Nlight, Inc. (NASDAQ: LASR)

nLIGHT, Inc. is a leading provider of high‑power lasers for mission‑critical directed energy, optical sensing, and advanced manufacturing applications. The company designs, manufactures, and sells a range of high-power semiconductor lasers and fiber lasers that are typically integrated into laser systems or manufacturing tools built by its customers. nLIGHT, Inc. also produces high energy pulsed fiber lasers, fiber amplifiers, and beam combination and control systems for use in high-energy laser systems for directed energy and laser sensing applications. Its vertical integration enables the development of products that leverage the same underlying technology, allowing the company to offer innovative and reliable products across its end markets.

nLIGHT, Inc. generates revenue by selling its high-power semiconductor lasers, fiber lasers, fiber amplifiers, and related beam control systems to customers in the aerospace and defense, industrial, and microfabrication markets. The company's products are primarily used as integrated energy sources in original equipment manufacturer (OEM) laser systems or manufacturing tools. Revenue is derived from direct sales to end customers and through independent sales representatives and distributors in various global regions. The company serves a diverse customer base that includes government agencies, prime contractors, and industrial manufacturers.

The company operates through the following segments: Laser Products and Advanced Development.

• The Laser Products segment designs, manufactures, and sells a range of high-power semiconductor lasers and fiber lasers that are typically integrated into laser systems or manufacturing tools built by customers. This segment also produces high energy continuous wave and pulsed fiber lasers, fiber amplifiers, and beam combination and control systems for use in high-energy laser systems for directed energy and laser sensing applications. It includes semiconductor lasers with various power levels, wavelengths, and output fiber sizes used as integrated energy sources for OEM customers’ solid-state lasers in aerospace and defense and microfabrication applications. The segment further offers programmable and serviceable high-power fiber lasers for aerospace and defense and industrial applications, utilizing proprietary active fiber doped with rare-earth elements to amplify light into brighter, more powerful beams. Additionally, it designs, manufactures, and sells high-performance fiber amplifiers that amplify optical signals directly within optical fibers for aerospace and defense and industrial applications.

• The Advanced Development segment is dedicated to driving innovation and expanding technological leadership in directed energy and laser sensing. This segment focuses on research, design, and prototyping of advanced and next-generation laser technologies, leveraging expertise in high-power laser technology development, beam control, and advanced optics. It is structured to foster collaboration between engineering, research, and product development teams, combining dedicated resources and facilities with deep technical expertise to deliver cutting-edge solutions. The segment centers on providing governmental agencies with next-generation laser technologies and solutions, including the development of custom high-power fiber lasers and advanced beam combining technologies. By aligning innovation efforts with strategic growth and defense initiatives, particularly in directed energy and laser sensing, the Advanced Development segment plays a critical role in maintaining competitive edge, driving long-term value creation, and protecting critical national assets.

nLIGHT, Inc. competes in the laser industry with companies such as IPG Photonics, Coherent, BWT Ltd., Raycus Fiber Laser Technologies, and Trumpf GmbH + Co. KG. The company also faces competition from prime defense contractors and subcontractors in the aerospace and defense market, as well as from industrial firms offering non-laser production methods like plasma cutting, water-jet cutting, and resistance welding. nLIGHT, Inc. believes its vertically integrated business model, technology innovation, engineering capabilities, product functionality, quality, and customer service enable it to compete successfully in the markets it serves.

The company serves over 300 customers worldwide, with a limited number driving a significant portion of revenues. Specific customer names include BAE Systems, KORD Technologies, Mazak, Northrop Grumman, QinetiQ Limited, Raytheon Technologies, and the U. S. Government. The top ten customers accounted for approximately 75%, 72%, and 66% of revenues in 2025, 2024, and 2023, respectively.