nLIGHT
Builds high-power lasers and beam-control systems for defense, sensing, and advanced manufacturing.
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Profile
Sells semiconductor and programmable fiber lasers, amplifiers, and beam-control hardware for directed energy, optical sensing, industrial processing, and microfabrication. Laser Products generates product revenue, while Advanced Development earns contract revenue from government-backed research and prototyping; aerospace and defense accounts for most sales.
Designs and manufactures high-power semiconductor lasers, programmable fiber lasers, fiber amplifiers, and beam-combination and control systems for directed energy, optical sensing, microfabrication, and industrial processing. Laser Products supplies components and system-level hardware, while Advanced Development performs government-backed research, design, and prototyping for next-generation defense lasers.
Vertical integration spans semiconductor laser chips, optical fiber, packaging, testing, and system engineering, supporting rapid product development and customer-specific performance. Manufacturing is concentrated in the United States, with additional operations in Finland and a contract manufacturer in Thailand; sales and service extend across Europe and Asia.
Aerospace and defense anchors the business, alongside industrial and microfabrication demand. Revenue depends on a limited group of customers, U.S. government program funding, customer qualification cycles, and single- or limited-source suppliers for selected materials and components.
Company facts
Key statistics
Year to date +11.9% · Average volume (30d) 1.3M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Jul 10, 2026 | UBS | Target | $90 | ||
| Jul 9, 2026 | Needham | Target | $80 | $90 | |
| Jul 9, 2026 | Craig-Hallum | Reiterate | Buy | $100 | |
| May 21, 2026 | Stifel Nicolaus | Target | $75 | $85 | |
| May 8, 2026 | Raymond James | Target | $75 | $100 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 6, 2026Q2 FY26 | $0.14 | $0.15 | +6.3% | $78.6M | $82.6M | +5.1% | −25.56% |
| May 7, 2026Q1 FY26 | $0.08 | $0.20 | +150.0% | $72.1M | $80.2M | +11.2% | +11.66% |
| Feb 26, 2026Q4 FY25 | $0.11 | $0.14 | +27.3% | $76.7M | $81.2M | +5.8% | −10.74% |
| Nov 6, 2025Q3 FY25 | $0.02 | $0.08 | +300.0% | $76.1M | $66.7M | −12.3% | +14.67% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $51.7M | $61.7M | $66.7M | $81.2M | $80.2M | $82.6M | |
| Gross profit | $13.8M | $18.5M | $20.8M | $25.0M | $26.5M | $25.7M | |
| Operating income | −$9.6M | −$4.2M | −$7.3M | −$5.4M | −$424.0K | −$3.6M | |
| Net income | −$8.1M | −$3.6M | −$6.9M | −$4.9M | $645.0K | −$1.3M | |
| Diluted EPS | −$0.16 | −$0.07 | −$0.14 | −$0.10 | $0.01 | −$0.02 | |
| Gross margin | 26.7% | 29.9% | 31.1% | 30.7% | 33.1% | 31.1% | |
| Operating margin | -18.6% | -6.9% | -10.9% | -6.7% | -0.5% | -4.3% |
Fiscal years (4-quarter sums)FY21 $270.1M · FY22 $242.1M · FY23 $209.9M · FY24 $198.5M · FY25 $261.3M
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $295.8M · Total debt $14.8M · Total assets $517.6M · Shareholders' equity $439.9M
Dividends
No dividends on record.
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 56.41M · Float 52.72M · 93.5% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 4.88M | 8.65% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 2.40M | 4.25% | 13F | Aug 13, 2026 |
| Vanguard Portfolio Management LLC | 2.20M | 3.89% | 13F | Aug 13, 2026 |
| Scott H. Keeney · director, officer: President and CEO | 2.19M | 3.87% | Form 4 | Aug 25, 2026 |
| Needham Investment Management LLC | 1.99M | 3.53% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 24, 2026 | Scott H. Keeney | director, officer: President and CEO | −181,750 | $44.15 |
| Aug 21, 2026 | Scott H. Keeney | director, officer: President and CEO | −181,750 | $46.88 |
| Jun 4, 2026 | Joseph John Corso | officer: Chief Financial Officer | −3,817 | $72.90 |
| Jun 3, 2026 | Joseph John Corso | officer: Chief Financial Officer | −3,840 | $77.99 |
| Jun 3, 2026 | James Nias | officer: Chief Accounting Officer | −940 | $77.99 |
Peers
- IPG Photonics
Direct fiber-laser rival with expanding counter-UAS systems
- Coherent
Broad photonics peer across lasers, microfabrication, and A&D
- Lockheed Martin
Directed-energy prime competing at weapon-system level
- Lumentum
Industrial laser and photonics peer with kW fiber overlap
- MKS
Spectra-Physics laser peer in precision microfabrication
- Leonardo DRS
Defense laser-systems peer in sensing and counter-UAS
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| nLIGHT | $42.65 | −0.66% | $2.42B | — | 110.0 | 7.8 | +33.8% |
| IPG Photonics | $76.53 | +0.01% | $3.25B | 117.7 | 40.4 | 3.0 | +11.1% |
| Coherent | $279.00 | −0.02% | $54.62B | 67.9 | 29.8 | 7.7 | +33.7% |
| Lockheed Martin | $564.08 | +0.07% | $130.13B | 20.8 | 17.9 | 1.7 | +10.5% |
| Lumentum | $895.00 | +0.03% | $69.63B | — | 41.5 | 23.1 | +136.7% |
| MKS | $256.50 | +0.31% | $17.28B | 40.8 | 16.3 | 4.0 | +28.3% |
| Leonardo DRS | $38.60 | +0.08% | $10.29B | 32.1 | 29.0 | 2.7 | +10.1% |
| Median | 40.8 | 29.4 | 3.5 | +19.7% |