Revenue increased 10%; reduced operating loss by 39%; reduced net loss and diluted loss per share by 57% each
ORLANDO, FL / May 14, 2024 / Laser Photonics Corporation (NASDAQ: LASE), (“LPC”), a leading global developer of CleanTech laser systems for laser cleaning and other material applications, today announced results for its first quarter ended March 31, 2024.
Wayne Tupuola, CEO of Laser Photonics, commented: “Our first quarter generally showed positive momentum with 10% revenue growth and significant operating and net loss reductions. Despite CleanTech making up over 80% of sales, our gross margin was down from last year as we sold several lower power systems in the quarter. Now that we’ve ramped our sales and marketing resources, our next priority is to refine our production processes and improve the cost efficiency of our manufacturing operations, which should drive improvements to our cost of goods sold in time.”
First Quarter Financial Highlights (FY24 vs FY23)
-
- Revenue increased 9.9% to $0.7 million;
- Gross Profit decreased 4.9% to $0.4 million; Gross Margin decreased to 52.0% from 60.1%;
- GAAP Operating loss decreased 39.2% to ($0.5) million versus ($0.9) million;
- GAAP Net Loss and Loss per Share decreased 56.6% to ($0.5) million and 57.1% to ($0.06) versus ($1.3) million and ($0.14), respectively.
| 2024 Select Financial Metrics Versus 2023 |
| (in $M except for EPS) |
1Q24 |
1Q23 |
Change |
| Revenue |
$0.7 |
$0.7 |
9.9% |
| Gross Profit |
$0.4 |
$0.4 |
-4.9% |
| Gross Margin |
52.0% |
60.1% |
|
| Operating Loss |
($0.5) |
($0.9) |
39.2% |
| Net Loss |
($0.5) |
($1.3) |
56.6% |
| Diluted Loss per Share (EPS) |
($0.06) |
($0.14 |
57.1% |
*numbers may not add due to rounding
First Quarter Business Highlights
Announced Customer Orders
-
- Pima Air & Space Museum acquired a CleanTech LPC-1000-CTHS Laser Cleaning System
- Liberty Utilities acquired a Markstar Pro Laser Marking System
- Mine System Solutions acquired a CleanTech LPC-3000-CTHD and a MarkStar Pro Laser Marking System
- Sustainable Solutions Co., Ltd. acquired a CleanTech LPC-500-CTHD Laser Cleaning System
- Karavan Trailers, LLC acquired a CleanTech LPC-1500-CTHD Laser Cleaning System
Distribution Agreements
-
- Signed a distribution agreement for laser cleaning and personal protective equipment with the Fastenal Company, one of the country’s largest industrial distributors
- Established a sales and distribution agreement with Incredible Supply and Logistics (ISL), a leading national marketer and distributor to the U.S. Government and DoD
Conference Call and Webcast Information
Management will host a conference call and webcast to review the Company’s results. Investors can submit questions ahead of time to [email protected].
Conference Call Date/Time: Tuesday, May 14, 10:00 a.m. Eastern Time
Toll Free: 1-877-407-3982
Toll/International: 1-201-493-6780
Call me™ Call me™
-
- Participants can use guest dial-in numbers above and be answered by an operator OR click the Call me™ link for instant telephone access to the event. The Call me™ link will become active 15 minutes before the scheduled start time.
Webcast Location: https://viavid.webcasts.com/starthere.jsp?ei=1671875&tp_key=7948928750
Replay
Toll Free: 1-844-512-2921
Toll/International: 1-412-317-6671
Replay Pin Number: 13746685
Replay Start: Tuesday, May 14, 2023, 12:00 p.m. ET
Replay Expiry: Tuesday, May 28, 2023, at 11:59 p.m. ET
About Laser Photonics Corporation
Laser Photonics is a vertically-integrated manufacturer and R&D Center of Excellence for industrial laser technologies and systems. LPC seeks to disrupt the $46 billion, centuries-old sand and abrasives blasting markets, focusing on surface cleaning, rust removal, corrosion control, de-painting and other laser-based industrial applications. LPC’s new generation of leading-edge laser blasting technologies and equipment also addresses the numerous health, safety, environmental, and regulatory issues associated with the old methods. As a result, LPC has quickly gained a reputation as an industry leader for industrial laser systems with a brand that stands for quality, technology and product innovation. Currently, world-renowned and Fortune 1000 manufacturers in the aerospace, automotive, defense, energy, industrial, maritime, space exploration and shipbuilding industries are using LPC’s “unique-to-industry” systems. For more information, visit www.laserphotonics.com.
Cautionary Note Concerning Forward-Looking Statements
This press release contains “forward-looking statements” (within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended), including statements regarding the Company’s plans, prospects, potential results and use of proceeds. These statements are based on current expectations as of the date of this press release and involve a number of risks and uncertainties, which may cause results and uses of proceeds to differ materially from those indicated by these forward-looking statements. These risks include, without limitation, those described under the caption “Risk Factors” in the Registration Statement. Any reader of this press release is cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this press release except as required by applicable laws or regulations.
Laser Photonics Investor Relations Contact:
[email protected]
