This time last year, nLIGHT was a privately held laser manufacturer looking to turn a profit.
But on Tuesday the Vancouver firm posted its first quarterly earnings report as a public company and showed a surge in revenues, a tidy profit and strong expectations for the near future.
Revenues climbed to $42.4 million, a 42 percent rise from its first fiscal quarter last year. Likewise, the company’s $1.2 million loss last year rose to a $2.9 million profit.
President and CEO Scott Keeney told investors that the jolt in revenues comes from rising demand for high-powered lasers. Such industries as aerospace, manufacturing and defense are turning to precision beams for jobs such as cutting, welding and additive manufacturing.
nLIGHT projects revenues to grow even more next quarter — to somewhere between $48 and $52 million — but executives also curbed expectations. Most companies, Keeney said, won’t trade out legacy machines tomorrow.