What were the key takeaways from nLIGHT’s earnings call?

What is the market's earnings forecast for nLIGHT next quarter?

What is nLIGHT's latest dividend and current dividend yield?

What does nLIGHT do and what are its main business segments?

What guidance did nLIGHT's management provide for the next earnings period?

Did nLIGHT beat or miss consensus estimates last quarter?

What is the revenue and EPS growth rate for nLIGHT year over year?

What factors drove the changes in nLIGHT's revenue and profit?

- **Revenue Growth Accelerates**: Q3 2025 revenue up 19% YoY to $67M, driven by 70% YoY growth in defense products.
- **Profitability Improves**: Gross margin expands to 41%, adj. EBITDA turns positive at $7M.
- **HELSI-2 Program Momentum**: $171M program on track for 2026 completion, with Q3 shipments driving defense revenue.
- **Sensing Contract Win**: $50M missile guidance system contract highlights sensing market expansion.
- **Q4 Guidance Strong**: $75M midpoint revenue, 27-32% gross margin, $6-11M adj. EBITDA.
- **Risk Management**: $1.7M China restructuring charge, but free cash flow positive at $5.2M.

**【CEO Summary Section】**
- Q3 2025 revenue reached $67 million, up 19% YoY, driven by record Aerospace & Defense (A&D) revenue of $46 million (+70% YoY in defense products). 
- Gross margin expanded to 41% (vs. 29% Q3 2024), with adjusted EBITDA of $7 million.
- HELSI-2 program ($171M, 1MW laser) on track for 2026 completion; Q3 shipments contributed to defense product growth.
- Directed energy programs (e.g., DE M-SHORAD) nearing completion; international demand for counter-UAS systems growing.
- Laser sensing signed $50M contract for missile guidance system, with pipeline expansion under Golden Dome initiatives.

**【CFO Financial Commentary】**
- Q3 GAAP net loss: $6.9M (-$0.14/share) vs. $10.3M (-$0.21) Q3 2024.
- Non-GAAP net income: $4.3M (+$0.08/share) vs. $2.9M (+$0.06) Q2 2025.
- Q4 2025 guidance: $72-78M revenue (midpoint $75M), 27-32% gross margin, $6-11M adj. EBITDA.
- Free cash flow positive at $5.2M; ending cash: $116M.
- A&D product gross margin expected to remain >35% as volumes scale.

**【Q&A Key Highlights】**
- **HELSI-2 Timeline**: On track for 2026 completion; no acceleration expected.
- **Gross Margin Volatility**: Q4 2025 margin decline (~150-200bps) due to higher material costs, mix shifts, and one-time freight expenses.
- **Post-HELSI-2 Growth**: Booked programs will offset HELSI-2 decline; pipeline includes directed energy and sensing contracts.
- **Commercial Markets**: Microfabrication stabilizing at $8-12M/Q, industrial sales resilient despite cutting/welding decline.
- **International Expansion**: New customers in Europe and Middle East driving directed energy demand.
- **China Restructuring**: $1.7M Q3 charge to exit low-margin China manufacturing.


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