Company: LASR
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001124796-25-000021
Chunk: 73

Company: NLIGHT, INC.
Filing Date: 2025-02-28
Form: 10-K
Item: Item 7
Chunk 73
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,483 22.6 62,769 25.9 (15,286)(24.4)Aerospace and Defense91,394 43.6 88,191 36.4 3,203 3.6 $209,921 100.0 %$242,058 100.0 %$(32,137)(13.3)%

The decrease in Industrial market revenue for 2024 compared to 2023 was primarily the result of decreased unit sales across all regions due to deteriorating market conditions and lower customer demand in cutting and additive 

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Table of  Contents

manufacturing. The decrease in Microfabrication market revenue for 2024 compared to 2023 was primarily attributable to decreased unit sales of semiconductor lasers in EMEA(1) and Asia Pacific, offset partially by increased unit sales in North America. The increase in Aerospace and Defense market revenue for 2024 compared to 2023 was the result of increased unit sales of products due to higher demand, an increase in ASPs, and increased development revenue from development contracts awarded primarily in the second half of 2023.

The decreases in Industrial and Microfabrication market revenue for 2023 compared to 2022 were the result of decreased unit sales across all regions due primarily to lower customer demand and deteriorating market conditions. The increase in Aerospace and Defense market revenue in 2023 compared to 2022 was driven by new development contracts, offset partially by a decrease in product sales.

Revenues by Segment

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

Year Ended December 31,Change2024% of Revenue2023% of RevenueAmount%Laser Products$136,659 68.8 %$156,666 74.6 %$(20,007)(12.8)%Advanced Development61,889 31.2 53,255 25.4 8,634 16.2 $198,548 100.0 %$209,921 100.0 %$(11,373)(5.4)%

Year Ended December 31,Change2023% of Revenue2022% of RevenueAmount%Laser Products$156,666 74.6 %$192,658 79.6 %$(35,992)(18.7)%Advanced Development53,255 25.4 49,400 20.4 3,855 7.