Company: LASR
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001124796-25-000120
Chunk: 47

Company: NLIGHT, INC.
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 8
Chunk 47
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 equivalents and restricted cash$12,985 $(3,823)

Net Cash (Used in) Provided by Operating Activities

During the six months ended June 30, 2025, net cash used in operating activities was $1.4 million, which was the result of an $11.7 million net loss and cash used in net working capital of $8.0 million, offset by non-cash expenses totaling $18.3 million related primarily to depreciation, amortization, and stock-based compensation. The cash used in net working capital in the six months ended June 30, 2025 was driven by a $6.9 million increase in inventory, a $8.5 million increase in accounts receivable and a $1.1 million decrease in deferred revenues. These uses of cash were offset by a $3.5 million increase in accounts payable, a $3.1 million increase in accrued and other long-term liabilities, a $1.3 million decrease in prepaid expense and other assets, net and a $0.2 million decrease in lease liabilities.

Net Cash Used in Investing Activities

During the six months ended June 30, 2025, net cash used in investing activities was $4.4 million, which was driven by the net purchase of marketable securities of $0.2 million and net capital expenditures of $4.2 million.

Net Cash Provided by Used in Financing Activities

During the six months ended June 30, 2025, net cash provided by financing activities was $18.5 million, which consisted of a draw of $20.0 million from our LOC and proceeds from stock option exercises and employee stock plan purchases of $1.5 million, partially offset by taxes paid on the net settlement of stock awards of $3.1 million.  

Credit Facilities 

We have a $40.0 million revolving LOC with Banc of California dated September 24, 2018, which is secured by our assets and matures on September 24, 2027. The LOC agreement contains restrictive and financial covenants, including a minimum total cash covenant, and bears an unused credit fee of 0.25% on an annualized basis. The interest rate of 7.0% on the LOC at June 30, 2025 is based on the Prime Rate, minus a margin based on our liquidity levels.

During the six months ended June 30, 2025, we drew $20.0 million under the LOC to support working capital and