nLIGHT, Inc. (LASR) 2026 Q1 法說會逐字稿

Hello, everyone. Thank you for joining us and welcome to the nLIGHT, Inc., first-quarter 2026 earnings call. (Operator Instructions)

各位好。感謝各位加入我們，歡迎參加 nLIGHT, Inc. 2026 年第一季財報電話會議。(接線員指示)

I will now hand the conference over to John Marchetti, Vice President of Corporate Development and Head of Investor Relations. John, please go ahead.

現在我將把會議交給企業發展副總裁兼投資人關係主管 John Marchetti。John，請開始。

Good afternoon, everyone. Thank you for joining us today to discuss nLIGHT's first-quarter 2026 earnings results. I'm John Marchetti, nLIGHT's VP of Corporate Development and the Head of Investor Relations. With me on the call today are Scott Keeney, nLIGHT's Chairman and CEO; and Joe Corso, nLIGHT's CFO.

各位下午好。感謝各位今天加入我們，一同討論 nLIGHT 2026 年第一季財報結果。我是 John Marchetti，nLIGHT 企業發展副總裁兼投資人關係主管。今天與我一同參與電話會議的還有 nLIGHT 董事長暨執行長 Scott Keeney，以及 nLIGHT 財務長 Joe Corso。

Today's discussion will contain forward-looking statements, including financial projections and plans for our business, some of which are beyond our control, including the risks and uncertainties described from time to time in our SEC filings. Our results may differ materially from those projected on today's call, and we undertake no obligation to update publicly any forward-looking statement, except as required by law.

今天的討論將包含前瞻性陳述，包括財務預測與我們的業務計畫，其中部分事項超出我們的控制範圍，並包含我們不時於 SEC 申報文件中所描述的風險與不確定性。我們的實際結果可能與今日電話會議中所預測者有重大差異；除法律要求外，我們不承擔公開更新任何前瞻性陳述之義務。

During the call, we will be discussing certain non-GAAP financial measures. We have provided reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures in our earnings release and in our earnings presentation, both of which can be found on the Investor Relations section of our website.

在本次電話會議中，我們將討論若干非 GAAP 財務衡量指標。我們已在新聞稿與財報簡報中提供這些非 GAAP 財務衡量指標與最直接可比之 GAAP 財務衡量指標的調節表，兩者皆可於本公司網站「投資人關係」專區查閱。

I will now turn the call over to nLIGHT's Chairman and CEO, Scott Keeney.

現在我將把電話會議交給 nLIGHT 董事長暨執行長 Scott Keeney。

Thank you, John. Q1 represented an exceptional quarter for nLIGHT with total revenue, gross margin, and adjusted EBITDA comfortably beating our expectations. First-quarter revenue of $80 million grew 55% year over year and was driven by aerospace and defense revenue of $55 million, which grew 69% year over year.

謝謝你，John。第一季對 nLIGHT 而言是表現極為出色的一季，總營收、毛利率與調整後 EBITDA 均明顯優於我們的預期。第一季營收為 8,000 萬美元，年增 55%，主要由航太與國防營收 5,500 萬美元所帶動，該項營收年增 69%。

I'm particularly pleased with the continued expansion of our products gross margin and record adjusted EBITDA in the quarter. Product gross margins were a record 44%, an increase from 33% in the same quarter a year ago, and our adjusted EBITDA was a record $14 million in the quarter. The expansion in our gross margins and the record adjusted EBITDA demonstrate the leverage that is inherent in our model and reinforces our commitment to growing the business profitably.

我尤其欣慰的是，我們產品毛利率持續擴張，且本季調整後 EBITDA 創下新高。產品毛利率創紀錄達 44%，較去年同期的 33% 提升；本季調整後 EBITDA 亦創紀錄達 1,400 萬美元。毛利率的擴張與調整後 EBITDA 的創新高，展現了我們商業模式內在的營運槓桿，也強化了我們致力於以獲利方式成長業務的承諾。

I would like to focus my prepared remarks today on important developments within our directed energy market, which continues to be the most strategic and highest growth opportunity for nLIGHT. Directed energy remains a key priority for the US and allied governments, driven by the need for highly scalable, low-cost per shot solutions to counter a rapidly evolving threat environment.

我今天的準備講稿將聚焦於我們定向能市場中的重要進展；該市場仍是 nLIGHT 最具策略性且成長最快的機會。在威脅環境快速演變的驅動下，美國及其盟國政府仍將定向能列為關鍵優先事項，因其需要高度可擴展、單發成本低的解決方案以因應威脅。

Our focus remains on supporting customers across a broad range of power levels and mission profiles, and we are increasingly engaged not only as a laser supplier, but also as a system-level partner. Importantly, we are seeing growing customer demand for solutions that emphasize the three keys to success in directed energy: power scaling, high brightness, and atmospheric correction, areas where we believe our two-decade investment in laser technology provides a meaningful competitive advantage and where we have consistently delivered for our customers.

我們仍專注於支援客戶在廣泛功率等級與任務輪廓上的需求，且我們的參與程度日益提升，不僅作為雷射供應商，也作為系統層級的合作夥伴。重要的是，我們看到客戶對於強調定向能成功三大關鍵的解決方案需求持續成長：功率擴展、高亮度與大氣校正；我們相信，過去二十年在雷射技術上的投資在這些領域帶來了實質的競爭優勢，且我們也持續為客戶交付成果。

And today, we officially launched our HADES portfolio of scalable beam combined high-energy lasers and effectors with integrated atmospheric correction. Production-ready HADES is designed around nLIGHT's vertically integrated laser technology stack, encompassing semiconductor laser diodes, fiber amplifiers, beam combination, and atmospheric correction.

今天，我們正式推出 HADES 產品組合：具可擴展的光束合成（CBC）高能雷射與效應器，並整合大氣校正功能。可量產的 HADES 以 nLIGHT 垂直整合的雷射技術堆疊為核心設計，涵蓋半導體雷射二極體、光纖放大器、光束合成與大氣校正。

The platform architecture enables system growth to hundreds of kilowatts while maintaining pristine beam quality through advanced atmosphere correction, providing defense customers with a common modular foundation that scales from near-term operational deployments to higher power systems capable of addressing increasingly sophisticated and demanding threats. Each system can be integrated with existing beam directors, sensors, and battle management architectures, enabling rapid deployment across a broad range of military platforms and battlefield environments.

此平台架構可使系統擴展至數百千瓦，同時透過先進的大氣校正維持極佳的光束品質，為國防客戶提供共同的模組化基礎，可從近期的作戰部署擴展至更高功率、足以因應日益複雜且更具挑戰性威脅的系統。每套系統皆可與既有的光束指向器、感測器與戰鬥管理架構整合，使其能在多樣化的軍事平台與戰場環境中快速部署。

One example of this power scaling is the work we are doing on the production of the 1-megawatt CBC high energy laser as part of HELSI-2. We remain on track with this program. And importantly, this laser is based on the same architecture that we use across all our HADES portfolio of CBC lasers, demonstrating the scalability of the platform to deliver solutions that address a wide range of mission scenarios, from counter UAS through counter cruise missile and more.

功率擴展的一個例子，是我們在 HELSI-2 計畫中所進行的 1 兆瓦 CBC 高能雷射量產工作。我們仍按計畫推進該專案。更重要的是，這款雷射採用與我們整個 HADES CBC 雷射產品組合相同的架構，展現平台的可擴展性，可提供涵蓋多種任務情境的解決方案，從反無人機系統（counter UAS）到反巡弋飛彈等。

We also continue to make progress on the US Navy's HELCAP program, where we're combining the 300-kilowatt CBC laser that we delivered under the HELSI-1 program with an nLIGHT advanced beam control system that incorporates our proprietary adaptive optics for atmospheric correction. This work will help accelerate the development and deployment of future multi-hundred kilowatt systems over the coming years.

我們也持續在美國海軍 HELCAP 計畫上取得進展；在該計畫中，我們將 HELSI-1 計畫交付的 300 千瓦 CBC 雷射，與 nLIGHT 先進光束控制系統結合，該系統納入我們專有的自適應光學以進行大氣校正。這項工作將有助於在未來數年加速多個數百千瓦級系統的研發與部署。

Looking ahead, we remain encouraged by the pipeline of directed energy opportunities, including follow-on production content, upgrades to existing platforms, and new prototype programs that should position us for continued growth over the next several years.

展望未來，我們對定向能機會的案源管線仍感到鼓舞，包括後續量產內容、既有平台升級，以及新的原型計畫，這些都將使我們在未來數年持續成長。

Importantly, we have seen the US government follow up on these program successes with increases to budgets associated with directed energy. There's currently nearly $400 million in each of the 2027 and 2028 budgeted for directed energy prototypes and procurement. The overall annual budget for directed energy laser weapons increases to approximately $1 billion in each of the two fiscal years with the inclusion of high-power multi-hundred kilowatt direct energy prototypes that are expected to be funded through the science and technology portion of the budget.

重要的是，我們看到美國政府在這些計畫成功後，進一步提高與定向能相關的預算。目前在 2027 與 2028 年的預算中，各有接近 4 億美元用於定向能原型與採購。若將預期由科學與技術預算部分資助的高功率、數百千瓦級定向能原型納入，定向能雷射武器的年度總預算在這兩個會計年度各約提升至 10 億美元。

We continue to believe that our differentiated CBC high-power laser technology, combined with our advanced atmospheric correction capabilities and our US-based manufacturing, positions us favorably to win meaningful new awards in the coming months and years.

我們仍相信，我們具差異化的 CBC 高功率雷射技術，結合先進的大氣校正能力與美國在地製造，將使我們在未來數月與數年中更有利於贏得具實質意義的新合約授予。

The growing pipeline of opportunities in our directed energy markets was a primary driver behind our decision to raise additional capital through a follow-on equity offering during the quarter. We raised over $190 million after fees and expenses, which, combined with our existing cash, leaves us with approximately $330 million on our balance sheet. We intend to use a portion of these proceeds to build out and equip our new 50,000 square foot manufacturing facility in Longmont, Colorado, invest ahead of our demand, and supply chain and increase staffing to help accelerate new directed energy product development.

定向能市場中日益成長的機會管線，是我們在本季透過後續增資發行（follow-on equity offering）籌措額外資本之主要原因。扣除費用與支出後，我們募得超過 1.9 億美元；加上既有現金後，我們資產負債表上的現金約為 3.3 億美元。我們計畫將部分資金用於擴建並配置位於科羅拉多州朗蒙特（Longmont）的新 50,000 平方英尺製造設施、提前投資以因應需求、強化供應鏈並增加人力配置，以協助加速新一代定向能產品開發。

In summary, our strategy remains consistent: leverage our vertically integrated technology platform, execute with discipline on existing programs, and invest to accelerate and support long-term growth and value creation. We believe this approach positions nLIGHT well not only for the remainder of 2026, but for the multiyear opportunities ahead.

總結而言，我們的策略維持一致：運用我們垂直整合的技術平台、以嚴謹紀律執行既有計畫，並投資以加速與支援長期成長與價值創造。我們相信，這樣的作法不僅使 nLIGHT 能夠順利應對 2026 年剩餘期間，也能把握未來多年期的機會。

Let me now turn the call over to Joe to discuss our first-quarter financial results.

接下來我把電話會議交給 Joe，請他說明第一季財務結果。

Thank you, Scott. We had a very strong first quarter. We delivered our fifth consecutive quarter of product revenue growth and exceptional operational execution enabled us to generate record products gross margins in the quarter.

謝謝你，Scott。我們第一季表現非常強勁。我們連續第五季實現產品營收成長，且卓越的營運執行使我們在本季創下產品毛利率新高。

Continued operating expense discipline enabled much of the incremental gross margin to fall through to adjusted EBITDA, which is also a quarterly record. At the same time, our continued focus on working capital management and targeted CapEx enabled us to generate positive operating cash flow for the third consecutive quarter. We significantly strengthened our balance sheet through a well-received equity offering in February, and we remain on healthy financial footing to pursue the growth opportunities we have in front of us.

持續嚴控營運費用，使得新增毛利率的很大一部分轉化為調整後 EBITDA，而這同樣創下單季新高。同時，我們持續專注於營運資金管理與具針對性的資本支出（CapEx），使我們連續第三季產生正向營運現金流。我們在 2 月透過市場反應良好的股權發行大幅強化資產負債表，並維持健康的財務狀況，以把握眼前的成長機會。

Turning to the numbers. Total revenue in the first quarter was $80.2 million, an increase of 55% compared to $51.7 million in the first quarter of 2025, and down 1% compared to the fourth quarter of 2025. Aerospace and Defense revenue was $51.1 million in the quarter, up 69% year over year. A&D growth was driven by record A&D products revenue, which grew 98% year over year and 10% sequentially.

接著看數字。第一季總營收為8,020萬美元，較2025年第一季的5,170萬美元成長55%，較2025年第四季則下滑1%。本季航太與國防（A&D）營收為5,110萬美元，年增69%。A&D的成長主要由創紀錄的A&D產品營收帶動，該項營收年增98%，並較前一季成長10%。

Development revenue of $22 million, grew 38% year over year as we continue to execute on multiple directed energy and laser sensing programs. The quarter-over-quarter decline of 16% was primarily due to the successful delivery of our 50-kilowatt DE M-SHORAD high-energy laser effector in the fourth quarter of 2025, partially offset by continued increases associated with our work on HELSI-2.

開發營收為2,200萬美元，隨著我們持續執行多項定向能與雷射感測計畫，年增38%。較前一季下滑16%，主要是因為我們在2025年第四季成功交付50千瓦DE M-SHORAD高能雷射效應器；但與HELSI-2相關工作的持續增加部分抵銷了該影響。

First-quarter revenue from our commercial markets, which include industrial and microfabrication was ahead of our expectations at $25 million, an increase of 32% year over year. Revenue from our microfabrication markets was slightly better than our expectations at $13 million.

第一季來自商業市場（包含工業與微細加工）的營收為2,500萬美元，優於我們預期，年增32%。來自微細加工市場的營收為1,300萬美元，略優於我們預期。

Revenue of $12 million from our industrial markets benefited from increased demand for additive manufacturing products and an increase in sales associated with last time buys for our cutting and welding products. As we announced last quarter, we are exiting our legacy cutting and welding markets, and we do not expect to generate material revenue from these markets after the second quarter.

來自工業市場的營收為1,200萬美元，受惠於積層製造產品需求增加，以及與切割與焊接產品「最後一次採購」（last time buys）相關的銷售增加。如同我們上季所宣布，我們正退出既有的切割與焊接市場，且預期在第二季之後不會再從這些市場產生具重大性的營收。

Total gross margin in the first quarter was 33.1% compared to 26.7% in the first quarter of 2025, and 30.7% last quarter. On a non-GAAP basis, excluding the costs associated with stock-based compensation, total gross margin in the first quarter was 34.4%, up from 27.8% in the same period last year and 31.6% last quarter.

第一季總毛利率為33.1%，相較於2025年第一季的26.7%，以及上季的30.7%。以非GAAP基礎（排除與股票基礎薪酬相關的成本）計算，第一季總毛利率為34.4%，高於去年同期的27.8%與上季的31.6%。

Products gross margin in the first quarter was a record 43.6%, compared to 33.5% in the first quarter of 2025 and 37.3% last quarter. First-quarter products gross margin was positively impacted by favorable customer and product mix driven by record product revenue from our A&D markets and an overall increase in volume.

第一季產品毛利率創新高，達43.6%，相較於2025年第一季的33.5%與上季的37.3%。第一季產品毛利率受惠於有利的客戶與產品組合（由A&D市場創紀錄的產品營收所帶動）以及整體出貨量提升。

Non-GAAP product gross margin in the first quarter was 44.6%, compared to 35.1% in the first quarter of 2025 and 38.6% last quarter. Development gross margin was 5.1%, compared to 11.5% in the same quarter a year ago and 16.8% last quarter. The variability in development gross margin is primarily the result of contract mix and the timing of program deliverables in any given quarter. Non-GAAP development gross margin in the quarter was 7.2% compared to 11.5% in the same period a year ago, and 16.8% last quarter.

第一季非GAAP產品毛利率為44.6%，相較於2025年第一季的35.1%與上季的38.6%。開發毛利率為5.1%，相較於去年同期的11.5%與上季的16.8%。開發毛利率的波動主要來自合約組合差異，以及各季度計畫交付時點的不同。本季非GAAP開發毛利率為7.2%，相較於去年同期的11.5%與上季的16.8%。

GAAP operating expenses were $27.2 million in the first quarter, compared to $23.4 million in the first quarter of 2025 and $30.4 million in the prior quarter. The year-over-year increase in GAAP operating expenses is primarily due to higher stock-based compensation. Non-GAAP operating expenses were $17.1 million in the quarter, down from $17.8 million in the first quarter of 2025, and down from $18.4 million last quarter. We expect non-GAAP OpEx to remain in the $17 million to $19 million range for the balance of the year.

第一季GAAP營業費用為2,720萬美元，相較於2025年第一季的2,340萬美元，以及前一季的3,040萬美元。GAAP營業費用年增主要是因為股票基礎薪酬較高。本季非GAAP營業費用為1,710萬美元，低於2025年第一季的1,780萬美元，也低於上季的1,840萬美元。我們預期今年剩餘期間非GAAP營業費用將維持在1,700萬至1,900萬美元區間。

The company achieved positive GAAP net income in the first quarter of $645,000, or $0.01 per diluted share, compared to a net loss of $8.1 million, or $0.16 per share in the same quarter a year ago, and a loss of $4.9 million or $0.10 per share in the fourth quarter of 2025. On a non-GAAP basis, net income for the first quarter was $11.8 million or $0.20 per diluted share, compared to a non-GAAP net loss of $1.9 million or $0.04 per share in the first quarter of 2025, and a non-GAAP net income of $7.8 million or $0.14 per diluted share last quarter.

公司第一季GAAP淨利為64.5萬美元，或稀釋後每股0.01美元；相較於去年同期淨損810萬美元（每股0.16美元），以及2025年第四季淨損490萬美元（每股0.10美元）。以非GAAP基礎計算，第一季淨利為1,180萬美元，或稀釋後每股0.20美元；相較於2025年第一季非GAAP淨損190萬美元（每股0.04美元），以及上季非GAAP淨利780萬美元（稀釋後每股0.14美元）。

Adjusted EBITDA for the first quarter was a record $13.9 million compared to $116,000 in the same quarter last year, and $10.7 million in the fourth quarter of 2025. We ended the first quarter with total cash, cash equivalents, restricted cash, and investments of $332.9 million, which includes approximately $191 million of net proceeds from our February follow-on offering.

第一季調整後EBITDA創新高，達1,390萬美元，相較於去年同期的11.6萬美元，以及2025年第四季的1,070萬美元。第一季期末我們的現金、約當現金、受限制現金與投資合計為3億3,290萬美元，其中包含我們2月後續發行（follow-on offering）所取得約1億9,100萬美元的淨募資款。

While revenue growth remains the primary objective for nLIGHT, we also want to manage working capital so that over time, we can grow profitability and cash flow faster than revenue. In the first quarter, our cash flow conversion days were 97 compared to 125 days during the first quarter of 2025. We generated $9.7 million in cash from operations during the quarter.

雖然營收成長仍是nLIGHT的首要目標，但我們也希望管理營運資金，使得隨著時間推進，我們的獲利能力與現金流成長速度能快於營收。第一季我們的現金流轉換天數為97天，相較於2025年第一季的125天。本季我們由營運活動產生970萬美元現金。

Turning to guidance. Based on the information available today, we expect revenue for the second quarter of 2026 to be in the range of $75 million to $81 million. The midpoint of $78 million includes approximately $58 million of product revenue and $20 million of development revenue. We expect sequential growth from our A&D markets in the second quarter.

接著談展望。根據目前可得資訊，我們預期2026年第二季營收將落在7,500萬至8,100萬美元之間。中位數7,800萬美元包含約5,800萬美元的產品營收與2,000萬美元的開發營收。我們預期第二季A&D市場將較前一季成長。

Overall gross margin in the second quarter is expected to be in the range of 29% to 33%, with product gross margin in the range of 37% to 41%, and Development gross margin of approximately 8%. As we've mentioned previously, as a vertically integrated manufacturing business, gross margin is largely dependent on production volumes and absorption of fixed manufacturing costs.

第二季整體毛利率預期落在29%至33%區間，其中產品毛利率為37%至41%，開發毛利率約為8%。如同先前提到，作為垂直整合的製造型企業，毛利率在很大程度上取決於產量以及固定製造成本的吸收程度。

Finally, we expect adjusted EBITDA for the second quarter of 2026 to be in the range of $8 million to $12 million.

最後，我們預期2026年第二季調整後EBITDA將落在800萬至1,200萬美元之間。

With that, I will turn the call over to the operator for questions.

接下來，我將把電話會議交給接線員進行提問。

(Operator Instructions) Peter Arment, Baird.

(接線員指示) Peter Arment，Baird。

Nice results. Scott, I was wondering if you could maybe give us -- you touched upon the funding environment, and you called out a few things around the directed energy.

成果不錯。Scott，我想請教你是否可以再多談一些——你提到資金環境，也點出了一些與定向能相關的事項。

Just how should we think about kind of the timing of all that and how you're kind of expecting it? I know there's timing around all this can be lumpy, but what's your thoughts on that?

我們應該如何看待這些事情的時程，以及你們預期會如何發展？我知道這些時點可能會比較不均勻（lumpy），但你對此有什麼看法？

Yeah. Thanks for the question. As we noted, the budget provides some insights into the importance of directed energy. And the data that we're showing is the President's budget. It will take time to work its way through Congress. But I do think that there is signal there, as we noted.

是的。謝謝你的提問。如我們所提到，預算案提供了一些關於定向能重要性的線索。我們展示的數據是總統預算案。它需要時間在國會完成審議流程。但我確實認為其中釋放出一些訊號，如同我們所說。

And notably, we're seeing increases, particularly from OSW in the core directed energy from the Principal Director and various programs that are going on there. And I think that we do have insights into the priorities that Emil Michael has put forward that further reinforce this. But as you know, the budget process takes time to work its way through Congress, and we hope to have more insights in the coming quarters there. And certainly, you can read the comments from Secretary Hegseth and others with respect to directed energy.

特別是，我們看到核心定向能領域的投入增加，尤其來自OSW、首席主任（Principal Director）以及那裡正在推進的各項計畫。我認為我們也掌握到Emil Michael所提出的優先事項，進一步強化了這一點。但如你所知，預算流程需要時間在國會推進，我們希望在接下來幾個季度能獲得更多洞見。當然，你也可以參考Hegseth部長及其他人就定向能所發表的評論。

Got it. And just as a quick follow-up. The product there, or the HADES scalable kind of high-energy lasers family that you launched, I guess, today and probably -- can you talk a little bit about just kind of the positioning there versus kind of some of your other products, just how you're thinking of that?

了解。再快速追問一下。你們今天推出的那個產品，或者說你們推出的 HADES 可擴展高能雷射系列——我想是今天、也可能是——能否談談它相對於你們其他一些產品的定位，以及你們是如何思考這點的？

Yeah. Thanks for asking that. It's something that we've been working on and very excited about this product family. It's our platform for scaling to higher power. And so we're starting with greater than 50-kilowatt class, but it will continue to scale, and that's one of the key benefits to coherent beam combining. It also provides for a brighter beam, a beam -- laser beam that can be focused more effectively. And then finally, it provides for the ability to correct for the atmosphere.

好的。謝謝你問到這個。這是我們一直在推進、也對這個產品系列非常興奮的事情。它是我們用來擴展到更高功率的平台。因此我們從 50 千瓦級以上開始，但它會持續擴展，而這正是相干合束（coherent beam combining）的關鍵優勢之一。它也能提供更高亮度的光束——也就是能更有效地聚焦的雷射光束。最後，它也提供了對大氣進行校正的能力。

So all three of those features, we believe, are very important. And it also is in a form factor that is smaller than other products and one that we're -- we have integrated into the Stryker as we've talked about and can be integrated in other platforms. So it's an exciting announcement, and we will be making further announcements as we continue to migrate that product family.

我們認為這三項特性都非常重要。此外，它的外形尺寸也比其他產品更小；而且如我們先前談到的，我們已將其整合到 Stryker 上，也可以整合到其他平台。所以這是一項令人振奮的發布，我們在持續推進這個產品系列的過程中，還會有進一步的公告。

Louie DiPalma, Blair.

Louie DiPalma，Blair。

As a follow-up to the question on HADES, can the HADES platform be integrated into aircraft as there was a defense contractor in Israel that recently discussed the incorporation of high-energy lasers into aircraft and helicopters? And it would seem to be a large addressable market.

延續 HADES 的問題，HADES 平台能否整合到飛機上？因為以色列最近有一家國防承包商談到把高能雷射整合到飛機與直升機上。看起來這會是一個很大的可服務市場。

So you mentioned how HADES can be incorporated into the Stryker and other platforms. So I was wondering if you could provide some potential color on those other platforms.

你提到 HADES 可以整合到 Stryker 以及其他平台。所以我想請你提供一些關於那些其他平台的可能細節。

Yeah, absolutely. The platforms that we've talked about in more detail are the Army, the Stryker. And by the way, that's just one platform. What would ultimately be the right platform is to be determined, but I think it's a challenging platform to integrate. It's a very small space.

好的，當然可以。我們談得比較多的平台是陸軍的 Stryker。順帶一提，那只是其中一個平台。最終哪個平台最合適仍有待決定，但我認為那是一個整合難度很高的平台。空間非常有限。

Certainly, the Navy has a number of opportunities for integration. And so the small size of HADES is important for those. But as you noted, it becomes even more important as you look at airborne applications.

當然，海軍在整合方面有不少機會。因此 HADES 的小型化對那些機會很重要。但如你所指出的，當你看向空中載具應用時，這點就變得更重要。

And one of the topics that we talked a bit about is our leadership with respect to SWaP, size, weight and power. And so we have leading performance in that area, and that makes it -- makes us well -- it provides a very good foundation for airborne platforms also. Obviously, you'd engineer the product to be different in those platforms, but we do have leadership with respect to SWaP also.

我們也稍微談到的一個主題，是我們在 SWaP（尺寸、重量與功耗）方面的領先地位。因此我們在那方面有領先的表現，這也讓我們——讓我們具備良好條件——為空中平台提供非常好的基礎。顯然，在那些平台上你會把產品工程化成不同的形式，但我們在 SWaP 方面確實也具備領先優勢。

And there also -- there seems to have been progress with the Army, the 30-kilowatt enduring high energy laser program. Is there the opportunity for you to serve as a supplier for that program, or other programs that are like below the 70-kilowatt threshold that you've established with HADES?

另外，陸軍的 30 千瓦持續型高能雷射計畫似乎也有進展。你們是否有機會成為該計畫的供應商，或是其他類似、低於你們以 HADES 設定的 70 千瓦門檻的計畫？

And related to this, how do you view like competition, if there is competition between like the 70-kilowatt and above class versus the class of lasers below 70 kilowatts?

以及相關地，你如何看待競爭——如果存在的話——例如 70 千瓦及以上級別，與 70 千瓦以下級別雷射之間的競爭？

I think that's a very good question. And the short answer is, yes, we are excited about the work that we're doing with partners in the lower power space like the 30 kilowatt where we provide key components that go into that. And it is indeed different from HADES. It doesn't require the same level of sophistication with respect to the coherently combined sources for higher power.

我認為這是個非常好的問題。簡短的答案是：是的，我們對於在較低功率領域（例如 30 千瓦）與合作夥伴一起進行的工作感到興奮，我們提供其中所需的關鍵元件。而且它確實與 HADES 不同。它不需要在更高功率所需的相干合束光源方面達到同等程度的複雜度。

So we are partnered with others to provide those components at the lower power level. And as the requirements go up to higher power, that's where HADES comes in. And I think we're uniquely positioned there to provide not only the higher power, but also the higher beam quality and the atmospheric correction for those threats that require a more sophisticated laser source.

因此在較低功率等級，我們與其他夥伴合作提供那些元件。而當需求提升到更高功率時，就輪到 HADES 發揮作用。我認為我們在那裡具備獨特的定位，不僅能提供更高功率，也能提供更高的光束品質，以及針對那些需要更精密雷射光源的威脅所需的大氣校正能力。

Jonathan Siegmann, Stifel.

Jonathan Siegmann，Stifel。

The sales margins were fantastic. It sounds like within products, both sensing and directed energy were increasing. Just hoping you could give a sense on kind of which horse was leading the pack in the quarter?

銷售毛利率非常出色。聽起來在產品方面，感測與定向能量兩者都在成長。想請你談談本季到底是哪一個業務更帶頭？

And then thinking about how margins demonstrated 500 basis points of upside relative to your own high end of your guidance range for products, should we think of that as just being the operating leverage of the higher sales? Or how much was it that maybe mix contributing?

另外，產品毛利率相對於你們指引區間上緣還高出 500 個基點，這是否主要只是因為銷售更高帶來的營運槓桿？還是說產品組合也有多少貢獻？

Yeah. Great. Thanks for the question, John. We had a good quarter across the board. All of our products fared well during the quarter from directed energy to laser sensing, even if you look at the end markets, our industrial and microfabrication markets performed well.

好的。很好。謝謝你的問題，John。我們本季整體表現不錯。我們所有產品線在本季都表現良好，從定向能量到雷射感測；即使看終端市場，我們的工業與微加工市場也表現良好。

As you think about the upside relative to the guidance, about half of it was just volume related, just leveraging overhead and selling more through the factory and keeping the factory more occupied. And then the other half was a combination of slightly higher margin.

至於相對於指引的超出部分，大約一半只是與出貨量相關，也就是透過更高的產量來攤提間接費用、讓工廠出貨更多並保持更高的產能利用率。另一半則是略高毛利的組合因素。

There can be a pretty big mix within any given quarter. And so this quarter, we saw very nice mix as we continue to control the cost. So I think, again, it was a good quarter that we were firing on all cylinders.

在任何一個季度內，產品組合都可能有相當大的變動。因此本季我們看到非常好的組合，同時也持續控管成本。所以我認為，再次強調，這是一個我們各方面都火力全開的好季度。

And maybe I'll slip one on HADES too, which has to be one of the best franchise names in defense right now. But you've talked a lot about how coherent is differentiated and scalable for high. But you introduced the 30 and the 10-kilowatt systems and talked about having proprietary beam quality that wouldn't be coherent.

我也順便問一個 HADES 的問題——這可能是目前國防領域最棒的系列名稱之一。你們談了很多相干技術在高功率方面的差異化與可擴展性。但你們也推出了 30 千瓦與 10 千瓦系統，並提到擁有專有的光束品質，但那不會是相干的。

So maybe can you talk a little bit about what's differentiated in that class power and what is your company's right to win in those areas?

所以能否談談在那個功率等級的差異化是什麼，以及你們公司在那些領域的致勝優勢是什麼？

Good, Jonathan, thanks for the question. Yes, just to replay, there's only two ways to combine lasers to preserve a very bright coherent laser source, spectral beam combining and coherent beam combining. We have a very strong position that, as you go up in power, coherent beam combining is the best way to scale to higher power to provide a brighter source and to also then more effectively allow for atmosphere correction.

好的，Jonathan，謝謝你的問題。是的，重申一下：要把多束雷射合併並保留非常高亮度的相干雷射光源，只有兩種方式——光譜合束（spectral beam combining）與相干合束（coherent beam combining）。我們的立場非常明確：當功率往上提升時，相干合束是擴展到更高功率的最佳方式，能提供更高亮度的光源，並且也能更有效地實現大氣校正。

For lower power, we do provide spectral beam combined sources. And again, we work with other partners to provide components and combined laser sources there, but we don't integrate it into the full what is known as typically the effector with the beam director in that space.

在較低功率方面，我們確實提供光譜合束的光源。同樣地，我們與其他合作夥伴一起在那裡提供元件與合束雷射光源，但我們不會在那個領域把它整合成通常所稱的完整「效應器」（effector），也就是包含光束指向器（beam director）的系統。

So we have, again, as I mentioned, leading SWaP, size, weight and power. We have high reliability. We have lasers that are serviceable. There's a whole host of differentiation that we have that's a result of 25 years of building lasers for a broad range of industrial and defense applications that allows us to serve that market well. But we don't integrate as far forward in that -- in the lower power space.

因此我們具備——如我提到的——領先的 SWaP（尺寸、重量與功耗）。我們有高可靠性。我們的雷射是可維修的。我們還有一整套差異化優勢，這些都源自 25 年來為廣泛的工業與國防應用打造雷射的經驗，使我們能很好地服務該市場。但在較低功率領域，我們不會把整合做到那麼前端。

Does that help, Jonathan, answer your question?

這樣有幫助你回答問題嗎，Jonathan？

I think I misunderstood the website. I thought the 10 were new products. Appreciate the clarification.

我想我誤解了網站內容。我以為 10 千瓦的是新產品。謝謝你的澄清。

Good.

好的。

Greg Palm, Craig-Hallum.

Greg Palm，Craig-Hallum。

Going back to segment results, what drove -- I think most of the upside was actually in the industrial segment. So can you just maybe talk about what surprised you?

回到各事業部門的表現，我認為大部分的超預期其實是在工業部門。所以你們能否談談有哪些地方讓你們感到意外？

I think Joe, you talked about some last time buys, presumably. Maybe that continues into Q2. But what are we now expecting for the full year whole relative to that $25 million to $30 million number you gave last quarter?

我想 Joe 上次提到一些「最後一次採購」（last time buys），推測如此。也許這會延續到第二季。但就全年而言，相較於你們上季給的 2,500 萬到 3,000 萬美元那個數字，我們現在應該預期什麼？

Yeah. Thanks, Greg. The industrial -- upside in industrial was a little bit better than we expected around producing revenue and taking orders for last time buys in our cutting and welding business. But the brighter upside spot really was additive manufacturing. We had a nice quarter in additive manufacturing, and we're seeing that business continue to show better growth than we had anticipated going into the quarter and into the balance of the year.

是的。謝謝你，Greg。工業部門的超預期，主要是我們在切割與焊接業務中，針對「最後一次採購」所帶來的營收產出與接單情況，比我們預期稍微好一些。但更亮眼的超預期其實是在積層製造（additive manufacturing）。我們的積層製造本季表現不錯，而且我們看到該業務持續展現出比我們在進入本季以及展望今年剩餘期間時所預期更好的成長。

As you know, it's difficult to predict. We don't guide for a full year basis because we don't have the amount of visibility that we do in the defense business. But I think relative to what we said during our last earnings call, things have gotten better. And so we're starting to chip away at that hole that we talked about, but there's still a lot of work that we need to do as we go through the year to really close that.

如你所知，這很難預測。我們不提供全年指引，因為我們不像國防業務那樣有足夠的能見度。但我認為相較於我們在上次法說會所說的情況，事情已經變得更好。因此我們開始逐步填補我們提到的那個缺口，但在今年接下來的時間裡，我們仍需要做很多工作，才能真正把它補上。

Yes. Okay. And then Scott, going back to some of the budget items, and I want to go back to some of the comments on the last call as well, talking about a number of new prototypes that you're going after different power levels. Can you give us maybe an update on -- I know timing is tough, but when would you expect, or when should we hear to expect more on some of those programs that you alluded to last quarter?

是的。好的。接著 Scott，回到一些預算項目，我也想回到上次電話會議的一些評論，你提到你們正在追逐多個不同功率等級的新原型專案。你能否更新一下——我知道時程很難掌握——你預期何時，或我們應該何時會聽到更多關於你們上季提到的那些專案？

Well, I'd like to predict how Congress will work this year, but I've got enough experience to know that there are error bars around that. The budget numbers that we provided were the President's budget request, and that will work its way through the appropriations process in the coming quarters.

我也希望能預測國會今年會怎麼運作，但我有足夠的經驗知道，這件事存在誤差範圍。我們提供的預算數字是總統的預算請求案，接下來幾季會在撥款（appropriations）程序中推進。

We should have more insights this fall, but those -- that can be delayed. I think more specifically, there are opportunities for specific programs in the current budget that we certainly will announce when we're able to do so. The higher-level budgets, though, it will take time for that process to work itself out.

我們應該會在今年秋天有更多洞見，但那——也可能會延後。更具體地說，現行預算中確實存在一些特定專案的機會，我們在能夠對外宣布時一定會宣布。至於較高層級的預算，則需要時間讓整個流程走完。

Okay. But just to be clear, the prototypes that you alluded to last quarter, was that not current fiscal year budget? Or was that for '27?

好的。但我想確認一下，你上季提到的那些原型專案，不是在本財年的預算裡嗎？還是那是 2027 年的？

That was for '27. That was -- yeah.

那是 2027 年的。那是——對。

(Operator Instructions) Troy Jensen, Cantor Fitzgerald.

（接線員指示）Troy Jensen，Cantor Fitzgerald。

Congrats on the stellar numbers here. Maybe just, I guess, a question for anyone. Just curious if there's any capacity constraints. And what I'm getting to is $81 million in revenues in December, $80 million in March. The high end of guide here is $81 million for June. What needs to happen for you guys to break through that level?

恭喜你們這次數字非常亮眼。我想問一個可能任何人都可以回答的問題。我很好奇是否有任何產能限制。我的意思是，12 月營收 8,100 萬美元、3 月 8,000 萬美元。你們這次對 6 月的指引上緣是 8,100 萬美元。你們需要什麼條件才能突破這個水準？

Short answer, Troy, is we are not capacity constrained today. We've really done a great job of improving both the capacity on the lasers that we're building, as well as the efficiency with which we are building those lasers. We've talked about what we were adding in long months. So today, capacity really is not an issue.

Troy，簡短回答是：我們目前沒有產能受限。我們在提升所生產雷射的產能，以及提升製造這些雷射的效率方面，都做得非常好。我們也談過我們在過去幾個月新增了哪些項目。所以今天，產能確實不是問題。

What we need to continue to break through that $80 million threshold is demand signals from our customers, US government, et cetera, which we're starting to get. But we've got no concerns at all today on capacity.

要持續突破 8,000 萬美元這個門檻，我們需要來自客戶、美國政府等的需求訊號，而我們也開始看到這些訊號。但就產能而言，我們今天完全沒有疑慮。

The new lands will be easily fulfill as they come in. Okay. And just, Joe, for you too, just on the gross margin guidance. I mean you guys kind of started the conference call here with highlighting 44% product gross margins, and it just seems like it should stay around this level.

新的訂單進來時，我們都能輕鬆履行。好的。另外，Joe，我也想問你關於毛利率指引。你們在電話會議一開始就強調產品毛利率 44%，看起來應該會維持在這個水準附近。

But what's really going to get it down to kind of the lower end of those kind of the guidance range? Or do you think it starts to creep higher here?

那麼，究竟是什麼會讓它降到你們指引區間的較低端？或者你認為它會開始往上爬？

Yeah. I think there's -- the primary factor of our margin is really volume, both the volume that we are putting through the factory and what we are selling through to the customer in any given quarter. And then beyond that, it's really just the mix of the products as we go through the quarter, right?

是的。我認為——影響我們毛利率的主要因素其實是量，包含我們在工廠端的產出量，以及在任何一個季度實際銷售給客戶的出貨量。除此之外，主要就是季度內產品組合的變化，對吧？

On average, as we've gotten out of China, as we've narrowed our focus, particularly with the last time buys with customers in cutting and welding, the overall product margins, or the BOM margins on the products that we are selling, are becoming less variable, but there is still some variability as we go quarter to quarter. And so that will also have an impact.

平均來看，隨著我們退出中國、並縮小聚焦範圍，特別是針對切割與焊接客戶的「最後一次採購」，我們所銷售產品的整體產品毛利，或物料清單（BOM）毛利，變得較不那麼波動，但季度之間仍然會有一些變動。因此這也會帶來影響。

But again, we're not talking about huge numbers here, Troy. So the margins can swing a couple of hundred basis points, and there's really not all that much to read into it. But we're happy that we've been able to get to a point today where we've consistently at 40% or above product gross margins.

但再說一次，Troy，我們談的不是很大的數字。所以毛利率可能上下波動幾個百分點（數百個基點），其實不需要過度解讀。不過我們很高興目前已經能夠穩定維持在 40% 或以上的產品毛利率。

Great. Okay. Just the last one here for Scott. If I remember correctly, I think the delivery date for the 1-megawatt laser was sometime in '26. So just correct me if I'm wrong. And what was the highest power you guys have shown to date and just kind of thoughts on that?

很好。好的。最後一題給 Scott。如果我沒記錯的話，1 兆瓦雷射的交付日期是在 2026 年的某個時間點。如果我說錯請糾正我。另外，你們目前展示過的最高功率是多少？以及你對此的看法？

Yeah, good. Yes. So that's -- thanks, Troy. It's referring to the HELSI-2 program that is targeting megawatt class laser. And HELSI-1, we exceeded over 300 kilowatts in that program that led to the award for HELSI-2. And we're tracking to that program.

好的，很好。是的。所以——謝謝你，Troy。你指的是 HELSI-2 計畫，目標是兆瓦級雷射。在 HELSI-1 計畫中，我們已經超過 300 千瓦，而那也促成了 HELSI-2 的得標。我們正按計畫推進該專案。

However, it's not a delivery of a product. It's a demonstration of that technology. And as soon as we're able to provide more insights into that, we'll certainly do so. I am comfortable saying that we're on track. And there's progress. We're learning a lot from what it takes to scale to much higher power levels and things are on track and going well.

不過，那不是交付一個產品。而是對該技術的展示（demonstration）。一旦我們能提供更多相關洞見，我們一定會這麼做。我可以有信心地說，我們進度如期。而且有進展。我們從將功率擴展到更高等級所需的條件中學到很多，整體進展如期且運作良好。

There are no further questions at this time. I will now turn the call back to John Marchetti for closing remarks.

目前沒有其他問題。我現在把電話交回給 John Marchetti 做結語。

Thanks, everyone, for joining us this afternoon and for your continued interest in nLIGHT. We will be participating in several investor conferences over the next several weeks. We look forward to speaking with you during those events and throughout the remainder of the quarter. Have a great afternoon.

感謝各位今天下午加入我們，也感謝各位持續關注 nLIGHT。未來幾週我們將參加數場投資人會議。我們期待在這些活動期間以及本季剩餘時間與各位交流。祝各位下午愉快。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。