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]
ORLANDO, FL / April 1, 2024 / Laser Photonics Corporation (NASDAQ: LASE), (“LPC”), a leading global developer of CleanTech laser systems for laser cleaning and other material applications, today announced it will postpone reporting its fourth quarter and full-year 2023 ended December 31, 2023, as it is still in the final stages of completing its audit. As a result, the Company is canceling its webcast and conference call to discuss results that was scheduled to take place on April 1, 2024.
The Company intends to notify investors via press release when it is able to determine a date to report its fourth quarter and full-year 2023 numbers and reschedule its conference call to discuss these results.
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.
Laser Photonics Investor Relations Contact:
[email protected]
ORLANDO, Fla., March 5, 2024 – Laser Photonics Corporation (LPC), a leading global industrial developer of CleanTech laser cleaning systems and other material applications, has entered into a distribution agreement with the Fastenal Company (NASDAQ: FAST), the largest fastener distributor in North America and a leading distributor and provider of industrial technology and products.
“This agreement will increase our customer base and expand our distributor network while equipping the industry-leading company with the cutting-edge industrial laser solutions that its clients have been demanding,” said Wayne Tupuola, CEO of Laser Photonics. “We look forward to building on this new relationship and working to provide world-class laser systems to an even larger audience.”
Laser Photonics will get access to the company’s global distribution network, which includes a closely aligned supplier network, robust sourcing, quality, and manufacturing resources, and multiple teams of subject matter experts and support personnel. Another point of considerable note is that LPC will benefit from the company’s service model, which centers on approximately 3,300 locations, each supporting its local customer base, which translates to Laser Photonics getting access to one of the most robust and well-equipped distribution networks in the world.
“We have had a considerable amount of inquiries from our clients for various laser technologies, including laser cleaning solutions,” commented Troy Parkos, Regional VP of the Wisconsin area for Fastenal. “Our extensive distribution network and ability to deliver, paired with the cutting-edge technology of Laser Photonics’ makes this the ideal partnership.”
Laser Photonics joined with Fastenal in mid-January 2024. As part of this vendor agreement, the initial products that will be offered through Fastenal will include:
● CleanTech Handheld LPC-50-CTHD Laser Cleaning System
● CleanTech Blaster Cabinet LPC-50-CTBC Laser Cleaning System
● MarkStar Handheld LPC-20-MSH Laser Engraving System
● WeldTech LPC-1500-LWS Laser Welding System
● Personal Protective Equipment (PPE)
● Laser training for the products offered and more
About Laser Photonics Corporation
Laser Photonics is a vertically integrated manufacturer and R&D Center of Excellence for industrial laser technologies and systems. Laser Photonics 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. Laser Photonics’ 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, Laser Photonics 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 Laser Photonics’ “unique-to-industry” systems. For more information, visit www.laserphotonics.com.
About Fastenal
Fastenal provides a broad offering of industrial supplies, including fastener, safety, and metal cutting products, to manufacturing, construction, and state and local government customers through more than 3,400 in-market locations (branches and customer-specific Onsite locations) spanning 25 countries. With continual investment in tailored local inventory, dedicated local experts, and flexible FMI® (Fastenal Managed Inventory) and digital solutions, we help our business partners achieve product and process savings across the supply chain – a “high-touch, high-tech” approach encapsulated by our tagline, Where Industry Meets Innovation™. Our local service teams are supported by 17 regional distribution centers, a captive logistics fleet, multiple teams of industry specialists and support personnel, and robust sourcing, quality, and manufacturing resources, enabling us to grow by getting closer to customers and providing innovative and comprehensive solutions to customer supply chain challenges. Additional information regarding Fastenal is available on the Fastenal Company website at www.fastenal.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.
Investor Relations Contact:
[email protected]
Media Contact:
David Thierer
Marketing Specialist
Laser Photonics Corporation
[email protected]
ORLANDO, Fla., May 10, 2023 – Laser Photonics Corporation (NASDAQ: LASE) (“LPC”), a leading global developer of industrial CleanTech laser systems for laser cleaning and other material applications, today announced it has hired three sales executives as part of its investment plan announced on April 17, 2023.
“Hiring key account managers in our core verticals is critical for us to grow sales in 2023 and beyond,” said Peter Evans, president, Laser Photonics. “These three individuals that we brought onboard have extensive experience and contacts working in the defense, automotive and energy verticals, which are among the largest target markets for our CleanTech laser cleaning systems. I’m excited to see these new hires hit the ground running, and we will continue to identify additional candidates to address other key vertical opportunities in the months to come.”
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 abrasive blasting markets, focusing on surface cleaning, rust removal, corrosion control, de-painting and other laser-based industrial applications. LPC’s new generation of cutting-edge laser blasting technologies and equipment also addresses the numerous health, safety, environmental, and regulatory issues associated with traditional 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.
Contact:
[email protected]
Full-year revenue growth of 18%; Full-year GAAP Net Loss (including $1.9 million of costs tied to IPO) of $1.0 million; Full-year Adjusted EBITDA of $1.2 million (+21%)
ORLANDO, FL / April 17, 2023 / 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 fourth quarter and full-year fiscal ended December 31, 2022.
“The fourth quarter was our first as a public company following our successful early October IPO where we raised net proceeds of $12.9 million,” said Wayne Tupuola, chief executive officer of Laser Photonics. “During the quarter, we shipped to several new customers as we continued to introduce our disruptive CleanTech systems to new and potential customers and expand the range of potential applications for our technology.”
Select Financial Metrics: Fiscal 2022 versus Fiscal 2021*
|
(in $M except for EPS) |
4Q22 |
4Q21 |
Change |
FY22 |
FY21 |
Change |
| Revenue | $1.2 | $1.2 | (3.1%) | $5.0 | $4.2 | 18.2% |
| Gross Margin | 49.9% | 30.0% | 57.9% | 50.9% | ||
| Operating Income (Loss) | ($1.9) | ($0.1) | nm | ($1.0) | $0.6 | nm |
| Net Income (Loss) | ($1.9) | $0.0 | nm | ($1.0) | $0.6 | nm |
| Diluted Earnings/Loss per Share | ($0.36) | $0.01 | nm | ($0.18) | $0.12 | nm |
| Adjusted EBITDA | n/a | n/a | nm | $1.2 | $1.0 | 20.8% |
*numbers may not add due to rounding
Nm – non-measurable
2023 Commentary
“As we discussed in the SEC filings for our IPO, we plan on making significant investments in 2023 to capture the tremendous market opportunity over the mid to long term for our CleanTech systems. During the fourth quarter, we recognized that we needed to broaden and deepen our executive team to accomplish these goals. The recent hiring of senior executives with relative industry experience now allows us to move forward with our investment plans.
“Given the disruptive nature of our technology and still being in the top of the first inning for laser blasting, we expect to see some lumpiness on a quarter-to-quarter basis. Additionally, when combined with a more uncertain economic environment and a heightened geo-political landscape, we are seeing an elongated sales cycle at many existing and potential customers. Given the recent change at the CFO-level, we are going to postpone providing guidance until we report our first quarter results in about a month,” concluded Tupuola.
Conference Call and Webcast Information
Management will host a conference call and webcast to review the Company’s results and forward expectations. Investors can submit questions ahead of time to [email protected].
Conference Call Date/Time: Monday, April 17, 11:00 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 #s above and be answered by an operator OR click the Call me™ link for instant telephone access to the Call me™ link will become active 15 minutes before the scheduled start time.
Webcast Location: https://viavid.webcasts.com/starthere.jsp?ei=1610088&tp_key=de84b3235f
Replay
Toll Free: 1-844-512-2921
Toll/International: 1-412-317-6671
Replay Pin Number: 13738124
Replay Start: Monday, April 17, 2023, 2:00 p.m. Eastern Time
Replay Expiry: Monday, April 24, 2023, at 11:59 p.m. Eastern Time
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.