nLIGHT, Inc. (LASR) 2026 Q2 法說會逐字稿

Hello everyone. Thank you for joining us and welcome to nLIGHT's second quarter 2026 earnings conference call.

各位好。感謝各位加入我們，歡迎參加 nLIGHT 2026 年第二季財報電話會議。

After today's prepared remarks, we will host a question-and-answer session. (Operator Instructions)

在今天的事先準備發言之後，我們將進行問答環節。(接線員指示)

I will now hand the conference over to John Marchetti. John, please go ahead.

我現在把會議交給 John Marchetti。John，請開始。

Good afternoon, everyone. Thank you for joining us today to discuss nLIGHT's second quarter 2026 earnings results. I'm John Marchetti, nLIGHT's VP of Corporate Development and the Head of Investor Relations. And 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 年第二季財報結果。我是 John Marchetti，nLIGHT 企業發展副總裁暨投資人關係主管。今天與我一同參與電話會議的還有 nLIGHT 董事長兼執行長 Scott Keeney，以及財務長 Joe Corso。

Today's discussion will contain forward-looking statements, including statements related to our financial projections and plans for our business.

今天的討論將包含前瞻性陳述，包括與我們的財務預測以及業務計畫相關的陳述。

Our growth opportunities and demand for our products the impact of export controls and related supply chain challenges on our product manufacturing and delivery and our mitigation strategies to address such supply chain challenges.

我們的成長機會與產品需求、出口管制及相關供應鏈挑戰對我們產品製造與交付的影響，以及我們為因應此類供應鏈挑戰所採取的緩解策略。

These forward-looking statements are subject to risks, uncertainties, and assumptions that could cause our actual results to differ materially from these statements, including the risks mentioned in today's earnings release. As well as other risks and uncertainties described from time to time in our SEC filings, including, without limitation, our most recent annual report on Form 10-K and our subsequent quarterly reports on Form 10-Q. We undertake no obligation to update any forward-looking statement except as required by law.

這些前瞻性陳述受風險、不確定性與假設影響，可能導致我們的實際結果與這些陳述存在重大差異，包括今日財報新聞稿中提及的風險。以及我們不時在向 SEC 提交的文件中所描述的其他風險與不確定性，包括但不限於我們最近一期的 Form 10-K 年度報告及其後的 Form 10-Q 季度報告。除法律要求外，我們不承擔更新任何前瞻性陳述的義務。

During the call, we will also 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 press 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，我們也將討論若干非 GAAP 財務衡量指標。我們已在財報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的 GAAP 財務衡量指標之調節表，兩者皆可於我們網站的投資人關係專區查閱。

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

我現在把電話會議交給 nLIGHT 董事長兼執行長 Scott Keeney。

Thank you, John.

謝謝你，John。

Q2 represented another strong quarter of execution for nLIGHT with revenue, gross margin and adjusted EBITDA at or above our expectations.

第二季對 nLIGHT 而言是另一個執行表現強勁的季度，營收、毛利率與調整後 EBITDA 均達到或高於我們的預期。

Our second quarter revenue was a record $83 million and grew 34% year-over-year driven by record products revenue of $59 million, which grew 45% year-over-year. Adjusted EBITDA in the quarter was a solid $11 million and we generated a record $21 million in cash from operations.

我們第二季營收創下 8,300 萬美元新高，年增 34%，主要由創紀錄的產品營收 5,900 萬美元帶動，產品營收年增 45%。本季調整後 EBITDA 穩健達 1,100 萬美元，我們也創下營運活動現金流入 2,100 萬美元的新高。

During the second quarter, we saw increased demand for our solutions across both defense and advanced manufacturing markets. Our pipeline of new opportunities in direct energy significantly expanded with the recent award of the Department of War's Joint Laser Weapon System contract.

在第二季，我們看到國防與先進製造兩大市場對我們解決方案的需求均有所增加。隨著近期獲得戰爭部（Department of War）的聯合雷射武器系統（Joint Laser Weapon System）合約，我們在定向能領域的新機會管線顯著擴大。

Our laser sensing and advanced manufacturing opportunities also continue to grow, providing us with a broad base of new and existing programs and customers that we expect will continue to provide long-term growth opportunities for nLIGHT. Directed energy is an increasingly important priority for the US and our allies, driven by the need for highly scalable, low-cost-per-shot solutions to counter a rapidly evolving threat environment.

我們在雷射感測與先進製造方面的機會也持續成長，為我們帶來廣泛的新舊專案與客戶基礎，我們預期這將持續為 nLIGHT 提供長期成長機會。在快速演變的威脅環境下，定向能已成為美國及其盟友日益重要的優先事項，驅動因素在於需要高度可擴展、單次射擊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. nLIGHT's high-energy lasers are differentiated across three key dimensions. Power, brightness, and atmospheric correction.

我們的重點仍是支援客戶在廣泛的功率等級與任務輪廓上的需求，而且我們的角色也日益不僅是雷射供應商，更是系統層級的合作夥伴。nLIGHT 的高能雷射在三個關鍵面向具差異化優勢。功率、亮度，以及大氣校正。

We believe all are essential to the successful deployment of directed energy laser weapons. And it's across all three dimensions where we believe our Hades family of directed energy products outperforms competing solutions. Hades can scale from tens of kilowatts to a megawatt of power while maintaining exceptional beam quality. When combined with our proprietary atmospheric correction technology, Hades provides defense customers with an operational solution capable of neutralizing a wide range of threats.

我們相信這三者對於定向能雷射武器的成功部署都至關重要。而在這三個面向上，我們相信 Hades 系列定向能產品的表現優於競爭方案。Hades 可在維持卓越光束品質的同時，將功率從數十千瓦擴展至 1 兆瓦。結合我們專有的大氣校正技術後，Hades 能為國防客戶提供可運作的解決方案，足以中和多種威脅。

Designed to be low-swap, Hades can be delivered in a variety of form factors, enabling rapid deployment across a broad range of military platforms and battlefield environments. Hades was instrumental in helping us win the recent Joint Laser Weapon System, or JLWS award, a new multi-year DOW agreement with a contract ceiling of over $600 million.

Hades 以低更換（low-swap）為設計目標，可採多種外形規格交付，使其能在廣泛的軍事平台與戰場環境中快速部署。Hades 在協助我們贏得近期聯合雷射武器系統（JLWS）標案中扮演關鍵角色；該標案為一項新的多年期 DOW 協議，合約上限超過 6 億美元。

Under JLWS, nLIGHT will develop, integrate, and deliver multiple high-energy laser weapon systems that build on the successful delivery of our 300-kilowatt high-energy HELSI-1 laser and our 50-kilowatt high-energy DE M-SHORAD laser. nLIGHT will leverage its proprietary coherent beam combination and atmospheric correction technology and its vertically integrated manufacturing to deliver modular containerized systems that can be integrated across a variety of platforms and rapidly deployed in theater.

在 JLWS 之下，nLIGHT 將開發、整合並交付多套高能雷射武器系統，並以我們成功交付的 300 千瓦高能 HELSI-1 雷射與 50 千瓦高能 DE M-SHORAD 雷射為基礎。nLIGHT 將運用其專有的相干光束合成（CBC）與大氣校正技術，以及垂直整合的製造能力，交付可模組化的貨櫃式系統，能整合至多種平台並在戰區快速部署。

With increasing US defense prioritization of directed energy lasers and planned demonstrations of operational systems expected as early as 2028, JLWS represents a critical step forward, fielding production-ready laser weapon systems at scale. We also continued to make progress with existing directed energy programs in the second quarter.

隨著美國國防對定向能雷射的優先順序提高，且預計最早於 2028 年開始進行作戰系統展示，JLWS 代表向前邁出的關鍵一步，可在規模化條件下部署具量產就緒的雷射武器系統。第二季我們也持續推進既有的定向能專案。

Our work on the production of our 1-megawatt CBC hight-energy laser as part of HELSI 2 continues to go well, and we remain on track for this program. Importantly, this laser is based on the same architecture that we use across our Hades portfolio of CBC lasers, demonstrating the scalability of the platform to deliver solutions that address a wide range of mission scenarios. We are making steady progress on the U.S. Navy's HELCAP program for anti-ship cruise missile defense, where we are integrating our 300-kilowatt CBC laser that we delivered under the HELC-1 program with a proprietary advanced beam control system that incorporates our adaptive optics for atmospheric correction.

我們在 HELSI 2 計畫中所負責的 1 兆瓦 CBC 高能雷射量產工作進展順利，我們仍按計畫推進該專案。重要的是，這款雷射採用與我們 Hades CBC 雷射產品組合相同的架構，展現該平台的可擴展性，能提供涵蓋廣泛任務情境的解決方案。我們也在美國海軍的 HELCAP 反艦巡弋飛彈防禦計畫上穩步推進；在該計畫中，我們正將於 HELC-1 計畫下交付的 300 千瓦 CBC 雷射，與一套專有的先進光束控制系統進行整合，該系統納入我們用於大氣校正的自適應光學技術。

We believe this work will continue to accelerate the development and deployment of future multi-hundred-kilowatt systems over the coming years. We also continue to see increased interest in our defense products outside of directed energy.

我們相信這項工作將在未來數年持續加速多百千瓦級系統的研發與部署。除定向能之外，我們也持續看到市場對我們其他國防產品的興趣提升。

In the second quarter, we delivered strong growth in our products for kinetic weapons, which remains an important growth driver within our defense markets. These products are delivered into longstanding programs of record and are in high demand due to global restocking efforts, as well as new mission applications where the use case for weapons is expanding.

第二季，我們在動能武器相關產品方面實現強勁成長，該領域仍是我們國防市場中的重要成長動能。這些產品供應至長期既定的正式列裝專案（programs of record），並因全球補庫存行動以及武器使用情境擴大的新任務應用而需求旺盛。

Within the space domain, we see accelerating need for both our laser sensing and advanced manufacturing products. Our high-energy pulsed lasers are being designed into several new programs that are in the early stages of adoption across the commercial and defense markets. And we have a growing pipeline of customers using our commercial fiber lasers with our proprietary dynamic beam shaping technology in the launch ammunition markets as well.

在太空領域，我們看到對雷射感測與先進製造產品的需求正在加速。我們的高能脈衝雷射正被設計導入多個新專案，這些專案正處於商用與國防市場早期採用階段。此外，在發射與彈藥市場中，採用我們商用光纖雷射並搭配專有動態光束整形技術的客戶管線也在擴大。

In summary, I'm extremely encouraged by the growing pipeline of opportunities across our entire portfolio of defense and advanced manufacturing solutions, and demand for our products remains strong.

總結而言，看到我們在整體國防與先進製造解決方案產品組合上的機會管線持續成長，我感到非常振奮，而市場對我們產品的需求仍然強勁。

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.

我們的策略維持一致。善用我們垂直整合的技術平台，以紀律執行既有專案，並投資以加速與支援長期成長與價值創造。

We believe this approach positions nLIGHT to succeed across the multi-year opportunities that remain ahead of us.

我們相信此一做法能讓 nLIGHT 在未來仍然存在的多年期機會中取得成功。

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

現在我把電話交給 Joe，請他說明我們第二季的財務結果。

Thank you, Scott.

謝謝你，Scott。

We had a strong second quarter with record product revenue and solid execution. Demand for our products across both our space and defense and our advanced manufacturing markets continued to accelerate. And our pipeline of new opportunities continues to build. Further, our focus on working capital management and targeted CapEx enabled us to generate record operating cash flow in the quarter while positioning ourselves for long-term growth.

我們第二季表現強勁，產品營收創下新高，執行力穩健。我們在航太與國防以及先進製造市場的產品需求持續加速。同時，我們的新機會管線也持續擴大。此外，我們專注於營運資金管理與具針對性的資本支出（CapEx），使我們在本季創下營運現金流新高，同時也為長期成長做好布局。

Turning to the results, total revenue in the second quarter was $82.6 million, an increase of 34% compared to $61.7 million in the second quarter of 2025 and up 3% compared to the prior quarter. Aerospace and Defense revenue was a record $57.3 million in the quarter, up 41% year-over-year. A&D growth was driven by record A&D product revenue, which grew 72% year-over-year and 3% sequentially. Development revenue of $23.2 million grew 11% year-over-year and 5% compared to the prior quarter.

就結果而言，第二季總營收為 8,260 萬美元，較 2025 年第二季的 6,170 萬美元成長 34%，較上一季成長 3%。本季航太與國防（A&D）營收創紀錄達 5,730 萬美元，年增 41%。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 72%，季增 3%。開發營收為 2,320 萬美元，年增 11%，較上一季成長 5%。

The year over year and sequential growth in our revenue from the aerospace and defense market was primarily driven by continued progress in our HELSI-2 program, growth in our munitions program, and execution across multiple other directed energy and laser sensing programs.

我們來自航太與國防市場的營收年增與季增，主要是由 HELSI-2 計畫持續推進、彈藥計畫成長，以及在多項其他定向能與雷射感測計畫上的執行所帶動。

Second quarter revenue from our commercial markets, which include industrial and microfabrication, was $25.3 million, an increase of 20% year over year and 1% compared to the prior quarter. Revenue from our microfabrication markets was $13.3 million.

第二季來自商業市場（包含工業與微製程）的營收為 2,530 萬美元，年增 20%，較上一季成長 1%。其中，微製程市場營收為 1,330 萬美元。

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 of our cutting and welding products. As we previously announced, we are exiting our legacy cutting and welding markets and we do not expect to generate material revenue from these markets in the second-half of the year. Total gross margin in the second quarter was 31.1% compared to 29.9% in the second quarter of 2025 and 33.1% last quarter.

工業市場營收為 1,200 萬美元，受惠於積層製造產品需求增加，以及與我們切割與焊接產品「最後一次採購」（last time buys）相關的銷售提升。如我們先前所公告，我們正退出傳統切割與焊接市場，且預期今年下半年不會再從這些市場產生具重大性的營收。第二季總毛利率為 31.1%，相較 2025 年第二季的 29.9%，以及上一季的 33.1%。

On a non-GAAP basis, which excludes stock-based compensation, total gross margin in the second quarter was 32.6%, up from 30.9% in the same period last year and 34.4% last quarter. Products gross margin in the second quarter was 41.2%. Compared to 38.5% in the second quarter of 2025 and 43.6% last quarter.

以非 GAAP 基礎（排除股份基礎給付）計算，第二季總毛利率為 32.6%，高於去年同期的 30.9%，但低於上一季的 34.4%。第二季產品毛利率為 41.2%。相較 2025 年第二季的 38.5%，以及上一季的 43.6%。

The year-over-year increase in products gross margin was primarily driven by sales mix and the positive impact of higher production volumes on fixed manufacturing costs. Products gross margins were at the high end of our guidance range but down sequentially on higher manufacturing spend, partially offset by increased volumes.

產品毛利率的年增主要由銷售組合所帶動，以及較高產量對固定製造成本的正面影響。產品毛利率位於我們指引區間的高端，但因製造支出增加而較上一季下滑，部分被產量提升所抵銷。

Non-GAAP products gross margin in the quarter was 42.4% compared to 40% in the second quarter of 2025 and 44.6% last quarter. Development gross margin was 5.6% compared to 13.1% in the same quarter a year ago and 5.1% 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.

本季非 GAAP 產品毛利率為 42.4%，相較 2025 年第二季的 40%，以及上一季的 44.6%。開發毛利率為 5.6%，相較一年前同季的 13.1%，以及上一季的 5.1%。開發毛利率的波動主要源自合約組合，以及各季計畫交付時點的差異。

Non-GAAP development gross margin in the quarter was 7.5% compared to 13.1% in the same period a year ago and 7.2% last quarter. Moving down the income statement, GAAP operating expenses were $29.3 million in the second quarter compared to $22.7 million in the second quarter of 2025 and $27.2 million in the prior quarter.

本季非 GAAP 開發毛利率為 7.5%，相較一年前同期間的 13.1%，以及上一季的 7.2%。往下看損益表，第二季 GAAP 營業費用為 2,930 萬美元，相較 2025 年第二季的 2,270 萬美元，以及上一季的 2,720 萬美元。

The year-over-year increase in GAAP operating expenses is primarily due to higher stock-based compensation. Non-GAAP operating expenses were $19.5 million in the quarter, up from $16.8 million in the second quarter of 2025 and $17.1 million last quarter.

GAAP 營業費用的年增主要是因股份基礎給付較高。本季非 GAAP 營業費用為 1,950 萬美元，高於 2025 年第二季的 1,680 萬美元，以及上一季的 1,710 萬美元。

The increase in non-GAAP operating expenses was primarily due to higher employee compensation expenses and an increase in R&D material spend. We expect non-GAAP OpEx to remain in the $17 million to $19 million per quarter range in the second-half of 2026.

非 GAAP 營業費用增加主要是因員工薪酬費用提高，以及研發（R&D）材料支出增加。我們預期 2026 年下半年非 GAAP 營業費用將維持在每季 1,700 萬至 1,900 萬美元的區間。

GAAP net loss in the second quarter of 2026 was $1.3 million or $0.02 per share compared to a net loss of $3.6 million or $0.07 per share in the same quarter a year ago and positive net income of $645,000 or $0.01 per diluted share last quarter.

2026 年第二季 GAAP 淨損為 130 萬美元（每股 0.02 美元），相較一年前同季淨損 360 萬美元（每股 0.07 美元），以及上一季稀釋後每股 0.01 美元、淨利 64.5 萬美元。

On a non-GAAP basis, net income for the second quarter was $9.6 million or $0.15 per diluted share compared to $2.9 million or $0.06 per diluted share in the second quarter of 2025 and $11.8 million or $0.20 per diluted share last quarter.

以非 GAAP 基礎計算，第二季淨利為 960 萬美元（稀釋後每股 0.15 美元），相較 2025 年第二季的 290 萬美元（稀釋後每股 0.06 美元），以及上一季的 1,180 萬美元（稀釋後每股 0.20 美元）。

Adjusted EBITDA for the second quarter was $10.7 million, compared to $5.6 million in the same quarter last year and $13.8 million in the first quarter of 2026.

第二季調整後 EBITDA 為 1,070 萬美元，相較去年同季的 560 萬美元，以及 2026 年第一季的 1,380 萬美元。

Turning to the balance sheet. We ended the second quarter with total cash equivalents, restricted cash and investments of $330.8 million.

接著看資產負債表。我們在第二季末的現金約當、受限制現金與投資合計為 3.308 億美元。

During the second quarter, we repaid the $20 million that we had previously drawn down on our $40 million line of credit. And we generated a record $20.7 million in cash from operations during the quarter.

在第二季期間，我們償還了先前自 4,000 萬美元信用額度中動用的 2,000 萬美元。同時，我們本季由營運活動產生的現金創紀錄達 2,070 萬美元。

Turning to guidance, based on the information available today, we expect revenue for the third quarter of 2026 to be in the range of $63 million to $73 million.

接著談指引，根據目前可得資訊，我們預期 2026 年第三季營收將落在 6,300 萬至 7,300 萬美元之間。

The midpoint of $68 million includes approximately $43 million of product revenue and $25 million of development revenue.

其中位數 6,800 萬美元包含約 4,300 萬美元的產品營收，以及 2,500 萬美元的開發營收。

Please note that our revenue guidance for the third quarter excludes approximately $17 million of product revenue that we would have expected to ship in the third quarter but is now expected to be delivered in future quarters.

請注意，我們第三季的營收指引不包含約 1,700 萬美元的產品營收；這部分原本預期在第三季出貨，但目前預期將於未來季度交付。

We are currently experiencing challenges in getting some parts and materials from certain Chinese suppliers. While these materials do not represent a large portion of the overall bill of material of our products, delays in sourcing these materials. Which primarily affect our commercial products, will not allow us to fully satisfy our customer demand in the third quarter.

我們目前在向部分中國供應商取得某些零組件與材料方面遇到挑戰。雖然這些材料在我們產品的整體物料清單（BOM）中占比不大，但採購延遲。主要影響我們的商業產品，將使我們在第三季無法完全滿足客戶需求。

Overall gross margin in the third quarter is expected to be in the range of 24% to 30%, with product gross margin in the range of 34% to 40% and development gross margin of approximately 8%. The expected sequential decline in products gross margin is largely driven. By the lower expected product volumes. 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.

整體而言，第三季總毛利率預期落在 24% 至 30% 之間，其中產品毛利率預期為 34% 至 40%，開發毛利率約為 8%。產品毛利率預期的季減主要是由。預期產品出貨量較低所致。如我們先前提到，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。

We expect adjusted EBITDA for the third quarter of 2026 to be in the range of $1 million to $7 million.

我們預期 2026 年第三季的調整後 EBITDA 將落在 100 萬美元至 700 萬美元的區間。

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問答。

(Operator Inscructions) Jonathan Siegmann, Stifel.

（接線員指示）Jonathan Siegmann，Stifel。

Good evening. Thank you so much for the time. Congratulations on the strong result.

晚安。非常感謝您撥冗。恭喜取得強勁的成果。

Could you maybe talk a little bit about how the JOWS award rolls into 2026 and 2027? Realize you may not give exact numbers on that, but maybe you can square that with the headwind that you might see for HELSI-2 Thank you very much.

能否請您談談 JOWS 的得標如何延續到 2026 年與 2027 年？我知道您可能不會提供精確數字，但或許您可以把這點與 HELSI-2 可能面臨的逆風做個對照。非常感謝。

Hi, John. The JLWS award will start to contribute revenue in the current quarter, will run into the fourth quarter and then really start to ramp up in 2027. But the second half of the year will be just really the initial stages of the program.

嗨，John。JLWS 的得標將在本季開始貢獻營收，會延續到第四季，並在 2027 年真正開始加速放量。但今年下半年基本上仍只是該計畫的初期階段。

And its contribution of 2027, how should we think about how much of that helps relative to the headwind you might see with HELSI-2?

那麼在 2027 年的貢獻方面，相較於 HELSI-2 可能出現的逆風，我們應該如何看待 JLWS 能帶來多少助益？

Actually, I'll characterize it as it will be a nice replacement and then some relative to the HELSI-2 program. So a couple of quarters ago, there was some concern that the HELSI-2 program was going to fall off and we knew it would trail off, but with the award, the win with JLWS will more than make up for that as we get into 2027.

其實我會這樣形容：相較於 HELSI-2 計畫，JLWS 會是一個不錯的替代，而且還會更好一些。幾季前曾有人擔心 HELSI-2 計畫會下滑；我們也知道它會逐步減弱，但隨著這次得標，JLWS 的勝出在我們進入 2027 年時將足以、甚至超過，彌補那個缺口。

Thank you.

謝謝。

Louie DePalma, William Blair.

Louie DePalma，William Blair。

Joe and John, good afternoon.

Joe 和 John，午安。

Hi, Louie.

嗨，Louie。

From a technology standpoint, how is the prototype for the Joint Laser Weapon System that you're developing different from the HELSI-2 prototype and your HADES platform.

從技術角度來看，你們正在開發的「聯合雷射武器系統」（Joint Laser Weapon System）的原型，與 HELSI-2 的原型以及你們的 HADES 平台有何不同？

Hey, Louis, this is Scott. Thanks for the question.

嗨，Louis，我是 Scott。謝謝你的問題。

The program that we just won, JLWS, as Joe just mentioned, is a continuation extension, transition if you will, for the work we've done on Healthy to demonstrate the technology. JLWS is a program that's focused on transitioning that into products at the high-power levels. It builds on what we've done with HELSI, it builds on the HADES product family and continues to both and expand our product line and at various power levels.

我們剛剛贏得的 JLWS 計畫，如 Joe 剛才提到的，是我們在 HELSI 上所做技術展示工作的延續、延伸與（可說是）轉換。JLWS 著重於把這些成果轉化為高功率等級的產品。它建立在我們在 HELSI 的成果之上，也建立在 HADES 產品家族之上，並持續擴充我們在不同功率等級的產品線。

Okay, and I guess from a high level related to HELSI-2 and JLWS and HADES, what would you estimate as the projected timeline on when some of the laser systems will be fielded at scale.

好的，那麼從較高層次來看，關於 HELSI-2、JLWS 與 HADES，你們預估雷射系統何時能開始大規模部署（fielded at scale）的時程大概是什麼？

Yes, that will depend on how the US budgets in particular progress and we're seeing continued expansion and interest in those programs. But we don't anticipate that there will be a program of record over the next year. We do anticipate that we will see increasing interest and increasing demand. And we will transition to initial prototypes for the higher power levels in the coming couple of years, and from there, it goes to a low rate production set of opportunities, and it will scale from there.

是的，這將取決於美國預算（尤其是美國）推進的情況；我們看到這些計畫持續擴張並受到更多關注。但我們不預期在未來一年內會出現正式列裝計畫（program of record）。我們確實預期會看到興趣與需求持續增加。未來幾年我們會轉向更高功率等級的初期原型，之後會進入低量產（low rate production）的機會，並從那裡逐步擴大規模。

Great. One final question. As the missile industry is in the midst of a dynamic period with multi-year agreements established for many of the TOP 15 programs. Should this have a positive impact on your sensing business? And is there the potential for you to be incorporated as a second supplier?

很好。最後一個問題。目前飛彈產業正處於動態變化期，許多前 15 大計畫已建立多年期協議。這是否會對你們的感測業務帶來正面影響？你們是否有機會被納入成為第二供應商？

Some of these missile programs that you aren't involved in today.

針對一些你們目前尚未參與的飛彈計畫。

Yeah, good question, Louie. The short answer is yes. I think the restocking that we are seeing of traditional kinetic munitions, particularly on the missile side, will be a benefit to nLIGHT.

是的，Louie，這是個好問題。簡短回答是：會。我認為我們看到傳統動能彈藥的補庫存（restocking），尤其是在飛彈端，將有利於 nLIGHT。

If you go back over the last 18 months, for example, we announced a $25 million award. just roughly 18 months ago. We followed up at the end of last year with a $50 million award for both of those awards were for roughly the same period of performance. So we are seeing in certain programs.

例如回顧過去 18 個月，我們大約在 18 個月前宣布了一筆 2,500 萬美元的得標。去年底我們又接續宣布了一筆 5,000 萬美元的得標，而這兩筆得標的履約期間大致相同。因此我們在某些計畫上確實看到相關趨勢。

Our just the number of units continue to grow and our content continue to grow, we expect that to continue here in the coming years. And then the second part of your question is, it is part of our plan from a sensing perspective to expand the number of opportunities that we have with missiles in particular. Now, as that gestation period is and can be long, but it's certainly something that is in the plan for us.

我們的出貨單位數持續成長、我們的單位內容價值（content）也持續提升；我們預期未來幾年會延續這個趨勢。至於你問題的第二部分，從感測角度來看，擴大我們在飛彈（尤其是飛彈）上的機會數量，本來就是我們的計畫之一。當然，這類導入的孕育期可能很長，但這確實是我們規劃中的方向。

Good. Thanks, everyone.

很好。謝謝各位。

Thank you.

謝謝。

Jim Ricuti, Needham and Company.

Jim Ricuti，Needham and Company。

I was hoping to better understand the supply chain situation.

我希望能更了解供應鏈的情況。

I wonder if you could elaborate on the component or material that is creating that shortfall in the Q3 guide, because otherwise it would sound like your Q3 product guide would be significantly better and overall revenue much higher. I'm trying to get a better sense as to when this could be resolved, what some of the challenges are.

想請你們進一步說明，是哪一項零組件或材料造成第三季指引中的缺口；因為不然聽起來你們第三季的產品指引應該會顯著更好、整體營收也會高很多。我想更清楚了解何時可能解決，以及目前面臨哪些挑戰。

Good, Jim. This is Scott. I appreciate the question and you're exactly right.

好的，Jim。我是 Scott。謝謝你的提問，你的判斷完全正確。

Q2 was a record quarter and we've got very strong demand across the board and we would have guided higher had it not been for these supply chain challenges that we're seeing. And those challenges come from. What appears to be China increasing scrutiny on dual use products for defense tech products, and the particular commodity that I would highlight would be optics. These are not specialized components. They're materials where China has built out an outsized portion of the overall supply chain over time. We're seeing delays in the ability to get some of those components that's affecting Q3.

第二季是創紀錄的一季，我們各方面需求都非常強勁；若不是因為目前看到的供應鏈挑戰，我們原本會給出更高的指引。而這些挑戰來自於——看起來是中國對國防科技等「軍民兩用」產品加強審查；我特別要點名的品項是光學元件（optics）。這些並非特殊零組件。它們屬於材料類別，而中國長期以來在整體供應鏈中建立了相對過高的占比。我們在取得部分元件上看到延遲，這正在影響第三季。

In terms of the outlook, I'll let Joe chime in a little further to expand upon that.

至於後續展望，我讓 Joe 再補充說明。

Jim, your observation was absolutely right. We have a very strong demand in the third quarter, and we wanted to try to quantify that and give you some direction to give you a sense that we would have expected that, but we do expect that demand is still there, the forecast is still strong, backlog is strong. Our ability to execute on that backlog in the fourth quarter is still a little bit of a question mark for us at this point.

Jim，你的觀察完全正確。我們第三季需求非常強，我們也想把這點量化並提供一些方向，讓你了解我們原本會有那樣的預期；但我們確實認為需求仍在、預測仍強、在手訂單（backlog）也很強。至於我們在第四季執行這些在手訂單的能力，目前對我們而言仍有一些不確定性。

Well, again, if the supply is coming out of China and do you have it sounds like they control a fair amount of the supply chain for this material. So what's the risk that this just ends up going on for more than a few quarters? I guess trying to get a sense as to how and I assume this is affecting more of your defense business. Is that right?

那麼，如果供應來自中國，而且聽起來他們掌握了這種材料供應鏈中相當大的比重，那麼這種情況持續超過幾季的風險有多大？我想了解你們打算如何因應；我也假設這對你們的國防業務影響更大，是這樣嗎？

Jim, good question. No, the actual impact of it is more on the commercial side of the business and the products that we build. As Scott said, this is largely related to the dual use nature of our products. As we've spent a lot of time over the last couple of years derisking and moving manufacturing out of China, our revenue base has certainly moved out of China. A good bit of our supply chain has moved out of China. So from an overall, percentage of the bill of materials, we're not talking about a lot of the BOM, but it doesn't take more than just a couple of components for us to complete the build. So we could see that this could resolve itself quite quickly or it'll take months to quarters depending on what the particular mitigation strategy is, right?

Jim，問得好。不，實際影響更多是在業務的商業端，以及我們所打造的產品上。如 Scott 所說，這主要與我們產品的軍民兩用特性有關。過去幾年我們花了很多時間去風險、把製造移出中國後，我們的營收基礎確實也已移出中國。我們供應鏈中相當一部分也已移出中國。因此就整體而言、以物料清單（BOM）的百分比來看，我們談的不是很大一部分 BOM，但對我們完成組裝而言，其實只要少數幾個元件就足夠。所以我們可能會看到這件事很快自行解決；或者也可能需要數月到數季，取決於具體採取的緩解策略，對吧？

Okay. I'll jump back in the queue. Thank you.

好的。我回到隊列後面。謝謝。

Greg Palm, Craig Hallum.

Greg Palm，Craig Hallum。

Yeah, thanks. I'm going to, I guess, follow-up on that because my very next question was going to be, what is your current mitigation strategy? Can you find these components outside of China, presumably you're already trying, but just give us some sense on what the availability is at this point.

是的，謝謝。我想我會接著追問，因為我下一個問題本來就是：你們目前的緩解策略是什麼？你們能在中國以外找到這些元件嗎？我猜你們已經在嘗試了，但請讓我們了解一下目前的供應可得性大概如何。

Yeah, Greg, it's Scott here. Again, we have been de-risking China for some time now. We've shifted our focus to markets outside of China. We've moved our manufacturing out of China. But it does take time on the supply chain side to requalify, redesign some of these complex lasers. And so we're in the midst and we've been working on this, on working with our existing supply chain partners.

是的，Greg，我是 Scott。再說一次，我們去風險、降低對中國依賴已經有一段時間了。我們已把重心轉向中國以外的市場。我們也已把製造移出中國。但在供應鏈端，重新認證、重新設計其中一些複雜雷射確實需要時間。因此我們正在進行中，而且一直在做，包含與現有供應鏈夥伴合作。

We're evaluating and qualifying new partners. And where we can, we're evaluating redesign of our products to provide more flexibility for the future. So those are some of the themes that we're focused on here and this is something we've talked about, but it's something that has even greater focus now.

我們也在評估並認證新的合作夥伴。在可行之處，我們也在評估重新設計產品，以便未來有更大的彈性。以上是我們目前聚焦的一些主題；這也是我們之前談過的事情，但現在的關注度更高了。

Okay. I just want to be clear, I think you said it mostly impacts commercial. Is there any chance that this could or would impact anything in defense and specifically, for instance, the ramp up or potential contribution of JLWS.

好的。我想確認一下，我記得你說主要影響商業端。那這件事有沒有可能影響到國防業務？特別是例如 JLWS 的放量（ramp up）或潛在貢獻？

Yeah, as Joe said, this is mostly commercial as part of our dual use strategy, but there's some exposure here, even if it's indirect to our defense products. The majority of our defense supply chain is domestic.

是的，如 Joe 所說，這主要是商業端、屬於我們軍民兩用策略的一部分，但即便是間接的，我們的國防產品也有一些曝險。我們國防供應鏈的大多數是國內（本土）來源。

But we do use some of our own commercial items, which do have exposure to some of these Chinese components that go into our defense products. And in terms of the implications for JLWS, I think I would just put that in that context, that this is a fairly small number of products, but it is something that we're working through.

但我們確實會使用一些自家的商用項目，而這些商用項目中有部分會用到中國元件，進而進入我們的國防產品。至於對 JLWS 的影響，我會把它放在這個脈絡下理解：涉及的產品數量相當少，但我們確實正在處理中。

And Greg, just to be clear. The initial work that we are going to do on JLWS will largely be unaffected by this supply chain issue. For us right now, that program is all systems go.

另外 Greg，為了說清楚。我們接下來要在 JLWS 上做的初期工作，基本上不會受到這個供應鏈問題影響。就我們目前而言，那個專案一切照常、全速推進。

Yeah, and just to be clear, you're referring to the $44 million? Is that what you call the initial work?

好的，為了確認，你指的是那 4,400 萬美元嗎？那就是你所說的初期工作嗎？

Well, that's the initial funded work. The initial plan is beyond the $44 million, and I'm also referring to significant work beyond the $44 million in JLWS that will be unaffected by these issues.

嗯，那是初期已獲資金支持（funded）的工作。初期計畫不只 4,400 萬美元；我也指的是 JLWS 中超過 4,400 萬美元的相當多工作，這些都不會受到這些問題影響。

Okay. All right. Thanks.

好的。好吧。謝謝。

Thank you.

謝謝。

Keith Hussam, North Coast Research.

Keith Hussam，North Coast Research。

Thanks, guys. Sorry to belittle the point here, but I just want to make sure this is more of a political football as opposed to a manufacturing delay, correct?

謝謝，各位。抱歉我可能把重點講得太小，但我只是想確認：這比較像是政治上的角力，而不是製造延遲，對嗎？

It's not at all related to manufacturing products, no.

完全不是跟產品製造有關，不是。

Okay, got you. And how long has this been going on for?

好的，了解。那這件事已經持續多久了？

I know you don't have a crystal ball and you can predict when it might be resolved, but just trying to understand how long it's been going on to give us an idea if there's any chance of just being quick to come and go.

我知道你們沒有水晶球、也無法預測何時能解決，但我想了解它已經發生多久，好讓我們判斷是否有可能很快出現又很快消失。

This has been a very recent development just over the past handful of weeks as this started to crop up.

這是非常近期的發展，就在過去幾週內才開始浮現。

Okay, and I guess finally. Any chance that your customers actually will go looking elsewhere at competitors for this or your lasers are so unique and design is spiked into their products that they'll be patient and late?

好的，那最後一個問題。你們的客戶有沒有可能因此轉向競爭對手尋找替代？還是你們的雷射非常獨特、而且設計已深度嵌入他們的產品中，所以他們會願意耐心等待、即使交付延後？

Yeah, I think the short answer is we see very strong demand. This is a supply chain delay. We're working through that and that demand remains strong and we're eager to ship those products as soon as possible.

是的，我想簡短回答是：我們看到需求非常強勁。這是一個供應鏈延遲。我們正在處理中，而需求仍然強勁；我們也很希望能盡快出貨這些產品。

Okay. I guess changing subjects in a little more happier tone. There's so much going on now with the space development in terms of rockets and perhaps data centers in the sky. As you're thinking about your sensing lasers, are you having discussions that are opening up new use cases with some of these various conversations about how to utilize space more effectively here?

好的。我想換個話題、用更開心一點的語氣。現在太空開發有很多進展，包括火箭，甚至可能是「天空中的資料中心」。當你們在思考感測雷射時，針對這些如何更有效利用太空的各種討論，你們是否有在對話中開啟一些新的使用情境？

Short answer is yes. I mentioned space briefly in my comments and in subsequent calls look forward to providing more information about where we're engaged. It gets complex due to the nature of those programs. But Keith, yes, the short answer to the question is sensing and other applications are important in space also.

簡短回答是：有。我在評論中簡單提到太空，之後的電話會議我也期待提供更多我們參與的資訊。由於那些計畫的性質，情況會比較複雜。但 Keith，是的，簡短回答是：感測與其他應用在太空領域也很重要。

All right, I will stand due to the remarks. Appreciate it. Thank you.

好，那我就不再多問，因為你已經在發言中提到了。感謝。謝謝。

Kieran McCabe, Cantor Fitzgerald.

Kieran McCabe，Cantor Fitzgerald。

Thank you for taking my question for Troy Jensen. I guess maybe my first question is and I apologize if I'm maybe looking at too close here splitting hairs, but the 3Q guidance is a little bit wider range than normal. Is that kind o driven by the supply chain issue or timing of projects or just kind of more conservatism in your forecast and maybe how that relate to 4Q and going into 2027?

謝謝代 Troy Jensen 提問。我想第一個問題是——如果我有點鑽牛角尖、在細節上吹毛求疵也請見諒——你們第三季（3Q）的指引區間比平常稍微更寬。這主要是由供應鏈問題或專案時程所驅動，還是你們在預測上更保守？以及這與第四季（4Q）和邁向 2027 年的展望有何關聯？

Yeah, the slightly wider range this quarter is related exclusively to supply chain, Kieran.

是的，本季區間稍微更寬，完全是因為供應鏈因素，Kieran。

Great, thanks. And my second question is on you mentioned strong demand in additive manufacturing. I know in our survey work, we're seeing a lot of strong demand for metal printing and also in the A&D sector.

很好，謝謝。第二個問題是：你提到積層製造（additive manufacturing）需求強勁。我知道在我們的調查中，我們看到金屬列印需求很強，航太與國防（A&D）領域也是。

And also I believe one of the companies that reported this just this week talked about strength in and demand in rocketry and stuff. And I kind of answered a portion partially in the prior question, but any kind of call you can provide maybe on what you're seeing in the additive manufacturing space and kind of the trends and demands that you're seeing there?

而且我記得本週剛公布財報的其中一家公司也談到火箭等領域的需求強勁。我在前一題其實已部分問到，但你能否再多分享一下你們在積層製造領域看到的情況，以及你們觀察到的趨勢與需求？

Yes, Kieran, we're seeing strong demand across really all the segments of our business, including additive, and you highlighted two of the key drivers there. Certainly, rocket engines is one, but a broader range of aerospace and defense components, we're seeing significant demand increases there.

是的，Kieran，我們確實看到我們業務幾乎所有細分領域的需求都很強勁，包括增材製造，而你也點出了其中兩個關鍵驅動因素。當然，火箭引擎是一個，但在更廣泛的航太與國防零組件方面，我們也看到需求顯著增加。

Great. Thank you for taking my questions.

很好。謝謝你回答我的問題。

(Operator Instruction) Jan Engelbrecht, Baird.

（接線員指示）Baird 的 Jan Engelbrecht。

Good afternoon, Scott, Joe and John. Congrats on another nice set of results.

下午好，Scott、Joe 和 John。恭喜再度交出一份漂亮的成績。

I think I'll stay with JLWS and just wanted to see that contract structure. Should we assume that sort of healthy two roles. Rolls into that or are they two separate things if there's additional work that the government wants to do on HELSI-2? And then just a quick cleanup on that sort of announcement. I noticed that the ceiling value for nLIGHT was listed as $607 million and then I think the Department of War put out a ceiling value for the second vendor and yourself of $847 million. Should we sort of read into that that you're sort of getting three, basically about 75% of that contract if the ceiling values are reached, or would you caution us against that? Thank you.

我想我會繼續問 JLWS，想了解一下那份合約的結構。我們是否應該假設那種相當健康的兩個角色會納入其中？還是說，如果政府希望在 HELSI-2 上做額外工作，這兩者其實是兩件分開的事？另外再快速釐清一下那個公告。我注意到 nLIGHT 的合約上限金額列為 6.07 億美元，而我想國防部（Department of War）對第二家供應商以及你們自己公布的上限金額是 8.47 億美元。如果達到上限金額，我們是否可以解讀為你們大概會拿到該合約的三份、也就是約 75%？還是你會提醒我們不要這樣解讀？謝謝。

No, second question first, your math is right on that, Jan. So the 627 is the ceiling for the contract that we were awarded. And then to your first part of your question, HELSI-2 and JLWS are two separate contracts. JLWS has a particular scope of work that was defined in our release and in the Department of War's release, and HELSI-2 remains on track for us to deliver the 1-megawatt laser late in 2026.

不，先回答第二個問題，你的計算是對的，Jan。所以 6.27 億美元是我們獲授合約的上限。至於你問題的第一部分，HELSI-2 和 JLWS 是兩份不同的合約。JLWS 有特定的工作範疇，已在我們的新聞稿以及國防部的新聞稿中說明；而 HELSI-2 仍按計畫推進，我們預計在 2026 年底交付 1 兆瓦雷射。

Perfect. Thanks, Joe. If I may, with a quick follow-up. There was some recent announcement on the inventory squad vehicle heavy program. I think they want to procure just three prototypes initially, but there's plans for 600 vehicles over the lifetime. And I think the whole idea that the government wants to do there is to sort of have a hybrid onboard power, sort of a generator and then a battery. And I think that directly would benefit nLIGHT just as we think about sort of mobile platforms that can actually have enough power to house these laser weapon systems. Is that how you guys are seeing it and are you seeing enough work being done. And sort of maybe call it VC funding or just investments in general that are going to actually solving the power bottleneck, cause it does seem like beam quality and lethality is not really the issue here for laser weapon systems, it's power constraints. So just wanted to get your thoughts on that. Thank you.

完美。謝謝，Joe。如果可以的話，我再追問一個。最近有關於「步兵班用車輛重型（inventory squad vehicle heavy）」計畫的公告。我想他們一開始只打算採購三台原型車，但整個生命週期內規劃要有 600 輛車。而我認為政府的想法是要做一種混合式車載電力，也就是發電機加上電池。我想這會直接讓 nLIGHT 受益，因為我們在思考能夠提供足夠電力、以搭載這些雷射武器系統的機動平台。你們也是這樣看嗎？你們是否看到足夠的工作正在進行？以及某種程度上可以稱為創投資金（VC funding）或一般投資，是否正在實際解決電力瓶頸？因為看起來對雷射武器系統而言，光束品質與致命性並不是主要問題，反而是電力限制。想聽聽你們的看法。謝謝。

Yeah, I think that that program is one example of improvements in the broader set of technology that is important here, and you're exactly right. That having power supplies continue to improve is important, but it's one of many programs that are going on that are addressing those issues, ground, naval, airborne, other platforms, important work going on there, and we're seeing progress there.

是的，我認為那個計畫是更廣泛技術改進的一個例子，而你說得完全正確。電源供應持續改善很重要，但這只是眾多正在進行、用來解決這些問題的計畫之一；在地面、海軍、空中以及其他平台上，都有重要工作在推進，我們也看到那方面的進展。

Perfect. Thanks, Scott. Appreciate it. Thanks for taking my question.

完美。謝謝，Scott。感謝。謝謝你回答我的問題。

Greg Palm, Craig Hallum.

Craig Hallum 的 Greg Palm。

Yeah, thanks for taking the follow-up. Just given this $17 million impact, I'm just curious how that is impacting your assumptions by segment. And so I guess my question is, can you give us a little bit better sense of how you're thinking about revenue? Was there no change to defense relative to what you were thinking a couple weeks ago? And this is like 100% coming out of industrial and Microfab. Of the two, is there one where it's more impacted versus the other?

是的，謝謝讓我追問。考量到這 1,700 萬美元的影響，我想了解這如何影響你們按事業部門的假設。所以我的問題是，你們能否更清楚地說明你們對營收的看法？相較於幾週前你們的預期，國防業務完全沒有變化嗎？而這 100% 都是來自工業與 Microfab 的減少嗎？在這兩者之中，哪一個受到的影響更大？

Yeah, so first, Greg, the demand, when we talk about a strong demand environment, as you've seen in the first two quarters of the year, it really has been broad based. And then when we look at the expected unfulfilled demand in the third quarter at the midpoint of our guide, certainly much more of it is coming from the commercial end markets than the defense end markets. But as there's some commercial items that we sell that are reported as A&D. So it's not 100% of it, but it's largely commercial oriented in terms of the shortfall.

好的，Greg，首先，當我們談到強勁的需求環境時，如你在今年前兩季所看到的，確實是廣泛分布的。而當我們在指引中點位數來看第三季預期未能滿足的需求時，其中更大部分確實來自商業終端市場，而非國防終端市場。但我們也有一些商業產品的銷售會被歸類為航太與國防（A&D）。所以並不是 100%，但就缺口而言，主要仍偏向商業端。

I guess what I'm getting at, I mean, should we assume that commercial revenues are down significantly year over year because of this or not necessarily?

我的意思是，我們是否應該假設商業營收因此而年對年大幅下滑，還是不一定？

No, I mean, Greg, we don't guide with that level of specificity. I think what we talked about at the end of. 2025 was that there was going to be a headwind from the cutting and welding business. We've done a little bit better than we thought there. The additive manufacturing business has had better demand and better performance than we had anticipated and as has the microfabrication markets, right? We've talked about a kind of through cycle range of $8 million to $12 million a quarter. We've been performing this year on the upper end of that range. And we would have expected that to continue in the second half of the year, if not for some of these supply chain challenges. So the demand is still there. Timing of execution, that's where we're a little bit less certain around Q4 at this point.

不，我是說，Greg，我們不會以那麼細的層級提供指引。我想我們在 2025 年底談到的是，切割與焊接業務會帶來逆風。那部分我們的表現比原先預期稍好一些。增材製造業務的需求與表現都比我們預期更好，微加工（microfabrication）市場也是如此，對吧？我們談過一個穿越景氣循環的區間，大約每季 800 萬到 1,200 萬美元。今年我們的表現落在該區間的上緣。若不是因為一些供應鏈挑戰，我們原本預期下半年會延續這樣的表現。所以需求仍然存在。執行時點——目前我們對第四季的把握度稍微低一些。

Yeah. Okay. I think you're clear. Thanks.

好的。明白。我想你講得很清楚。謝謝。

Thank you.

謝謝。

We have reached the end of the Q&A session. I will now turn the call back to John Marchetti for closing remarks.

問答環節到此結束。我現在把電話交回給 John Marchetti 作結語。

Thank you 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, and we look forward to speaking with you during those events and throughout the quarter. Have a great day.

感謝各位今天下午參與，也謝謝大家持續關注 nLIGHT。接下來幾週我們將參加數場投資人會議，期待在這些活動以及本季期間與各位交流。祝各位有美好的一天。

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

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。