Company: LASR
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001124796-25-000053
Chunk: 14

Company: NLIGHT, INC.
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 8
Chunk 14
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 customer base that could have a negative impact on revenue and profitability in the future.

17

Results of Operations 

The following table sets forth our operating results as a percentage of revenues for the periods indicated (which may not add up due to rounding):  

Three Months Ended March 31,20252024Revenue:Products69.1 %66.0 %Development30.9 34.0 Total revenue100.0 100.0 Cost of revenue:Products45.9 52.2 Development27.4 31.0 Total cost of revenue73.3 83.2 Gross profit26.7 16.8 Operating expenses:Research and development22.0 23.9 Sales, general, and administrative23.3 26.0 Total operating expenses45.3 49.9 Loss from operations(18.6)(33.1)Other income:Interest income, net3.2 1.0 Other income, net— 1.4 Loss before income taxes(15.4)(30.7)Income tax expense0.3 0.3 Net loss(15.7)%(31.0)%

Revenues by End Market

Our revenues by end market were as follows for the periods presented (dollars in thousands):

Three Months Ended March 31,Change2025% of Revenue2024% of Revenue$%Industrial$8,856 17.2 %$11,985 27.0 %$(3,129)(26.1)%Microfabrication10,106 19.6 10,797 24.2 (691)(6.4)Aerospace and Defense32,706 63.3 21,745 48.8 10,961 50.4 $51,668 100.0 %$44,527 100.0 %$7,141 16.0 %

The decrease in revenue from the Industrial markets for the three months ended March 31, 2025 compared to the same period in 2024 was primarily the result of decreased unit sales due to lower customer demand and deteriorating market conditions across all regions.  The decrease in revenue from the Microfabrication market for the three months ended March 31, 2025 compared to the same period in 2024 was primarily due to lower unit sales and the timing of customer shipments.  The increase in revenue from