LASRHIGH SIGNALFINANCIAL10-K

LASR achieved a dramatic operational turnaround with revenue surging 275% to $191.4M while swinging from negative to positive operating cash flow and nearly eliminating total debt.

This represents a fundamental transformation of the business, with massive revenue growth likely driven by defense contracts and advanced laser applications. The company appears to have successfully scaled operations while maintaining gross margins, though it remains unprofitable despite significant improvements in operating losses.

Comparing 2026-02-27 vs 2025-02-28View on EDGAR →
FINANCIAL ANALYSIS

LASR delivered exceptional growth across all revenue metrics with 275% revenue increase to $191.4M and operating cash flow swinging dramatically from -$2.4M to +$21.3M. The balance sheet strengthened considerably with debt declining 99.4% to just $109K and cash increasing 50% to $98.7M, though current liabilities nearly doubled to $64.2M likely reflecting increased operational scale. Despite remaining unprofitable, the company substantially narrowed losses with operating income improving 59.5% to -$26.6M, signaling strong momentum toward profitability as the business scales.

FINANCIAL STATEMENT CHANGES
Operating Cash Flow
Cash Flow
+1004.2%
-$2.4M$21.3M

Operating cash flow surged 1004.2% — exceptional cash generation, highest quality earnings signal.

Revenue
P&L
+275%
$51.0M$191.4M

Strong top-line growth of 275% — accelerating demand or successful expansion into new markets.

Gross Profit
P&L
+136.1%
$33.0M$78.0M

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Total Debt
Balance Sheet
-99.4%
$17.5M$109K

Debt reduced 99.4% — deleveraging strengthens balance sheet and reduces financial risk.

Current Liabilities
Balance Sheet
+87.5%
$34.2M$64.2M

Current liabilities surged 87.5% — significant near-term obligations; verify ability to meet short-term debt.

Total Liabilities
Balance Sheet
+64.4%
$53.8M$88.5M

Liabilities grew 64.4% — significant increase in debt or obligations, assess impact on financial flexibility.

Net Income
P&L
+61.4%
-$60.8M-$23.5M

Net income grew 61.4% — bottom-line growth signals improving overall business health.

Operating Income
P&L
+59.5%
-$65.6M-$26.6M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Cash & Equivalents
Balance Sheet
+49.9%
$65.8M$98.7M

Cash position surged 49.9% — strong cash generation or capital raise providing significant financial cushion.

Accounts Receivable
Balance Sheet
+45.7%
$34.9M$50.8M

Receivables surged 45.7% — revenue recognized but not yet collected; watch for collection issues or channel stuffing.

LANGUAGE CHANGES
NEW — 2026-02-27
PRIOR — 2025-02-28
ADDED
As of February 25, 2026, the registrant had 55,791,319 shares of common stock outstanding.
is a leading provider of high power lasers for mission-critical directed energy, optical sensing, and advanced manufacturing applications.
Semiconductor Lasers We design, manufacture and sell semiconductor lasers with a broad range of power levels, wavelengths, and output fiber sizes.
Our advanced development programs focus on research, design, and prototyping of advanced and next-generation laser technologies, leveraging our expertise in high-power laser technology development, beam control, and advanced optics.
By aligning our innovation efforts with strategic growth and defense initiatives directed energy and laser sensing, in particular our Advanced Development segment plays a critical role in maintaining our competitive edge, driving long-term value creation, and protecting our nation s most critical assets.
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REMOVED
As of February 26, 2025, the registrant had 49,030,981 shares of common stock outstanding.
BUSINESS Overview nLIGHT, Inc., headquartered in Camas, Washington, is a leading provider of high power semiconductor and fiber lasers for aerospace and defense, industrial, and microfabrication applications.
Semiconductor Lasers We sell high-power semiconductor lasers with a broad range of power levels, wavelengths, and output fiber sizes.
Advanced Development Overview Our Advanced Development segment is dedicated to driving innovation and expanding our technological leadership in the field of directed energy and laser sensing.
By aligning our innovation efforts with strategic growth and defense initiatives directed energy and laser sensing, in particular our Advanced Development segment plays a critical role in maintaining our competitive edge and driving long-term value creation.
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