In This Article:
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Total Revenue (Q4 2024): $47.4 million, a decrease of 9% from $51.9 million in Q4 2023.
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Product Revenue (Q4 2024): $31.7 million, down from $37.9 million in Q4 2023.
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Development Revenue (Q4 2024): Increased by 12% year over year to $15.7 million.
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Total Revenue (Full Year 2024): $198.5 million, a decrease of 5% from $209.9 million in 2023.
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Aerospace and Defense Revenue (2024): Increased 20% year over year to $109.5 million.
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Gross Margin (Q4 2024): 2%, negatively impacted by non-routine charges; adjusted gross margin would have been approximately 15%.
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Product Gross Margin (Q4 2024): 1%, adjusted for non-routine charges would have been approximately 20%.
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Development Gross Margin (Q4 2024): 6%, compared to 9% in Q4 2023.
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Non-GAAP Operating Expenses (Q4 2024): $17.7 million, compared to $17.4 million in Q4 2023.
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GAAP Net Loss (Q4 2024): $25 million or $0.51 per share, compared to a net loss of $13.2 million or $0.28 per share in Q4 2023.
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Cash Equivalents and Investments (End of 2024): $100.9 million, compared to $113.1 million at the end of 2023.
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Inventory (End of 2024): Decreased to $40.8 million from $52.1 million at the end of 2023.
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Funded Backlog (End of 2024): $167 million, 55% higher than at the end of 2023.
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Q1 2025 Revenue Guidance: Expected to be in the range of $45 million to $51 million.
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Q1 2025 Gross Margin Guidance: Total gross margin expected to be in the range of 13% to 17%.
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Q1 2025 Adjusted EBITDA Guidance: Expected to be in the range of approximately negative $6 million to negative $3 million.
Release Date: February 27, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Revenue from Aerospace and Defense grew to more than 60% of total sales by the end of 2024, becoming the primary growth driver.
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Aerospace and Defense markets grew 20% year over year to a record $110 million.
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Backlog increased by more than 50% year over year in 2024 to a record $167 million.
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nLight Inc (NASDAQ:LASR) is well-aligned with the Department of Defense's critical priorities, such as directed energy and laser sensing.
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The company has a strong pipeline of directed energy programs and laser sensing opportunities, expecting at least 25% revenue growth in Aerospace and Defense in 2025.
Negative Points
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Total revenue in the fourth quarter of 2024 decreased by 9% compared to the fourth quarter of 2023.
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Commercial markets faced challenges with revenue down 25% year over year due to competition from China and muted global manufacturing demand.
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Total gross margin in the fourth quarter was only 2%, significantly impacted by non-routine charges related to inventory reserves.
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GAAP net loss for the fourth quarter was $25 million, or $0.51 per share, compared to a net loss of $13.2 million in the fourth quarter of 2023.
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The company faces execution challenges and timing issues with the delivery of defense products, impacting revenue recognition.