Sign In  |  Register  |  About Livermore  |  Contact Us

Livermore, CA
September 01, 2020 1:25pm
7-Day Forecast | Traffic
  • Search Hotels in Livermore

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

Laser Photonics Announces First Quarter 2024 Results

Revenue increased 10%; reduced operating loss by 39%; reduced net loss and diluted loss per share by 57% each

ORLANDO, FL / ACCESSWIRE / May 14, 2024 / 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, 2024.

Wayne Tupuola, CEO of Laser Photonics, commented: "Our first quarter generally showed positive momentum with 10% revenue growth and significant operating and net loss reductions. Despite CleanTech making up over 80% of sales, our gross margin was down from last year as we sold several lower power systems in the quarter. Now that we've ramped our sales and marketing resources, our next priority is to refine our production processes and improve the cost efficiency of our manufacturing operations, which should drive improvements to our cost of goods sold in time."

First Quarter Financial Highlights (FY24 vs FY23)

  • Revenue increased 9.9% to $0.7 million;
  • Gross Profit decreased 4.9% to $0.4 million; Gross Margin decreased to 52.0% from 60.1%;
  • GAAP Operating loss decreased 39.2% to ($0.5) million versus ($0.9) million;
  • GAAP Net Loss and Loss per Share decreased 56.6% to ($0.5) million and 57.1% to ($0.06) versus ($1.3) million and ($0.14), respectively.
Select Financial Metrics 2024 Versus 2023
(in $M except for EPS)
1Q24 1Q23 Change
Revenue
$ 0.7 $ 0.7 9.9 %
Gross Profit
$ 0.4 $ 0.4 -4.9 %
Gross Margin
52.0 % 60.1 %
Operating Loss
$ (0.5 ) $ (0.9 ) 39.2 %
Net Loss
$ (0.5 ) $ (1.3 ) 56.6 %
Diluted Loss per Share (EPS)
$ (0.06 ) $ (0.14 ) 57.1 %
*numbers may not add due to rounding

First Quarter Business Highlights

Announced Customer Orders

  • Pima Air & Space Museum acquired a CleanTech LPC-1000-CTHS Laser Cleaning System
  • Liberty Utilities acquired a Markstar Pro Laser Marking System
  • Mine System Solutions acquired a CleanTech LPC-3000-CTHD and a MarkStar Pro Laser Marking System
  • Sustainable Solutions Co., Ltd. acquired a CleanTech LPC-500-CTHD Laser Cleaning System
  • Karavan Trailers, LLC acquired a CleanTech LPC-1500-CTHD Laser Cleaning System

Distribution Agreements

  • Signed a distribution agreement for laser cleaning and personal protective equipment with the Fastenal Company , one of the country's largest industrial distributors
  • Established a sales and distribution agreement with Incredible Supply and Logistics (ISL) , a leading national marketer and distributor to the U.S. Government and DoD

Conference Call and Webcast Information

Management will host a conference call and webcast to review the Company's results. Investors can submit questions ahead of time to laser@haydenir.com .

Conference Call Date/Time: Tuesday, May 14, 2024 10:00 a.m. Eastern Time

Toll Free: 1-877-407-3982
Toll/International: 1-201-493-6780

Call meâ„¢ Call meâ„¢

  • Participants can use guest dial-in numbers above and be answered by an operator OR click the Call meâ„¢ link for instant telephone access to the event. The Call meâ„¢ link will become active 15 minutes before the scheduled start time.

Webcast Location: https://viavid.webcasts.com/starthere.jsp?ei=1671875&tp_key=7948928750

Replay

Toll Free: 1-844-512-2921
Toll/International: 1-412-317-6671
Replay Pin Number: 13746685
Replay Start: Tuesday, May 14, 2024, 12:00 p.m. ET
Replay Expiry: Tuesday, May 28, 2024, 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 www.laserphotonics.com .

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:
laser@haydenir.com

CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except par value data)
(unaudited)


Quarter Ended March 31,

2024 2023
Assets


Current Assets:


Cash and Cash Equivalents
$ 5,173,125 $ 10,815,691
Accounts Receivable, Net
443,309 102,239
Inventory
2,167,000 1,274,148
Other Assets
114,755 183,062
Total Current Assets
7,898,189 12,375,140
Property, Plant, & Equipment, Net
1,013,638 1,115,025
Intangible Assets, Net
4,195,597 2,882,236
Operating Lease Right-of-Use Asset
477,363 741,464
Total Assets
$ 13,584,787 $ 17,113,865

Liabilities & Stockholders' Equity
Current Liabilities:
Accounts Payable
$ 306,302 $ 408,995
BOFA Master CC 7530
62,440 11,593
Deferred Revenue
772,686 -
Current Portion of Operating Lease
314,373 344,510
Accrued Expenses
16,567 77,929
Total Current Liabilities
1,472,368 843,027
Long Term Liabilities:
Lease liability - less current
162,991 162,991
Total Long Term Liabilities
162,991 162,991
Total Liabilities
$ 1,635,359 $ 1,006,018

Stockholders' Equity:
Preferred stock Par value $0.001: 10,000,000 shares authorized. 0 Issued: 0 shares were outstanding as of December 31, 2022, and 2023.
- -
Common Stock Par Value $0.001: 100,000,000 shares authorized; 9,253,419 and 7,878,419 issued and outstanding as of December 31, 2023 and 2022.
92,703 78,783
Additional Paid in Capital
18,110,923 18,140,520
Shares to be issued
- 829,500
Retained Earnings (Deficit)
(5,683,247 ) (1,917,315 )
Treasury Stock
(25,240 ) -
Net Income (Loss)
(545,709 ) (1,257,605 )
Total Stockholders' Equity
$ 11,949,430 $ 15,873,883
Total Liabilities & Stockholders' Equity
$ 13,584,789 $ 16,879,901

STATEMENTS OF PROFIT AND LOSS
(in thousands, except per share data)
(unaudited)



Quarter Ended March 31,


2024 2023
Net Sales
$ 742,991 $ 676,192
Cost of Sales
357,123 269,897
Other Income
- -
Gross Profit
$ 385,868 $ 406,295
Operating Expenses:
Sales & Marketing
136,610 262,925
General & Administrative
356,265 575,866
Depreciation & Amortization
185,316 83,137
Payroll Expenses
208,455 343,702
Other Expense
- -
Research and Development Cost
47,691 40,254
Total Operating Expenses
934,338 1,305,882
Operating Income (Loss)
$ (548,470 ) $ (899,588 )
Other Income (Expenses):
Interest Expense
- -
Total Other Income (Loss)
2,760 (358,017 )
Income (Loss) Before Tax
$ (545,709 ) $ (1,257,605 )
Tax Provision
0
Net Income (Loss)
$ (545,709 ) $ (1,257,605 )
Income (Loss) per Share:
Basic
$ (0.06 ) $ (0.14 )
Diluted
$ (0.06 ) $ (0.14 )
Weighted Average Shares Outstanding, Basic
9,008,910 6,034,952

STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)


March 31,

2024 2023
Cash Flows From:


OPERATING ACTIVITIES


Net Income (Loss)
$ (545,709 ) $ (1,257,605 )
Adjustments to Reconcile Net Income (Loss) to Net Cash Flow from Operating Activities:
Shares issued on conversion of debt
- -
Shares to be issued as consideration for services
-
Shares issued for compensation
33,336
Distribution to affiliate
(1,019,687 )
Depreciation & Amortization
185,316 83,137
Net Change, Right-of-Use Asset & Liabilities
-
Change in Operating Assets & Liabilities:
Accounts Receivable
373,055 319,123
Inventory
110,816 (228,129 )
Prepaids & Other Current Assets
(75,565 ) (98,942 )
Stock Account
Accounts Payable
83,261 218,608
Accrued Expenses
(82,531 ) (351,500 )
21030 ?? Deferred Revenue
71,453
Net Cash From (Used In) Operating Activities
$ (866,257 ) $ (1,315,308 )

INVESTING ACTIVITIES
Purchase of Machinery & Equipment
(2,869 ) (1,399 )
Affiliate companies
(1 )
Purchase of R&D Equipment
(4,095 ) -
Demonstration Equipment
- -
Office & Computer Equipment
(3,738 ) (49,402 )
Leasehold Improvements
(151,052 )
Purchase of Intangible Assets
-
Net Cash From (Used In) Investing Activities
$ (161,754 ) $ (50,801 )

FINANCING ACTIVITIES
Proceeds from (Repayment of) Notes
- -
Proceeds from (Repayment of) PPP Loan
Dividends Paid
- -
Proceeds from Sale of Common Stock
Net Cash From (Used In) Financing Activities
- -
Net Cash Flow for Period
$ (1,028,011 ) $ (1,366,109 )
Cash - Beginning of Period
6,201,137 12,181,799
Cash - End of Period
$ 5,173,126 $ 10,815,690

SOURCE: Laser Photonics Corp.



View the original press release on accesswire.com

Data & News supplied by www.cloudquote.io
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.
 
 
Copyright © 2010-2020 Livermore.com & California Media Partners, LLC. All rights reserved.