nLIGHT (LASR) Q4 2025 earnings summary

Executive summary

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

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

• Exited cutting and welding markets to focus on high-growth A&D and advanced manufacturing opportunities.

• 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 expansion and new product development.

Financial highlights

• Full-year gross margin improved to 29.8% from 16.6% in 2024; Q4 gross margin was 30.7%.

• Adjusted EBITDA for 2025 was $23.5 million, up from a loss of $18.8 million in 2024; Q4 Adjusted EBITDA was $10.7 million.

• Q4 revenue was $81.2 million, up 71% year-over-year and 22% sequentially.

• FY 2025 net loss narrowed to $23.5 million ($0.47/share), with non-GAAP net income of $13.1 million ($0.24/share).

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

Outlook and guidance

• Q1 2026 revenue expected between $70 million and $76 million, with gross margin guidance of 27%–32%.

• Q1 Adjusted EBITDA projected at $5–$10 million.

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

• A&D segment expected to deliver double-digit growth in 2026, with backlog supporting growth.

• Laser Products Q1 2026 revenue expected at ~$54 million; Advanced Development at ~$19 million.