nLIGHT Inc
NASDAQ:LASR
nLIGHT Inc
nLIGHT, Inc. develops and manufactures semiconductor and fiber lasers components. The company is headquartered in Camas, Washington and currently employs 1,300 full-time employees. The company went IPO on 2018-04-26. The firm operates through two segments: Laser Products segment and Advanced Development segment. The company designs, manufactures, and sell a range of high-power semiconductor lasers and fiber lasers that are integrated into laser systems or manufacturing tools built by its customers. Its products include Semiconductor Lasers, Fiber Lasers and Directed Energy Products. Its Semiconductor Lasers is a high-power semiconductor laser with a range of power levels, wavelengths, and output fiber sizes. Its Fiber Lasers is a programmable and serviceable high-power fiber laser. Its Directed Energy Products includes standalone fiber amplifiers and beam combination and control systems for use in high-energy laser (HEL) systems in directed energy applications. Its products are sold in the United States, China, South Korea and various European countries.
nLIGHT, Inc. develops and manufactures semiconductor and fiber lasers components. The company is headquartered in Camas, Washington and currently employs 1,300 full-time employees. The company went IPO on 2018-04-26. The firm operates through two segments: Laser Products segment and Advanced Development segment. The company designs, manufactures, and sell a range of high-power semiconductor lasers and fiber lasers that are integrated into laser systems or manufacturing tools built by its customers. Its products include Semiconductor Lasers, Fiber Lasers and Directed Energy Products. Its Semiconductor Lasers is a high-power semiconductor laser with a range of power levels, wavelengths, and output fiber sizes. Its Fiber Lasers is a programmable and serviceable high-power fiber laser. Its Directed Energy Products includes standalone fiber amplifiers and beam combination and control systems for use in high-energy laser (HEL) systems in directed energy applications. Its products are sold in the United States, China, South Korea and various European countries.
Record Year: nLIGHT delivered strong results in 2025, with revenue up 32% to $261 million, led by exceptional growth in its aerospace and defense (A&D) markets.
A&D Outperformance: A&D revenue rose 60% year-over-year to a record $175 million, driven by new contract wins, continued program execution, and ramping production of new fiber amplifiers.
Margin Expansion: Gross margin improved significantly to around 30% for the year, up from 17% in 2024, reflecting operating leverage and favorable business mix.
Positive Cash Flow: The company generated more than $21 million in cash from operations for the year and ended with $134 million in cash. Including a recent equity raise, nLIGHT has more than $0.25 billion available.
Industrial Exit: Management decided to exit the cutting and welding markets due to ongoing weakness, resulting in a $25–$30 million annual revenue headwind but minimal margin impact.
Strong Q4: Q4 revenue hit a record $81.2 million (up 71% YoY), with A&D revenue at $56.3 million (up 87% YoY). Adjusted EBITDA for the quarter was $10.7 million.
2026 Guidance: Management expects continued revenue growth in 2026, with Q1 revenue guided to $70–$76 million and gross margin expected between 27% and 32%.
Capacity Investments: Proceeds from the equity raise will support expansion of manufacturing capacity, supply chain investments, and potential M&A.
