Laser Photonics Announces Second Quarter 2023 Results

ORLANDO, FL / August 15, 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 second quarter ended June 30, 2023.
Wayne Tupuola, chief executive officer of Laser Photonics, commented: “Our second quarter was a mixed bag as sales, which given the capex and low volume nature of our business, were lumpy, but we benefited from continued strong gross margins. We continued to invest in sales and marketing and R&D during the quarter to set the table for future sales growth. These efforts have enabled us to expand our pipeline, and we are working diligently to convert these to orders over the next 12 months.”

Second Quarter Financial Highlights (FY23 vs FY22)
• Revenue decreased 28.5% to $1.0 million;
• Gross Margin expanded 600 basis points to 70.7%;
• GAAP Operating Income of $0.0 million versus $0.3 million;
o FY23 GAAP Operating Loss included approximately $0.7 million in mark-to-market contra-expense related to non-cash stock issuance costs;
• Other Loss of $0.2 million related to an increase in bad debt expense from a prior year sale;
• GAAP Net Income and EPS of of $0.0 million and $0.00 versus $0.3 million and $0.07, respectively;
o GAAP Net Income included approximately $0.7 million in mark-to-market contra-expense related to non-cash stock issuance costs mentioned above.

Select Financial Metrics: Fiscal 2023 versus Fiscal 2022*

Select Financial Metrics: Fiscal 2023 versus Fiscal 2022*
 (in $M except for EPS) 2Q23 2Q22 Change
Revenue $1.0 $1.4 (28.5%)
Gross Margin 70.7% 64.7%  
Operating Income/(Loss) $0.0 $0.3 (91.4%)
GAAP Net Income (Loss) $0.0 $0.3 (91.1%)
GAAP Diluted Earnings/(Loss) per Share $0.00 $0.07 nm
*numbers may not add due to rounding    
Nm – non-measurable


2023 Commentary

“We are making investments in 2023 to capture the tremendous market opportunity over the long term for our CleanTech systems. This includes continuing to invest in sales and marketing to raise awareness of our products, while also innovating to stay ahead of the technology curve. With respect to the latter, we are working on a new laser cutting platform, the Titan FX, designed to meet the safety and efficiency needs for a specific aerospace customer. We believe this technology will also be relevant across our other industry verticals and more importantly, we believe we can enhance the safety and productivity of our CleanTech products with this technology as well, positioning us for long-term growth,” 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: Tuesday, August 15, 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 #s above and be answered by an operator OR click the Call me™ link for instant telephone access to the event. Call me™ link will become active 15 minutes before the scheduled start time.
Webcast Location:

Toll Free: 1-844-512-2921
Toll/International: 1-412-317-6671
Replay Pin Number: 13740696
Replay Start: Tuesday, August 15, 2023, 2:00 p.m. ET
Replay Expiry: Tuesday, August 29, 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

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]

(in thousands, except par value data)

   June 30, 2023 (Unaudited)  December 31, 2022
Current Assets:
Cash and Cash Equivalents $ 9,884,543 $ 12,181,799
Accounts Receivable, Net 1,404,956 1,347,494
Inventory 2,216,052 1,693,810
Other Current Assets 332,017 72,527
Total Current Assets   13,837,569 15,295,630
Property, Plant & Equipment, Net 742,059 627,848
Intangible Assets 2,830,886 2,939,041
Operating Lease Right-of-Use Asset 670,109 832,072
Total Assets    $ 18,080,623  $ 19,694,592
Current Liabilities:
Accounts Payable $ 295,852 $ 190,388
Operating Lease Liabilities, Current 344,510 344,510
Accrued Expenses 1,181,000
Total Current Liabilities 640,362 1,715,898
Operating Lease Liabilities, Noncurrent 305,892 487,562
Total Liabilities 946,254 2,203,460
Common Stock Par Value $0.01:100,000,000 shares authorized; 8,253,419 and 7,878,419 issued and outstanding, respectively 82,533 78,783
Additional Paid in Capital 19,183,020 18,140,520
Retained Earnings (Deficit) (728,172) (728,172)
Net Income (Loss) (1,403,013)
Total Stockholders’ Equity   17,134,369 17,491,131
Total Liabilities & Stockholders’ Equity  $ 18,080,623  $ 19,694,592


(in thousands, except per share data)

 Three Months Ending
June 30,
 Six Months Ending June 30,
 2023  2022  2023  2022
Net Revenue    $ 968,049  $ 1,353,642    $ 2,205,096  $ 2,565,726
Cost of Goods Sold 283,864 477,373 524,992 832,985
Gross Profit 684,185 876,269 1,680,104 1,732,741
Operating Expenses:
Sales & Marketing (157,154) 97,967 910,771 176,758
General & Administrative 710,962 361,003 1,787,533 674,648
Depreciation & Amortization 100,947 84,081 184,084 174,041
Total Operating Expenses 654,755 543,050 2,882,387 1,025,447
Operating Income (Loss) 29,430 333,219 (1,202,283) 707,295
         Other Income (Expenses):
Interest Income/(Expense) (10,018) (14,426)
Other Income (Expense) (639) (200,730) 7,031
Total Other Income (Expenses) (639) (10,018) (200,730) (7,394)
Income (Loss) Before Tax 28,791 323,201 (1,403,013) 699,901
Tax Provision
Net Income (Loss) $ 28,791 $ 323,201 $ (1,403,013) $ 699,901
Income (Loss) per Share
Basic $ 0.00 $ 0.07 $ (0.17)  $ 0.14
Fully Diluted $ 0.00 $ 0.07 $ (0.17)  $ 0.14
Weighted Average Shares Outstanding
Basic  8,187,485  4,878,419 8,033,806  4,878,419
Fully Diluted  8,253,419  4,878,419  8,253,419  4,878,419


(in thousands)

 Six Months Ending June 30,
 2023  2022
Cash Flow from:
Net Income (Loss) $ (1,403,013) $ 699,901
Depreciation & Amortization 184,084 174,041
Non-Cash Lease Expense – Right-of-Use Asset
Change in Operating Assets & Liabilities:
Accounts Receivable (57,462) (617,335)
Inventory (522,243) 186,026
Other Current Assets (259,490) (2,388)
Accounts Payable 105,464 84,728
Accrued Expenses (1,181,000)
Operating Lease Liability (19,706)
Other Liabilities (17,413)
Net Cash Flow from Operating Activities (3,153,366) 507,559
Purchase of Long Term Assets (183,941)
Purchase of Intangible Assets (6,199) (4,195)
Net Cash Flow from Investing Activities (190,140) (4,195)
Proceeds from (Repayment of) Notes (261,684)
Proceeds from (Repayment of) PPP Loan   (317,328)
Proceeds from Sale of Common Stock 1,046,250
Net Cash Flow from Financing Activities 1,046,250 (579,012)
Net Change in Cash $ (2,297,256) $ (75,648)
Cash – Beginning of Period   2,181,799 615,749
Cash – End of Period  $ 9,884,543 $ 540,101
[No fade] LPC Product Animated WEBP

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