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nLIGHT
(NASDAQ:LASR)
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Rating:58Neutral
Price Target:
$53.00
▼(-24.31% Downside)
Action:Reiterated
Date:08/11/26
The score is driven primarily by improving financial performance (strong revenue/margin trajectory, solid balance sheet, and sharply better free cash flow) but is held back by a bearish technical setup (price below key moving averages with negative MACD) and weak valuation signals (negative P/E, no dividend). Earnings-call updates are mixed: strong recent results and a large contract opportunity are offset by near-term guidance pressure from supply-chain delays.
Positive Factors
Strong revenue and defense growth
Broad growth across products and aerospace and defense indicates stronger customer adoption and program scale. The defense expansion, supported by munitions and directed-energy programs, can improve business mix and provide a durable growth engine.
Negative Factors
GAAP profitability remains unproven
Improving revenue and gross margin have not yet produced consistent GAAP profits. Continued losses can constrain returns on capital and indicate that fixed costs, operating expenses, or program investment remain too high for durable earnings.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong revenue and defense growth
Broad growth across products and aerospace and defense indicates stronger customer adoption and program scale. The defense expansion, supported by munitions and directed-energy programs, can improve business mix and provide a durable growth engine.
Read all positive factors
nLIGHT (LASR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.12B
Dividend YieldN/A
Average Volume (3M)1.23M
Price to Earnings (P/E)―
Beta (1Y)1.26
Revenue Growth43.24%
EPS Growth74.67%
CountryUS
Employees800
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)-0.25
Shares Outstanding57,690,197
10 Day Avg. Volume885,635
30 Day Avg. Volume1,234,538
Financial Highlights & Ratios
PEG Ratio1.26
Price to Book (P/B)8.43
Price to Sales (P/S)7.31
P/FCF Ratio155.34
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$91.67Price Target Upside30.91% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)0.52
Revenue Forecast (FY)$307.06M
nLIGHT Business Overview & Revenue Model
Company Description
nLIGHT, Inc. (LASR) designs, manufactures, and sells semiconductor and fiber lasers, as well as related laser components and systems. The company serves industrial and microfabrication applications and supplies laser solutions used in materials pr...
How the Company Makes Money
nLIGHT primarily makes money by selling laser products and related components/systems to customers, generating revenue when its semiconductor and fiber laser solutions are shipped and accepted under customer contracts. Its key revenue streams are ...
nLIGHT Earnings Call Summary
Earnings Call Date:Aug 06, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 29, 2026
Earnings Call Sentiment Positive
The call conveyed strong operational and financial momentum: record revenue (+34% YoY), record products revenue (+45% YoY), robust A&D growth (+41% YoY; A&D product revenue +72% YoY), improved year-over-year gross margins, solid adjusted EBITDA and record cash flow, and a strategic multiyear JLWS contract (ceiling ~ $607M) that should ramp in 2027. Offsetting these positives are near-term headwinds from recent supply chain restrictions in China that are expected to defer roughly $17M of product shipments into future quarters, widen guidance, and pressure Q3 margins and EBITDA; development margins are volatile and GAAP expenses rose due to stock-based compensation. Overall, the company appears fundamentally strong with significant program wins and cash resources, but faces a discrete, possibly transitory supply constraint that creates short-term execution risk into Q3 and potentially Q4.Positive Updates
Record Quarterly Revenue
Total revenue of $82.6M in Q2 2026, a record quarter and a 34% increase year-over-year.
Negative Updates
Supply Chain Disruption from China Impacting Q3
Delays sourcing certain optics/materials from Chinese suppliers are expected to defer approximately $17M of product revenue that would have shipped in Q3 into future quarters, primarily affecting commercial products.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Quarterly Revenue
Total revenue of $82.6M in Q2 2026, a record quarter and a 34% increase year-over-year.
Read all positive updates
Company Guidance
For Q3 2026 nLIGHT guided revenue of $63 million to $73 million (midpoint $68 million), with approximately $43 million of product revenue and $25 million of development revenue, while noting the guidance excludes about $17 million of product revenue expected to be pushed into future quarters due to supply‑chain delays (primarily certain optics sourced from China) that disproportionately affect commercial products; overall gross margin is expected to be 24%–30%, product gross margin 34%–40% and development gross margin ~8% (the sequential product margin decline driven by lower volumes and fixed cost absorption); adjusted EBITDA is forecast at $1 million–$7 million; and management expects non‑GAAP operating expenses to remain about $17 million–$19 million per quarter in H2 2026, with backlog and demand described as strong but Q4 timing still uncertain.nLIGHT Financial Statement Overview
Summary
Income Statement
52
Neutral
Balance Sheet
78
Positive
Cash Flow
74
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 310.70M | 261.33M | 198.55M | 209.92M | 242.06M | 270.15M |
| Gross Profit | 97.94M | 77.96M | 33.02M | 46.11M | 50.82M | 77.31M |
| EBITDA | 8.65M | -19.95M | -43.75M | -29.92M | -35.51M | -14.82M |
| Net Income | -12.48M | -23.47M | -60.79M | -41.67M | -54.58M | -29.67M |
Balance Sheet | ||||||
| Total Assets | 517.59M | 318.11M | 270.24M | 306.80M | 329.23M | 373.62M |
| Cash, Cash Equivalents and Short-Term Investments | 295.76M | 133.63M | 100.70M | 112.88M | 108.22M | 146.53M |
| Total Debt | 14.84M | 36.21M | 12.13M | 14.16M | 15.61M | 17.68M |
| Total Liabilities | 77.69M | 91.36M | 53.81M | 52.38M | 58.39M | 71.48M |
| Stockholders Equity | 439.90M | 226.75M | 216.43M | 254.42M | 270.85M | 302.13M |
Cash Flow | ||||||
| Free Cash Flow | 49.40M | 12.30M | -10.29M | 4.75M | -36.26M | -29.00M |
| Operating Cash Flow | 62.83M | 21.33M | -2.36M | 10.09M | -14.54M | -7.44M |
| Investing Cash Flow | -11.97M | -8.77M | 16.69M | -14.10M | -72.38M | -21.85M |
| Financing Cash Flow | 365.83M | 20.11M | -1.30M | -859.00K | -1.31M | 73.74M |
nLIGHT Technical Analysis
Negative
70.02
Price Trends
65.06
Negative
67.66
Negative
56.57
Negative
Market Momentum
-4.58
Positive
38.29
Neutral
10.50
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LASR, the sentiment is Negative. The current price of 70.02 is above the 20-day moving average (MA) of 62.72, above the 50-day MA of 65.06, and above the 200-day MA of 56.57, indicating a bearish trend. The MACD of -4.58 indicates Positive momentum. The RSI at 38.29 is Neutral, neither overbought nor oversold. The STOCH value of 10.50 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 | $1.98B | 12.31 | 13.39% | ― | 0.52% | 41.86% | |
65 Neutral | $3.33B | 142.00 | 2.62% | ― | -2.52% | -64.30% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
59 Neutral | $3.75B | 133.48 | 1.30% | ― | 13.04% | ― | |
58 Neutral | $3.12B | -216.61 | -3.80% | ― | 43.24% | 74.67% | |
50 Neutral | $13.10B | -198.88 | -5.61% | ― | 61.85% | 76.82% | |
49 Neutral | $2.63B | 77.59 | 3.94% | 2.00% | -7.60% | -52.67% |
* Technology Sector Average
LASR
nLIGHT
47.88
21.92
84.44%
HIMX
Himax Technologies
13.90
6.54
88.73%
IPGP
IPG Photonics
76.57
0.85
1.12%
PLAB
Photronics
30.70
10.06
48.74%
VECO
Veeco
47.42
23.52
98.41%
AAOI
Applied Optoelectronics
122.19
100.26
457.18%
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.