LASR
nLIGHT, Inc.

nLIGHT, Inc.LASR

Technology · Semiconductors
38.02USD
+29.58%
Nov 08, 2026
LASR overview ready
High-power laser and beam-control supplier for defense directed-energy systems
NLIGHT is a specialized high-power laser and beam-control supplier/enabler for defense directed-energy systems, while also selling laser products into optical sensing and advanced-manufacturing applications.
Primary theme is lagging
Defense / Drones is lagging (+0.2pp vs SPY over 21 sessions; 13 of 25 members ahead of SPY).
Price trend is broken
Longer-term context reads trend under pressure, with a near-term setup of base repair.
The tactical setup reads base repair, but the weekly structure is broken.
Demanding valuation
The price embeds expectations that run ahead of the cash the business currently produces.
Low free cash flow yield
Free cash flow yield is weak.
Primary risk
Dependence on defense procurement budgets.
Market Nov 6Filing Sep 30Price action Nov 7Research Aug 9

Conviction Level

PriceAction1.4BusinessPerformance4.0BusinessQuality3.5Valuation3.2ThemeMomentum1.0Decelerating — Revenue is still growing (+11% YoY), but growth has slowed for 3 consecutive quarters, down from +71%. The company is still loss-making: the diluted loss per share narrowed to -$0.12 from -$0.14 a year earlier. — From filed financial statements. Describes the recent trajectory of the business, not the stock. 20 of the 100 Conviction points.

Conviction uses Price Action, Business Performance, Business Quality, Valuation. Theme Momentum is research context, not an input.

Theme momentumPrimary theme · group context, not entry timing
vs SPY
+0.2pp
Theme return
−4.8%
Beating SPY
13 of 25
21 sessions to Nov 6, 2026 · Theme Leadership V2
Price
Loading price history…

Price Action

Price trend is broken
Longer-term context reads trend under pressure, with a near-term setup of base repair.
The tactical setup reads base repair, but the weekly structure is broken.
EntryDamaged / breakdown

The technical structure itself is broken across timeframes — the weakest entry profile.

Key Financials

Market Cap
$2.2B
Avg Volume (60D)
995.7K
60 sessions
Revenue Growth YoY
+31.6%
FY2025 vs FY2024
Gross Margin
+32.0%
Trailing twelve months
Operating Margin
-6.0%
Trailing twelve months
Free Cash Flow Yield
+1.0%
Distance from 200DMA
-33.8%
P/E
N/M
Market metrics as of Nov 6, 2026
Financial results for the period ended Sep 30, 2026
Filed balance-sheet data as of Sep 30, 2026

Business Performance

Decelerating

Revenue is still growing (+11% YoY), but growth has slowed for 3 consecutive quarters, down from +71%. The company is still loss-making: the diluted loss per share narrowed to -$0.12 from -$0.14 a year earlier.

Latest reported: Q3 FY2026, ended Sep 30
Revenue growthSlowing
+11%
$73.8M in Q3 FY2026 · YoY
YoY growth, last 4 quarters
  1. +71%
  2. +55%
  3. +34%
  4. +11%
Earnings growthLoss narrowing
-$0.12
Diluted EPS -$0.12 vs -$0.14 a year earlier · GAAP
Too few comparable EPS quarters: a loss or a turn to profit has no meaningful percentage.
Operating marginStable
-12.5%
-1.6 pp YoY · gross margin 33.1% (+2.0 pp)
The share count is rising

Business Quality

3.5 / 10

How well the business earns on its assets, converts earnings to cash and funds itself — read from its SEC filings.

Fundamentals & Valuation

One of the two valuation perspectives says expensive; intrinsic is the dissenting view.
nLIGHT, Inc. has an Expensive valuation stance because the price embeds expectations that run ahead of the cash the business currently produces. The business behind it shows an operating margin of -6% and a 32% gross margin.

What changed

  • LASR rose 29.6% in one session
    LASR closed +29.6% while the broad market was close to flat (+0.3%).
    2026-11-06

Company Research

Thesis
NLIGHT is a specialized high-power laser and beam-control supplier/enabler for defense directed-energy systems, while also selling laser products into optical sensing and advanced-manufacturing applications.
Opportunity
High opportunity
Defense procurement and production scaling of high-energy laser and other directed-energy systems for counter-UAS, air defense, and missile-defense missions.
Key risk
Dependence on defense procurement budgets.

Economic classification

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Business & Markets

Technology · Semiconductors
What they do

NLIGHT, Inc. designs, develops, manufactures, and sells semiconductor and fiber lasers primarily for aerospace, defense, industrial, and microfabrication applications through its Laser Products and Advanced Development segments.

How it earns

The company generates revenue through transactional sales of laser products and related systems.

Products & services
Semiconductor lasers
Programmable fiber lasers
Fiber amplifiers
Beam combination and control systems
Customers & end markets
Aerospace and defense contractors
Industrial manufacturers
Microfabrication companies
Market position

Niche supplier specializing in high-power lasers and beam-control technologies for defense and industrial applications.

Demand drivers
Medium cyclicality

Demand is influenced by defense spending cycles and industrial manufacturing trends.

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