EX-99.1 2 exhibit991-q42025.htm EX-99.1 Document

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Exhibit 99.1

nLIGHT, Inc. Announces Fourth Quarter and Full Year 2025 Results
Revenues of $261.3 million for the full year 2025 increased 32% year-over-year
Record revenues of $81.2 million for the fourth quarter of 2025 increased 71% year-over-year

CAMAS, Wash., February 26, 2026 - nLIGHT, Inc. (Nasdaq: LASR), a leading provider of high-power lasers for mission critical directed energy, optical sensing, and advanced manufacturing applications, today reported record financial results for the fourth quarter and full year 2025.

“2025 was an exceptional year for nLIGHT, with strong revenue growth driven by continued strength in our A&D markets as we executed well against existing programs and won new awards that helped drive additional growth,” commented Scott Keeney, nLIGHT’s President and Chief Executive Officer. “Importantly, our accelerated revenue growth drove significant year-over-year improvement in our gross margins and Adjusted EBITDA, demonstrating the leverage that is inherent in our model. As I look forward to 2026, I am confident that our growth will continue and believe we are well positioned for new contract wins in our key markets of directed energy, laser sensing and advanced manufacturing.”

Full Year 2025 Financial Highlights
Year Ended
December 31,
(In thousands, except percentages)20252024% Change
Revenues$261,330 $198,548 31.6 %
Gross margin29.8 %16.6 %
Loss from operations$(26,550)$(65,636)59.5 %
Operating margin(10.2)%(33.1)%
Net loss$(23,467)$(60,792)61.4 %
Adjusted EBITDA(1)
$23,466 $(18,788)224.9 %
(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.

Revenues for the full year 2025 were a record $261.3 million, an increase of 31.6% compared to $198.5 million for the full year 2024. GAAP gross margin was 29.8% for the full year 2025 compared to 16.6% for the full year 2024. Non-GAAP gross margin was 30.8% for the full year 2025 compared to 17.9% for the full year 2024. GAAP net loss for the full year 2025 was $23.5 million, or $0.47 per diluted share, compared to a net loss of $60.8 million, or $1.27 per diluted share, for the full year 2024. Non-GAAP net income for the full year 2025 was $13.1 million, or $0.24 per diluted share, compared to non-GAAP net loss of $30.9 million, or $0.65 per diluted share, for the full year 2024.

Fourth Quarter 2025 Financial Highlights
Three Months Ended December 31,
(In thousands, except percentages)20252024% Change
Revenues$81,185 $47,381 71.3 %
Gross margin30.7 %2.4 %
Loss from operations$(5,405)$(26,429)79.5 %
Operating margin(6.7)%(55.8)%
Net loss$(4,909)$(24,962)80.3 %
Adjusted EBITDA(1)
$10,691 $(11,301)194.6 %
(1) A reconciliation of the non-GAAP information provided here to the most directly comparable GAAP metric has been provided in the financial statement tables included in this release.

Record revenues of $81.2 million for the fourth quarter of 2025 were up 71.3% compared to $47.4 million for the fourth quarter of 2024. GAAP gross margin was 30.7% for the fourth quarter of 2025 compared to 2.4% for the


fourth quarter of 2024. Non-GAAP gross margin was 31.6% for the fourth quarter of 2025 compared to 3.7% for the fourth quarter of 2024.GAAP net loss for the fourth quarter of 2025 was $4.9 million, or $0.10 per diluted share, compared to GAAP net loss of $25.0 million or $0.51 per diluted share, for the fourth quarter of 2024. Non-GAAP net income for the fourth quarter of 2025 was $7.8 million, or $0.14 per diluted share, compared to non-GAAP net loss of $14.5 million, or $0.30 per diluted share, for the fourth quarter of 2024.

Outlook
For the first quarter of 2026, nLIGHT expects revenues to be in the range of $70 million to $76 million. The midpoint of $73 million includes Laser Products revenue of approximately $54 million and Advanced Development revenue of approximately $19 million. nLIGHT expects overall gross margin to be in the range of 27% to 32%, with Laser Products gross margin in the range of 34% to 39% and Advanced Development gross margin of approximately 8%. nLIGHT expects Adjusted EBITDA to be in the range of $5 million to $10 million.

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 Webcast at 2:00 p.m. Pacific Time, Thursday, February 26, 2026

A webcast to discuss the fourth quarter and full year results will be held on Thursday, February 26, 2026, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time). The audio webcast will be available on the investor relations section of the company's web site at http://investors.nlight.net. A replay of the webcast will be available shortly after the conclusion of the call.

The webcast can also be accessed directly at https://events.q4inc.com/attendee/292266527.

Use of Non-GAAP Financial Results

In addition to U.S. GAAP results, this press release contains non-GAAP financial results, including Adjusted EBITDA, non-GAAP net income (loss) and non-GAAP net income (loss) per share, basic and diluted. We use Adjusted EBITDA to help us evaluate our business, measure our performance, identify trends affecting our business, formulate business plans and make strategic decisions. In addition to our results determined in accordance with GAAP, we believe Adjusted EBITDA is a meaningful measure of performance as it is commonly utilized by us and the investment community to analyze operating performance in our industry. Similarly, we believe that providing non-GAAP net income (loss) and non-GAAP net income (loss) per share, basic and diluted, is useful to our investors as they present an informative supplemental view of our results from period to period by removing the effect of stock-based compensation expense and other non-recurring items. However, the non-GAAP metrics presented herein are specific to us and may not be comparable to similar metrics disclosed by other companies because of differing methods used by other companies in calculating them.

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, restructuring charges, 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, restructuring charges, 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 lasers for mission critical directed energy, optical sensing, and advanced manufacturing applications. Headquartered in Camas, Washington, nLIGHT employs approximately 850 people with operations in the United States, Europe and Asia. For more information, please visit www.nlight.net.

For more information, contact:
John Marchetti
VP Corporate Development and Investor Relations
nLIGHT, Inc.
(360) 566-4460
john.marchetti@nlight.net





nLIGHT, Inc.
Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)

Three Months Ended December 31,Year Ended
December 31,
2025202420252024
Revenue:
Products$55,126 $31,699 $179,236 $136,659 
Development26,059 15,682 82,094 61,889 
Total revenue81,185 47,381 261,330 198,548 
Cost of revenue:
Products34,539 31,475 111,454 108,003 
Development21,692 14,775 71,913 57,526 
Total cost of revenue(1)
56,231 46,250 183,367 165,529 
Gross profit24,954 1,131 77,963 33,019 
Operating expenses:
Research and development(1)
14,052 11,384 47,972 45,107 
Sales, general, and administrative(1)
15,692 11,885 54,193 49,257 
Restructuring615 4,291 2,348 4,291 
Total operating expenses30,359 27,560 104,513 98,655 
Loss from operations(5,405)(26,429)(26,550)(65,636)
Other income:
Interest income1,031 398 4,906 1,773 
Interest (expense)(331)(38)(1,084)(105)
Other (expense) income, net68 506 (40)3,100 
Loss before income taxes(4,637)(25,563)(22,768)(60,868)
Income tax expense (benefit)272 (601)699 (76)
Net loss$(4,909)$(24,962)$(23,467)$(60,792)
Net loss per share, basic and diluted$(0.10)$(0.51)$(0.47)$(1.27)
Shares used in per share calculations:
Basic and diluted50,931 48,557 49,979 47,900 
(1)Includes stock-based compensation as follows:
Three Months Ended December 31,Year Ended
December 31,
2025202420252024
Cost of revenues$687 $609 $2,470 $2,438 
Research and development3,103 1,671 9,281 7,505 
Sales, general, and administrative7,832 3,720 21,660 15,018 
$11,622 $6,000 $33,411 $24,961 




nLIGHT, Inc.
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)
As of December 31,
20252024
Assets
Current assets:
     Cash and cash equivalents$98,699 $65,829 
     Marketable Securities34,934 34,868 
     Accounts receivable, net50,836 34,895 
     Inventory45,407 40,800 
     Prepaid expenses and other current assets13,314 17,697 
          Total current assets243,190 194,089 
Restricted cash322 259 
Lease right-of-use assets15,020 10,822 
Property, plant and equipment, net42,114 46,937 
Intangible assets, net— 833 
Goodwill12,448 12,354 
Other assets, net2,116 4,947 
          Total assets$315,210 $270,241 
Liabilities and Stockholders’ Equity
Current liabilities:
     Accounts payable$20,890 $15,076 
     Accrued liabilities19,052 13,268 
     Deferred revenue1,489 3,577 
     Current portion of lease liabilities2,776 2,314 
     Line of credit20,000 — 
          Total current liabilities64,207 34,235 
Non-current income taxes payable5,902 5,541 
Long-term lease liabilities13,431 9,819 
Other long-term liabilities4,921 4,216 
     Total liabilities88,461 53,811 
Stockholders' equity:
     Common stock - par value16 16 
     Additional paid-in capital578,360 544,842 
     Accumulated other comprehensive loss(3,064)(3,332)
     Accumulated deficit(348,563)(325,096)
          Total stockholders’ equity226,749 216,430 
          Total liabilities and stockholders’ equity$315,210 $270,241 












nLIGHT, Inc.
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Year Ended December 31,
20252024
Cash flows from operating activities:
Net loss$(23,467)$(60,792)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation12,330 12,988 
Amortization1,927 4,608 
(Increase) reduction in carrying amount of right-of-use assets(4,062)1,759 
Provision for losses on (recoveries of) accounts receivable(1,115)1,489 
Stock-based compensation33,411 24,961 
Deferred income taxes159 (651)
Loss on disposal of property, plant and equipment160 194 
Accrued interest earned on marketable securities(500)— 
Non-cash restructuring charges1,425 1,185 
Changes in operating assets and liabilities:
Accounts receivable, net(14,703)2,845 
Inventory(4,151)11,048 
Prepaid expenses and other current assets4,447 (1,787)
Other assets, net1,408 (1,131)
Accounts payable5,888 3,231 
Accrued and other long-term liabilities6,059 706 
Deferred revenues(2,103)(1,224)
Lease liabilities3,940 (1,992)
Non-current income taxes payable277 204 
Net cash provided by (used in) operating activities21,330 (2,359)
Cash flows from investing activities:
Proceeds from sale of fixed assets542 — 
Purchases of property, plant and equipment(9,032)(7,932)
Purchase of marketable securities(78,599)(88,643)
Proceeds from maturities and sales of marketable securities78,318 113,265 
Net cash provided by (used in) investing activities(8,771)16,690 
Cash flows from financing activities:
Proceeds from line of credit20,000 — 
Proceeds from employee stock plan purchases2,895 2,721 
Proceeds from stock option exercises281 500 
Tax payments related to stock award issuances(3,066)(4,524)
Net cash provided by (used in) financing activities20,110 (1,303)
Effect of exchange rate changes on cash264 (406)
Net increase in cash and cash equivalents and restricted cash32,933 12,622 
Cash and cash equivalents and restricted cash, beginning of period66,088 53,466 
Cash and cash equivalents and restricted cash, end of period$99,021 $66,088 
Supplemental disclosures:
Cash paid for interest, net$1,071 $61 
Operating cash outflows from operating leases3,458 4,030 
Right-of-use assets obtained in exchange for lease liabilities6,640 1,336 
Accrued purchases of property, equipment and patents409 298 
Reconciliation of cash and cash equivalents and restricted cash:
Cash and cash equivalents$98,699 $65,829 
Restricted cash322 259 
Total cash and cash equivalents and restricted cash$99,021 $66,088 







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 December 31,Year Ended
December 31,
2025202420252024
Net loss$(4,909)$(24,962)$(23,467)$(60,792)
Income tax expense (benefit)272 (601)699 (76)
Other (expense) income, net(68)(506)40 (3,100)
Interest income(1,031)(398)(4,906)(1,773)
Interest expense331 38 1,084 105 
Depreciation and amortization3,859 4,837 14,257 17,596 
Stock-based compensation11,622 6,000 33,411 24,961 
Restructuring charges615 4,291 2,348 4,291 
Adjusted EBITDA$10,691 $(11,301)$23,466 $(18,788)


Reconciliation of GAAP to Non-GAAP Net Income (Loss), and GAAP to Non-GAAP Net Income (Loss) per Share, Basic and Diluted

Three Months Ended December 31,Year Ended
December 31,
2025202420252024
Net loss$(4,909)$(24,962)$(23,467)$(60,792)
Add back:
Stock-based compensation(1)
11,622 6,000 33,411 24,961 
Amortization of purchased intangibles(1)
436 148 833 594 
Restructuring charges615 4,291 2,348 4,291 
Non-GAAP net income (loss)$7,764 $(14,523)$13,125 $(30,946)
GAAP weighted-average shares outstanding50,931 48,557 49,979 47,900 
Dilutive effect of common stock equivalents4,587 — 3,702 — 
Non-GAAP weighted-average number of shares, diluted55,518 48,557 53,681 47,900 
Non-GAAP net income (loss) per share, basic$0.15 $(0.30)$0.26 $(0.65)
Non-GAAP net income (loss) per share, diluted$0.14 $(0.30)$0.24 $(0.65)
(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 the United States.











nLIGHT, Inc.
Supplemental Schedule of Financial Information
(In thousands)
(Unaudited)

Revenues by End Market
Three Months Ended December 31,Year Ended
December 31,
2025202420252024
Aerospace and Defense$56,298 $30,127 $175,253 $109,540 
Industrial10,668 9,137 38,847 45,615 
Microfabrication14,219 8,117 47,230 43,393 
$81,185 $47,381 $261,330 $198,548