Company: LASR
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001124796-25-000021
Chunk: 74

Company: NLIGHT, INC.
Filing Date: 2025-02-28
Form: 10-K
Item: Item 7
Chunk 74
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8 $209,921 100.0 %$242,058 100.0 %$(32,137)(13.3)%

The decrease in Laser Products revenue for 2024 compared to 2023 was driven by decreased sales to both the Industrial and Microfabrication markets as discussed above, offset partially by increased sales to the Aerospace and Defense market. The increase in Advanced Development revenue for 2024 compared to 2023 was the result of increased activity on development contracts awarded primarily in the second half of 2023. All Advanced Development revenue is included in the Aerospace and Defense market. 

The decrease in Laser Products revenue for 2023 compared to 2022 was primarily due to decreased units sales to the Industrial and Microfabrication markets as discussed above. The increase in Advanced Development revenue was driven by new development contracts. Most of our Advanced Development revenue in 2023 was generated from cost plus fixed fee development contracts, and all Advanced Development revenue is included in the Aerospace and Defense market. 

Revenues by Geographic Region

Our revenues by geographic region were as follows (dollars in thousands):

Year Ended December 31,Change2024% of Revenue2023% of RevenueAmount%North America$132,812 66.9 %$129,311 61.6 %$3,501 2.7 %Asia Pacific38,137 19.2 45,765 21.8 (7,628)(16.7)EMEA(1)27,599 13.9 34,845 16.6 (7,246)(20.8)$198,548 100.0 %$209,921 100.0 %$(11,373)(5.4)%(1) EMEA consists of Europe, the Middle East, and Africa.

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Table of  Contents

Year Ended December 31,Change2023% of Revenue2022% of RevenueAmount%North America$129,311 61.6 %$137,454 56.8 %$(8,143)(5.9)%Asia Pacific45,765 21.8 67,315 27.8 (21,550)(32.0)EMEA34,845 16.6 37,289 15.4 (2,444)(6.6)$209,921 100.0 %$242,058 100.0 %$(32