Nlight, Inc. (LASR) · Nov 5, 2026 · Earnings

nLIGHT earnings beat estimates, but supply constraints defer $15M

Beat — Adj. EPS $0.16 vs ~$0.05 consensus; revenue $73.8M vs ~$68.2M

nLIGHT’s Q3 earnings beat consensus on revenue, margins and adjusted EPS, but supply constraints still defer roughly $15 million of expected Q4 product shipments.

nLIGHT is scaling a defense- and sensing-led laser business, with demand shifting toward directed-energy programs while manufacturing and component availability remain the main constraint. The prior quarter had already flagged a $17 million supply-chain-related shipment delay, so the bottleneck was known; the size of this quarter’s execution improvement was not.

The quarter materially beat the bar. Revenue reached $73.8 million, above the published consensus of roughly $68.2 million and above the prior guidance range’s $73 million high end. Non-GAAP diluted EPS was $0.16 versus consensus near $0.05, while adjusted EBITDA reached $11.1 million against the prior $1 million–$7 million outlook. The filing says revenue was “above the high end of our guidance range.”

	Q3 2026	Q3 2025	Consensus / prior guide
Revenue (Financial Highlights)	$73.8M (+10.5%)	$66.7M	~$68.2M consensus
Non-GAAP diluted EPS (Non-GAAP EPS reconciliation)	$0.16	$0.08	~$0.05 consensus
Gross margin (Financial Highlights)	33.1%	31.1%	24%–30% prior guide
Adjusted EBITDA (Adjusted EBITDA reconciliation)	$11.1M	$7.1M	$1M–$7M prior guide
Q4 revenue guidance (Outlook)	$84M–$90M	—	—

The quality of execution improved, especially in Products. Products revenue was $48.0 million, up only modestly year over year, but Products gross margin expanded to 47.4% from 41.0%. Development revenue grew 34.4% to $25.7 million, supporting total gross-margin expansion to 33.1%. This is a meaningful improvement over the prior quarter’s low-end outlook, not just a revenue beat. 〔0〕

The main limitation remains capacity, not demand. Management guided Q4 revenue to $84 million–$90 million, but explicitly excluded approximately $15 million of product revenue that it expected to ship in Q4 and now expects in the first half of 2027. That means the underlying order demand is stronger than reported shipments, but nLIGHT still cannot fully convert that demand into near-term revenue.

Profitability is improving, but GAAP earnings remain burdened by restructuring and stock compensation. GAAP net loss was still $7.2 million, and the operating loss widened year over year as restructuring expense rose to $7.5 million. The adjusted figures look much better, but stock-based compensation reached $9.9 million in the quarter and $31.8 million year to date, so the path from operating improvement to GAAP profitability is not yet clean.

The balance sheet now gives nLIGHT room to invest through the bottleneck. Cash and equivalents rose to $279.4 million from $98.7 million at year-end, mainly after a $192.2 million public offering; the company repaid its $20 million line of credit. That strengthens manufacturing and supply-chain investment capacity, but the share count also rose substantially, making the capital raise part of the earnings context rather than a free improvement.

Bottom line: This was a clear earnings beat with better margins and much stronger adjusted profitability than expected. The business is executing ahead of the prior plan, but supply constraints still prevent nLIGHT from fully monetizing demand in the near term, keeping the result meaningfully positive rather than story-changing.

What to watch next

Q4 report, expected February 2027

Original filing on SEC EDGAR

More Nlight, Inc. news

Revenue and adjusted EPS beat estimates; supply-chain delays cloud Q3

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

58% bullish

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nLIGHT earnings beat estimates, but supply constraints defer $15M

What to watch next

More Nlight, Inc. news

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