LASR · nLIGHT, Inc.

nLIGHT delivered exceptional Q1 2026 results, with revenues surging 55% year-over-year to $80.2 million, driven primarily by record A&D product revenues of $33.1 million that nearly doubled from the prior year. Products revenue totaled $58.2 million while Development revenue was $22.0 million, reflecting robust demand in mission-critical directed energy, optical sensing, and advanced manufacturing applications. Gross margin expanded significantly to 33.1% from 26.7%, supported by improved product mix and operational efficiencies, leading to a near-breakeven operating loss of $0.7 million versus a $9.6 million loss last year. The company swung to GAAP net income of $0.6 million ($0.01 per diluted share), aided by interest income and other non-operating gains. CEO Scott Keeney highlighted strength in A&D markets, particularly defense products, and expressed optimism about a pipeline of directed energy opportunities including production follow-ons, platform upgrades, and new prototypes positioning nLIGHT for multi-year growth. Non-GAAP metrics showed even stronger performance with Adjusted EBITDA of $13.8 million. Balance sheet strengthened dramatically with cash equivalents at $298.2 million, up from $98.7 million at year-end, fueled by $191.3 million net proceeds from a public offering. For Q2, guidance calls for revenues of $75-81 million (midpoint $78 million, with Products ~$58 million and Development ~$20 million), gross margin 29-33% (Products 37-41%, Development ~8%), and Adjusted EBITDA $8-12 million, signaling continued momentum despite a slight sequential revenue dip.