nLIGHT, Inc.
- Open
- 39.59
- Day high
- 40.20
- Day low
- 39.25
- Prev close
- 39.39
- Volume
- 76K
- Mkt cap
- $2.3B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 5.1
- P/S
- 7.3
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$17.2M over the last 3 months (0 open-market buys, 8 sales)
- 🏛Institutions accumulating (13F)
nLIGHT, Inc. (LASR) is a Technology company listed on NASDAQ. The stock is up 37% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 8 sales (SEC Form 4). Drillr has 1 published research article covering LASR.
nLIGHT, Inc. (LASR) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
LASR earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 6, 2026 | $0.14 | $0.15 | +6.3% | $83M | +5.1% |
| May 7, 2026 | $0.08 | $0.20 | +150.0% | $80M | +11.2% |
| Nov 6, 2025 | $0.02 | $0.08 | +300.0% | $67M | -11.5% |
| Aug 7, 2025 | $-0.09 | $0.06 | +166.7% | $62M | +8.2% |
| May 8, 2025 | $-0.18 | $-0.04 | +77.8% | $52M | +3.8% |
| Feb 27, 2025 | $-0.21 | $-0.30 | -42.9% | $47M | +1.4% |
| Nov 7, 2024 | $-0.08 | $-0.08 | +0.0% | $56M | +4.8% |
| Aug 1, 2024 | $-0.12 | $-0.10 | +16.7% | $51M | +3.1% |
| May 2, 2024 | $-0.19 | $-0.17 | +10.5% | $45M | +0.3% |
| Feb 22, 2024 | $-0.14 | $-0.13 | +7.1% | $52M | +8.1% |
| Nov 2, 2023 | $-0.07 | $-0.10 | -42.9% | $51M | +2.6% |
| Aug 3, 2023 | $-0.08 | $-0.02 | +75.0% | $53M | +1.9% |
LASR insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Sep 1, 2026 | Gossman Williamdirector | Option | 15,000 | $1.10 |
| Sep 1, 2026 | Gossman Williamdirector | Sell | 15,000 | $44.36 |
| Sep 1, 2026 | Gossman Williamdirector | Option | 0 | $1.10 |
| Aug 25, 2026 | Keeney Scott Hdirector, officer: President and CEO | Sell | 155,008 | $44.03 |
| Aug 25, 2026 | Keeney Scott Hdirector, officer: President and CEO | Sell | 112,470 | $47.15 |
| Aug 25, 2026 | Keeney Scott Hdirector, officer: President and CEO | Sell | 25,039 | $44.79 |
| Aug 25, 2026 | Keeney Scott Hdirector, officer: President and CEO | Sell | 1,703 | $45.92 |
| Aug 25, 2026 | Keeney Scott Hdirector, officer: President and CEO | Option | 181,750 | $1.45 |
| Aug 25, 2026 | Keeney Scott Hdirector, officer: President and CEO | Sell | 2,459 | $47.92 |
| Aug 25, 2026 | Keeney Scott Hdirector, officer: President and CEO | Option | 99,706 | $1.45 |
| Aug 25, 2026 | Keeney Scott Hdirector, officer: President and CEO | Sell | 2,092 | $48.97 |
| Aug 25, 2026 | Keeney Scott Hdirector, officer: President and CEO | Option | 0 | $1.45 |
| Aug 25, 2026 | Keeney Scott Hdirector, officer: President and CEO | Sell | 64,729 | $46.29 |
| Jun 9, 2026 | HAINES GERALD M IIdirector | Grant | 2,429 | — |
| Jun 9, 2026 | MOORE GEOFFREYdirector | Grant | 2,429 | — |
Source: LASR SEC Form 4 filings, latest Sep 1, 2026. For informational purposes only — not investment advice.
See the full LASR insider & 13F page →nLIGHT, Inc. company profile
Overview
nLIGHT, Inc. (NASDAQ:LASR) is a Washington-based semiconductor and fiber laser manufacturer founded in 2000 and publicly traded since April 2018. The company designs, manufactures, and sells high-performance laser systems primarily for industrial manufacturing, aerospace and defense, and microfabrication applications. Originally incorporated as nLight Photonics Corporation, the company rebranded to nLIGHT in 2016 and has evolved from a general industrial laser supplier to a specialized provider of advanced laser technologies, with particular strength in directed energy systems for defense applications.
Business
nLIGHT operates in the photonics industry, specifically manufacturing semiconductor and fiber lasers that generate intense, focused beams of light for various applications. Lasers work by amplifying light through stimulated emission, creating coherent beams that can cut, weld, engrave, or transmit energy with extreme precision. The company's products range from low-power lasers for delicate microfabrication work to high-power systems capable of generating megawatts of energy for military defense systems. The company operates through two primary business segments: 1. Laser Products (approximately 70% of revenue): This segment manufactures and sells finished laser systems including semiconductor lasers, fiber lasers, and beam combination systems. These products serve industrial applications like metal cutting and welding, microfabrication for electronics manufacturing, and aerospace applications including missile defense systems. 2. Advanced Development (approximately 30% of revenue): This segment focuses on custom laser development projects, primarily for government and defense contractors. Much of this work involves developing next-generation directed energy weapons and high-energy laser systems for the U.S. Department of Defense and international allies. The company's end markets break down into three main categories: Aerospace & Defense (approximately 55% of revenue), Industrial (approximately 25% of revenue), and Microfabrication (approximately 20% of revenue). The aerospace and defense segment has become increasingly dominant, growing from 44% of revenue in 2023 to over 60% in 2024, driven by significant government contracts for directed energy weapon systems.
Revenue model
nLIGHT generates revenue through two primary models: direct product sales and development contracts. Product sales account for approximately 70% of revenue, where the company manufactures and sells laser systems to industrial customers, defense contractors, and original equipment manufacturers. These customers include companies in automotive manufacturing, electronics production, and defense contracting who integrate nLIGHT's lasers into their manufacturing processes or weapon systems. Development contracts represent about 30% of revenue, primarily from government agencies like the Department of Defense. These are cost-plus or fixed-price contracts where nLIGHT develops custom laser technologies for specific military applications, such as the $171 million HELSI-2 program to develop a one-megawatt laser weapon system. Several factors significantly impact the company's margins. Positive margin drivers include the shift toward higher-value defense products, which typically carry better margins than commercial industrial lasers, and the company's vertical integration strategy that allows them to manufacture key components in-house. Volume production also improves margin through better fixed cost absorption. Negative margin pressures come from the cyclical nature of industrial markets, particularly in China where overcapacity has driven down pricing. Supply chain disruptions and the need to maintain dual manufacturing capabilities (both in the U.S. and Asia) also pressure margins. Additionally, the development segment, while strategically important, often carries lower margins than product sales due to the cost-plus nature of government contracts and the high R&D intensity required for cutting-edge laser technologies.
Competitive moat
nLIGHT possesses a moderate but growing competitive moat built primarily around technological expertise and government relationships rather than traditional economic moats. The company's strongest competitive advantage lies in its vertical integration capabilities, manufacturing everything from semiconductor laser chips to complete beam-combined laser systems. This integration allows for better quality control, customization, and cost management compared to competitors who rely on third-party suppliers. The company's defense relationships provide some protection, as government contracts often involve long development cycles, high switching costs, and security clearance requirements that create barriers for new entrants. nLIGHT's work on critical programs like directed energy weapons systems positions them as a trusted supplier in a market where reliability and performance are paramount over price. However, the moat faces several challenges. The industrial laser market is highly competitive with established players like IPG Photonics, Coherent, and numerous Chinese manufacturers offering similar products at competitive prices. The company's commercial business lacks significant differentiation, and customers can relatively easily switch suppliers based on price and delivery terms. Potential disruption could come from advances in alternative technologies, new entrants with lower-cost manufacturing, or geopolitical changes affecting defense spending priorities. The company's heavy reliance on government contracts also creates vulnerability to budget cuts or policy changes. Additionally, as laser technology matures, the barriers to entry may decrease, potentially eroding nLIGHT's technological advantages over time.
Risks & safety
nLIGHT maintains a strong financial position with minimal solvency risk, though the company faces profitability challenges during its transition period. • Liquidity and Debt: $82 million in cash and short-term investments, plus a $40 million credit line (with $20 million drawn). Debt-to-equity ratio of just 0.15, indicating minimal leverage. • Solvency Risk: Very low. Current ratio of 5.8 and quick ratio of 4.6 demonstrate strong ability to meet short-term obligations. The company has sufficient cash to fund operations for several years at current burn rates. • Valuation Metrics: Trading at 1.8x book value and negative EV/EBITDA due to current losses. Graham net-net ratio of 1.8 suggests the stock trades below liquidation value. • Cash Flow: Free cash flow negative at -$2.3 million quarterly, but this represents significant improvement from prior periods and is manageable given the cash position. • Other Considerations: Strong order backlog of $167 million provides revenue visibility. The defense-heavy revenue mix offers more predictable cash flows than cyclical industrial markets.
Recent development
Over the past three years, nLIGHT has undergone a significant strategic transformation from a China-dependent industrial laser supplier to a defense-focused technology company. The most notable shift has been the dramatic reduction in Chinese manufacturing exposure from nearly 100% to below 10%, with production relocated to facilities in Washington state and Thailand. The company has pivoted heavily toward aerospace and defense markets, which grew from 44% of revenue in 2023 to over 60% in 2024. This shift was anchored by major contract wins including the $171 million HELSI-2 program to develop a one-megawatt high-energy laser weapon system and ongoing work on the Army's DE M-SHORAD air defense program. Manufacturing and operational changes include significant investments in automated production lines in the U.S., implementation of new ERP systems, and workforce optimization. The company has also expanded its vertical integration strategy, bringing more semiconductor chip production in-house to better control quality and costs. In commercial markets, nLIGHT has focused development efforts on additive manufacturing applications, partnering with companies like EOS to develop next-generation 3D printing laser technologies. New product launches include welding-specific laser systems and process monitoring solutions for industrial applications. The company has also expanded its international defense presence, engaging with programs like Israel's Iron Beam missile defense system and exploring opportunities with other allied nations seeking directed energy capabilities.
LASR company profile · for informational purposes only — not investment advice.
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