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Laser Photonics Announces Second Quarter 2023 Results

Tuesday, 15 August 2023 07:00 AM

Laser Photonics Corp.


ORLANDO, FL / ACCESSWIRE / 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;
    • 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;
    • 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*
(in $M except for EPS)




$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
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
$0.00 $0.07 $(0.17) $0.14
Fully Diluted
$0.00 $0.07 $(0.17) $0.14

Weighted Average Shares Outstanding
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)
(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
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

SOURCE: Laser Photonics Corp.

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