Laser Photonics Announces Second Quarter 2024 Results
*ORLANDO, FL / ACCESSWIRE / August 29, 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 second quarter ended June 30, 2024.
*Wayne Tupuola, CEO of Laser Photonics, commented:*
"While our second quarter reflected a revenue decline due to pushouts in timing for expected orders that were delayed resulting from customers' internal capex review processes, we are encouraged by the mix of CleanTech representing over 80% of our sales during the quarter.
"Looking ahead, we are focused on market penetration activities for CleanTech, developing and commercializing leading edge new product lines for defense applications, laser cutting, semiconductor equipment and additive manufacturing while also optimizing our manufacturing and procurement processes to enhance our gross margin profile. We believe these efforts, combined with our ongoing investments in sales, marketing and strategic partnerships, will position us for stronger performance in the latter half of the year and 2025. We remain dedicated to delivering high-value solutions to our customers and driving long-term growth for our shareholders."
*Financial Highlights: (Q224 vs. Q223)*
· Revenue: $0.6 million compared to $1.0 million;
· Gross Profit: $0.3 million compared to $0.7 million;
· Operating Loss: ($2.1) million compared to ($0.7) million;
· Net Loss: ($2.1) million from ($0.7) million;
· Loss per Share: ($0.20) compared to ($0.09).
*Select Financial Metrics**
*(in $M except for EPS)*
*2Q24*
*2Q23*
*Change*
*YTD 2024*
*YTD 2023*
*Change*
Revenue
$
0.6
$
1.0
-35.4
%
$
1.4
$
1.6
-16.8
%
Gross Profit
$
0.3
$
0.7
-53.7
%
$
0.7
$
1.1
-35.5
%
Gross Margin
50.6
%
70.6
%
51.3
%
66.3
%
%
Operating Loss
$
(2.1
)
$
(0.7
)
-211.2
%
$
(3.7
)
$
(1.6
)
-133.2
%
Net Loss
$
(2.1
)
$
(0.7
)
-211.3
%
$
(3.7
)
$
(1.9
)
-90.0
%
Diluted Loss per Share (EPS)
$
(0.20
)
$
(0.09
)
-122.2
%
$
(0.37
)
$
(0.25
)
-48.0
%
*numbers may not add due to rounding
*Second Quarter Business Highlights*
Announced Customer Orders:
· ES Fox purchased a CleanTech 500-CTHD laser cleaning system.
Partnerships:
· Announced a partnership with Echelon 1 Solutions, a provider of turn-key solutions to solve complex military supply chain, space utilization, and space optimization problems, to help bring LPC CleanTech laser systems to Department of Defense (DoD) customers.
Products:
· Announced the successful early testing of Fonon's Laser Shield Anti-Drone System (LSAD) prototype at LPC's testing facility. The LSAD is a cutting-edge solution in development for the deterrence of unauthorized drone activity;
· Updated the CleanTech series, featuring mobile connectivity for remote monitoring and control, a new compact form factor for the scan head and smart overheat protection for added safety;
· Introduced the SaberTech line of high-power laser cutting systems featuring material distortion reducing Turbo Piercing technology.
*Management's Second Quarter Commentary*
*Management has posted its second quarter of 2024 commentary on the LPC investor page. Investors can access it here: *https://invest.laserphotonics.com/
*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:*
laser@haydenir.com
*CONDENSED CONSOLIDATED BALANCE SHEETS*
*(in thousands, except par value data)*
*(unaudited)*
*As of*
*As of*
*June 30, 2024*
*December 31, 2023*
*Assets*
Current Assets:
Cash and Cash Equivalents
$
2,747,633
$
6,201,137
Accounts Receivable, Net
446,016
816,364
Inventory
2,105,421
2,237,455
Other Assets
405,638
39,190
Total Current Assets
5,704,708
9,294,146
Property, Plant, & Equipment, Net
923,675
952,811
Intangible Assets, Net
4,077,662
4,279,987
Operating Lease Right-of-Use Asset
374,559
597,143
*Total Assets*
*$*
*11,080,604*
*$*
*15,124,087*
*Liabilities & Stockholders' Equity*
Current Liabilities:
Accounts Payable
$
198,236
$
223,040
Deferred Revenue
116,564
213,114
Current Portion of Operating Lease
197,614
434,152
Accrued Expenses
107,614
161,538
Total Current Liabilities
620,028
1,031,844
Long Term Liabilities:
Lease liability - less current
176,945
162,991
Total Long Term Liabilities
176,945
162,991
*Total Liabilities*
*796,973*
*1,194,835*
*Stockholders' Equity:*
Preferred stock Par value $0.001: 10,000,000 shares authorized. 0 Issued: shares were outstanding as of March 31, 2024, and December 31, 2023
-
-
Common Stock Par Value $0.001: 100,000,000 shares authorized; 12,270,427 and 9,253,419 issued and outstanding as of June 30, 2024, and December 31, 2023 *
12,270
9,253
Additional Paid in Capital
19,211,044
19,180,725
Retained Earnings (Deficit)
(8,914,443
)
(5,235,486
)
Treasury Stock
(25,240
)
(25,240
)
*Total Stockholders' Equity*
10,283,631
13,929,252
*Total Liabilities & Stockholders' Equity*
*$*
*11,080,604*
*$*
*15,124,087*
*STATEMENTS OF PROFIT AND LOSS*
*(in thousands, except per share data)*
*(unaudited)*
*Three Months Ended*
*Six Months Ended*
*June 30, 2024*
*June 30, *
*2023 *
*(Restated)*
*June 30, 2024*
*June 30, *
*2023 *
*(Restated)*
*Net Sales*
$
623,435
$
965,440
$
1,366,426
$
1,641,632
Cost of Sales
308,081
283,864
665,204
553,761
*Gross Profit*
315,354
681,576
701,222
1,087,871
Operating Expenses:
Sales & Marketing
266,282
522,918
402,891
785,842
General & Administrative
1,615,082
393,352
2,991,035
969,217
Depreciation & Amortization
245,894
100,947
431,210
184,084
Payroll Expenses
238,703
302,409
447,158
646,111
Research and Development Cost
60,232
40,205
107,923
80,459
Total Operating Expenses
2,426,194
1,359,831
4,380,217
2,665,713
*Operating Income (Loss)*
*(2,110,839*
*)*
*(678,255*
*)*
*(3,678,995*
*)*
*(1,577,842*
*)*
Other Income (Expenses):
Total Other Income (Loss)
(2,723
)
(639
)
37
(358,657
)
*Income (Loss) Before Tax*
*(2,113,562*
*)*
*(678,894*
*)*
*(3,678,958*
*)*
*(1,936,499*
*)*
Tax Provision
*Net Income (Loss)*
*$*
*(2,113,562*
*)*
*$*
*(678,894*
*)*
*$*
*(3,678,958*
*)*
*$*
*(1,936,499*
*)*
Deemed Dividend from Software Acquisition
(6,615,000
)
(6,615,000
)
*Net Comprehensive loss attributed to Common Shareholders*
(8,728,562
)
(678,894
)
(10,293,958
)
(1,936,499
)
*Earnings (Loss) per Share:*
*Basic and Diluted*
*$*
*(0.20*
*)*
*$*
*(0.09*
*)*
*$*
*(0.37*
*)*
*$*
*(0.25*
*)*
Loss per share (attributable to common shareholders)
$
(0.82
)
$
(0.09
)
$
(1.04
)
$
(0.25
)
Weighted Average of Shares Outstanding
10,589,108
7,878,419
9,924,908
7,878,419
*SOURCE:* Laser Photonics Corp.
View the original press release on accesswire.com