# nLIGHT, Inc. (LASR)

> Source: Nexqual · https://nexqual.com/LASR · data as of 2026-10-23 15:00 UTC · cite as "Nexqual, nLIGHT, Inc. (LASR), nexqual.com/LASR" · informational, not investment advice.

**Price:** USD 36.36 (+0.71% today) · US market open, as of October 23, 2026 at 15:00 UTC; quotes may be delayed. Prev close 36.1 · day 35.16–36.51 · 52w 28.05–86.95 · market cap $2.10B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $311M, net income -$12.5M (-4.0% margin), free cash flow $41.8M (SEC filings).
- 2 of 80 tracked superinvestors hold LASR (13F, Q2 2026): 1 new, 1 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 18 Form 4 filings, $58.6M; 6 not under a Rule 10b5-1 plan ($9.9M); 4 by opportunistic insiders (3 outside 10b5-1 plans), 11 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.89 on a 1–5 scale) (9 analysts), mean target USD 82.13 (range 55–100).
- Total return with dividends: 1Y +13.0% vs S&P 500 +14.8%; 5Y +29.3% vs S&P 500 +77.5%.
- Next earnings: 2026-11-05, EPS estimate USD 0.05, revenue estimate $68.2M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $270M | $242M | $210M | $199M | $261M | $311M |
| Gross profit | $77.3M | $50.8M | $46.1M | $33.0M | $78.0M | — |
| Operating income | -$30.2M | -$55.1M | -$46.8M | -$65.6M | -$26.6M | -$17.0M |
| Net income | -$29.7M | -$54.6M | -$41.7M | -$60.8M | -$23.5M | -$12.5M |
| EPS (diluted) | -$0.70 | -$1.23 | -$0.90 | -$1.27 | -$0.47 | — |
| Free cash flow | -$26.8M | -$35.9M | $4.8M | -$10.3M | $12.3M | $41.8M |
| Gross margin | 28.6% | 21.0% | 22.0% | 16.6% | 29.8% | — |
| Operating margin | -11.2% | -22.8% | -22.3% | -33.1% | -10.2% | -5.5% |
| Net margin | -11.0% | -22.5% | -19.9% | -30.6% | -9.0% | -4.0% |
| Revenue growth | +21.3% | -10.4% | -13.3% | -5.4% | +31.6% | — |
| Cash + short-term investments | $147M | $108M | $113M | $101M | $134M | — |
| Total debt | $0K | — | — | — | — | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 6.8x · P/FCF 50.1x · P/B 4.8x · FCF yield 1.99% · Earnings yield -0.59%

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold LASR. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Polen Capital | Polen Capital Management | 0.08% | $9.3M | Added +48.6% |
| Lee Ainslie | Maverick Capital | <0.01% | $510K | New position |

## Insider sales (SEC Form 4, open-market, last ~7 months)
12 of 18 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-15 | Moore Geoffrey | Director | 4,452 | $154K | 5.2% | Yes (adopted June 15, 2026) | Too little history (no open-market trades in 2023 or 2025) |
| 2026-09-15 | Moore Geoffrey | Director | 4,452 | $171K | 4.9% | Yes (adopted June 15, 2026) | Too little history (no open-market trades in 2023 or 2025) |
| 2026-09-08…2026-09-09 | Keeney Scott H | President and CEO | 215,252 | $8.9M | 9.9% | Yes (adopted May 22, 2026) | Routine (sold in Dec each year 2023–2025; this trade is outside those months) |
| 2026-09-03…2026-09-04 | Corso Joseph John | Chief Financial Officer | 7,715 | $317K | 4.5% | Yes (adopted September 15, 2025) | Routine (sold in Dec each year 2023–2025; this trade is outside those months) |
| 2026-09-03 | Keeney Scott H | President and CEO | 9,753 | $397K | 0.4% | No | Routine (sold in Dec each year 2023–2025; this trade is outside those months) |
| 2026-09-03 | Nias James | Chief Accounting Officer | 1,025 | $42K | 1% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-28 | Gossman William | Director | 15,000 | $665K | 13% | Yes (adopted May 29, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-08-21…2026-08-24 | Keeney Scott H | President and CEO | 363,500 | $16.5M | 14.3% | Yes (adopted May 22, 2026) | Routine (sold in Dec each year 2023–2025; this trade is outside those months) |
| 2026-06-03…2026-06-04 | Keeney Scott H | President and CEO | 24,990 | $1.9M | 1.1% | Yes (adopted June 12, 2025) | Routine (sold in Dec each year 2023–2025; this trade is outside those months) |
| 2026-06-03…2026-06-04 | Corso Joseph John | Chief Financial Officer | 7,657 | $578K | 4.3% | Yes (adopted September 15, 2025) | Routine (sold in Dec each year 2023–2025; this trade is outside those months) |
| 2026-06-03 | Nias James | Chief Accounting Officer | 940 | $73K | 1% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-28…2026-05-29 | Keeney Scott H | President and CEO | 82,744 | $6.3M | 3.6% | Yes (adopted June 12, 2025) | Routine (sold in Dec each year 2023–2025; this trade is outside those months) |
| 2026-05-19…2026-05-21 | Keeney Scott H | President and CEO | 129,481 | $9.2M | 5.3% | Yes (adopted June 12, 2025) | Routine (sold in Dec each year 2023–2025; this trade is outside those months) |
| 2026-05-19…2026-05-20 | Corso Joseph John | Chief Financial Officer | 55,719 | $3.9M | 23.9% | Yes (adopted September 15, 2025) | Routine (sold in Dec each year 2023–2025; this trade is outside those months) |
| 2026-05-19…2026-05-20 | Nias James | Chief Accounting Officer | 2,033 | $140K | 2% | Yes (adopted December 8, 2025) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-15…2026-05-18 | Corso Joseph John | Chief Financial Officer | 38,020 | $2.8M | 14% | No | Routine (sold in Dec each year 2023–2025; this trade is outside those months) |
| 2026-05-15…2026-05-18 | Nias James | Chief Accounting Officer | 3,052 | $223K | 2.9% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-15…2026-05-18 | Keeney Scott H | President and CEO | 87,775 | $6.4M | 3.5% | No | Routine (sold in Dec each year 2023–2025; this trade is outside those months) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.89 on a 1–5 scale), 9 analysts; mean target USD 82.13 (low 55, high 100).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-07-10 | Needham | Target raised | Buy | $80 → $90 |
| 2026-07-09 | Craig-Hallum | Target raised | Buy | $80 → $100 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +13.0% | +29.3% |
| S&P 500 (SPY) | +14.8% | +77.5% |
| Per year | +13.0% | +5.3% |
| Volatility (annualized) | 86.9% | 58.3% |
| Max drawdown | -60.4% (May 2026→Oct 2026) | -77.6% (Nov 2021→Mar 2025) |

## Peers (Semiconductors)
NVTS (Navitas Semiconductor Corporati) USD 8.49 -0.06% · POWI (Power Integrations, Inc.) USD 47.41 +0.62% · DIOD (Diodes Incorporated) USD 82.47 +1.02% · VSH (Vishay Intertechnology, Inc.) USD 27.44 +1.50% · SYNA (Synaptics Incorporated) USD 117.43 +0.33% · PI (Impinj, Inc.) USD 163.04 +0.21%

## More
Full page: https://nexqual.com/LASR · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in LASR's own 10-K filed 2026-02-27 (https://www.sec.gov/Archives/edgar/data/1124796/000112479626000012/lasr-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | QinetiQ | "Our top customers include BAE Systems, KORD Technologies, Mazak, Northrop Grumman, QinetiQ Limited, Raytheon Technologies, and the U.S. Government." |
| Customer | RTX (Raytheon) (RTX) | "Our top customers include BAE Systems, KORD Technologies, Mazak, Northrop Grumman, QinetiQ Limited, Raytheon Technologies, and the U.S. Government." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Laser Products | $59.4M | 71.9% | +45.4% |
| Advanced Development | $23.2M | 28.1% | +11.1% |
| Total revenue | $82.6M | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Products | $59.4M | 71.9% | +45.4% |
| Aerospace and Defense | $57.3M | 69.4% | +40.8% |
| Development | $23.2M | 28.1% | +11.1% |
| Microfabrication | $13.3M | 16.0% | +17.3% |
| Industrial | $12.0M | 14.6% | +23.6% |
| Total revenue | $82.6M | 100% | — |
The lines above cover 200% of total revenue.

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| North America | $59.5M | 72.0% | +31.7% |
| EMEA | $13.9M | 16.8% | +76.0% |
| Asia Pacific | $9.2M | 11.1% | +6.0% |
| Total revenue | $82.6M | 100% | — |

## Customer concentration

Period ended 2026-06-30: 37%, 12% of revenue from unnamed direct customers (10-Q, filed 2026-08-07).

## Company outlook (8-K filed 2026-08-06)

- "For the third quarter of 2026, nLIGHT expects revenues to be in the range of $63 million to $73 million."

Analysts expect $68.2M for the current quarter, +0.2% vs the guidance midpoint $68.0M. Source: https://www.sec.gov/Archives/edgar/data/1124796/000112479626000035/exhibit991-q22026.htm

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.05 | $0.09 | -43.1% | $68.2M | 8 |
| Next quarter (ends 2026-12-31) | $0.09 | $0.09 | +0.0% | $74.9M | 9 |
| Current fiscal year (ends 2026-12-31) | $0.50 | $0.52 | -5.1% | $305.9M | 9 |
| Next fiscal year (ends 2027-12-31) | $0.64 | $0.68 | -6.0% | $348.4M | 8 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-06 (includes earnings 2026-11-05): ±19.3%; earnings reaction alone ±16.6%; last 8 reports averaged ±16.3%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 60.7% | ±7.2% |
| 2026-11-06 | 14 | 120.4% | ±19.3% |
| 2026-11-13 | 21 | 107.4% | ±20.8% |
| 2026-11-20 | 28 | 94.3% | ±21.0% |
| 2026-11-27 | 35 | 91.6% | ±22.6% |
| 2026-12-04 | 42 | 86.8% | ±23.5% |
| 2026-12-18 | 56 | 82.0% | ±25.3% |
| 2027-03-19 | 147 | 79.5% | ±38.9% |