lasr-20240630

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

________________________________________________________

FORM 10-Q

________________________________________________________

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2024

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 001-38462

________________________________________________________

NLIGHT, INC.

(Exact name of Registrant as specified in its charter)

________________________________________________________

Delaware

91-2066376

(State or other jurisdiction of
incorporation or organization)

(I.R.S. Employer
Identification Number)

4637 NW 18th Avenue

Camas, Washington 98607

(Address of principal executive office, including zip code)

(360) 566-4460

(Registrant's telephone number, including area code)

__________________________________________

Securities registered pursuant to Section 12(b) of the Act:


Title of Each Class	Trading Symbol	Name of Exchange on which Registered
Common Stock, par value $0.0001 per share	LASR	The Nasdaq Stock Market LLC

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

☐

Accelerated Filer

☒

Non-Accelerated Filer

☐

Smaller Reporting Company

☐

Emerging Growth Company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of July 30, 2024, the Registrant had 48,125,661 shares of common stock outstanding.


TABLE OF CONTENTS
			Page

Part I. Financial Information			1
Item 1. Unaudited Interim Financial Statements			1
Consolidated Balance Sheets: June 3 0 , 2024 and December 31, 2023 (unaudited)			1
Consolidated Statements of Operations: Three and Six Months Ended June 30 , 2024 and 2023 (unaudited)			2
Consolidated Statements of Comprehensive Loss: Three and Six Months Ended June 30 , 2024 and 2023 (unaudited)			3
Consolidated Statements of Stockholders' Equity: Three and Six Months Ended June 30 , 2024 and 2023 (unaudited)			4
Consolidated Statements of Cash Flows: Three and Six Months Ended June 30 , 2024 and 2023 (unaudited)			6
Notes to Consolidated Financial Statements (unaudited)			7
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations			17
Item 3. Quantitative and Qualitative Disclosures About Market Risk			24
Item 4. Controls and Procedures			25
Part II. Other Information			25
Item 1. Legal Proceedings			26
Item 1A. Risk Factors			26
Item 5. Other Information			26
Item 6. Exhibits			27
Signatures			28

PART I—FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

nLIGHT, Inc.

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 of allowances of $781 and $315	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 revenues	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 - $0.0001 par value; 190,000 shares authorized, 48,099 and 47,266 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively	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

See accompanying notes to consolidated financial statements.

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	38,661		41,196		75,700		81,024
Gross profit	11,850		12,108		19,338		26,371
Operating expenses:
Research and development	11,736		12,004		22,395		23,305
Sales, general, and administrative	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 (benefit)	120		(1,456)		264		(1,192)
Net loss	$	(11,729)	$	(8,823)	$	(25,495)	$	(16,553)


Net loss per share, basic and diluted	$	(0.25)

SEC Form 10-Q filed by nLIGHT Inc.