nLIGHT, Inc. (NASDAQ: LASR) reported record fourth‑quarter and full‑year 2025 financial results, with quarterly revenue of $81.2 million—up 71 % year‑over‑year—and a gross margin of 30.7 %. The company posted a GAAP net loss of $4.9 million for the quarter and an adjusted EBITDA of $10.7 million.
For the full year, nLIGHT generated $261.3 million in revenue, a 31.6 % increase from $198.5 million in 2024. Gross margin expanded to 29.8 %, and the company recorded a net loss of $23.5 million, or $0.47 per diluted share. The non‑GAAP earnings per share for Q4 were $0.14, beating the consensus estimate of $0.11 by 27 %—a result driven by strong performance in the Aerospace & Defense (A&D) segment, which grew 60 % year‑over‑year.
"2025 was an exceptional year for nLIGHT, with strong revenue growth driven by continued strength in our A&D markets as we executed well against existing programs and won new awards that helped drive additional growth," said President and CEO Scott Keeney. He added, "Importantly, our accelerated revenue growth drove significant year‑over‑year improvement in our gross margins and Adjusted EBITDA, demonstrating the leverage that is inherent in our model." CFO Joseph Corso noted that the favorable mix of business and improved manufacturing execution lifted gross margins to roughly 30 % in 2025, up from 17 % in 2024.
nLIGHT guided for first‑quarter 2026 revenue of $70 million to $76 million, a product‑gross‑margin range of 27 % to 32 %, and an adjusted EBITDA range of $5 million to $10 million. The guidance reflects confidence in sustaining high‑margin growth in its defense‑focused portfolio while managing the transition of its commercial operations. The company is exiting its cutting and welding markets, a move expected to create a $25 million to $30 million revenue headwind in 2026, and has raised $190 million in a follow‑on equity offering to fund a new 50,000‑square‑foot manufacturing facility and expand capacity. Backlog stands at $162 million as of December 31, 2025.
Investors focused on the GAAP net loss and near‑term margin outlook, leading to a muted market reaction. The company’s strong revenue beat and guidance were tempered by concerns over the transition away from legacy markets and the impact on profitability metrics.
nLIGHT’s results underscore a significant turnaround, with revenue growth driven by its high‑margin A&D business, improved operational leverage, and a strategic shift toward directed‑energy and laser‑sensing markets. The company’s guidance signals confidence in continued growth, while the capital raise and new facility position it to capture emerging opportunities in defense and advanced manufacturing.
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