Book Online or Call 1-855-SAUSALITO

Sign In  |  Register  |  About Sausalito  |  Contact Us

Sausalito, CA
September 01, 2020 1:41pm
7-Day Forecast | Traffic
  • Search Hotels in Sausalito

  • ROOMS:

Laser Photonics Announces First Quarter 2023 Results

ORLANDO, FL / ACCESSWIRE / May 10, 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 first quarter ended March 31, 2023.

Wayne Tupuola, chief executive officer of Laser Photonics, commented: "Our first quarter was largely in line with our expectations, with revenue down slightly, strong gross margins and GAAP operating losses due to investments for future growth and non-cash and one-time expenses. Additionally, during the quarter, we shipped to several new customers, including new members of our service provider network (SPN), which we expect to serve as a sales multiplier over time."

First Quarter Financial Highlights (FY23 vs FY22)

  • Revenue increased 2.1% to $1.2 million;
  • Gross Margin expanded 510 basis points to 80.5%;
  • GAAP Operating Loss of ($1.2) million versus GAAP Operating Income of $0.4 million;
    • First quarter 2023 GAAP Operating Loss included approximately $1.0 million in mark-to-market expense related to non-cash stock issuance costs and expense related to a severance agreement;
  • Other Loss of $0.2 million related to an increase in bad debt expense from a prior year sale;
  • GAAP Net Loss and Loss per Share of of ($1.4) million and ($0.18) versus GAAP Net Income and EPS of $0.4 million and $0.08, respectively;
    • First quarter 2023 GAAP Net Loss included approximately $1.0 million in mark-to-market expense related to non-cash stock issuance costs and expense related to a severance agreement.

Select Financial Metrics: Fiscal 2023 versus Fiscal 2022*

(in $M except for EPS)
1Q23 1Q22 Change
$ 1.2 $ 1.2 $ 0.0
Gross Margin
80.5 % 75.4 %
Operating Income/(Loss)
$ (1.2 ) $ 0.4 nm
GAAP Net Income (Loss)
$ (1.4 ) $ 0.4 nm
GAAP Diluted Earnings/(Loss) per Share
$ (0.18 ) $ 0.08 nm

*numbers may not add due to rounding
Nm - non-measurable

2023 Commentary

"As we discussed last month on our fourth quarter earnings call, we plan on making significant investments in 2023 to capture the tremendous market opportunity over the mid to long term for our CleanTech systems. We have already taken steps towards executing on this investment plan, adding four senior account executives to focus on the DoD/military, energy and automotive verticals with plans to target adding three more account executives over the next few months with experience in additional verticals. We believe these additions will help us start to show signs of accelerating revenue growth during 2023, but with a larger impact in 2024 and beyond," 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

Conference Call Date/Time: Thursday, May 11 at 11:00 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: 13738757
Replay Start: Thursday, May 11, 2023, 2:00 p.m. ET
Replay Expiry: Thursday, May 25, 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:

(in thousands, exceptpar value data)

March 31,
December 31,
Current Assets:
Cash and Cash Equivalents
$ 10,815,690 12,181,799
Accounts Receivable, Net
1,747,153 1,347,494
1,950,707 1,693,810
Total Current Assets
14,513,550 15,223,104
Other Current Assets
183,062 72,527
Property, Plant, & Equipment, Net
652,317 627,848
Intangible Assets, Net
2,882,236 2,939,041
Operating Lease Right-of-Use Asset
741,464 832,072
Total Assets
$ 18,972,629 19,694,592
Liabilities & Stockholders' Equity
Current Liabilities:
Accounts Payable
$ 420,588 190,387
Deferred Revenue
0 0
Current Portion of Operating Lease
344,510 344,510
Loans Payable, Current Portion
0 0
Accrued Expenses
1,751,250 1,181,000
Total Current Liabilities
2,516,348 1,715,897
Long Term Liabilities:
Loans Payable
0 0
Operating Lease Liability, less Current Portion
396,952 487,562
Total Long-Term Liabilities
396,952 487,562
Total Liabilities
2,913,300 2,203,459
Commitments and Contingencies (Note 3)
0 0
Stockholders' Equity:
Common Stock Par Value $0.01: 100,000,000 shares authorized, 7,878,419 issued and outstanding as of March 31, 2023 and December 31, 2022
78,783 78,783
Additional Paid in Capital
18,140,520 18,140,520
Retained Earnings (Deficit)
(728,170 ) (728,170 )
Net Income (Loss)
(1,431,804 )
Total Stockholders' Equity
16,059,329 17,491,133
Total Liabilities & Stockholders' Equity
$ 18,972,629 19,694,592

(in thousands, except per share data)

3 Months Ending March 31,
2023 2022
Net Sales
$ 1,237,047 1,212,084
Cost of Sales
241,128 298,588
Gross Profit
995,919 913,496
Operating Expenses:
Sales & Marketing
1,067,925 78,791
General & Administrative, Payroll, Rent
1,076,571 363,637
Depreciation & Amortization
83,137 89,961
Total Operating Expenses
2,227,633 532,389
Operating Income (Loss)
(1,231,714 ) 381,107
Other Income (Expenses):
Interest Expense
0 (4,408 )
Other Income (Expense)
(200,090 ) 0
Total Other Income (Expense)
(200,090 ) (4,408 )
Income (Loss) Before Tax
(1,431,804 ) 376,699
Tax Provision
0 0
Net Income (Loss)
$ (1,431,804 ) 376,699
Income (Loss) per Share:
$ (0.18 ) $ 0.08
Fully Diluted
$ N/A $ 0.08
Weighted Average Shares Outstanding (September 30, 2021 is reflective of a 1/6 reverse stock split):
7,878,419 4,878,419
Fully Diluted
8,253,419 4,878,419

(in thousands)

3 Months Ending
March 31,
2023 2022
Cash Flows From:
Net Income (Loss)
$ (1,431,804 ) 376,699
Adjustments to Reconcile Net Income (Loss) to Net Cash Flow from Operating Activities:
Depreciation & Amortization
83,137 89,961
Net Change, Right-of-Use Asset & Liabilities
Change in Operating Assets & Liabilities:
Accounts Receivable
(399,659 ) (653,191 )
(256,898 ) (133,076 )
Other Current Assets
(110,535 ) (1,406 )
Accounts Payables
230,201 503,206 )
Accrued Expenses
Operating Lease Right of Use Assets and Lease Liability Offset
Net Cash From (Used In) Operating Activities
(1,315,308 ) 182,193
Purchase of Long Term Assets
(50,801 ) 0
Purchase of Intangible Assets
0 (4,195 )
Net Cash From (Used In) Investing Activities
(50,801 ) (4,195 )
Proceeds from (Repayment of) Notes
0 (65,550 )
Proceeds from (Repayment of) PPP Loan
0 (261,684 )
Net Cash From (Used In) Financing Activities
0 (327,234 )
Net Cash Flow for Period
$ (1,366,109 ) (149,236 )
Cash - Beginning of Period
12,181,799 615,749
Cash - End of Period
$ 10,815,690 466,513

SOURCE: Laser Photonics Corp.

View source version on

Data & News supplied by
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
Photos copyright by Jay Graham Photographer
Copyright © 2010-2020 & California Media Partners, LLC. All rights reserved.