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nLIGHT, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in total revenue to $56,129,000 from $50,634,000 in the same quarter the previous year. This increase was driven by a rise in sales in the Advanced Development segment.
Cost of revenue for the quarter was $43,579,000, representing 77.6% of sales, compared to 80.4% in the same quarter of the previous year. This decrease in cost ratio is attributed to changes in sales mix.
The company reported a gross profit of $12,550,000 for the quarter, compared to $9,938,000 in the previous year, with the improvement attributed to increased sales in the Aerospace and Defense market.
Research and development expenses increased to $11,328,000 from $10,744,000, primarily due to higher employee compensation costs.
Selling, general, and administrative expenses increased to $13,021,000 from $11,725,000, driven by higher bad debt expenses.
Net loss for the quarter was $10,335,000, compared to a net loss of $11,879,000 in the previous year. The improvement is due to increased gross profit.
Cash provided by operating activities was $1,528,000, while cash used in investing and financing activities was $10,923,000 and $2,369,000, respectively.
nLIGHT had cash and cash equivalents of $41,714,000 as of September 30, 2024. The company expects its existing liquidity sources to be sufficient to meet its cash needs for at least the next 12 months.
The filing also details a legal proceeding with Lumentum Operations LLC (LITE+2.72%), which alleges ownership of certain patents. nLIGHT is defending against these allegations.
The company plans to adopt new accounting standards, including ASU 2023-07 and ASU 2023-09, which are expected to impact future financial disclosures.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the nLIGHT Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.