Company: LASR
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001124796-25-000021
Chunk: 77

Company: NLIGHT, INC.
Filing Date: 2025-02-28
Form: 10-K
Item: Item 7
Chunk 77
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 and administrative expense for 2024 compared to 2023 was primarily due to increases in bad debt expense of $2.3 million and stock-based compensation of $1.5 million. A higher allocation of costs from sales, general and administrative to development projects partially offset the overall increase in sales, general and administrative expense.  

The decrease in sales, general and administrative expense for 2023 compared to 2022 was primarily due to a decrease in salary costs and incentive compensation, and an increase in administrative costs allocated from sales, general and administrative to development projects, partially offset by an increase in stock-based compensation of $1.2 million.  

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Table of  Contents

Restructuring

Restructuring included the following (in thousands):

Year Ended December 31,Change20242023Amount%Employee termination costs$4,228 $737 $3,491 473.7 Other63 79 (16)(20)%$4,291 $817 $3,474 425.2 % 

Year Ended December 31,Change20232022Amount%Employee termination costs$737 $1,271 $(534)(42.0)%Write-off of long-lived assets — 2,566 (2,566)(100.0)Other79 55 24 43.6 $817 $3,892 $(3,075)(79.0)%

We implemented restructuring plans in the fourth quarters of 2024 and 2023 which resulted in reductions of headcount primarily in China, including the discontinuation of all manufacturing in China during the fourth quarter of 2024.  During the fourth quarter of 2022, we implemented a restructuring plan which included headcount reductions in both the U.S. and China, and the write-down of certain in-process capital equipment projects related to production capacity that were never completed or placed into service.  

Interest Income, net

Interest income, net was as follows (in thousands):

Year Ended December 31,Change20242023Amount%Interest income, net$1,668 $1,342 $326 24.3 

Year Ended December 31,Change20232022Amount%Interest income, net$1,342 $529 $813 153.7 

The increases in interest income, net for 2024 compared to 2023 and 2023 compared to 2022 were driven by increases in interest rates and the average cash and cash