• Tesla, but for industrial surface cleaning and preparation.
• Dyson, but for heavy industrial cleaning and surface preparation using lasers.
• TRUMPF, but hyper-focused on disruptive laser cleaning and surface preparation technologies.

• Laser Cleaning and Blasting Equipment/Solutions: Photonics-based industrial products and integrated solutions primarily for disruptive laser cleaning and blasting applications such as corrosion control, rust removal, de-coating, and surface conditioning across various industries.

Laser Photonics (LASE) primarily sells its products to other organizations, not individuals. Its major customers include:

• The U.S. Government: This includes agencies of the U.S. Government and three branches of the U.S. military, which accounted for approximately 22% of the company's net revenues in 2021. No specific government agencies or military branches are named beyond this general description.
• Fortune 1000 Companies: Laser Photonics states it sells principally to Fortune 1000 companies globally. No specific Fortune 1000 company names or their symbols are provided in the background information.

Wayne Tupuola, President, Chief Executive Officer and Chairman of the Board

Mr. Tupuola joined an affiliate of ICT Investments as Vice President of Operations in January 2007 and became part of Laser Photonics in November 2019. He possesses over 15 years of C-level management experience in manufacturing operations and more than 24 years of hands-on experience across the semiconductor, aerospace, food & beverage, and commercial industries, with companies such as Sumitomo Corp, ON Semiconductor Corp, and Thermo-Electron. From September 2015 to December 2015, he served as a Director and Vice President of Operations for Fonon Corporation, an affiliate of Laser Photonics and an ICT Investment's portfolio company. He is currently responsible for all manufacturing and daily business operations at Laser Photonics. Mr. Tupuola is a graduate of the University of Phoenix with a degree in Communications.

Michael Lockey, Principal Financial and Accounting Officer

Mr. Lockey currently serves as the Principal Financial and Accounting Officer and Corporate Controller for Laser Photonics, having joined the company in March 2025. He brings more than 20 years of financial leadership experience from public and private companies, manufacturing, and professional services. A Certified Public Accountant, his background includes roles as CFO, controller, and senior consultant. Prior to Laser Photonics, he worked as a fractional controller for several companies and served as Director of Management Services for American Management Services, where he managed consulting projects and full-time consultants. He also held the position of Chief Financial Officer at PSL North America LLC, a large diameter steel pipe manufacturer, and had financial and controller roles at Future Pipe Industries, Camper City, and Winn Dixie Stores. Mr. Lockey earned a Masters of Accountancy from the University of North Florida.

Ann Tewari, Executive Vice President, Global Operations and Strategy

Ms. Tewari was appointed Executive Vice President of Global Operations in February 2026. She has over 35 years of corporate operations and manufacturing leadership experience in aerospace, defense, telecommunications, and advanced industrial environments involving laser-based technologies. Her senior leadership roles include leading multi-site operations across North America and Europe for companies such as Northrop Grumman, Raytheon, Comtech Telecommunications, and Pratt & Whitney. In her current role, Ms. Tewari oversees global operations, focusing on manufacturing optimization and scaling corporate processes to enhance productivity, quality, and delivery performance.

Igor Vodopiyanov, PhD, Vice President of Research & Development and Product Development

Dr. Vodopiyanov is the Vice President of Research & Development and Product Development. He previously worked as a Research Scientist at Florida Institute of Technology, where he conducted research in Particle Physics within the CMS Collaboration at the CERN Large Hadron Collider in Switzerland and Physics within the Electron-Positron Collider at Petersburg Nuclear Physics Institute.

Nicole Joyce, Vice President of Marketing & Corporate Communications

Ms. Joyce joined Laser Photonics as Vice President of Marketing & Corporate Communications in January 2026. She brings over 20 years of experience in strategy, product, marketing, and commercial leadership, driving global business growth. Her expertise spans transformational leadership in manufacturing, photonics, sensors, and AI. Prior to Laser Photonics, she led Florida Photonics and held senior positions at Ocean Optics, Bloomberg Industry Group, Gartner, and Honeywell. Ms. Joyce holds an MBA and a Bachelor of Arts in Business Administration from Otterbein University.

Key Risks to Laser Photonics (LASE)

1. Concentrated ownership and control by ICT Investments, including dependence on the exclusive license agreement: ICT Investments currently owns approximately 96% of Laser Photonics' common stock (projected to be approximately 60% after an offering) and retains the voting power to decide all matters submitted to a vote of shareholders, including the election of directors. This gives ICT Investments substantial influence over the company's strategic direction. Furthermore, Laser Photonics operates under a critical dependency: an exclusive, perpetual, worldwide license from ICT Investments to sell Laser Photonics™ branded equipment for laser cleaning and rust removal, making any issues with this agreement or ICT Investments itself a significant risk.
2. Reliance on U.S. Government contracts with "cancel for convenience" clauses: Approximately 22% of Laser Photonics' net revenues in 2021 came from the U.S. Government. Some of these standard U.S. Government equipment purchase contracts allow the U.S. Government to cancel for convenience, introducing a risk of revenue loss from a significant customer segment.

Laser Photonics (LASE) targets a substantial addressable market with its photonics-based industrial products and solutions, primarily disruptive laser cleaning technologies. The company aims to disrupt the traditional sandblasting and abrasive blasting markets.

According to the company's September 2025 investor presentation, Laser Photonics has an estimated global addressable market of US$42.8 billion. Following a strategic acquisition in April 2025, the company stated its total addressable market expanded to approximately $45 billion. Additionally, Laser Photonics indicates that it seeks to disrupt the $46 billion global sand and abrasives blasting markets.

Specific market sizes for the relevant industries are as follows:

• The global laser cleaning market was valued at USD 0.7 billion in 2024 and is projected to grow to USD 1.22 billion by 2033, with a compound annual growth rate (CAGR) of 6.36%. Another estimate places the global laser cleaning market at USD 0.76 billion in 2024, expanding to USD 1.34 billion by 2035 at a CAGR of 5.4%.
• The global abrasive blasting equipment market is projected to reach approximately USD 1.2 billion by 2033, growing at a CAGR of 4.5% from 2025 to 2033. Another source indicates the global abrasive blasting equipment market size was approximately $10 billion in 2023 and is projected to reach $15.8 billion by 2032, with a CAGR of 5.4%.
• The global sandblasting media market size is estimated at USD 10.44 billion in 2025 and is projected to increase to around USD 19.91 billion by 2034, demonstrating a CAGR of 7.43%.
• The global sand blasting machine market was estimated at USD 626.3 million in 2025 and is expected to grow to USD 931.7 million by 2035, at a CAGR of 4.1%.

Laser Photonics (LASE) is expected to drive future revenue growth over the next 2-3 years through several key strategies and market dynamics:

1. Strategic Mergers and Acquisitions (M&A) and Expanded Product Portfolio: The company attributes past revenue growth to a successful M&A strategy, including the integration of Beamer Laser Marking Systems, which significantly broadened its product offerings. Laser Photonics intends to continue this strategy by selectively pursuing acquisitions that can be integrated into its operating model and enhance long-term shareholder value.
2. Increasing Backlog and Growing Demand in Diversified End Markets: Laser Photonics reported a substantial increase in its backlog to approximately $2.5 million as of December 31, 2025, up from $1.0 million the previous year. This growing backlog indicates rising demand across diversified markets, including industrial, defense, medical, and pharmaceutical sectors, providing clear revenue visibility for 2026. Recent orders in the pharmaceutical and medical device manufacturing sectors, alongside repeat orders from fiber optic technology and firearm manufacturers, underscore this trend.
3. Reinvestment in Scalable Growth Initiatives with a Focus on Higher-Margin Opportunities: The company's management emphasizes the scalability of its business model and its stronger financial position, which enables reinvestment in scalable growth initiatives. A clear priority for 2026 and beyond is to drive higher-margin growth within its core industrial and defense platforms, suggesting a strategic focus on expanding sales in profitable segments.

Share Repurchases

• Laser Photonics' Board of Directors authorized a share repurchase program on January 11, 2023, permitting the company to purchase up to an aggregate of 2 million shares of common stock.
• The annual share buybacks for LASE stock amounted to $1.21 million in 2023.

Share Issuance

• In September 2022, Laser Photonics went public through an IPO, raising approximately $12 million in net proceeds.
• On February 6, 2026, the company announced the pricing of a public offering of 7,142,858 shares of common stock (or pre-funded warrants) and accompanying warrants, at a combined public offering price of $0.70 per share, expected to generate approximately $5 million in gross proceeds.
• On March 16, 2026, Laser Photonics entered into agreements for the immediate exercise of warrants to purchase up to 1,373,630 shares of common stock at a reduced exercise price of $1.08 per share, which is expected to generate approximately $1.5 million in gross proceeds.

Inbound Investments

• The company raised approximately $12 million in net proceeds from its IPO in September 2022.
• A public offering priced on February 6, 2026, is anticipated to bring in approximately $5 million in gross proceeds.
• On March 16, 2026, Laser Photonics secured approximately $1.5 million in gross proceeds through the exercise of warrants.

Outbound Investments

• Laser Photonics acquired Control Micro Systems (CMS) in Q4 2024, expanding its presence in the healthcare and pharmaceutical laser markets.
• The company also acquired Beamer Laser Marking Systems in June 2025.

Capital Expenditures

• In the last 12 months leading up to February 2026, capital expenditures were approximately -$44,753.
• Net proceeds from the February 2026 public offering are intended to be used, in part, for research and development for the company's various laser-based technologies.