nLIGHT, Inc. reported its financial results for the three and nine months ended September 30, 2024, showing a mixed performance in revenue and profitability compared to the previous fiscal period. Total revenue for the third quarter was $56.1 million, reflecting a 10.9% increase from $50.6 million in the same period of 2023. However, for the nine months ended September 30, 2024, total revenue decreased by 4.3% to $151.2 million from $158.0 million in the prior year.

The revenue breakdown indicates growth in specific segments, with product revenue for the third quarter rising to $41.1 million from $38.1 million year-over-year, and development revenue increasing to $15.0 million from $12.5 million. Notably, revenue from the Aerospace and Defense market surged by 59.1% to $30.3 million, while the Industrial market saw a significant decline of 40.9% to $11.6 million.

Despite the revenue growth in the third quarter, nLIGHT reported a net loss of $10.3 million, an improvement from a net loss of $11.9 million in the same quarter of 2023. For the nine-month period, the net loss increased to $35.8 million from $28.4 million in the previous year. The gross profit for the third quarter was $12.6 million, up from $9.9 million, with a gross margin improvement to 22.4% from 19.6%.

Total operating expenses for the third quarter rose to $24.3 million from $22.5 million, contributing to a loss from operations of $11.8 million, slightly better than the $12.5 million loss reported in the same quarter of 2023. The company’s accumulated deficit increased to $(300.1 million) as of September 30, 2024, compared to $(264.3 million) at the end of 2023.

On the balance sheet, total current assets decreased to $210.8 million from $220.6 million at the end of 2023, with cash and cash equivalents declining to $41.5 million from $53.2 million. Marketable securities, however, increased to $65.2 million from $59.7 million. Total assets decreased to $291.3 million from $306.8 million, and total stockholders’ equity fell to $235.3 million from $254.4 million.

Strategically, nLIGHT plans to record a severance charge of approximately $3.8 million in the fourth quarter of 2024 due to a reduction in force at its Shanghai manufacturing facility. The company continues to invest in research and development, focusing on semiconductor and fiber laser technologies, while navigating market demand fluctuations and pricing pressures.