nLIGHT, Inc. (NASDAQ: LASR) priced a public offering of 3,977,273 shares of common stock at $44.00 per share, targeting gross proceeds of approximately $175 million. The offering, conducted under the company’s existing shelf registration statement, includes an option for underwriters to purchase an additional 596,590 shares. The transaction is expected to close on February 5 2026, subject to customary closing conditions.
The capital raise comes as nLIGHT accelerates its transition to a defense‑centric business model. In the fourth quarter of 2025, the company generated $78–$80 million in revenue—an increase of roughly 65% from $47.4 million in Q4 2024—primarily driven by the Aerospace & Defense (A&D) segment. Despite this growth, nLIGHT has not posted a profit in the trailing twelve months; its current ratio of 5.63 and moderate debt load provide a cushion for the additional cash infusion. Analysts project the company will achieve profitability later in 2026 as A&D contracts mature.
Proceeds from the offering will be allocated to working capital, capital expenditures, and other general corporate purposes. Management has indicated that the funds will support expansion of the Longmont, Colorado manufacturing facility, which is being upgraded to produce high‑energy lasers for directed‑energy weapons and laser‑sensing systems. The capital will also back ongoing research and development initiatives that underpin the company’s vertically integrated technology stack and its portfolio of over 450 patents.
Scott Keeney, nLIGHT’s President and CEO, said the company is “well positioned for near‑ and long‑term growth in Aerospace & Defense” and that the firm has “good visibility across multiple programs in both directed energy and laser sensing.” He added that the new capital will accelerate the company’s ability to meet growing demand from U.S. government agencies and to sustain its competitive edge in the high‑power laser market.
Investors have expressed concern about the dilution effect of the new shares, which has tempered enthusiasm for the offering. Nonetheless, the company’s strong revenue trajectory in the A&D segment and its robust liquidity position suggest that the capital raise is a strategic move to support continued expansion rather than a sign of financial distress.
The transaction enhances nLIGHT’s balance sheet, providing a buffer for future capital needs and positioning the company to capitalize on the projected growth of the directed‑energy weapons market. With profitability expected later in the year and a clear focus on defense contracts, the offering is likely to strengthen the company’s long‑term competitive position.
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