Intel for high-power lasers

General Electric for precision industrial lasers

Honeywell for advanced laser components

• Industrial Lasers: High-power fiber and direct diode lasers engineered for advanced material processing applications such as cutting, welding, and additive manufacturing.
• Aerospace & Defense Lasers: Robust and reliable laser solutions designed for demanding applications including directed energy, sensing, and illumination in defense and aerospace sectors.
• Medical & Scientific Lasers: Precision lasers developed for various medical procedures and for use in advanced scientific research and instrumentation.

nLight (symbol: LASR) primarily sells its high-power semiconductor and fiber lasers and related products to other companies (business-to-business or B2B).

According to nLight's annual report (10-K filing) for the fiscal year ended December 31, 2023, no single customer accounted for 10% or more of its net sales for 2023, 2022, or 2021. This indicates that nLight has a diversified customer base rather than relying on a few named major customers that meet the public disclosure threshold for revenue concentration.

Therefore, while specific customer companies are not publicly disclosed by nLight as "major customers" due to the lack of 10%+ revenue concentration, nLight serves a broad array of companies across the following key industries and applications:

• Industrial Material Processing: These customers are typically original equipment manufacturers (OEMs) that integrate nLight's lasers into systems for various manufacturing processes such as metal cutting, welding, additive manufacturing (3D printing), and micromachining across diverse industrial sectors.
• Aerospace & Defense: Customers in this sector include government contractors and prime defense contractors who utilize nLight's lasers for advanced applications like directed energy, optical countermeasures, target designation, and sensing systems.
• Medical: These customers are medical device manufacturers that incorporate nLight's lasers into their products for a wide range of medical procedures, including ophthalmology, dermatology, aesthetics, and surgical applications.

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Scott Keeney, Co-Founder and Chief Executive Officer

Scott Keeney co-founded nLight in 2000 and has served as its chief executive officer since its inception. He also serves as the company's chairman of the board of directors. Before founding nLight, he was CEO of Aculight, which was later acquired by Lockheed Martin Corporation. Previously, he was a consultant with McKinsey & Company. Mr. Keeney also founded nConnect, a non-profit organization promoting STEM education. He holds a B.A. in Economics from the University of Washington and an M.B.A. from Harvard Business School.

Joseph Corso, Chief Financial Officer

Joseph Corso joined nLight in 2020 and serves as the company's chief financial officer. Prior to joining nLight, he served as global co-head of electronics and industrial technology investment banking at Stifel. Before that, he worked as an investment banker at Thomas Weisel Partners, which was acquired by Stifel in 2010. Mr. Corso holds a B.A. degree in economics from Swarthmore College.

Robert Martinsen, Chief Technology Officer

Robert Martinsen joined nLight in 2004 and serves as the company's chief technology officer. He is also noted as one of the founding team members of nLight, Inc. Prior to nLight, he was the director of product development for the semiconductor business unit of Coherent, Inc. and the director of product design at Novalux LED Ltd.

Chris Schechter, Chief Operating Officer

Chris Schechter joined nLight in 2022 and serves as the company's chief operating officer. Previously, he served as Vice President of Operations for the Aerospace and Defense segment of Celestica. His prior roles include VP/GM at Zodiac Seats and at StandardAero. He also served as Manufacturing Integration Leader for the Parker Hannifin acquisition of Clarcor Filtration, and held Director level roles in Product Development, Operations Management, and Operational Excellence/Lean6Sigma for Axcelis Technologies.

Kerry Hill, Chief Administrative Officer and Vice President of Human Resources

Kerry Hill joined nLight in 2012 and serves as chief administrative officer. Prior to nLight, she was a division controller at Mentor Graphics Corporation. Her previous roles include controller for SUMCO, a Sumitomo Mitsubishi wafer manufacturer, and senior finance positions at Xilinx, Inc. Ms. Hill is a licensed C.P.A. in California. She received a B.A. in finance from the University of Notre Dame, an M.S. in Systems Management from the University of Southern California, and an M.B.A. from the University of Santa Clara.

Intensifying competition from lower-cost Chinese manufacturers. Chinese laser companies, such as Maxphotonics, Raycus, and JPT Opto-electronics, are rapidly advancing their technology and expanding their market share, particularly in industrial fiber lasers. These companies benefit from lower manufacturing costs and often government support, enabling them to offer highly competitive pricing. This trend exerts significant pressure on nLight's pricing power, profitability, and market share across various industrial applications, both in China and increasingly in global markets, forcing established players to innovate and differentiate more aggressively.

• Global Industrial Lasers Market: The global industrial lasers market size was valued at approximately $21.21 billion in 2024 and is projected to grow to about $55.09 billion by 2032, exhibiting a Compound Annual Growth Rate (CAGR) of 12.7% during the forecast period (2025-2032). This market includes applications such as cutting, welding, additive manufacturing, and microprocessing for industries like electronics, metal processing, and automotive.
• Aerospace and Defense Market (nLight's addressable segment): nLight estimates that its served defense market will total $1 billion in 2025. This segment focuses on mission-critical directed energy, optical sensing, and advanced manufacturing applications, including high-energy lasers for defense systems and laser sensing technologies.

nLight (LASR) anticipates several key drivers to fuel its revenue growth over the next two to three years, primarily centered around its expanding presence in high-growth markets and the introduction of advanced technologies.

1. Accelerated Growth in Aerospace & Defense (A&D) Market: The A&D segment is consistently highlighted as nLight's primary growth engine. The company has reported record revenues and significant year-over-year increases in this sector, driven by strong execution on existing directed energy programs and laser sensing solutions. nLight is a core supplier for critical U.S. Department of Defense initiatives, including the HELSI-2 high-energy laser system, which is expected to be a substantial contributor to growth through 2026. Management has raised its full-year A&D growth outlook, projecting at least 40% year-over-year growth in 2025.

2. Expansion in the Microfabrication Market: Despite some anticipated volatility, the microfabrication market is expected to contribute to nLight's revenue growth. The company reported a significant sequential increase in microfabrication revenue in Q3 2024 and improved performance in Q2 2025 due to the resolution of prior disruptions. This segment benefits from demand in areas such as consumer electronics and semiconductors.

3. Launch and Scaling of New and Advanced Laser Products: nLight's investment in research and development is aimed at advancing technologies like fiber lasers and multiplexed chip architectures to enhance power, efficiency, and reliability. The company is actively transitioning its latest generation of amplifier products from R&D to full-scale manufacturing, which is crucial for sustaining improvements in gross margins and operating leverage. Analysts anticipate that these newer products and services will act as catalysts for improved top-line performance.

4. Execution on Advanced Development Contracts: Revenue from advanced development contracts, particularly within directed energy programs, is a significant driver. This segment saw a 28% year-over-year increase in Q3 2025, reflecting continued execution on multiple programs. These development efforts often lead to future product sales and contribute to overall revenue stability and growth.

Share Repurchases

No significant share repurchases were identified for nLight (LASR) in the last 3-5 years, with the company's buyback yield reported as 0.00%.

Share Issuance

• Common stock was issued under the Employee Stock Purchase Plan, with 1,385 shares mentioned in a November 2025 SEC filing.
• nLight approved special one-time performance-based restricted stock units (PRSUs) for key executives on August 13, 2025, designed to incentivize stock price growth and aid retention.

Inbound Investments

• AIGH Capital Management LLC made a new investment of $11.81 million in nLight during the second quarter of 2025, acquiring 600,103 shares.

Outbound Investments

• No significant outbound investments, such as strategic acquisitions of other companies, were identified for nLight within the 2020-2025 timeframe.

Capital Expenditures

• Capital expenditures for nLight for the latest twelve months ending June 30, 2025, amounted to $8.904 million.
• From fiscal years 2020 to 2024, nLight's capital expenditures averaged $15.478 million, with a peak of $23.416 million in 2020 and a low of $5.339 million in 2023.
• These expenditures were primarily focused on increasing production capabilities, developing new product families (like Pearl), expanding into the aerospace sector, and integrating custom fiber technologies to meet demand for high-power lasers and enhance competitive advantage.