Nlight (LASR)
NASDAQ:LASR
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nLIGHT
(NASDAQ:LASR)
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Rating:67Neutral
Price Target:
$77.00
▲(9.33% Upside)
Action:Reiterated
Date:05/12/26
The score is driven primarily by improving financial performance (better margins and positive free cash flow) and strong technical uptrend. The latest earnings call adds support via strong execution and constructive guidance, while the key constraint is very expensive valuation (extremely high P/E) and remaining profitability/volatility risk.
Positive Factors
Revenue and product margin improvement
Sustained double‑digit revenue growth alongside record product gross margins (~44%) indicates improving unit economics and stronger product mix. Over the next 2–6 months, higher product margins and recurring product revenue should support durable operating leverage and make future quarters less dependent on development revenue timing.
Negative Factors
A&D program timing and revenue concentration
Heavy dependence on defense program awards and government appropriations creates structural revenue lumpiness and calendar risk; delays or shifts in budget appropriations can materially affect quarterly receipts. Over 2–6 months this dependency can cause uneven cash flow and complicate planning for fixed costs and capacity.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue and product margin improvement
Sustained double‑digit revenue growth alongside record product gross margins (~44%) indicates improving unit economics and stronger product mix. Over the next 2–6 months, higher product margins and recurring product revenue should support durable operating leverage and make future quarters less dependent on development revenue timing.
Read all positive factors
nLIGHT (LASR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.59B
Dividend YieldN/A
Average Volume (3M)1.22M
Price to Earnings (P/E)―
Beta (1Y)1.37
Revenue Growth40.91%
EPS Growth74.24%
CountryUS
Employees800
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)-0.30
Shares Outstanding56,408,710
10 Day Avg. Volume1,070,575
30 Day Avg. Volume1,218,272
Financial Highlights & Ratios
PEG Ratio1.31
Price to Book (P/B)8.43
Price to Sales (P/S)7.31
P/FCF Ratio155.34
Enterprise Value/Market Cap0.92
Enterprise Value/Revenue14.50
Enterprise Value/Gross Profit46.34
Enterprise Value/Ebitda10.56K
Forecast
1Y Price Target
$88.80Price Target Upside26.08% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering7
EPS Forecast (FY)0.52
Revenue Forecast (FY)$307.07M
nLIGHT Business Overview & Revenue Model
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 ...
How the Company Makes Money
nLIGHT primarily makes money by selling laser sources and photonic components to customers in two main end markets: Industrial and Aerospace & Defense. In Industrial, revenue is generated through sales of high-power fiber lasers and related compon...
nLIGHT Earnings Call Summary
Earnings Call Date:May 07, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 30, 2026
Earnings Call Sentiment Positive
The earnings call conveyed a strongly positive operational and financial performance: double-digit revenue growth (55% YoY), record product gross margins (~44%), record adjusted EBITDA ($13.9M), strengthened cash position after a $190M+ equity raise, and strategic product progress (Hades, HELSI 2, HELL CAP). Negatives were smaller in magnitude: development gross margin compression due to contract timing, a sequential decline in development revenue, planned exit from legacy markets, and inherent program timing risk tied to government budgets. Overall, the positives — substantial revenue and margin expansion, cash generation, and clear strategic milestones — materially outweigh the noted challenges.Positive Updates
Strong Top-Line Growth
Total revenue of $80.2 million, up 55% year-over-year (from $51.7M) and essentially flat sequentially (down 1% vs Q4 2025), driven by strong A&D and commercial performance.
Negative Updates
Decline in Development Gross Margin
Development gross margin dropped to 5.1% (non-GAAP 7.2%) versus 11.5% in the year-ago quarter and 16.8% last quarter, reflecting contract mix and timing of program deliverables.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Top-Line Growth
Total revenue of $80.2 million, up 55% year-over-year (from $51.7M) and essentially flat sequentially (down 1% vs Q4 2025), driven by strong A&D and commercial performance.
Read all positive updates
Company Guidance
nLIGHT guided Q2 2026 revenue of $75 million to $81 million (midpoint $78 million), which management said includes roughly $58 million of product revenue and $20 million of development revenue and assumes sequential A&D growth; it expects overall gross margin of 29%–33%, product gross margin of 37%–41% and development gross margin of ~8%, and forecasted adjusted EBITDA of $8 million–$12 million for the quarter, while reiterating non‑GAAP operating expense should run about $17 million–$19 million for the balance of the year (noting margins depend on production volumes and fixed cost absorption).nLIGHT Financial Statement Overview
Summary
Income Statement
41
Neutral
Balance Sheet
72
Positive
Cash Flow
67
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 289.84M | 261.33M | 198.55M | 209.92M | 242.06M | 270.15M |
| Gross Profit | 90.68M | 77.96M | 33.02M | 46.11M | 50.82M | 77.31M |
| EBITDA | 398.00K | -19.95M | -43.75M | -29.92M | -35.51M | -15.16M |
| Net Income | -14.73M | -23.47M | -60.79M | -41.67M | -54.58M | -29.67M |
Balance Sheet | ||||||
| Total Assets | 515.70M | 318.11M | 270.24M | 306.80M | 329.23M | 373.62M |
| Cash, Cash Equivalents and Short-Term Investments | 332.59M | 133.63M | 100.70M | 112.88M | 108.22M | 146.53M |
| Total Debt | 35.58M | 36.21M | 12.13M | 14.16M | 15.61M | 17.68M |
| Total Liabilities | 86.46M | 91.36M | 53.81M | 52.38M | 58.39M | 71.48M |
| Stockholders Equity | 429.24M | 226.75M | 216.43M | 254.42M | 270.85M | 302.13M |
Cash Flow | ||||||
| Free Cash Flow | 22.17M | 12.30M | -10.29M | 4.75M | -36.26M | -29.00M |
| Operating Cash Flow | 31.03M | 21.33M | -2.36M | 10.09M | -14.54M | -7.44M |
| Investing Cash Flow | -7.71M | -8.77M | 16.69M | -14.10M | -72.38M | -21.85M |
| Financing Cash Flow | 192.58M | 20.11M | -1.30M | -859.00K | -1.31M | 73.74M |
nLIGHT Technical Analysis
Positive
70.43
Price Trends
69.97
Positive
61.39
Positive
46.65
Positive
Market Momentum
2.32
Positive
49.98
Neutral
71.30
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LASR, the sentiment is Positive. The current price of 70.43 is below the 20-day moving average (MA) of 75.38, above the 50-day MA of 69.97, and above the 200-day MA of 46.65, indicating a neutral trend. The MACD of 2.32 indicates Positive momentum. The RSI at 49.98 is Neutral, neither overbought nor oversold. The STOCH value of 71.30 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for LASR.
nLIGHT Risk Analysis
nLIGHT disclosed 37 risk factors in its most recent earnings report. nLIGHT reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
nLIGHT Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | $2.01B | 11.79 | 12.23% | ― | 0.52% | 41.86% | |
67 Neutral | $4.59B | ― | -5.40% | ― | 40.91% | 74.24% | |
66 Neutral | $3.68B | 154.52 | 2.64% | ― | -7.71% | -66.03% | |
62 Neutral | $3.63B | 112.30 | 3.60% | 4.48% | -10.57% | -62.96% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
61 Neutral | $13.56B | -277.73 | -6.14% | ― | 64.32% | 82.92% | |
57 Neutral | $4.98B | 167.27 | 1.37% | ― | 9.29% | ― |
* Technology Sector Average
LASR
nLIGHT
74.12
58.99
389.89%
HIMX
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PLAB
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32.35
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93.60%
VECO
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57.64
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AAOI
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158.41
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927.30%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.