CAMAS, Wash. - nLIGHT, Inc. (NASDAQ:LASR), a provider of high-power semiconductor and fiber lasers with a market capitalization of $536.6 million, has announced preliminary results for the fourth quarter of 2024 that indicate revenues falling short of the company's previous guidance. The company, which serves the aerospace, defense, industrial, and microfabrication sectors, expects to report revenue between $46 million and $48 million, which is below the forecasted range of $49 million to $54 million. This continues a challenging trend, as InvestingPro data shows revenue declined by 5.43% over the last twelve months.
The anticipated shortfall in revenue is attributed to a combination of factors, including persistent weakness in industrial markets, execution challenges within the microfabrication business, and delays in the delivery of defense products. According to InvestingPro analysis, the company already faces weak gross profit margins of 20.53%, and eight analysts have recently revised their earnings expectations downward. Consequently, both gross margin and Adjusted EBITDA are projected to be substantially lower than the previously provided guidance for the quarter.
Despite these setbacks, nLIGHT's President and CEO, Scott Keeney, expressed optimism about the company's future, particularly in the aerospace and defense segments. While the company maintains a strong financial position with a current ratio of 5.83 and more cash than debt on its balance sheet, InvestingPro subscribers have access to over 30 additional financial metrics and insights that could help evaluate this growth potential. Keeney anticipates visibility across multiple programs and maintains that nLIGHT is well-positioned for growth in these areas going into 2025.
Keeney, along with CFO Joe Corso, will represent nLIGHT at the 27th Annual Needham Growth Conference in New York on Wednesday, January 15, 2025. The executives will engage in one-on-one meetings with investors and participate in a webcast presentation.
nLIGHT is scheduled to hold a conference call and webcast to discuss the detailed fourth quarter and full-year 2024 results on Thursday, February 27, at 2:00 p.m. Pacific Time. The call will be accessible to the public, and a replay will be available on the investor relations section of the company's website.
In its press release, nLIGHT included a Safe Harbor Statement, cautioning that certain forward-looking statements may be subject to risks and uncertainties that could cause actual results to differ from expectations. These statements are based on current assumptions and projections about future events and are not guarantees of future performance.
This news is based on a press release statement from nLIGHT, Inc.
In other recent news, nLIGHT, Inc. reported an 11% year-over-year revenue increase to $56.1 million in Q3 2024, largely fueled by growth in its aerospace and defense segment. This segment alone generated a record $30.3 million in revenue, marking a significant achievement for the company. However, nLIGHT is currently navigating a transition of manufacturing operations from Shanghai to Thailand and the U.S., due to challenges in its commercial business.
The company also announced the launch of a new product, the Corona AFX-2000, a 2-kilowatt laser for metal additive manufacturing. Despite some bearish highlights such as a 41% decline in industrial revenue to $11.6 million and a non-GAAP net loss of $3.7 million, the company's cash reserves remained strong at $107 million with no debt.
Looking ahead, nLIGHT anticipates Q4 2024 revenue to be between $49 million and $54 million, with expected growth in the aerospace and defense products. The company also anticipates the aerospace and defense segment to grow by at least 20% year-over-year in 2025. These are recent developments that have been closely followed by investors.
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