NLIGHT's Laser Business Exit Boosts Profitability, Artisan Small Cap Fund Highlights

Artisan Partners' Q4 2025 investor letter highlights nLIGHT's (LASR) improved profitability after exiting its unprofitable industrial laser business in China. The company now focuses on its defense segment, which positions it well for profitable growth. Artisan initiated a position in nLIGHT based on its strong franchise in non-kinetic laser weapons, a critical technology for countering drones and missile threats.