nLIGHT (LASR) investor relations material

Executive summary

• Achieved record annual revenue of $261.3 million in 2025, up 32% year-over-year, driven by strong Aerospace & Defense (A&D) performance and new contract wins.

• A&D revenue reached $175.3 million, growing 60% year-over-year, with products up 96% and development up 33%.

• Exited cutting and welding markets to focus on A&D and advanced manufacturing, particularly metal 3D printing.

• Commercial revenue declined 3% year-over-year, offset by growth in microfabrication and advanced manufacturing.

• Raised over $190 million in a follow-on equity offering to support manufacturing expansion and product development.

Financial highlights

• Full-year gross margin improved to 29.8% from 16.6% in 2024; Adjusted EBITDA reached a record $23.5 million.

• Fourth quarter revenue was $81.2 million, up 71% year-over-year and 22% sequentially.

• Fourth quarter A&D revenue was $56.3 million, up 87% year-over-year; commercial revenue was $24.9 million, up 44%.

• Full year GAAP net loss narrowed to $23.5 million ($0.47/share) from $60.8 million ($1.27/share) in 2024; non-GAAP net income was $13.1 million ($0.24/share).

• Ended 2025 with $134 million in cash and equivalents, up from $101 million in 2024.

Outlook and guidance

• Expecting total revenue growth in 2026, supported by $162 million funded backlog as of year-end.

• Q1 2026 revenue guidance: $70–$76 million; gross margin 27%–32%; Adjusted EBITDA $5–$10 million.

• Non-GAAP OpEx expected to remain $17–$19 million per quarter in 2026.

• Share count for Q1 2026 estimated at ~55 million for diluted EPS.

• Continued A&D growth anticipated for 2026.