nLight (LASR)


Market Price (9/1/2026): $40.2 | Market Cap: $2.3 BilSector: Information Technology | Industry: Semiconductors

nLight (LASR)


Market Price (9/1/2026): $40.2
Market Cap: $2.3 Bil
Sector: Information Technology
Industry: Semiconductors

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -13%

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 43%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 17%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13%

Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -27%

Megatrend and thematic drivers
Megatrends include Automation & Robotics, Battery Technology & Metals, and Advanced Materials. Themes include Factory Automation, Show more.

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -14 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -4.6%

Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 14%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -5.0%

Key risks
LASR key risks include [1] its significant revenue concentration within the U.S. Show more.

0 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -13%
1 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 43%
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 17%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13%
3 Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -27%
4 Megatrend and thematic drivers
Megatrends include Automation & Robotics, Battery Technology & Metals, and Advanced Materials. Themes include Factory Automation, Show more.
5 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -14 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -4.6%
6 Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 14%
7 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -5.0%
8 Key risks
LASR key risks include [1] its significant revenue concentration within the U.S. Show more.

LASR in ETFs

Weight = LASR's share of each fund

VTI0.01%
ITOT0.00%
IWM0.08%
NASA1.3%
IWO0.15%
VTWO0.12%
SCHA0.05%
VGT0.05%
+6 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 8/31/2026

nLight (LASR) stock has lost about 45% since 5/31/2026 because of the following key factors:

1. Weaker Fiscal Q3 2026 Guidance Driven by Supply Chain Delays. nLight's stock experienced a significant decline following its fiscal Q2 2026 earnings report on August 6, 2026, despite beating revenue and EPS estimates. Investors reacted negatively to the company's fiscal Q3 2026 revenue guidance, which projected a range of $63 million to $73 million. This guidance explicitly excluded approximately $17 million of product revenue that was deferred to future quarters due to supply chain challenges. This forward-looking concern overshadowed the strong Q2 performance and suggested a slowdown in near-term growth.

2. Reduced Profitability Outlook for Fiscal Q3 2026. Accompanying the lowered revenue expectations for fiscal Q3 2026, nLight also provided a weaker profitability outlook. The company projected an overall gross margin in the range of 24% to 30%, a notable decrease from the 31.1% achieved in fiscal Q2 2026. Additionally, Adjusted EBITDA for fiscal Q3 2026 was guided to be between $1 million and $7 million, falling below analysts' estimates of $7.70 million. This indicated a substantial impact on the company's short-term profitability due to the deferred higher-margin product shipments.

Show more
Updated on 8/31/2026

nLight (LASR) stock has lost about 45% since 5/31/2026 because of the following key factors:

1. Weaker Fiscal Q3 2026 Guidance Driven by Supply Chain Delays. nLight's stock experienced a significant decline following its fiscal Q2 2026 earnings report on August 6, 2026, despite beating revenue and EPS estimates. Investors reacted negatively to the company's fiscal Q3 2026 revenue guidance, which projected a range of $63 million to $73 million. This guidance explicitly excluded approximately $17 million of product revenue that was deferred to future quarters due to supply chain challenges. This forward-looking concern overshadowed the strong Q2 performance and suggested a slowdown in near-term growth.

2. Reduced Profitability Outlook for Fiscal Q3 2026. Accompanying the lowered revenue expectations for fiscal Q3 2026, nLight also provided a weaker profitability outlook. The company projected an overall gross margin in the range of 24% to 30%, a notable decrease from the 31.1% achieved in fiscal Q2 2026. Additionally, Adjusted EBITDA for fiscal Q3 2026 was guided to be between $1 million and $7 million, falling below analysts' estimates of $7.70 million. This indicated a substantial impact on the company's short-term profitability due to the deferred higher-margin product shipments.

3. Significant Insider Selling by CEO. In August 2026, CEO Scott H. Keeney sold a total of 363,500 shares of company common stock across multiple transactions on August 21 and August 24, 2026. These sales, executed under a Rule 10b5-1 trading plan, amounted to approximately $16.5 million. While part of a pre-arranged plan, such a substantial amount of insider selling from a key executive during a period of stock weakness and revised guidance can contribute to negative investor sentiment and concern.

4. Analyst Downgrades and Cautious Sentiment. In the period following May 31, 2026, and particularly after the fiscal Q2 2026 earnings release, several analyst firms adjusted their ratings and price targets for nLight. Wall Street Zen downgraded the stock from a "buy" to a "hold" rating on July 18, 2026, followed by Zacks Research, which lowered its rating from "strong-buy" to "hold" on August 4, 2026. These downgrades reflected a more cautious outlook on the stock's near-term prospects, further contributing to the negative pressure on share prices despite some analysts maintaining "Buy" ratings and high price targets.

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Stock Movement Drivers

Fundamental Drivers

The -43.0% change in LASR stock from 5/31/2026 to 8/31/2026 was primarily driven by a -44.0% change in the company's P/S Multiple.
(LTM values as of)53120268312026Change
Stock Price ($)74.1242.27-43.0%
Change Contribution By: 
Total Revenues ($ Mil)2903117.2%
P/S Multiple13.87.8-44.0%
Shares Outstanding (Mil)5457-5.0%
Cumulative Contribution-43.0%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2026 to 8/31/2026
ReturnCorrelation
LASR-43.0% 
Market (SPY)1.4%42.3%
Sector (XLK)-2.4%56.7%

Fundamental Drivers

The -24.8% change in LASR stock from 2/28/2026 to 8/31/2026 was primarily driven by a -29.2% change in the company's P/S Multiple.
(LTM values as of)22820268312026Change
Stock Price ($)56.1942.27-24.8%
Change Contribution By: 
Total Revenues ($ Mil)26131118.9%
P/S Multiple11.07.8-29.2%
Shares Outstanding (Mil)5157-10.6%
Cumulative Contribution-24.8%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 8/31/2026
ReturnCorrelation
LASR-24.8% 
Market (SPY)12.1%46.5%
Sector (XLK)34.6%56.7%

Fundamental Drivers

The 46.8% change in LASR stock from 8/31/2025 to 8/31/2026 was primarily driven by a 43.2% change in the company's Total Revenues ($ Mil).
(LTM values as of)83120258312026Change
Stock Price ($)28.8042.2746.8%
Change Contribution By: 
Total Revenues ($ Mil)21731143.2%
P/S Multiple6.67.817.8%
Shares Outstanding (Mil)5057-13.0%
Cumulative Contribution46.8%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 8/31/2026
ReturnCorrelation
LASR46.8% 
Market (SPY)19.9%48.3%
Sector (XLK)42.7%55.1%

Fundamental Drivers

The 270.5% change in LASR stock from 8/31/2023 to 8/31/2026 was primarily driven by a 233.2% change in the company's P/S Multiple.
(LTM values as of)83120238312026Change
Stock Price ($)11.4142.27270.5%
Change Contribution By: 
Total Revenues ($ Mil)22431138.6%
P/S Multiple2.37.8233.2%
Shares Outstanding (Mil)4657-19.8%
Cumulative Contribution270.5%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2023 to 8/31/2026
ReturnCorrelation
LASR270.5% 
Market (SPY)76.3%43.8%
Sector (XLK)116.3%47.8%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
LASR Return-27%-58%33%-22%258%14%32%
Peers Return22%-6%16%-5%6%9%47%
S&P 500 Return27%-19%24%23%16%13%105%

Monthly Win Rates [3]
LASR Win Rate25%42%42%33%75%62% 
Peers Win Rate52%40%52%44%50%42% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
LASR Max Drawdown-48%-64%-48%-33%-47%-49% 
Peers Max Drawdown-27%-39%-38%-35%-42%-33% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: FSLR, QCOM, SLAB, POWI, CBRS. See LASR Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/31/2026 (YTD)

How Low Can It Go

EventLASRS&P 500
2025 US Tariff Shock
  % Loss-39.9%-18.8%
  % Gain to Breakeven66.5%23.1%
  Time to Breakeven31 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-42.7%-9.5%
  % Gain to Breakeven74.5%10.5%
  Time to Breakeven49 days24 days
2023 SVB Regional Banking Crisis
  % Loss-31.7%-6.7%
  % Gain to Breakeven46.3%7.1%
  Time to Breakeven9 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-63.3%-24.5%
  % Gain to Breakeven172.5%32.4%
  Time to Breakeven1031 days427 days
2020 COVID-19 Crash
  % Loss-53.0%-33.7%
  % Gain to Breakeven112.9%50.9%
  Time to Breakeven34 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-24.1%-19.2%
  % Gain to Breakeven31.7%23.8%
  Time to Breakeven63 days105 days

Compare to FSLR, QCOM, SLAB, POWI, CBRS

In The Past

nLight's stock fell -39.9% during the 2025 US Tariff Shock. Such a loss loss requires a 66.5% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventLASRS&P 500
2025 US Tariff Shock
  % Loss-39.9%-18.8%
  % Gain to Breakeven66.5%23.1%
  Time to Breakeven31 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-42.7%-9.5%
  % Gain to Breakeven74.5%10.5%
  Time to Breakeven49 days24 days
2023 SVB Regional Banking Crisis
  % Loss-31.7%-6.7%
  % Gain to Breakeven46.3%7.1%
  Time to Breakeven9 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-63.3%-24.5%
  % Gain to Breakeven172.5%32.4%
  Time to Breakeven1031 days427 days
2020 COVID-19 Crash
  % Loss-53.0%-33.7%
  % Gain to Breakeven112.9%50.9%
  Time to Breakeven34 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-24.1%-19.2%
  % Gain to Breakeven31.7%23.8%
  Time to Breakeven63 days105 days

Compare to FSLR, QCOM, SLAB, POWI, CBRS

In The Past

nLight's stock fell -39.9% during the 2025 US Tariff Shock. Such a loss loss requires a 66.5% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About nLight (LASR)

nLIGHT, Inc. (LASR) is a leading technology company that designs, manufactures, and sells advanced semiconductor and fiber lasers. These specialized lasers serve as critical components in precision and high-power applications across various industries. Beyond laser sources, nLIGHT also develops crucial complementary technologies, including fiber amplifiers and sophisticated beam combination and control systems, which are essential for optimizing and deploying high-energy laser solutions.

The company's primary product offerings leverage its expertise in both semiconductor and fiber laser technologies, tailored for demanding uses. nLIGHT targets three main market segments: industrial applications, encompassing areas like material processing; microfabrication, focusing on precision manufacturing at a microscopic scale; and the aerospace and defense sector, where its systems are vital for high-energy laser (HEL) applications and directed energy initiatives.

AI Analysis | Feedback

Here are a few analogies for nLight (LASR):

  • Intel for high-power industrial and defense lasers. (Similar to how Intel provides the core processors for computers, nLight provides advanced laser components for high-tech industrial, microfabrication, and defense systems.)
  • Corning for advanced laser technology. (Like Corning specializes in glass science and materials that enable various industries, nLight is a specialist in sophisticated laser components and systems for demanding applications.)

AI Analysis | Feedback

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  • Semiconductor and Fiber Lasers: These are core products designed for industrial, microfabrication, and aerospace and defense applications.
  • Fiber Amplifiers: These systems are used to amplify light signals, particularly in high-energy laser systems.
  • Beam Combination and Control Systems: These systems are essential for managing and directing high-energy laser beams, especially in directed energy applications.
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AI Analysis | Feedback

nLight (LASR) primarily sells its products to other companies, serving industrial, microfabrication, and aerospace and defense sectors. Its major customers, based on its most recent annual report (2023 10-K), are:

  • TRUMPF GmbH + Co. KG: A private German company that is a leading manufacturer of machine tools and lasers for industrial production.
  • Dantsu Co. Ltd.: A private company based in Japan, which is a distributor of laser products and solutions.

AI Analysis | Feedback

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AI Analysis | Feedback

Scott Keeney, Co-Founder and Chief Executive Officer
Scott Keeney co-founded nLight in 2000 and has served as the company's chief executive officer since its inception, also holding the position of chairman of the board of directors. Before establishing nLight, Keeney was the CEO of Aculight, which was subsequently acquired by Lockheed Martin Corporation. He also worked as a consultant with McKinsey & Company. Keeney is the founder of nConnect, a non-profit dedicated to enhancing STEM education in K-12 schools. In 2006, he was awarded the Ernst & Young Entrepreneur of the Year for Technology in the Pacific Northwest.

Joseph Corso, Chief Financial Officer
Joseph Corso joined nLight in 2020 and assumed the role of Chief Financial Officer effective March 1, 2022. Prior to his tenure at nLight, Corso served as Global Co-Head of Electronics and Industrial Technology at Stifel for over 15 years, where he provided advisory services to publicly traded companies on a variety of corporate finance and M&A transactions.

Robert Martinsen, Chief Technology Officer
Robert Martinsen is a co-founder of nLight and serves as the Chief Technology Officer. In this role, he is responsible for driving the core technology roadmap for the company's semiconductor and fiber lasers.

Chris Schechter, Chief Operating Officer
Chris Schechter joined nLight in 2022 as the Chief Operating Officer. Before joining nLight, Schechter held the position of Vice President of Operations for the Aerospace and Defense segment at Celestica. His past experience also includes roles such as VP/GM at Zodiac Seats and StandardAero, Manufacturing Integration Leader for the Parker Hannifin acquisition of Clarcor Filtration, and Director-level positions in Product Development, Operations Management, and Operational Excellence/Lean6Sigma for Axcelis Technologies.

Julie Dimmick, Vice President and General Counsel
Julie Dimmick joined nLight in 2021, serving as a Vice President and the company's General Counsel. Before her time at nLight, Dimmick held positions as senior counsel at AeroVironment, Inc., and general counsel at GE Homeland Protection, Inc. She also served as a special advisor to Secretary Tom Ridge at the U.S. Department of Homeland Security.

AI Analysis | Feedback

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Here are the key risks to nLight's business:

  1. Persistent Unprofitability and High Financial Leverage: nLight has a history of negative GAAP profitability and operating margins, along with elevated net debt to EBITDA. While the company achieved positive Adjusted EBITDA in 2025, a clear and consistent path to positive net earnings and sustainable operating cash flow remains a significant concern for investors. This financial condition, coupled with high valuation multiples based on future expectations, means the stock is highly sensitive to any slowdown in growth or continued losses.
  2. Customer Concentration and Aerospace & Defense Program Risk: A substantial portion of nLight's recent revenue growth is driven by a small number of large customers and specific Aerospace & Defense (A&D) program awards. Any delays in these defense programs, changes in government budgets, or the loss of a key customer relationship could have a material adverse effect on the company's revenue and margins.
  3. Intense Competition and Market Volatility: nLight operates in highly competitive markets for its semiconductor and fiber laser products, facing significant price and technological competition from both established players and those offering conventional or non-laser solutions. This competitive landscape, combined with potentially uneven industrial demand and the risk of average selling price (ASP) pressure, could negatively impact the company's growth and profitability.
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AI Analysis | Feedback

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AI Analysis | Feedback

nLight (LASR) operates in several addressable markets for its semiconductor and fiber lasers, primarily focusing on industrial, microfabrication, and aerospace and defense applications. The company has made a strategic shift to focus increasingly on the defense sector.

The addressable markets for nLight's main products and services are as follows:

  • Global Industrial Lasers Market: This market, which includes applications like macro processing, micro processing, and marking/engraving, was valued at approximately USD 23.9 billion in 2025. It is projected to grow to USD 70.02 billion by 2034, demonstrating a Compound Annual Growth Rate (CAGR) of 12.70% during the forecast period. Asia Pacific held the largest share of this market, at 49.00% in 2025. Another estimate for the global industrial laser systems market indicated a value of USD 6.2 billion in 2025, with a forecast to reach USD 10.5 billion by 2035, growing at a CAGR of 5.5%. The U.S. industrial laser systems market specifically was valued at USD 5 billion in 2025.
  • Global Industrial Pulsed Fiber Laser Market: This segment was estimated to be worth USD 1.65 billion in 2024 and is projected to expand to USD 4.91 billion by 2035, with a CAGR of 10.42% between 2025 and 2035. North America is expected to generate the highest demand in this market.
  • Global Military Laser Weapon Market: This market is projected to reach USD 1.079 billion by 2032. nLight's aerospace and defense segment, which includes high-energy laser systems for directed energy applications, saw revenue of USD 175 million in 2025, marking a 60% annual increase. This segment constituted 67% of nLight's total revenue in 2025.

AI Analysis | Feedback

Here are the 3-5 expected drivers of future revenue growth for nLight (LASR) over the next 2-3 years:

Expected Drivers of Future Revenue Growth for nLight (LASR)

  1. Accelerated Growth in the Aerospace and Defense (A&D) Market: nLight anticipates continued robust growth in its Aerospace and Defense segment, driven by increasing demand for directed energy and laser sensing applications. The company has reported significant year-over-year revenue increases in A&D and is actively executing on substantial contracts, such as the $171 million HELSI-2 program targeting a one-megawatt high-energy laser, with completion anticipated in late 2026. Furthermore, new contract wins in laser sensing markets are expected to contribute to this growth.

  2. Launch and Commercialization of New, High-Power Laser Systems: The development and demonstration of advanced laser weapon systems, such as the new 70kW-class Laser Weapon System, along with 10kW and 30kW High-Energy Lasers, are key drivers for future revenue. These products are designed for critical applications like counter-drone and counter-missile missions, catering to rising military demand.

  3. Strategic Reallocation of Resources to High-Growth, High-Margin Applications: nLight's decision to exit the lower-margin industrial cutting and welding markets, while creating a near-term revenue headwind of approximately $25 million to $30 million in 2026, is a strategic move to focus resources on more lucrative Aerospace & Defense and advanced manufacturing segments. This pivot is expected to significantly boost overall gross margins and channel investment into areas with higher growth potential.

  4. Expansion of Manufacturing Capacity: To support the anticipated ramp-up in directed energy products and meet increasing demand from U.S. Department of Defense programs and allied customers, nLight is expanding its manufacturing capacity, including its facility in Longmont, Colorado. This expansion is crucial for scaling deliveries of high-energy lasers and components, thereby enabling future revenue growth.

AI Analysis | Feedback

Share Repurchases

  • nLight has engaged in share buybacks over the past decade, though specific dollar amounts or future authorizations for the 2021-2025 period were not detailed in the provided information.

Share Issuance

  • In February 2026, nLight completed an underwritten public offering of common stock, raising approximately $175 million in gross proceeds.
  • The underwriters fully exercised their option, generating an additional $26 million and bringing the total gross proceeds from the February 2026 offering to approximately $201 million.
  • The net proceeds from this equity raise, totaling over $190 million, are earmarked for manufacturing expansion, product development, and potential acquisitions, particularly for a new 50,000 sq. ft. manufacturing facility in Colorado.

Capital Expenditures

  • Capital expenditures for the latest twelve months were $10.063 million.
  • From fiscal years ending December 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.
  • The company is actively investing in infrastructure, including a new 50,000 square-foot manufacturing facility in Longmont, Colorado, to expand production capabilities for high-energy lasers for defense applications.

Better Bets vs. nLight (LASR)

Peer Outperformance in Semiconductors

LASR has outperformed 58% of its 53 Semiconductors peers over 5Y. Among the peers that beat it are PENG and SMTC. Semiconductors ranks 6th of 12 industries in Information Technology by median 5Y return.
Share of Semiconductors constituents that LASR has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
61%
of 64 industry peers · 46.8% return
3Y
88%
of 58 industry peers · 268.8% return
5Y
58%
of 53 industry peers · 51.7% return
Semiconductors peers with revenue growth within 4pp of LASR's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
Ticker Name Rev Growth 3Y Avg P/E 1Y3Y5Y 5Y Gap
LASR nLight 13.7% -193.0x 46.8%268.8%51.7%
PENG Penguin Solutions 9.8% 25.8x 103.4%88.6%102.9% +51pp
SMTC Semtech 13.2% 80.5x 128.9%400.6%87.4% +36pp
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Information Technology sector, ranked by 5Y. Semiconductors is LASR's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Electronic Manufacturing Services 9 58.3%166.0%298.1% TTMI 752% · FLEX 700% · JBL 407%
Semiconductor Materials & Equipment 27 124.2%57.6%94.6% AEHR 1024% · AXTI 552% · KLAC 449%
Technology Distributors 9 25.8%52.7%72.7% CLMB 352% · AVT 155% · SNX 111%
Communications Equipment 36 24.5%77.4%66.6% AAOI 1311% · LITE 946% · ANET 771%
Electronic Components 26 53.7%54.9%54.0% CLS 3102% · BELFA 1240% · LPTH 351%
Semiconductors ← 54 28.3%18.9%24.6% POET 1732% · MU 1234% · NVDA 887%
Internet Services & Infrastructure 6 14.7%38.9%14.0% DOCN 75% · VRSN 34% · GDDY 32%
Technology Hardware, Storage & Peripherals 21 25.3%69.5%10.9% STX 1003% · DELL 930% · SMCI 893%
Electronic Equipment & Instruments 27 -6.8%5.1%-9.3% PI 203% · OSIS 113% · ACFN 99%
IT Consulting & Other Services 28 -21.9%-7.1%-19.6% CHRN 478321% · APLD 1422% · INOD 622%
Application Software 123 -19.4%-16.4%-43.3% VIDA 273900% · INLX 5272% · PLTR 611%
Systems Software 68 -13.2%17.5%-55.1% QNC 471% · PAYS 400% · PANW 398%
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Latest Trefis Analyses

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

LASRFSLRQCOMSLABPOWICBRSMedian
NamenLight First So.Qualcomm Silicon .Power In.Cerebras. 
Mkt Price-------
Mkt Cap2.4217.0180.27.32.927.817.5
Rev LTM3115,37844,069856449576716
Op Inc LTM-141,81010,258-4321-5784
FCF LTM421,50010,416-579-90560
FCF 3Y Avg1211111,535-572-72
CFO LTM532,15612,4013398-17176
CFO 3Y Avg211,21412,9031993-93

Growth & Margins

LASRFSLRQCOMSLABPOWICBRSMedian
NamenLight First So.Qualcomm Silicon .Power In.Cerebras. 
Rev Chg LTM43.2%23.8%1.9%21.7%1.6%-21.7%
Rev Chg 3Y Avg13.7%21.7%4.8%1.5%-3.7%-4.8%
Rev Chg Q33.8%-3.7%-4.0%18.3%2.7%-2.7%
QoQ Delta Rev Chg LTM7.2%-0.8%-0.9%4.3%0.7%-0.7%
Op Inc Chg LTM70.0%32.9%-15.9%61.7%2.4%-32.9%
Op Inc Chg 3Y Avg26.2%399.8%-0.6%-63.4%-22.2%--0.6%
Op Mgn LTM-4.6%33.6%23.3%-5.1%4.8%-100.3%0.1%
Op Mgn 3Y Avg-17.9%33.0%25.6%-17.4%4.7%-4.7%
QoQ Delta Op Mgn LTM0.6%1.9%-2.3%1.7%2.3%-1.7%
CFO/Rev LTM17.1%40.1%28.1%3.9%21.8%-29.7%19.5%
CFO/Rev 3Y Avg7.5%26.2%31.3%1.4%21.2%-21.2%
FCF/Rev LTM13.5%27.9%23.6%-0.6%17.6%-157.1%15.5%
FCF/Rev 3Y Avg3.7%0.1%28.1%-1.9%16.5%-3.7%

Valuation

LASRFSLRQCOMSLABPOWICBRSMedian
NamenLight First So.Qualcomm Silicon .Power In.Cerebras. 
Mkt Cap2.4217.0180.27.32.927.817.5
P/S7.840.34.18.56.448.38.1
P/Op Inc-167.9119.917.6-167.8134.0-48.1-15.3
P/EBIT-226.1116.415.1-232.8134.0-205.8-95.3
P/E-193.0124.319.5-186.0114.3-155.5-68.0
P/CFO45.3100.614.5219.829.2-162.337.3
Total Yield-0.5%0.8%7.3%-0.5%2.5%-0.6%0.1%
Dividend Yield0.0%0.0%2.1%0.0%1.6%0.0%0.0%
FCF Yield 3Y Avg0.5%-1.9%5.9%-0.3%1.9%-0.5%
D/E0.00.00.10.00.00.10.0
Net D/E-0.1-0.00.0-0.1-0.1-0.2-0.1

Returns

LASRFSLRQCOMSLABPOWICBRSMedian
NamenLight First So.Qualcomm Silicon .Power In.Cerebras. 
1M Rtn-------
3M Rtn-------
6M Rtn-------
12M Rtn-------
3Y Rtn-------
1M Excs Rtn-------
3M Excs Rtn-------
6M Excs Rtn-------
12M Excs Rtn-------
3Y Excs Rtn-------

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Laser Products179137157193206
Advanced Development8262534964
Corporate and Other00000
Total261199210242270


Operating Income by Segment
$ Mil2019
Advanced Development0
Laser Products-1
Corporate and Other-9
Total-10


Price Behavior

Price Behavior
Market Price$42.27 
Market Cap ($ Bil)2.4 
First Trading Date04/26/2018 
Distance from 52W High-50.2% 
   50 Days200 Days
DMA Price$60.76$56.98
DMA Trendupdown
Distance from DMA-30.4%-25.8%
 3M1YR
Volatility111.1%87.8%
Downside Capture475.19379.61
Upside Capture210.31349.20
Correlation (SPY)41.7%48.5%
LASR Betas & Captures as of 8/31/2026

 1M2M3M6M1Y3Y
Beta2.284.043.423.333.312.09
Up Beta4.368.136.142.993.342.03
Down Beta-1.00-0.980.812.162.301.97
Up Capture-246%120%202%514%1368%2823%
Bmk +ve Days10213268138427
Stock +ve Days9172661130374
Down Capture730%481%342%266%188%112%
Bmk -ve Days11213259113324
Stock -ve Days12253866120369

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with LASR
LASR41.9%87.5%0.79-
Sector ETF (XLK)40.7%26.2%1.2655.2%
Equity (SPY)19.3%12.8%1.1148.4%
Gold (GLD)29.8%29.0%0.8922.1%
Commodities (DBC)41.3%20.4%1.581.1%
Real Estate (VNQ)9.2%13.7%0.4011.2%
Bitcoin (BTCUSD)-30.9%43.7%-0.7227.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with LASR
LASR10.0%68.5%0.42-
Sector ETF (XLK)19.7%25.9%0.6850.1%
Equity (SPY)12.9%17.2%0.5747.1%
Gold (GLD)19.4%18.7%0.8412.3%
Commodities (DBC)11.0%19.5%0.448.6%
Real Estate (VNQ)1.9%18.9%-0.0028.2%
Bitcoin (BTCUSD)9.5%52.7%0.3623.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with LASR
LASR5.0%68.0%0.37-
Sector ETF (XLK)24.3%25.0%0.8848.8%
Equity (SPY)15.2%17.9%0.7246.2%
Gold (GLD)12.3%16.3%0.628.6%
Commodities (DBC)7.6%18.1%0.3412.4%
Real Estate (VNQ)4.9%20.7%0.2029.1%
Bitcoin (BTCUSD)63.4%66.2%1.0318.9%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date8142026
Short Interest: Shares Quantity3.7 Mil
Short Interest: % Change Since 731202626.9%
Average Daily Volume1.8 Mil
Days-to-Cover Short Interest2
Basic Shares Quantity57.0 Mil
Short % of Basic Shares6.4%

Earnings Returns History

Updated 8/17/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/6/2026-25.6%-33.3% 
5/7/202611.7%22.9%0.9%
2/26/2026-10.7%-0.6%2.2%
11/6/202514.7%1.9%27.2%
8/7/202527.7%28.2%39.2%
5/8/202535.5%48.3%104.8%
1/14/2025-10.9%4.3%-6.5%
11/7/2024-23.5%-28.5%-24.2%
...
SUMMARY STATS   
# Positive101112
# Negative131210
Median Positive13.2%15.6%18.6%
Median Negative-10.7%-11.4%-11.4%
Max Positive38.1%48.3%104.8%
Max Negative-25.6%-33.3%-24.2%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/6/2026-25.6%-33.3% 
5/7/202611.7%22.9%0.9%
2/26/2026-10.7%-0.6%2.2%
11/6/202514.7%1.9%27.2%
8/7/202527.7%28.2%39.2%
5/8/202535.5%48.3%104.8%
1/14/2025-10.9%4.3%-6.5%
11/7/2024-23.5%-28.5%-24.2%
8/1/2024-2.9%-3.2%6.4%
5/2/20245.0%15.6%9.4%
11/2/20235.5%15.6%56.1%
5/4/202338.1%31.9%51.4%
2/23/2023-11.9%-8.6%-23.9%
11/3/2022-11.0%-0.5%1.7%
8/4/2022-2.7%-2.1%-11.5%
5/5/2022-4.0%-17.5%-5.7%
2/17/2022-19.1%-18.6%-6.6%
11/4/2021-6.5%-14.2%-22.4%
8/5/2021-6.2%-14.7%-11.3%
5/6/20213.8%-1.3%9.9%
2/17/2021-1.5%0.5%-14.4%
11/5/202024.8%11.6%39.8%
8/5/20206.1%4.3%-4.6%
SUMMARY STATS   
# Positive101112
# Negative131210
Median Positive13.2%15.6%18.6%
Median Negative-10.7%-11.4%-11.4%
Max Positive38.1%48.3%104.8%
Max Negative-25.6%-33.3%-24.2%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/07/202610-Q
03/31/202605/08/202610-Q
12/31/202502/27/202610-K
09/30/202511/07/202510-Q
06/30/202508/08/202510-Q
03/31/202505/09/202510-Q
12/31/202402/28/202510-K
09/30/202411/08/202410-Q
06/30/202408/02/202410-Q
03/31/202405/03/202410-Q
12/31/202302/26/202410-K
09/30/202311/03/202310-Q
06/30/202308/04/202310-Q
03/31/202305/05/202310-Q
12/31/202202/27/202310-K
09/30/202211/07/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/07/202610-Q
03/31/202605/08/202610-Q
12/31/202502/27/202610-K
09/30/202511/07/202510-Q
06/30/202508/08/202510-Q
03/31/202505/09/202510-Q
12/31/202402/28/202510-K
09/30/202411/08/202410-Q
06/30/202408/02/202410-Q
03/31/202405/03/202410-Q
12/31/202302/26/202410-K
09/30/202311/03/202310-Q
06/30/202308/04/202310-Q
03/31/202305/05/202310-Q
12/31/202202/27/202310-K
09/30/202211/07/202210-Q
06/30/202208/05/202210-Q
03/31/202205/06/202210-Q
12/31/202102/28/202210-K
09/30/202111/05/202110-Q
06/30/202108/06/202110-Q
03/31/202105/07/202110-Q
12/31/202002/26/202110-K
09/30/202011/06/202010-Q
06/30/202008/06/202010-Q
03/31/202005/07/202010-Q
12/31/201903/09/202010-K
09/30/201911/06/201910-Q

Recent Forward Guidance

Updated 8/7/2026

Latest: Q2 2026 Earnings Reported 8/6/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q3 2026 RevenueReported63.00 Mil68.00 Mil73.00 Mil-12.8% Lower NewGuidance: 78.00 Mil for Q2 2026
Q3 2026 Products RevenueReported 43.00 Mil -25.9% Lower NewGuidance: 58.00 Mil for Q2 2026
Q3 2026 Advanced Development RevenueReported 25.00 Mil 25.0% Higher NewGuidance: 20.00 Mil for Q2 2026
Q3 2026 Gross ProfitCalculated15.12 Mil18.36 Mil21.90 Mil  Rev x Gross Margin
Q3 2026 Gross MarginReported24.0%27.0%30.0% -4.0%Lower NewGuidance: 31.0% for Q2 2026
Q3 2026 Products Gross MarginReported34.0%37.0%40.0% -2.0%Lower NewGuidance: 39.0% for Q2 2026
Q3 2026 Advanced Development Gross MarginReported 8.0%  0Same NewGuidance: 8.0% for Q2 2026
Q3 2026 Adjusted EBITDAReported1.00 Mil4.00 Mil7.00 Mil-60.0% Lower NewGuidance: 10.00 Mil for Q2 2026

Prior: Q1 2026 Earnings Reported 5/7/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q2 2026 RevenueReported75.00 Mil78.00 Mil81.00 Mil6.8% Higher NewGuidance: 73.00 Mil for Q1 2026
Q2 2026 Products RevenueReported 58.00 Mil 7.4% Higher NewGuidance: 54.00 Mil for Q1 2026
Q2 2026 Advanced Development RevenueReported 20.00 Mil 5.3% Higher NewGuidance: 19.00 Mil for Q1 2026
Q2 2026 Gross ProfitCalculated21.75 Mil24.18 Mil26.73 Mil  Rev x Gross Margin
Q2 2026 Gross MarginReported29.0%31.0%33.0% 1.5%Higher NewGuidance: 29.5% for Q1 2026
Q2 2026 Products Gross MarginReported37.0%39.0%41.0% 2.5%Higher NewGuidance: 36.5% for Q1 2026
Q2 2026 Advanced Development Gross MarginReported 8.0%  0.0%Same NewGuidance: 8.0% for Q1 2026
Q2 2026 Adjusted EBITDAReported8.00 Mil10.00 Mil12.00 Mil33.3% Higher NewGuidance: 7.50 Mil for Q1 2026

Q4 2025 Earnings Reported 2/26/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q1 2026 RevenueReported70.00 Mil73.00 Mil76.00 Mil-2.7% Lower NewGuidance: 75.00 Mil for Q4 2025
Q1 2026 Laser Products RevenueReported 54.00 Mil -1.8% Lower NewGuidance: 55.00 Mil for Q4 2025
Q1 2026 Advanced Development RevenueReported 19.00 Mil -5.0% Lower NewGuidance: 20.00 Mil for Q4 2025
Q1 2026 Gross ProfitCalculated18.90 Mil21.54 Mil24.32 Mil  Rev x Gross Margin
Q1 2026 Gross MarginReported27.0%29.5%32.0% 0Same NewGuidance: 29.5% for Q4 2025
Q1 2026 Laser Products Gross MarginReported34.0%36.5%39.0% 0Same NewGuidance: 36.5% for Q4 2025
Q1 2026 Advanced Development Gross MarginReported 8.0%  0Same NewGuidance: 8.0% for Q4 2025
Q1 2026 Adjusted EBITDAReported5.00 Mil7.50 Mil10.00 Mil-11.8% Lower NewGuidance: 8.50 Mil for Q4 2025

Q3 2025 Earnings Reported 11/6/2025

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q4 2025 RevenueReported72.00 Mil75.00 Mil78.00 Mil16.3% Higher NewActual: 64.50 Mil for Q3 2025
Q4 2025 Products RevenueReported 55.00 Mil 22.2% Higher NewActual: 45.00 Mil for Q3 2025
Q4 2025 Advanced Development RevenueReported 20.00 Mil 5.3% Higher NewActual: 19.00 Mil for Q3 2025
Q4 2025 Gross ProfitCalculated19.44 Mil22.12 Mil24.96 Mil  Rev x Gross Margin
Q4 2025 Gross MarginReported27.0%29.5%32.0% 2.5%Higher NewActual: 27.0% for Q3 2025
Q4 2025 Products Gross MarginReported34.0%36.5%39.0% 2.5%Higher NewActual: 34.0% for Q3 2025
Q4 2025 Advanced Development Gross MarginReported 8.0%  0.0%Same NewActual: 8.0% for Q3 2025
Q4 2025 Adjusted EBITDAReported6.00 Mil8.50 Mil11.00 Mil112.5% Higher NewActual: 4.00 Mil for Q3 2025
2025 A&D Revenue GrowthReported 40.0%  0.0%RaisedGuidance: 40.0% for 2025

Insider Activity

Updated 9/1/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Gossman, William DirectSell901202644.3615,000665,4004,447,134Form
2Keeney, Scott HPresident and CEODirectSell825202644.15181,7508,024,70196,474,741Form
3Keeney, Scott HPresident and CEODirectSell825202646.88181,7508,519,546102,423,886Form
4Keeney, Scott HPresident and CEODirectSell605202674.6016,0891,200,266163,007,459Form
5Corso, Joseph JohnChief Financial OfficerDirectSell605202672.903,817278,25912,386,804Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Gossman, William DirectSell901202644.3615,000665,4004,447,134Form
2Keeney, Scott HPresident and CEODirectSell825202644.15181,7508,024,70196,474,741Form
3Keeney, Scott HPresident and CEODirectSell825202646.88181,7508,519,546102,423,886Form
4Keeney, Scott HPresident and CEODirectSell605202674.6016,0891,200,266163,007,459Form
5Corso, Joseph JohnChief Financial OfficerDirectSell605202672.903,817278,25912,386,804Form
6Keeney, Scott HPresident and CEODirectSell605202677.998,901694,189171,665,973Form
7Nias, JamesChief Accounting OfficerDirectSell605202677.9994073,3117,613,462Form
8Corso, Joseph JohnChief Financial OfficerDirectSell605202677.993,840299,48213,549,359Form
9Keeney, Scott HPresident and CEODirectSell601202673.3641,3713,034,907162,123,988Form
10Keeney, Scott HPresident and CEODirectSell601202678.6441,3733,253,742177,059,286Form
11Keeney, Scott HPresident and CEODirectSell521202675.1941,3733,111,024172,404,051Form
12Corso, Joseph JohnChief Financial OfficerDirectSell521202670.4035,4762,497,58612,501,448Form
13Nias, JamesChief Accounting OfficerDirectSell521202671.0941529,5027,006,701Form
14Keeney, Scott HPresident and CEODirectSell521202670.4041,3732,912,745164,328,699Form
15Corso, Joseph JohnChief Financial OfficerDirectSell521202668.4820,2431,386,24114,589,527Form
16Nias, JamesChief Accounting OfficerDirectSell521202668.481,618110,8016,777,876Form
17Keeney, Scott HPresident and CEODirectSell521202668.4846,7353,200,413162,675,541Form
18Corso, Joseph JohnChief Financial OfficerDirectSell519202670.8219,5751,386,30116,521,669Form
19Nias, JamesChief Accounting OfficerDirectSell519202670.821,565110,8337,124,067Form
20Keeney, Scott HPresident and CEODirectSell519202670.8245,1913,200,427171,544,028Form
21Corso, Joseph JohnChief Financial OfficerDirectSell519202675.1618,4451,386,32618,974,217Form
22Nias, JamesChief Accounting OfficerDirectSell519202675.161,487111,7637,647,079Form
23Keeney, Scott HPresident and CEODirectSell519202675.1642,5843,200,613185,453,166Form
24Link, Raymond A DirectSell313202663.286,644420,4324,883,444Form
25Link, Raymond A DirectSell313202664.428,760564,3195,399,427Form
26Nias, JamesChief Accounting OfficerDirectSell313202664.421,808116,4716,048,974Form
27Link, Raymond A DirectSell313202662.7910,000627,9005,812,847Form
28Keeney, Scott HPresident and CEODirectSell311202658.8019,0961,122,755129,939,361Form
29Corso, Joseph JohnChief Financial OfficerDirectSell309202660.3912,290742,19310,320,409Form
30Keeney, Scott HPresident and CEODirectSell309202660.5323,6561,431,876134,926,850Form
31Nias, JamesChief Accounting OfficerDirectSell309202661.963,249201,3085,930,006Form
32Corso, Joseph JohnChief Financial OfficerDirectSell309202661.9613,038807,83411,350,205Form
33Keeney, Scott HPresident and CEODirectSell309202661.9632,2391,997,528139,582,311Form
34Keeney, Scott HPresident and CEODirectSell108202637.5131,7481,190,86785,711,100Form
35Corso, Joseph JohnChief Financial OfficerDirectSell1217202536.3266,0752,399,6847,126,382Form
36Keeney, Scott HPresident and CEODirectSell1205202535.6615,371548,12081,482,325Form
37Nias, JamesChief Accounting OfficerDirectSell1205202533.7855618,7823,342,734Form
38Corso, Joseph JohnChief Financial OfficerDirectSell1205202533.784,127139,4108,860,460Form
39Keeney, Scott HPresident and CEODirectSell1205202533.789,625325,13277,707,208Form
40Nias, JamesChief Accounting OfficerDirectSell1125202530.001,20036,0002,985,360Form
41Link, Raymond A DirectSell1113202535.3312,560443,7453,624,010Form
42Keeney, Scott HPresident and CEODirectSell922202530.9962,5071,936,78471,855,568Form
43Keeney, Scott HPresident and CEODirectSell916202528.8415,391443,87668,683,758Form
44Corso, Joseph JohnChief Financial OfficerDirectSell908202529.733,588106,6717,890,877Form
45Corso, Joseph JohnChief Financial OfficerDirectSell908202529.144,112119,8247,838,835Form
46Keeney, Scott HPresident and CEODirectSell908202529.149,604279,86169,846,715Form
47Nias, JamesChief Accounting OfficerDirectSell908202529.1454015,7362,905,375Form

Investor Activity (13F)

Updated Sep 1, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
First Washington CORP$12.4 Mil3.5%50TRIM -44.2%13F
Harvey Partners, LLC$23.6 Mil1.9%45TRIM -65.6%13F
Divisar Capital Management LLC$5.0 Mil1.3%26TRIM -69.4%13F
Senvest Management, LLC$13.7 Mil0.5%49TRIM -76.0%13F
Active Manager
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Senvest Management, LLC$13.7 Mil0.5%49TRIM -76.0%13F
Divisar Capital Management LLC$5.0 Mil1.3%26TRIM -69.4%13F
Harvey Partners, LLC$23.6 Mil1.9%45TRIM -65.6%13F
First Washington CORP$12.4 Mil3.5%50TRIM -44.2%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Harvey Partners, LLC$23.6 Mil1.9%45TRIM -65.6%13F
Senvest Management, LLC$13.7 Mil0.5%49TRIM -76.0%13F
First Washington CORP$12.4 Mil3.5%50TRIM -44.2%13F
Divisar Capital Management LLC$5.0 Mil1.3%26TRIM -69.4%13F
Core Cache Last Updated: 8/31/2026