LASR

MKT CAP:$4B

nLIGHT, Inc.

Market Cap

$4B

Technology·Semiconductors·🇺🇸 United States·NASDAQ

Technology·Semiconductors·🇺🇸·NASDAQ

Stock Price

$72.87+$34.50 (+89.91%)

Apr 23, 2026

Company Details

nLIGHT, Inc. designs, manufactures, and sells semiconductor and fiber lasers for industrial, microfabrication, and aerospace and defense applications. It operates in two segments, Laser Products and Advanced Development. The company also pr...

CEO

Scott H. Keeney

IPO Date

Apr 26, 2018

Website

www.nlight.net

Key Metrics TTM

Revenue

$261M

+31.6% YoY

Net Income

-$23M

EPS (Diluted)

-$0.47

Free Cash Flow

$12M

Revenue / Share

$5.13

Gross Margin

29.8%

Operating Margin

-10.2%

Net Margin

-9.0%

FCF Margin

4.7%

P/S

16.2x

P/E

—

Earnings Reports

Q1 2026

May 14, 2026

PENDING

FY 2025

Feb 27, 2026

$261M+31.6%EPS -$0.48

Q4 2025

Feb 27, 2026

$81M+71.3%EPS -$0.10

Q3 2025

Nov 7, 2025

$67M+18.9%EPS -$0.14

Q2 2025

Aug 8, 2025

$62M+22.2%EPS -$0.07

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$64M	$16M	-$8M
Q2 22	$61M	$15M	-$10M
Q3 22	$60M	$13M	-$13M
Q4 22	$57M	$6M	-$23M
Q1 23	$54M	$14M	-$8M
Q2 23	$53M	$12M	-$12M
Q3 23	$51M	$10M	-$13M
Q4 23	$52M	$10M	-$14M
Q1 24	$45M	$7M	-$15M
Q2 24	$51M	$12M	-$13M
Q3 24	$56M	$13M	-$12M
Q4 24	$47M	$1M	-$26M
Q1 25	$52M	$14M	-$10M
Q2 25	$62M	$18M	-$4M
Q3 25	$67M	$21M	-$7M
Q4 25	$81M	$25M	-$5M

Valuation

Quarter	P/S	P/E
Q1 22	15.5x	—
Q2 22	16.0x	—
Q3 22	16.8x	—
Q4 22	17.5x	—
Q1 23	18.3x	—
Q2 23	18.9x	—
Q3 23	19.7x	—
Q4 23	20.2x	—
Q1 24	21.1x	—
Q2 24	21.4x	—
Q3 24	20.9x	—
Q4 24	21.3x	—
Q1 25	20.6x	—
Q2 25	19.5x	—
Q3 25	18.6x	—
Q4 25	16.2x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$7M	-$12M
Q2 22	-$5M	-$13M
Q3 22	-$3M	-$6M
Q4 22	$10.0K	-$5M
Q1 23	$644.0K	-$40.0K
Q2 23	-$4M	-$5M
Q3 23	$13M	$10M
Q4 23	$404.0K	-$549.0K
Q1 24	$11M	$10M
Q2 24	-$4M	-$6M
Q3 24	-$6M	-$7M
Q4 24	-$4M	-$7M
Q1 25	-$20.0K	-$2M
Q2 25	-$1M	-$4M
Q3 25	$5M	$2M
Q4 25	$18M	$16M

Capital Expenditures

Quarter	CapEx
Q1 22	$5M
Q2 22	$8M
Q3 22	$4M
Q4 22	$5M
Q1 23	$684.0K
Q2 23	$956.0K
Q3 23	$3M
Q4 23	$953.0K
Q1 24	$2M
Q2 24	$2M
Q3 24	$2M
Q4 24	$3M
Q1 25	$2M
Q2 25	$2M
Q3 25	$3M
Q4 25	$2M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+5.1%	+8.4%
Q2 22	-12.0%	-8.9%
Q3 22	-16.8%	-7.5%
Q4 22	-16.0%	+5.3%
Q1 23	-16.1%	-14.4%
Q2 23	-12.4%	-8.7%
Q3 23	-15.7%	-13.6%
Q4 23	-8.4%	-17.4%
Q1 24	-17.7%	-4.9%
Q2 24	-5.2%	-2.8%
Q3 24	+10.9%	+7.5%
Q4 24	-8.7%	+11.4%
Q1 25	+16.0%	+3.4%
Q2 25	+22.2%	+4.4%
Q3 25	+18.9%	+9.0%
Q4 25	+71.3%	+17.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$7M	10.2%
Q2 22	$7M	11.0%
Q3 22	$7M	12.5%
Q4 22	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$8M	14.1%
Q3 23	$7M	13.1%
Q4 23	$6M	11.9%
Q1 24	$5M	12.2%
Q2 24	$7M	13.9%
Q3 24	$7M	11.6%
Q4 24	$6M	12.7%
Q1 25	$6M	11.7%
Q2 25	$6M	10.3%
Q3 25	$9M	14.0%
Q4 25	$12M	14.3%

OpEx Breakdown

Quarter	R&D	SG&A
Q1 22	$14M	$11M
Q2 22	$14M	$12M
Q3 22	$13M	$14M
Q4 22	$14M	$12M
Q1 23	$11M	$11M
Q2 23	$12M	$12M
Q3 23	$11M	$12M
Q4 23	$12M	$11M
Q1 24	$11M	$12M
Q2 24	$12M	$13M
Q3 24	$11M	$13M
Q4 24	$11M	$12M
Q1 25	$11M	$12M
Q2 25	$11M	$12M
Q3 25	$12M	$15M
Q4 25	$14M	$16M

Revenue Segments

Quarter	Aerospace and Defense	Industrial	Microfabrication
Q1 22	$23M	$24M	$17M
Q2 22	$23M	$22M	$16M
Q3 22	$20M	$22M	$18M
Q4 22	$22M	$23M	$11M
Q1 23	$21M	$20M	$13M
Q2 23	$25M	$17M	$12M
Q3 23	$19M	$20M	$12M
Q4 23	$27M	$15M	$10M
Q1 24	$22M	$12M	$11M
Q2 24	$27M	$13M	$10M
Q3 24	$30M	$12M	$14M
Q4 24	$30M	$9M	$8M
Q1 25	$33M	$9M	$10M
Q2 25	$41M	$10M	$11M
Q3 25	$46M	$10M	$12M
Q4 25	$56M	$11M	$14M

Revenue by Geography

Quarter	China	North America	Rest of World, Excluding China and North America	Asia Pacific	Emea
Q1 22	$7M	$35M	$22M	—	—
Q2 22	$5M	$36M	$20M	—	—
Q3 22	$5M	$33M	$22M	—	—
Q4 22	$4M	$34M	$19M	—	—
Q1 23	$4M	$29M	$21M	—	—
Q2 23	$3M	$34M	$16M	—	—
Q3 23	$3M	$31M	$17M	—	—
Q4 23	$3M	$35M	$15M	—	—
Q1 24	$3M	$29M	$12M	—	—
Q2 24	$3M	$36M	$12M	—	—
Q3 24	$2M	$36M	$17M	—	—
Q4 24	$29M	$32M	-$14M	—	—
Q1 25	$9M	$36M	$6M	—	—
Q2 25	$9M	$45M	$8M	—	—
Q3 25	—	$47M	—	$9M	$11M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$135M	$0	$135M
Q2 22	$71M	$50M	$121M
Q3 22	$62M	$50M	$112M
Q4 22	$58M	$50M	$108M
Q1 23	$48M	$60M	$108M
Q2 23	$42M	$60M	$102M
Q3 23	$52M	$60M	$112M
Q4 23	$53M	$60M	$113M
Q1 24	$61M	$60M	$121M
Q2 24	$49M	$65M	$115M
Q3 24	$41M	$65M	$107M
Q4 24	$66M	$35M	$101M
Q1 25	$82M	$35M	$117M
Q2 25	$79M	$35M	$114M
Q3 25	$81M	$35M	$116M
Q4 25	$99M	$35M	$134M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	44M	+0.9%	+9.0%
Q2 22	44M	+1.2%	+4.4%
Q3 22	45M	+1.4%	+4.4%
Q4 22	45M	+0.6%	+4.1%
Q1 23	46M	+1.5%	+4.7%
Q2 23	46M	+0.0%	+3.5%
Q3 23	46M	+1.5%	+3.6%
Q4 23	47M	+0.7%	+3.8%
Q1 24	47M	+1.1%	+3.4%
Q2 24	48M	+0.9%	+4.2%
Q3 24	48M	+1.0%	+3.7%
Q4 24	48M	-0.5%	+2.5%
Q1 25	49M	+2.5%	+3.9%
Q2 25	50M	+1.0%	+4.0%
Q3 25	50M	+0.2%	+3.2%
Q4 25	51M	+2.6%	+6.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$49.6K	1K
Q2 22	$46.8K	1K
Q3 22	$46.2K	1K
Q4 22	$51.5K	1K
Q1 23	$49.2K	1K
Q2 23	$48.5K	1K
Q3 23	$46.0K	1K
Q4 23	$55.8K	930
Q1 24	$47.9K	930
Q2 24	$54.3K	930
Q3 24	$60.4K	930
Q4 24	$59.2K	800
Q1 25	$64.6K	800
Q2 25	$77.2K	800
Q3 25	$83.4K	800
Q4 25	$101.5K	800

Revenue / Employee