nLIGHT (LASR) Raymond James & Associates’ 46th Annual Institutional Investors Conference 2025 summary

Technology leadership and product innovation

• Leads in high-power laser technology, with products reaching up to 300 K-W and recent record achievements.

• Proprietary semiconductor laser technology forms the foundation, optimized for both defense and industrial markets.

• Integration across the technology stack, from chips to beam directors, is a key differentiator.

• Recent product release includes a high-power beam director for Army Stryker vehicles.

• Technology enables applications in directed energy, sensing, and additive manufacturing.

Defense market focus and growth

• Strategic shift from commercial to defense markets, now seeing defense as the primary growth driver.

• Defense revenue grew to 53% of total, reaching 64% in the last quarter, with 25% annual growth forecasted.

• Backlog stands at $400 million, with $167 million funded, up over 55% year-over-year.

• De-risked supply chain by moving manufacturing and sourcing out of China.

• Infrastructure in place to support further growth and profitability.

Directed energy applications and milestones

• High-power lasers address cost and logistics challenges in military engagements, such as drone defense.

• 2024 marked key deployments: low-power lasers at the Paris Olympics, Army medium-power prototypes, and Israel's Iron Beam.

• Technology now practical for a range of threats, from small drones to advanced systems.

• Integration and systems engineering across the stack are critical for performance.

• Ongoing international and US programs, with further deployments expected in coming years.