Laser Photonics Announces Fourth Quarter and Full-Year Fiscal 2022 Results
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
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- 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.