Laser Photonics Lands Sale With Acuren, Leader in Nondestructive Testing Services

Rhea-AI Summary

Laser Photonics (NASDAQ: LASE) has announced a sale and potential partnership with Acuren's U.S. division, a leading provider of nondestructive testing (NDT) services. LPC will deliver its CleanTech Industrial Roughening Laser 3050 (CTIR-3050) to Acuren, marking the beginning of their relationship. The companies are working towards LPC becoming a preferred partner for Acuren's ongoing purchasing program, which could lead to expedited R&D and product customization processes. This collaboration strengthens LPC's presence in North America and opens new business opportunities in the NDT market. The CTIR-3050 is LPC's most powerful handheld laser system for heavy-duty surface treatment applications.

Positive

• Sale of CleanTech Industrial Roughening Laser 3050 to Acuren, a major player in nondestructive testing services
• Potential ongoing partnership with Acuren as a preferred supplier
• Expansion into the nondestructive testing market
• Increased brand recognition in North America
• Possibility of expedited R&D and product customization processes

Negative

• None.

Insights

Financial Analyst

The sale of the CleanTech Industrial Roughening Laser 3050 to Acuren's U.S. division represents a strategic move for Laser Photonics (LPC). While the financial details aren't disclosed, this deal could potentially lead to a significant revenue stream if the partnership agreement materializes. The collaboration with Acuren, a major player in nondestructive testing services, opens up a new market segment for LPC, potentially diversifying its customer base and reducing business risk. However, investors should note that the long-term impact on LPC's financials remains uncertain without specific figures or timelines for the ongoing purchasing program. The stock market might react positively to this news, but prudent investors should wait for more concrete financial implications before making decisions.

Tech Expert

LPC's CleanTech Industrial Roughening Laser 3050 (CTIR-3050) represents a technological advancement in surface treatment applications. Its potential integration into Acuren's nondestructive testing (NDT) services could revolutionize corrosion removal and infrastructure protection processes. The CTIR-3050, being LPC's most powerful handheld laser system, offers superior speed and efficiency for heavy-duty applications. This technology aligns well with Acuren's diverse NDT services, including radiographic and ultrasonic testing. The partnership could lead to further innovations in laser-based NDT techniques, potentially creating a competitive edge for both companies in the industrial inspection and maintenance sector. However, the adoption rate and integration challenges of this new technology into existing NDT workflows remain to be seen.

Market Research Analyst

This deal signifies LPC's strategic entry into the nondestructive testing (NDT) market, a sector with significant growth potential. The global NDT market was valued at $21.95 billion in 2021 and is projected to reach $35.29 billion by 2030, growing at a CAGR of 5.4%. LPC's partnership with Acuren, a major player in this space, could position them to capture a share of this expanding market. The collaboration also enhances LPC's brand visibility in North America, potentially leading to increased market penetration. However, investors should consider the competitive landscape and LPC's ability to scale its operations to meet potential increased demand. The success of this venture will largely depend on the effectiveness of the technology in real-world applications and Acuren's commitment to the partnership.

ORLANDO, Fla.--(BUSINESS WIRE)-- Laser Photonics Corporation (LPC) (NASDAQ: LASE), a leading global developer of industrial laser systems for cleaning and other material processing applications, announced today that it has completed a sale and is working on a partnership agreement with the U.S. division of Acuren, a leading provider of asset protection services through nondestructive testing (NDT) and consulting.

LPC is to deliver its CleanTech Industrial Roughening Laser 3050 (CTIR-3050) to the U.S. Operations of Acuren in a sale that marks the beginning of the two companies’ relationship. The two companies are working together to have LPC join Acuren as a preferred partner for an ongoing purchasing program. This collaboration will provide Acuren with a smooth, expedited path for R&D and product customization processes, paving the way for the continued growth of both companies.

Acuren is one of the world’s largest inspection services companies, offering a wide range of NDT services through radiographic and ultrasonic testing, ground penetrating radar, infrared thermography and rope access technology (RAT). Acuren offers consulting engineering and lab testing services to enterprises in industry segments including chemical, nuclear power, pipeline, refinery, power generation, oil, automotive, aerospace, mining, manufacturing, renewable energy and pulp and paper.

“We are thrilled about working with Acuren – this order represents a major achievement for Laser Photonics as we venture into the nondestructive testing market,” said Wayne Tupuola, CEO of LPC. “Our laser surface treatment technology is a sustainable and efficient solution for corrosion removal and the protection of critical infrastructures.”

This sale strengthens LPC’s expanding presence in North America, increasing the brand’s recognizability amongst industry professionals and opening new business opportunities. The CTIR-3050 is LPC’s most powerful handheld laser system, offering top speed and efficiency for heavy-duty surface treatment applications.

For more information, visit Laser Photonics at https://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. Laser Photonics 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. Laser Photonics’ new generation of leading-edge laser blasting technologies and equipment also addresses the numerous health, safety, environmental and regulatory issues associated with old methods. As a result, Laser Photonics has quickly gained a reputation as a leader in 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, maritime, nuclear and space industries are using Laser Photonics’ “unique-to-industry” systems. For more information, visit https://www.laserphotonics.com.

Cautionary Note Concerning Forward-Looking Statements

This press release contains forward-looking statements within the meaning of applicable securities laws. These statements are based on current expectations as of the date of this press release and involve risks and uncertainties that may cause results and uses of proceeds to differ materially from those indicated by these forward-looking statements. We encourage readers to review the “Risk Factors” in our Registration Statement for a comprehensive understanding. Laser Photonics Corp. undertakes no obligation to revise or update any forward-looking statements, except as required by applicable laws or regulations, to reflect events or circumstances after the date of this press release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240912641906/en/

Investor Relations Contact:

laser@haydenir.com

Media Contact:

Karla Kizzort

Marketing Specialist

Laser Photonics Corporation

kkizzort@laserphotonics.com

Source: Laser Photonics Corporation

FAQ

What product did Laser Photonics (LASE) sell to Acuren?

Laser Photonics sold its CleanTech Industrial Roughening Laser 3050 (CTIR-3050) to Acuren's U.S. division.

How does the Laser Photonics (LASE) and Acuren partnership benefit both companies?

The partnership could provide Acuren with expedited R&D and product customization processes, while offering Laser Photonics increased brand recognition and new business opportunities in the nondestructive testing market.

What markets does Acuren serve that Laser Photonics (LASE) could potentially access?

Acuren serves various industries including chemical, nuclear power, pipeline, refinery, power generation, oil, automotive, aerospace, mining, manufacturing, renewable energy, and pulp and paper.

What is the significance of the CTIR-3050 for Laser Photonics (LASE)?

The CTIR-3050 is Laser Photonics' most powerful handheld laser system, offering top speed and efficiency for heavy-duty surface treatment applications.