Q4 2024 nLIGHT Inc Earnings Call Transcript
Key Points
- Revenue from Aerospace and Defense grew to more than 60% of total sales by the end of 2024, becoming the primary growth driver.
- Aerospace and Defense markets grew 20% year over year to a record $110 million.
- Backlog increased by more than 50% year over year in 2024 to a record $167 million.
- nLight Inc (LASR) is well-aligned with the Department of Defense's critical priorities, such as directed energy and laser sensing.
- 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.
- Total revenue in the fourth quarter of 2024 decreased by 9% compared to the fourth quarter of 2023.
- Commercial markets faced challenges with revenue down 25% year over year due to competition from China and muted global manufacturing demand.
- Total gross margin in the fourth quarter was only 2%, significantly impacted by non-routine charges related to inventory reserves.
- 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.
- The company faces execution challenges and timing issues with the delivery of defense products, impacting revenue recognition.
Good afternoon, ladies and gentlemen, and welcome to the nLIGHT Inc fourth quarter end year in 2024 earnings call conference call. At this time, all eyes are in listen-only mode. Following the presentation, we will conduct a question and answer session.
(Operator Instructions)This call is being recorded on Thursday, February 27, 2025.I would now like to turn the conference over to John Marchetti. Please go ahead.
Thank you and good afternoon, everyone. I am John Marchetti, and nLIGHT's Vice President of Corporate Development and the Head of Investor Relations. With me on the call today are Scott Keeney, nLIGHT's Chairman and CEO, and Joseph Corso, and nLIGHT's CFO.
Today's discussion will contain forward-looking statements including financial projections and plans for our business, some of which are beyond our control, including the risks and uncertainties described from time to time in our SEC file. Our results may differ materially
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