Camas-based laser manufacturer nLIGHT reported a $13.2 million quarterly net loss in its latest financial earnings report released Thursday. Still, revenues exceeded the company’s forecast for the quarter.
Scott Keeney, nLIGHT CEO, said in a statement Thursday that 2023 was a transformative year for the company.
He pointed to multiple large directed energy contracts awarded to the company, new commercial design successes, substantial transformation of the company’s manufacturing base and prudent management of expenses and capital.
Historically, many of the company’s products and components were manufactured in China. But last year, the company moved most of its production to Camas and a third-party manufacturer in Thailand.
“Our U.S.-based manufacturing enables us to distinctly serve the defense market,” Keeney said in an investor call Thursday. And outsourcing other product manufacturing to Thailand “offers scalable, flexible capacity for commercial business,” he added.
The company was awarded multiple defense contracts last year.
The company’s most recent net loss, 28 cents per diluted share, was measured during the company’s fourth quarter, which ended Dec. 31.
The loss is significantly less than the $22.7 million, or 50 cents per diluted share, the company reported for the fourth quarter of 2022.
The company reported revenues of $51.9 million in its fourth quarter of 2023, down from $56.7 million in the fourth quarter of 2022.
nLIGHT reported $209.9 million in revenue for 2023, down from $242.1 million for 2022. Its loss, however, also decreased from $54.6 million, or $1.23 per diluted share, to $41.7 million, or 90 cents per diluted share.
nLIGHT trades on the NASDAQ as LASR. Its stock closed Thursday at $13.81 per share, up one cent from Wednesday’s close.
