nLIGHT, Inc. Announces Second Quarter 2024 Results
nLIGHT (NASDAQ: LASR) reported Q2 2024 revenues of $50.5M, marking a 13% increase QoQ but a 5.2% decrease YoY. Aerospace & Defense sector saw a 26% QoQ growth. The company improved its gross margin to 30%, above the guidance range. Despite this, nLIGHT reported a net loss of $11.7M, or $0.25 per diluted share, compared to a loss of $8.8M in Q2 2023. The company ended the quarter with $115M in cash and no debt. Looking ahead to Q3 2024, nLIGHT projects revenues between $53M and $58M with an overall gross margin of 22%-26% and Adjusted EBITDA between ($2M) to $1M. The company has entered a strategic partnership with EOS in additive manufacturing, aiming for long-term growth in this sector.
nLIGHT (NASDAQ: LASR) ha riportato ricavi di Q2 2024 pari a $50,5 milioni, segnando un aumento del 13% rispetto al trimestre precedente, ma una diminuzione del 5,2% rispetto all'anno precedente. Il settore Aerospaziale e Difesa ha registrato una crescita del 26% trimestre su trimestre. L'azienda ha migliorato il suo margine lordo al 30%, superiore alla gamma prevista. Nonostante ciò, nLIGHT ha registrato una perdita netta di $11,7 milioni, ovvero $0,25 per azione diluita, rispetto a una perdita di $8,8 milioni nel Q2 2023. L'azienda ha concluso il trimestre con $115 milioni in contante e senza debiti. Guardando avanti al Q3 2024, nLIGHT prevede ricavi tra $53 milioni e $58 milioni, con un margine lordo complessivo del 22%-26% e un EBITDA rettificato compreso tra ($2 milioni) e $1 milione. L'azienda ha avviato una partnership strategica con EOS nella manifattura additiva, puntando a una crescita a lungo termine in questo settore.
nLIGHT (NASDAQ: LASR) reportó ingresos de Q2 2024 de $50.5 millones, marcando un aumento del 13% respecto al trimestre anterior, pero una disminución del 5.2% en comparación con el año anterior. El sector de Aeroespacio y Defensa experimentó un crecimiento del 26% trimestre a trimestre. La compañía mejoró su margen bruto al 30%, por encima del rango de orientación. A pesar de esto, nLIGHT reportó una pérdida neta de $11.7 millones, o $0.25 por acción diluida, en comparación con una pérdida de $8.8 millones en Q2 2023. La compañía terminó el trimestre con $115 millones en efectivo y sin deudas. Mirando hacia el Q3 2024, nLIGHT proyecta ingresos entre $53 millones y $58 millones con un margen bruto general del 22%-26% y un EBITDA ajustado de entre ($2 millones) y $1 millón. La compañía ha entrado en una asociación estratégica con EOS en fabricación aditiva, con el objetivo de crecimiento a largo plazo en este sector.
nLIGHT (NASDAQ: LASR)는 2024년 2분기 수익을 $50.5M으로 보고하며, 전분기 대비 13% 증가했으나 지난해 대비 5.2% 감소했습니다. 항공우주 및 방위 분야는 분기 대비 26% 성장했습니다. 회사는 총 마진을 30%로 개선했으며, 이는 예상 범위를 초과했습니다. 그럼에도 불구하고, nLIGHT는 순손실이 $11.7M, 즉 희석 주당 $0.25에 달한다고 보고했으며, 이는 2023년 2분기 $8.8M 손실에 비해 증가한 수치입니다. 회사는 이번 분기를 $115M의 현금과 무부채로 마감했습니다. 2024년 3분기를 앞두고 nLIGHT는 수익을 $53M에서 $58M 사이로 예상하며, 총 총마진은 22%-26%와 조정 EBITDA는 ($2M)에서 $1M 사이로 전망하고 있습니다. 회사는 EOS와 함께 부가가치 제조에 대한 전략적 파트너십을 체결하였으며, 이 분야에서 장기 성장을 목표로 하고 있습니다.
nLIGHT (NASDAQ: LASR) a signalé des revenus pour le 2ème trimestre 2024 de 50,5 millions de dollars, marquant une augmentation de 13% par rapport au trimestre précédent, mais une diminution de 5,2% par rapport à l'année précédente. Le secteur de l'aéronautique et de la défense a connu une croissance de 26% d'un trimestre à l'autre. L'entreprise a amélioré sa marge brute à 30%, au-dessus de la fourchette de prévisions. Malgré cela, nLIGHT a signalé une perte nette de 11,7 millions de dollars, soit 0,25 $ par action diluée, par rapport à une perte de 8,8 millions de dollars au T2 2023. L'entreprise a terminé le trimestre avec 115 millions de dollars en espèces et sans dettes. En regardant vers le T3 2024, nLIGHT prévoit des revenus compris entre 53 millions et 58 millions de dollars avec une marge brute globale de 22%-26% et un EBITDA ajusté entre (-2 millions de dollars) et 1 million de dollars. L'entreprise a établi un partenariat stratégique avec EOS dans la fabrication additive, visant à une croissance à long terme dans ce secteur.
nLIGHT (NASDAQ: LASR) berichtete von Q2 2024 Einnahmen in Höhe von 50,5 Millionen USD, was einem Anstieg von 13% gegenüber dem Vorquartal, aber einem Rückgang von 5,2% im Jahresvergleich entspricht. Der Luft- und Raumfahrt- sowie Verteidigungssektor verzeichnete ein Wachstum von 26% im Quartalsvergleich. Das Unternehmen verbesserte seine Bruttomarge auf 30%, was über dem Richtwert liegt. Trotz dieser positiven Entwicklung meldete nLIGHT jedoch einen Nettoverlust von 11,7 Millionen USD, bzw. 0,25 USD pro verwässerter Aktie, verglichen mit einem Verlust von 8,8 Millionen USD im Q2 2023. Das Unternehmen schloss das Quartal mit 115 Millionen USD in bar und ohne Schulden ab. Für das Q3 2024 prognostiziert nLIGHT Einnahmen zwischen 53 und 58 Millionen USD mit einer Gesamtbruttomarge von 22%-26% und einem bereinigten EBITDA zwischen (-2 Millionen USD) und 1 Million USD. Das Unternehmen hat eine strategische Partnerschaft mit EOS im Bereich der additiven Fertigung eingegangen, um ein langfristiges Wachstum in diesem Sektor zu fördern.
- Q2 2024 revenues increased by 13% QoQ to $50.5M.
- Aerospace & Defense business grew by 26% QoQ.
- Gross margin improved to 30%, above guidance.
- Ended Q2 with $115M in cash and no debt.
- Entered a strategic partnership with EOS in additive manufacturing.
- Revenues decreased by 5.2% YoY.
- Net loss increased to $11.7M from $8.8M YoY.
- Adjusted EBITDA decreased to ($1.6M) from ($0.15M) YoY.
Insights
nLIGHT's Q2 2024 results present a mixed picture. While revenues of
The gross margin improved to
On the positive side, nLIGHT generated
The outlook for Q3 2024 suggests continued growth, with expected revenues between
While nLIGHT is showing signs of recovery and growth in certain segments, the persistent net losses and year-over-year revenue decline warrant caution. Investors should closely monitor the company's progress in expanding its Aerospace & Defense business and capitalizing on opportunities in additive manufacturing.
nLIGHT's Q2 results and future outlook provide interesting insights into the high-power laser market dynamics. The
The strategic partnership with EOS in additive manufacturing is particularly noteworthy. Additive manufacturing, or 3D printing, is experiencing rapid growth across various industries, from aerospace to healthcare. By aligning with an industry leader like EOS, nLIGHT is positioning itself to capture a larger share of this expanding market.
However, the overall
The company's focus on improving gross margins, which reached
As nLIGHT navigates these market dynamics, investors should keep an eye on broader trends in defense spending, additive manufacturing adoption and industrial automation to gauge the company's growth potential in its key markets.
Revenues of
“Second quarter revenue of
Mr. Keeney continued, “Higher volumes and a more favorable mix of business during the second quarter enabled us to increase products gross margin to
Second Quarter 2024 Financial Highlights
|
Three Months Ended June 30, |
|
|
||||||
(In thousands, except percentages) |
2024 |
|
2023 |
|
% Change |
||||
Revenues |
$ |
50,511 |
|
|
$ |
53,304 |
|
|
(5.2)% |
Gross margin |
|
23.5 |
% |
|
|
22.7 |
% |
|
|
Loss from operations |
$ |
(12,690 |
) |
|
$ |
(11,686 |
) |
|
(8.6)% |
Operating margin |
|
(25.1 |
)% |
|
|
(21.9 |
)% |
|
|
Net loss |
$ |
(11,729 |
) |
|
$ |
(8,823 |
) |
|
(32.9)% |
Adjusted EBITDA(1) |
$ |
(1,599 |
) |
|
$ |
(150 |
) |
|
NM* |
Adjusted EBITDA, as a percentage of revenues |
|
(3.2 |
)% |
|
|
(0.3 |
)% |
|
|
(1) |
A reconciliation of the non-GAAP metrics presented here to the most directly comparable GAAP metric has been provided in the tables included at the end of this release. |
|
* |
Not meaningful |
Revenues of
Outlook
For the third quarter of 2024, nLIGHT expects revenues to be in the range of
We have not reconciled our outlook for Adjusted EBITDA because unrealized and realized foreign exchange gains and losses cannot be reasonably calculated or predicted nor can the probable significance be determined at this time. Accordingly, a reconciliation is not available without unreasonable effort.
Investor Conference Call at 2:00 p.m. Pacific Time, Thursday, August 1, 2024
Parties interested in listening to nLIGHT’s quarterly conference call may do so by dialing 1-844-282-4705 (
Use of Non-GAAP Financial Results
In addition to
We define Adjusted EBITDA as net income (loss) adjusted for income tax expense (benefit), other non-operating income or expense, interest income or expense, depreciation and amortization, stock-based compensation, acquisition and integration-related costs, and other non-recurring items as determined by management, as applicable. We define non-GAAP net income (loss) as GAAP net income (loss) adjusted for stock-based compensation, amortization of purchased intangibles, acquisition and integration-related costs, and other non-recurring items as determined by management, as applicable. We define non-GAAP net income (loss) per share, basic and diluted, as non-GAAP net income (loss) divided by the weighted-average number of shares outstanding during the respective period plus the dilutive effect of any common stock equivalents during the period in the case of non-GAAP net income (loss) per share, diluted.
Tables presenting the reconciliation of net loss to Adjusted EBITDA, as well as the reconciliation of GAAP to non-GAAP net income (loss) and GAAP to non-GAAP net income (loss) per share, basic and diluted, are included at the end of this press release.
Safe Harbor Statement
Certain statements in this release are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Words such as “outlook,” “guidance,” “expects,” “intends,” “projects,” “plans,” “believes,” “estimates,” “targets,” “anticipates,” and similar expressions may identify these forward-looking statements. Examples of forward-looking statements include, but are not limited to, statements regarding expected revenues, gross margin, and Adjusted EBITDA, and our business strategy and ability to profitably grow our business, as well as any other statement that does not directly relate to any historical or current fact. Forward-looking statements are based on our current expectations and assumptions, which may not prove to be accurate. These statements are not guarantees and are subject to risks, uncertainties and changes in circumstances that are difficult to predict. Many factors could cause actual results to differ materially and adversely from these forward-looking statements, including but not limited to our ability to compete successfully in the markets for our products; changes in the markets we serve or in the global economy; our ability to increase our volumes and decrease our costs to offset potential declines in the average selling prices of our products; rapid technological changes in the markets that we participate in; our ability to develop and maintain products that can achieve market acceptance; our ability to generate sufficient revenues to achieve or maintain profitability in the future; our high levels of fixed costs and inventory and their effect on our gross profits and results of operations if demand for our products declines or we maintain excess inventory levels; our ability to manage growth and spending during economic downturns; our manufacturing capacity and operations and their suitability for future levels of demand; our reliance on third parties to manufacture certain of our products and product components; our reliance on a small number of customers for a significant portion of our revenues; our ability to manage risks associated with international customers and operations; the effect of government export and import controls on our ability to compete in international markets; our ability to protect our proprietary technology and intellectual property rights; fluctuations in our quarterly results of operations and other operating measures; and the effect on our business of claims, lawsuits, government investigations, other legal or regulatory proceedings, or commercial or contractual disputes that we are or may become involved in. Additional information concerning these and other factors can be found in nLIGHT's filings with the Securities and Exchange Commission (the “SEC”), including other risks, relevant factors and uncertainties identified in the “Risk Factors” section of nLIGHT's most recent Annual Report on Form 10-K or subsequent filings with the SEC. nLIGHT undertakes no obligation to update publicly or revise any forward-looking statements contained herein to reflect future events or developments, except as required by law.
The nLIGHT logo and “nLIGHT” are registered trademarks or trademarks of nLIGHT, Inc. in various jurisdictions.
About nLIGHT
nLIGHT, Inc. is a leading provider of high-power semiconductor and fiber lasers for industrial, microfabrication, aerospace and defense applications. Our lasers are changing not only the way things are made but also the things that can be made. Headquartered in
nLIGHT, Inc.
Consolidated Statements of Operations (In thousands, except per share data) (Unaudited) |
|||||||||||||||
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Revenue: |
|
|
|
|
|
|
|
||||||||
Products |
$ |
34,458 |
|
|
$ |
39,592 |
|
|
$ |
63,828 |
|
|
$ |
80,699 |
|
Development |
|
16,053 |
|
|
|
13,712 |
|
|
|
31,210 |
|
|
|
26,696 |
|
Total revenue |
|
50,511 |
|
|
|
53,304 |
|
|
|
95,038 |
|
|
|
107,395 |
|
Cost of revenue: |
|
|
|
|
|
|
|
||||||||
Products |
|
24,011 |
|
|
|
28,272 |
|
|
|
47,242 |
|
|
|
55,798 |
|
Development |
|
14,650 |
|
|
|
12,924 |
|
|
|
28,458 |
|
|
|
25,226 |
|
Total cost of revenue(1) |
|
38,661 |
|
|
|
41,196 |
|
|
|
75,700 |
|
|
|
81,024 |
|
Gross profit |
|
11,850 |
|
|
|
12,108 |
|
|
|
19,338 |
|
|
|
26,371 |
|
Operating expenses: |
|
|
|
|
|
|
|
||||||||
Research and development(1) |
|
11,736 |
|
|
|
12,004 |
|
|
|
22,395 |
|
|
|
23,305 |
|
Sales, general, and administrative(1) |
|
12,804 |
|
|
|
11,790 |
|
|
|
24,351 |
|
|
|
22,959 |
|
Total operating expenses |
|
24,540 |
|
|
|
23,794 |
|
|
|
46,746 |
|
|
|
46,264 |
|
Loss from operations |
|
(12,690 |
) |
|
|
(11,686 |
) |
|
|
(27,408 |
) |
|
|
(19,893 |
) |
Other income: |
|
|
|
|
|
|
|
||||||||
Interest income, net |
|
459 |
|
|
|
350 |
|
|
|
914 |
|
|
|
687 |
|
Other income, net |
|
622 |
|
|
|
1,057 |
|
|
|
1,263 |
|
|
|
1,461 |
|
Loss before income taxes |
|
(11,609 |
) |
|
|
(10,279 |
) |
|
|
(25,231 |
) |
|
|
(17,745 |
) |
Income tax expense |
|
120 |
|
|
|
(1,456 |
) |
|
|
264 |
|
|
|
(1,192 |
) |
Net loss |
$ |
(11,729 |
) |
|
$ |
(8,823 |
) |
|
$ |
(25,495 |
) |
|
$ |
(16,553 |
) |
Net loss per share, basic |
$ |
(0.25 |
) |
|
$ |
(0.19 |
) |
|
$ |
(0.54 |
) |
|
$ |
(0.36 |
) |
Net loss per share, diluted |
$ |
(0.25 |
) |
|
$ |
(0.19 |
) |
|
$ |
(0.54 |
) |
|
$ |
(0.36 |
) |
Shares used in per share calculations: |
|
|
|
|
|
|
|
||||||||
Basic |
|
47,658 |
|
|
|
45,717 |
|
|
|
47,450 |
|
|
|
45,580 |
|
Diluted |
|
47,658 |
|
|
|
45,717 |
|
|
|
47,450 |
|
|
|
45,580 |
|
(1)Includes stock-based compensation as follows: |
|
|
|
|
|
|
|
||||||||
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Cost of revenues |
$ |
659 |
|
$ |
663 |
|
$ |
1,200 |
|
$ |
1,363 |
||||
Research and development |
|
2,175 |
|
|
|
2,826 |
|
|
|
3,788 |
|
|
|
4,924 |
|
Sales, general, and administrative |
|
4,169 |
|
|
|
4,026 |
|
|
|
7,446 |
|
|
|
6,731 |
|
|
$ |
7,003 |
|
|
$ |
7,515 |
|
|
$ |
12,434 |
|
|
$ |
13,018 |
|
nLIGHT, Inc.
Condensed Consolidated Balance Sheets (In thousands) (Unaudited) |
|||||||
|
As of |
||||||
|
June 30, 2024 |
|
December 31, 2023 |
||||
Assets |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
49,386 |
|
|
$ |
53,210 |
|
Marketable Securities |
|
65,173 |
|
|
|
59,672 |
|
Accounts receivable, net |
|
32,192 |
|
|
|
39,585 |
|
Inventory |
|
52,321 |
|
|
|
52,160 |
|
Prepaid expenses and other current assets |
|
13,432 |
|
|
|
15,927 |
|
Total current assets |
|
212,504 |
|
|
|
220,554 |
|
Restricted cash |
|
257 |
|
|
|
256 |
|
Lease right-of-use assets |
|
11,934 |
|
|
|
12,616 |
|
Property, plant and equipment, net |
|
49,428 |
|
|
|
52,300 |
|
Intangible assets, net |
|
1,130 |
|
|
|
1,652 |
|
Goodwill |
|
12,377 |
|
|
|
12,399 |
|
Other assets, net |
|
6,669 |
|
|
|
7,026 |
|
Total assets |
$ |
294,299 |
|
|
$ |
306,803 |
|
|
|
|
|
||||
Liabilities and Stockholders’ Equity |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
13,360 |
|
|
$ |
12,166 |
|
Accrued liabilities |
|
12,894 |
|
|
|
12,556 |
|
Deferred revenue |
|
5,651 |
|
|
|
4,849 |
|
Current portion of lease liabilities |
|
2,930 |
|
|
|
3,181 |
|
Total current liabilities |
|
34,835 |
|
|
|
32,752 |
|
Non-current income taxes payable |
|
5,505 |
|
|
|
5,391 |
|
Long-term lease liabilities |
|
10,452 |
|
|
|
10,978 |
|
Other long-term liabilities |
|
3,975 |
|
|
|
3,263 |
|
Total liabilities |
|
54,767 |
|
|
|
52,384 |
|
Stockholders' equity: |
|
|
|
||||
Common stock - par value |
|
16 |
|
|
|
16 |
|
Additional paid-in capital |
|
531,822 |
|
|
|
521,184 |
|
Accumulated other comprehensive loss |
|
(2,507 |
) |
|
|
(2,477 |
) |
Accumulated deficit |
|
(289,799 |
) |
|
|
(264,304 |
) |
Total stockholders’ equity |
|
239,532 |
|
|
|
254,419 |
|
Total liabilities and stockholders’ equity |
$ |
294,299 |
|
|
$ |
306,803 |
|
nLIGHT, Inc.
Consolidated Statements of Cash Flows (In thousands) (Unaudited) |
|||||||
|
Six Months Ended June 30, |
||||||
|
2024 |
|
2023 |
||||
Cash flows from operating activities: |
|
|
|
||||
Net loss |
$ |
(25,495 |
) |
|
$ |
(16,553 |
) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
||||
Depreciation |
|
6,240 |
|
|
|
6,230 |
|
Amortization |
|
2,241 |
|
|
|
1,768 |
|
(Increase) reduction in carrying amount of right-of-use assets |
|
669 |
|
|
|
292 |
|
Provision for losses on (recoveries of) accounts receivable |
|
467 |
|
|
|
(2 |
) |
Stock-based compensation |
|
12,434 |
|
|
|
13,018 |
|
Loss on disposal of property, plant and equipment |
|
44 |
|
|
|
— |
|
Changes in operating assets and liabilities: |
|
|
|
||||
Accounts receivable, net |
|
6,869 |
|
|
|
(8,449 |
) |
Inventory |
|
(167 |
) |
|
|
2,197 |
|
Prepaid expenses and other current assets |
|
2,479 |
|
|
|
951 |
|
Other assets, net |
|
(1,399 |
) |
|
|
(319 |
) |
Accounts payable |
|
1,438 |
|
|
|
(941 |
) |
Accrued and other long-term liabilities |
|
1,134 |
|
|
|
158 |
|
Deferred revenues |
|
818 |
|
|
|
(46 |
) |
Lease liabilities |
|
(764 |
) |
|
|
(374 |
) |
Non-current income taxes payable |
|
137 |
|
|
|
(1,393 |
) |
Net cash provided by operating activities |
|
7,145 |
|
|
|
(3,463 |
) |
Cash flows from investing activities: |
|
|
|
||||
Purchases of property, plant and equipment |
|
(3,702 |
) |
|
|
(1,640 |
) |
Purchase of marketable securities |
|
(54,506 |
) |
|
|
(59,273 |
) |
Proceeds from maturities and sales of marketable securities |
|
49,265 |
|
|
|
50,089 |
|
Net cash used in investing activities |
|
(8,943 |
) |
|
|
(10,824 |
) |
Cash flows from financing activities: |
|
|
|
||||
Proceeds from employee stock plan purchases |
|
1,355 |
|
|
|
1,220 |
|
Proceeds from stock option exercises |
|
137 |
|
|
|
332 |
|
Tax payments related to stock award issuances |
|
(3,288 |
) |
|
|
(3,132 |
) |
Net cash used in financing activities |
|
(1,796 |
) |
|
|
(1,580 |
) |
Effect of exchange rate changes on cash |
|
(229 |
) |
|
|
(139 |
) |
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
(3,823 |
) |
|
|
(16,006 |
) |
Cash, cash equivalents and restricted cash, beginning of period |
|
53,466 |
|
|
|
58,078 |
|
Cash, cash equivalents and restricted cash, end of period |
$ |
49,643 |
|
|
$ |
42,072 |
|
Supplemental disclosures: |
|
|
|
||||
Cash paid for interest, net |
$ |
20 |
|
|
$ |
20 |
|
Cash paid for income taxes |
|
307 |
|
|
|
262 |
|
Operating cash outflows from operating leases |
|
2,042 |
|
|
|
1,931 |
|
Right-of-use assets obtained in exchange for lease liabilities |
|
882 |
|
|
|
1,197 |
|
Accrued purchases of property, equipment and patents |
|
518 |
|
|
|
1,157 |
|
Reconciliation of cash, cash equivalents, and restricted cash: |
|
|
|
||||
Cash and cash equivalents |
$ |
49,386 |
|
|
$ |
41,818 |
|
Restricted cash |
|
257 |
|
|
|
254 |
|
Total cash, cash equivalents, and restricted cash |
$ |
49,643 |
|
|
$ |
42,072 |
|
nLIGHT, Inc.
Reconciliation of GAAP Financial Metrics to Non-GAAP (In thousands, except per share data) (Unaudited) |
|||||||||||||||
Reconciliation of Net Loss to Adjusted EBITDA |
|||||||||||||||
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Net loss |
$ |
(11,729 |
) |
|
$ |
(8,823 |
) |
|
$ |
(25,495 |
) |
|
$ |
(16,553 |
) |
Income tax expense |
|
120 |
|
|
|
(1,456 |
) |
|
|
264 |
|
|
|
(1,192 |
) |
Other income, net |
|
(622 |
) |
|
|
(1,057 |
) |
|
|
(1,263 |
) |
|
|
(1,461 |
) |
Interest income, net |
|
(459 |
) |
|
|
(350 |
) |
|
|
(914 |
) |
|
|
(687 |
) |
Depreciation and amortization |
|
4,088 |
|
|
|
4,021 |
|
|
|
8,481 |
|
|
|
7,998 |
|
Stock-based compensation |
|
7,003 |
|
|
|
7,515 |
|
|
|
12,434 |
|
|
|
13,018 |
|
Adjusted EBITDA |
$ |
(1,599 |
) |
|
$ |
(150 |
) |
|
$ |
(6,493 |
) |
|
$ |
1,123 |
|
Reconciliation of GAAP to Non-GAAP Net Loss, and GAAP to Non-GAAP Net Loss per Share, Basic and Diluted |
|||||||||||||||
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Net loss |
$ |
(11,729 |
) |
|
$ |
(8,823 |
) |
|
$ |
(25,495 |
) |
|
$ |
(16,553 |
) |
Add back: |
|
|
|
|
|
|
|
||||||||
Stock-based compensation(1) |
|
7,003 |
|
|
|
7,515 |
|
|
|
12,434 |
|
|
|
13,018 |
|
Amortization of purchased intangibles(1) |
|
148 |
|
|
|
384 |
|
|
|
297 |
|
|
|
768 |
|
Non-GAAP net loss |
|
(4,578 |
) |
|
|
(924 |
) |
|
|
(12,764 |
) |
|
|
(2,767 |
) |
|
|
|
|
|
|
|
|
||||||||
GAAP weighted-average shares outstanding |
|
47,658 |
|
|
|
45,717 |
|
|
|
47,450 |
|
|
|
45,580 |
|
Participating securities |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Non-GAAP weighted-average number of shares, basic |
|
47,658 |
|
|
|
45,717 |
|
|
|
47,450 |
|
|
|
45,580 |
|
Dilutive effect of common stock equivalents |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Non-GAAP weighted-average number of shares, diluted |
|
47,658 |
|
|
|
45,717 |
|
|
|
47,450 |
|
|
|
45,580 |
|
|
|
|
|
|
|
|
|
||||||||
Non-GAAP net loss per share, basic and diluted |
$ |
(0.10 |
) |
|
$ |
(0.02 |
) |
|
$ |
(0.27 |
) |
|
$ |
(0.06 |
) |
(1) |
There is no income tax effect related to the stock-based compensation and amortization of purchased intangibles adjustments due to the full valuation allowance in |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240801695121/en/
Joseph Corso
Chief Financial Officer
nLIGHT, Inc.
(360) 566-4460
joe.corso@nlight.net
Source: nLIGHT, Inc.
FAQ
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