smart overheat protection for added safety;

  • Introduced the SaberTech line of high-power laser cutting systems featuring material distortion reducing Turbo Piercing technology.

Management's Second Quarter Commentary

Management has posted its second quarter of 2024 commentary on the LPC investor page. Investors can access it here: https://invest.laserphotonics.com/

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 $46 billion, centuries-old sand and abrasives blasting markets, focusing on surface cleaning, rust removal, corrosion control, de-painting and other laser-based industrial applications. LPC's new generation of leading-edge laser blasting technologies and equipment also addresses the numerous health, safety, environmental, and regulatory issues associated with the old methods. As a result, LPC has quickly gained a reputation as an industry leader for industrial laser systems with a brand that stands for quality, technology and product innovation. Currently, world-renowned and Fortune 1000 manufacturers in the aerospace, automotive, defense, energy, industrial, maritime, space exploration and shipbuilding industries are using LPC's "unique-to-industry" systems. For more information, visit www.laserphotonics.com.

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)

As of

As of

June 30, 2024

December 31, 2023

Assets

Current Assets:

Cash and Cash Equivalents

$

2,747,633

$

6,201,137

Accounts Receivable, Net

446,016

816,364

Inventory

2,105,421

2,237,455

Other Assets

405,638

39,190

Total Current Assets

5,704,708

9,294,146

Property, Plant, & Equipment, Net

923,675

952,811

Intangible Assets, Net

4,077,662

4,279,987

Operating Lease Right-of-Use Asset

374,559

597,143

Total Assets

$

11,080,604

$

15,124,087

Liabilities & Stockholders' Equity

Current Liabilities:

Accounts Payable

$

198,236

$

223,040

Deferred Revenue

116,564

213,114

Current Portion of Operating Lease

197,614

434,152

Accrued Expenses

107,614

161,538

Total Current Liabilities

620,028

1,031,844

Long Term Liabilities:

Lease liability - less current

176,945

162,991

Total Long Term Liabilities

176,945

162,991

Total Liabilities

796,973

1,194,835

Stockholders' Equity:

Preferred stock Par value $0.001: 10,000,000 shares authorized. 0 Issued: shares were outstanding as of March 31, 2024, and December 31, 2023

-

-

Common Stock Par Value $0.001: 100,000,000 shares authorized; 12,270,427 and 9,253,419 issued and outstanding as of June 30, 2024, and December 31, 2023 *

12,270

9,253

Additional Paid in Capital

19,211,044

19,180,725

Retained Earnings (Deficit)

(8,914,443

)

(5,235,486

)

Treasury Stock

(25,240

)

(25,240

)

Total Stockholders' Equity

10,283,631

13,929,252

Total Liabilities & Stockholders' Equity

$

11,080,604

$

15,124,087

STATEMENTS OF PROFIT AND LOSS
(in thousands, except per share data)
(unaudited)

Three Months Ended

Six Months Ended

June 30, 2024

June 30,
2023
(Restated)

June 30, 2024

June 30,
2023
(Restated)

Net Sales

$

623,435

$

965,440

$

1,366,426

$

1,641,632

Cost of Sales

308,081

283,864

665,204

553,761

Gross Profit

315,354

681,576

701,222

1,087,871

Operating Expenses:

Sales & Marketing

266,282

522,918

402,891

785,842

General & Administrative

1,615,082

393,352

2,991,035

969,217

Depreciation & Amortization

245,894

100,947

431,210

184,084

Payroll Expenses

238,703

302,409

447,158

646,111

Research and Development Cost

60,232

40,205

107,923

80,459

Total Operating Expenses

2,426,194

1,359,831

4,380,217

2,665,713

Operating Income (Loss)

(2,110,839

)

(678,255

)

(3,678,995

)

(1,577,842

)

Other Income (Expenses):

Total Other Income (Loss)

(2,723

)

(639

)

37

(358,657

)

Income (Loss) Before Tax

(2,113,562

)

(678,894

)

(3,678,958

)

(1,936,499

)

Tax Provision

0

0

0

0

Net Income (Loss)

$

(2,113,562

)

$

(678,894

)

$

(3,678,958

)

$

(1,936,499

)

Deemed Dividend from Software Acquisition

(6,615,000

)

0

(6,615,000

)

0

Net Comprehensive loss attributed to Common Shareholders

(8,728,562

)

(678,894

)

(10,293,958

)

(1,936,499

)

Earnings (Loss) per Share:

Basic and Diluted

$

(0.20

)

$

(0.09

)

$

(0.37

)

$

(0.25

)

Loss per share (attributable to common shareholders)

$

(0.82

)

$

(0.09

)

$

(1.04

)

$

(0.25

)

Weighted Average of Shares Outstanding

10,589,108

7,878,419

9,924,908

7,878,419

SOURCE: Laser Photonics Corp.



View the original press release on accesswire.com

FAQ

What was Laser Photonics' (LASE) revenue for Q2 2024?

Laser Photonics reported revenue of $0.6 million for Q2 2024, a 35.4% decrease from $1.0 million in Q2 2023.

How did Laser Photonics' (LASE) gross profit change in Q2 2024?

Laser Photonics' gross profit decreased by 53.7% to $0.3 million in Q2 2024, compared to $0.7 million in Q2 2023.

What was the main product focus for Laser Photonics (LASE) in Q2 2024?

CleanTech products represented over 80% of Laser Photonics' sales during Q2 2024, indicating a strong focus on this product line.

Did Laser Photonics (LASE) announce any new partnerships in Q2 2024?

Yes, Laser Photonics announced a partnership with Echelon 1 Solutions to bring CleanTech laser systems to Department of Defense customers.

Laser Photonics Corporation

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