Nlight, Inc. (LASR)

Price$40.78Cached quoteAs of 2026-09-04 16:23 UTC

AI: Overvalued

Price checkThe shares look expensive because operating profits are absent despite strong recent growth.

Using the observed close and 57.7 million June shares, total stock value is about $2.4 billion. After subtracting roughly $315.6 million of net cash—cash and marketable securities minus debt—the business value is about $2.1 billion. That equals about 6.7 times sales from the last four quarters totaling $310.7 million. Annualized first-half free cash flow—cash left after running and investing in the business—is about $47 million, or roughly 44 times annualized free cash flow. Reported trailing earnings are still negative, so a normal earnings multiple is unavailable.

Big pictureGrowth has returned, but profits and cash generation are not yet proven durable.

Revenue rose from $198.5 million in 2024 to a record $261.3 million in 2025, while gross margin—the share of sales left after direct production costs—recovered from 16.6% to 29.8% and operating loss narrowed from $65.6 million to $26.6 million. First-half 2026 revenue reached $162.8 million, up 43.5% year over year, and operating loss fell to $4.3 million. However, 2020–2025 revenue ranged from $198.5 million to $270.1 million, showing cyclicality, and first-half free cash flow included $21.8 million of stock compensation and $9.2 million of deferred-revenue growth.

Business strengthDefense demand is becoming the growth engine, with better product margins offering a credible path toward profitability.

Aerospace and defense produced $112.4 million, or 69.1% of first-half 2026 revenue, up 53.2% year over year. Second-quarter product revenue rose 45.4% to $59.4 million, and product gross margin was about 41%, supporting operating leverage as factories run fuller. The counterweight is development work: its first-half gross margin was only 5.3%, and it represented 27.8% of revenue. The bull case is conversion of defense prototypes into repeat production; the bear case is uneven government timing and low-margin development mix.

What could change the storyA large cash cushion helps, but dilution and stock pay make the required turnaround harder.

At June 30, cash plus marketable securities exceeded debt by about $315.6 million; no credit line was drawn, and $40 million remained available. That limits near-term financing risk. Yet February’s offering added 4.6 million shares and $191.3 million net cash, lifting shares outstanding from 51.2 million at year-end to 57.7 million. Stock compensation—pay awarded in shares—was $33.4 million in 2025 and $21.8 million in the first half of 2026, with $72.9 million still unrecognized. The story improves if product growth produces sustained operating profit under standard accounting rules; it weakens if supply delays persist or more equity is needed.

AI: News

Second-quarter resetStrong reported results were followed by much weaker near-term guidance because supply shortages delayed product shipments.

On August 6, nLIGHT reported second-quarter revenue of $82.6 million, up 33.8%, and a reported net loss of $1.3 million versus $3.6 million. But third-quarter guidance was $63–73 million, with management excluding about $17 million of product shipments because of supply shortages; expected adjusted operating profit before interest, taxes, depreciation, and amortization was only $1–7 million. A financial news report said shares fell 15% after hours. The reaction likely reflected weaker near-term expectations, although timing alone cannot prove causation.

Laser contract awardA defense award widened nLIGHT’s opportunity, but most of the headline value remains optional rather than committed.

On July 9, nLIGHT announced a Joint Laser Weapon System agreement with an initial $44 million award and a ceiling of up to $627 million, including follow-on development, integration, and possible production options. The first prototypes are planned at about 150 kilowatts, with later versions targeted at 300–500 kilowatts. Shares rose 27.3% that day, according to market coverage. The opportunity is material against annual sales near $261 million, but the ceiling is not booked revenue and depends on later government decisions.

February share saleNew equity greatly strengthened liquidity but increased the number of shares future earnings must support.

In February, nLIGHT sold 4.6 million new shares, including the underwriters’ full additional allotment, raising $191.3 million after costs. The June filing shows shares outstanding rose from 51.2 million at 2025 year-end to 57.7 million, about 12.7%. The cash is a strategic opportunity to expand capacity and fund working capital without drawing debt, but each future dollar of profit is spread across more owners. The offering therefore improved financing flexibility while lowering per-share upside unless returns exceed dilution.

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Revenue

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Free cash flow

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Total cash / debt

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Revenue	$261.3M	$198.5M	$209.9M	$242.1M	$270.1M	$222.8M	$176.6M	$191.4M	$138.6M	$101.3M
Gross profit	$78.0M	$33.0M	$46.1M	$50.8M	$77.3M	$59.4M	$52.3M	$67.0M	$44.3M	$23.2M
Gross margin	29.83%	16.63%	21.97%	21.00%	28.62%	26.65%	29.63%	34.99%	31.95%	22.86%
Research & development	$48.0M	$45.1M	$46.2M	$53.8M	$54.8M	$41.2M	$28.1M	$21.1M	$15.1M	$15.2M
Operating expenses	$104.5M	$98.7M	$92.9M	$105.9M	$107.5M	$80.4M	$62.2M	$49.9M	$34.5M	$32.5M
Operating income	−$26.6M	−$65.6M	−$46.8M	−$55.1M	−$30.2M	−$21.0M	−$9.9M	$17.1M	$9.8M	−$9.3M
Operating margin	−10.16%	−33.06%	−22.28%	−22.76%	−11.19%	−9.45%	−5.61%	8.92%	7.07%	−9.22%
EBITDA	−$13.4M	−$51.8M	−$32.0M	−$41.1M	−$17.1M	−$9.5M	−$2.2M	$25.4M	$17.7M	−$1.2M
EBITDA margin	−5.12%	−26.10%	−15.22%	−17.00%	−6.35%	−4.28%	−1.26%	13.25%	12.79%	−1.22%
Net income	−$23.5M	−$60.8M	−$41.7M	−$54.6M	−$29.7M	−$20.9M	−$12.9M	$13.9M	$1.8M	−$14.2M
Net profit margin	−8.98%	−30.62%	−19.85%	−22.55%	−10.98%	−9.40%	−7.29%	7.28%	1.33%	−14.02%
Basic EPSper basic share	-$0.47	-$1.27	-$0.90	-$1.23	-$0.70	-$0.55	-$0.35	$0.38	$0.00	-$5.68
Diluted EPSper diluted share	-$0.47	-$1.27	-$0.90	-$1.23	-$0.70	-$0.55	-$0.35	$0.32	$0.00	-$5.68

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

8.46%of listed shares

BlackRock, Inc.4.88M shares · Jun 30, 2026

View holders

Top 20 reported holders of LASR
Holder	% owned
BlackRock, Inc.	8.46%4.88M shares
VANGUARD CAPITAL MANAGEMENT LLC	4.16%2.4M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	3.81%2.2M shares
Keeney Scott H	≈3.79%2.19M shares
NEEDHAM INVESTMENT MANAGEMENT LLC	3.46%1.99M shares
Driehaus Capital Management LLC	3.44%1.99M shares
Invesco Ltd.	2.85%1.64M shares
GEODE CAPITAL MANAGEMENT, LLC	2.84%1.63M shares
NEUBERGER BERMAN GROUP LLC	2.54%1.47M shares
STATE STREET CORP	2.22%1.28M shares
FMR LLC	1.84%1.06M shares
JPMORGAN CHASE & CO	1.78%1.03M shares
AWM Investment Company, Inc.	1.63%939.01K shares
VAN ECK ASSOCIATES CORP	1.61%929.61K shares
ALLIANCEBERNSTEIN L.P.	1.59%913.9K shares
GILDER GAGNON HOWE & CO LLC	1.46%841K shares
Hood River Capital Management LLC	1.45%836.23K shares
GOLDMAN SACHS GROUP INC	1.36%783.56K shares
DIMENSIONAL FUND ADVISORS LP	1.35%777.09K shares
Nuveen, LLC	1.30%751.06K shares

Percentages use 57.66M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys1$10.4K disclosed value

Sells (SEC code S)139$64.02M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 4, 2026Form 4 · 10b5-1	Keeney Scott HPresident and CEO	SellCommon Stock	625	$76.61	$47.9K	2.19M
Jun 4, 2026Form 4 · 10b5-1	Keeney Scott HPresident and CEO	SellCommon Stock	5.3K	$75.94	$401.1K	2.19M
Jun 4, 2026Form 4 · 10b5-1	Keeney Scott HPresident and CEO	SellCommon Stock	4.8K	$74.94	$360.7K	2.19M
Jun 4, 2026Form 4 · 10b5-1	Keeney Scott HPresident and CEO	SellCommon Stock	1.4K	$73.76	$105.0K	2.20M
Jun 4, 2026Form 4 · 10b5-1	Keeney Scott HPresident and CEO	SellCommon Stock	3.1K	$72.59	$221.8K	2.20M

Review ownership filings at SEC.gov ↗

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Nlight, Inc. (LASR)

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