Company: LASR
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001124796-25-000021
Chunk: 57

Company: NLIGHT, INC.
Filing Date: 2025-02-28
Form: 10-K
Item: Item 8
Chunk 57
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2$2,128 $10,248 $12,376 Currency exchange rate adjustment23 — 23 Balance, December 31, 2023$2,151 $10,248 $12,399 Currency exchange rate adjustment(45)— (45)Balance, December 31, 2024$2,106 $10,248 $12,354 During the fourth quarter of 2024, we performed a quantitative test for goodwill impairment and determined there was no impairment of goodwill. See Note 1, Basis of Presentation and Significant Accounting Policies, for more detail regarding the quantitative test for goodwill impairment performed.

Note 10 - Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):  As of December 31,20242023Accrued payroll and benefits$9,751 $7,898 Product warranty, current2,454 3,339 Other accrued expenses1,063 1,319 $13,268 $12,556 

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Note 11 - Product Warranties  

We provide warranties on certain products and record a liability for the estimated future costs associated with warranty claims at the time revenue is recognized. The warranty liability is based on historical experience, any specifically identified failures, and our estimate of future costs. The current portion of our product warranty liability is included in the accrued liabilities and the long-term portion is included in Other long-term liabilities in our Consolidated Balance Sheets.Product warranty liability activity was as follows for the periods presented (in thousands):Year Ended December 31, 20242023Product warranty liability, beginning$4,469 $5,441 Warranty charges incurred, net(6,524)(3,788)Provision for warranty charges, net of adjustments5,528 2,816 Product warranty liability, ending3,473 4,469 Less: current portion of product warranty liability(2,454)(3,339)Non-current portion of product warranty liability$1,019 $1,130 

Note 12 - Commitments and Contingencies

LeasesSee Note 13.Credit FacilitiesWe have a $40.0 million revolving line of credit (LOC) with Banc of California (fka Pacific Western Bank) which is secured by our assets and expires in September 2027. The LOC agreement contains restrictive and financial covenants and bears an unused credit fee of 0.25