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1. Company Snapshot

1.a. Company Description

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 provides fiber amplifiers, and beam combination and control systems for use in high-energy laser systems in directed energy applications.It sells its products through direct sales force in the United States, China, South Korea, and European countries, as well as through various independent sales representatives and distributors in Asia, Europe, and South America.The company was formerly known as nLight Photonics Corporation and changed its name to nLIGHT, Inc.


in January 2016.nLIGHT, Inc.was incorporated in 2000 and is headquartered in Camas, Washington.

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1.b. Last Insights on LASR

nLight's recent momentum is driven by its ties to AI, aerospace, and defense industries, making it an attractive investment opportunity. The company's Q4 earnings and revenues surpassed estimates, with a notable earnings beat of $0.14 per share. Recent analyst upgrades, including a bullish $95 price target from Baird and a raised price target from Cantor Fitzgerald to $62.50, underscore the company's growth potential. Institutional investors, such as Bleakley Financial Group LLC, have also taken new positions in the company, demonstrating confidence in its prospects.

1.c. Company Highlights

2. nLIGHT's Strong FY 2025 Results Driven by A&D Growth

nLIGHT's financial performance in FY 2025 was exceptional, driven by a significant increase in Aerospace and Defense (A&D) revenue. The company reported revenues of $261 million, up 32% year-over-year, with A&D revenue reaching a record $175 million, growing 60% year-over-year. The fourth quarter was particularly strong, with total revenue reaching a record $81.2 million, an increase of 71% compared to the same quarter a year ago. GAAP net income for the fourth quarter was $4.9 million or $0.10 per share, compared to a net loss of $25 million or $0.51 per share in the same quarter a year ago. On a non-GAAP basis, net income from the fourth quarter was a positive $7.8 million or $0.14 per diluted share, beating analyst estimates of $0.11.

Publication Date: Mar -05

📋 Highlights
  • 2025 Full-Year Revenue Growth:: Revenues reached $261 million, up 32% YoY, driven by 60% growth in A&D segment to $175 million.
  • Q4 Revenue Record:: Total Q4 revenue hit $81.2 million, +71% YoY, with A&D revenue at $56.3 million (+87% YoY).
  • GAAP Net Income Turnaround:: Q4 GAAP net income was $4.9 million ($0.10/share), reversing a $25M loss in Q4 2024.
  • Cash Reserves Expansion:: Year-end cash rose to $134 million (+32% YoY), with $17.4M cash from operations in Q4 despite working capital investments.
  • 2026 Guidance:: Q1 revenue projected at $70–76M midpoint ($73M), with A&D growth expected to drive double-digit revenue growth despite industrial headwinds.

Segment Performance

The A&D segment was the main driver of growth, with revenue increasing 87% year-over-year and 24% sequentially to reach $56.3 million in the fourth quarter. The company's laser sensing markets also performed well, with products incorporated into several significant and long-running defense programs. As CFO Joe Corso mentioned, "We're still confident in overall revenue growth despite the headwind" in the industrial end market, indicating a strong outlook for the A&D segment.

Guidance and Outlook

nLIGHT expects revenue for the first quarter of 2026 to be in the range of $70 million to $76 million, with the midpoint of $73 million including approximately $54 million of product revenue and $19 million of development revenue. Analysts estimate revenue growth of 14.2% for the next year, indicating a continued strong outlook for the company.

Valuation and Metrics

With a P/S Ratio of 14.04 and an EV/EBITDA of -425.09, the company's valuation multiples indicate a high growth expectation. The negative ROE of -10.74% and ROIC of -9.6% suggest that the company's profitability is still a concern. However, the recent cash raise is expected to accelerate growth, with plans to invest in multiple opportunities simultaneously, including building out the facility in Colorado, investing in supply chain, people, new product development, and potentially M&A.

3. NewsRoom

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Fisher Asset Management LLC Sells 28,678 Shares of nLight $LASR

Mar -06

Source: defenseworld.net

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nLight (NASDAQ:LASR) & Lattice Semiconductor (NASDAQ:LSCC) Critical Survey

Mar -05

Source: defenseworld.net

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NLight Stock Surges After Baird's $95 Price Target

Mar -04

Source: benzinga.com

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nLight (NASDAQ:LASR) Shares Gap Up Following Analyst Upgrade

Mar -03

Source: defenseworld.net

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NLight (LASR) Stock Hits New Highs: What's Going On?

Mar -02

Source: feeds.benzinga.com

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Ondas, AeroVironment, and nLIGHT See Major Stock Moves After Iran Strikes

Mar -02

Source: 247wallst.com

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nLight (NASDAQ:LASR) Shares Gap Down – Here’s What Happened

Mar -01

Source: defenseworld.net

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nLIGHT, Inc. (LASR) Q4 2025 Earnings Call Transcript

Feb -27

Source: seekingalpha.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (10.20%)

6. Segments

Laser Products

Expected Growth: 10.2%

Growing demand for high-powered semiconductor lasers in industrial, aerospace, and defense applications drives growth, fueled by increasing adoption of laser-based technologies and nLIGHT's reputation for high reliability and efficiency.

Advanced Development

Expected Growth: 10.2%

Growing demand for high-power semiconductor laser diodes in industrial, aerospace, and defense applications drives growth. nLIGHT's advanced development enables high-brightness and reliable laser diodes, meeting the increasing need for precision and efficiency in these industries.

7. Detailed Products

High-Power Semiconductor Lasers

nLIGHT's high-power semiconductor lasers are designed for industrial, defense, and aerospace applications, offering high reliability and efficiency.

Fiber Lasers

nLIGHT's fiber lasers provide high-power, high-reliability solutions for material processing, spectroscopy, and other applications.

Direct Diode Lasers

nLIGHT's direct diode lasers offer high-power, high-brightness solutions for industrial, defense, and aerospace applications.

Laser Modules

nLIGHT's laser modules provide compact, high-reliability solutions for industrial, defense, and aerospace applications.

Semiconductor Optical Amplifiers

nLIGHT's semiconductor optical amplifiers offer high-gain, low-noise solutions for telecommunications, datacom, and sensing applications.

8. nLIGHT, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for nLIGHT, Inc. is medium due to the availability of alternative laser technologies and the increasing adoption of fiber lasers.

Bargaining Power Of Customers

The bargaining power of customers for nLIGHT, Inc. is low due to the company's strong relationships with its customers and the customized nature of its products.

Bargaining Power Of Suppliers

The bargaining power of suppliers for nLIGHT, Inc. is medium due to the company's dependence on a few key suppliers for critical components.

Threat Of New Entrants

The threat of new entrants for nLIGHT, Inc. is high due to the increasing demand for laser technology and the relatively low barriers to entry in the industry.

Intensity Of Rivalry

The intensity of rivalry for nLIGHT, Inc. is high due to the competitive nature of the laser technology industry and the presence of several established players.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 5.27%
Debt Cost 9.70%
Equity Weight 94.73%
Equity Cost 16.03%
WACC 15.70%
Leverage 5.57%

11. Quality Control: nLIGHT, Inc. passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
nLIGHT

A-Score: 4.2/10

Value: 6.4

Growth: 2.6

Quality: 4.1

Yield: 0.0

Momentum: 10.0

Volatility: 2.0

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Amtech Systems

A-Score: 4.1/10

Value: 6.2

Growth: 4.7

Quality: 3.8

Yield: 0.0

Momentum: 8.5

Volatility: 1.7

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AXT

A-Score: 3.8/10

Value: 6.6

Growth: 0.8

Quality: 4.3

Yield: 0.0

Momentum: 10.0

Volatility: 1.0

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Mobix Labs

A-Score: 3.8/10

Value: 7.0

Growth: 6.9

Quality: 3.1

Yield: 0.0

Momentum: 5.0

Volatility: 0.7

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indie Semiconductor

A-Score: 3.4/10

Value: 7.5

Growth: 4.8

Quality: 4.1

Yield: 0.0

Momentum: 3.0

Volatility: 1.3

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CEVA

A-Score: 3.1/10

Value: 7.5

Growth: 1.6

Quality: 4.5

Yield: 0.0

Momentum: 2.5

Volatility: 2.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

58.64$

Current Price

58.64$

Potential

-0.00%

Expected Cash-Flows