|
Delaware
|
|
91-2066376
|
||
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification Number)
|
Title of Each Class
|
Trading Symbol
|
Name of Exchange on which Registered
|
Common Stock, par value
$0.0001 per share |
LASR
|
The Nasdaq Stock Market LLC
|
Large Accelerated Filer
|
☐
|
Accelerated Filer
|
☒
|
Non-Accelerated Filer
|
☐
|
Smaller Reporting Company
|
☐
|
|
|
|
|
|
|
Emerging Growth Company
|
☒
|
|
TABLE OF CONTENTS
|
|
|
Page
|
|
|
|
As of
|
||||||
|
June 30, 2020
|
|
December 31, 2019
|
||||
Assets
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
120,899
|
|
|
$
|
117,252
|
|
Accounts receivable, net of allowances of $309 and $269
|
23,891
|
|
|
27,126
|
|
||
Inventory
|
50,611
|
|
|
46,131
|
|
||
Prepaid expenses and other current assets
|
9,883
|
|
|
8,084
|
|
||
Total current assets
|
205,284
|
|
|
198,593
|
|
||
Property, plant and equipment, net of accumulated depreciation of $61,789 and $58,633
|
41,349
|
|
|
27,747
|
|
||
Lease right-of-use assets
|
11,080
|
|
|
—
|
|
||
Intangible assets, net of accumulated amortization of $4,937 and $3,150
|
8,849
|
|
|
10,006
|
|
||
Goodwill
|
9,972
|
|
|
9,872
|
|
||
Other assets, net
|
4,840
|
|
|
3,748
|
|
||
Total assets
|
$
|
281,374
|
|
|
$
|
249,966
|
|
|
|
|
|
||||
Liabilities and Stockholders’ Equity
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
20,343
|
|
|
$
|
12,700
|
|
Accrued liabilities
|
12,179
|
|
|
11,605
|
|
||
Deferred revenues
|
2,191
|
|
|
679
|
|
||
Lease liabilities
|
2,480
|
|
|
—
|
|
||
Current portion of long-term debt
|
5
|
|
|
51
|
|
||
Total current liabilities
|
37,198
|
|
|
25,035
|
|
||
Non-current income taxes payable
|
6,656
|
|
|
6,429
|
|
||
Long-term lease liabilities
|
8,896
|
|
|
—
|
|
||
Long-term debt
|
15,000
|
|
|
—
|
|
||
Other long-term liabilities
|
2,299
|
|
|
1,894
|
|
||
Total liabilities
|
70,049
|
|
|
33,358
|
|
||
Stockholders' equity:
|
|
|
|
||||
Common stock - $0.0001 par value; 190,000 shares authorized, 38,850 shares issued and outstanding at June 30, 2020 and 38,084 shares issued and outstanding at December 31, 2019
|
15
|
|
|
15
|
|
||
Additional paid-in capital
|
345,917
|
|
|
336,732
|
|
||
Accumulated other comprehensive loss
|
(2,848
|
)
|
|
(2,685
|
)
|
||
Accumulated deficit
|
(131,759
|
)
|
|
(117,454
|
)
|
||
Total stockholders’ equity
|
211,325
|
|
|
216,608
|
|
||
Total liabilities and stockholders’ equity
|
$
|
281,374
|
|
|
$
|
249,966
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Revenue:
|
|
|
|
|
|
|
|
||||||||
Products
|
$
|
45,104
|
|
|
$
|
48,048
|
|
|
$
|
82,034
|
|
|
$
|
89,909
|
|
Development
|
7,034
|
|
|
—
|
|
|
13,319
|
|
|
—
|
|
||||
Total revenue
|
52,138
|
|
|
48,048
|
|
|
95,353
|
|
|
89,909
|
|
||||
Cost of revenue:
|
|
|
|
|
|
|
|
||||||||
Products
|
32,597
|
|
|
32,177
|
|
|
60,497
|
|
|
60,524
|
|
||||
Development
|
6,485
|
|
|
—
|
|
|
12,299
|
|
|
—
|
|
||||
Total cost of revenue
|
39,082
|
|
|
32,177
|
|
|
72,796
|
|
|
60,524
|
|
||||
Gross profit
|
13,056
|
|
|
15,871
|
|
|
22,557
|
|
|
29,385
|
|
||||
Operating expenses:
|
|
|
|
|
|
|
|
||||||||
Research and development
|
9,472
|
|
|
6,494
|
|
|
18,010
|
|
|
12,916
|
|
||||
Sales, general, and administrative
|
9,633
|
|
|
8,572
|
|
|
17,333
|
|
|
16,716
|
|
||||
Total operating expenses
|
19,105
|
|
|
15,066
|
|
|
35,343
|
|
|
29,632
|
|
||||
Income (loss) from operations
|
(6,049
|
)
|
|
805
|
|
|
(12,786
|
)
|
|
(247
|
)
|
||||
Other income (expense):
|
|
|
|
|
|
|
|
||||||||
Interest income (expense), net
|
(65
|
)
|
|
740
|
|
|
218
|
|
|
1,490
|
|
||||
Other income (expense), net
|
(298
|
)
|
|
(907
|
)
|
|
(414
|
)
|
|
(87
|
)
|
||||
Income (loss) before income taxes
|
(6,412
|
)
|
|
638
|
|
|
(12,982
|
)
|
|
1,156
|
|
||||
Income tax expense
|
418
|
|
|
793
|
|
|
1,323
|
|
|
2,546
|
|
||||
Net loss
|
$
|
(6,830
|
)
|
|
$
|
(155
|
)
|
|
$
|
(14,305
|
)
|
|
$
|
(1,390
|
)
|
Net loss per share, basic
|
$
|
(0.18
|
)
|
|
$
|
0.00
|
|
|
$
|
(0.38
|
)
|
|
$
|
(0.04
|
)
|
Net loss per share, diluted
|
$
|
(0.18
|
)
|
|
$
|
0.00
|
|
|
$
|
(0.38
|
)
|
|
$
|
(0.04
|
)
|
Shares used in per share calculations:
|
|
|
|
|
|
|
|
||||||||
Basic
|
38,177
|
|
|
37,065
|
|
|
38,003
|
|
|
36,880
|
|
||||
Diluted
|
38,177
|
|
|
37,065
|
|
|
38,003
|
|
|
36,880
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Net loss
|
$
|
(6,830
|
)
|
|
$
|
(155
|
)
|
|
$
|
(14,305
|
)
|
|
$
|
(1,390
|
)
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustments, net of tax
|
333
|
|
|
317
|
|
|
(163
|
)
|
|
57
|
|
||||
Comprehensive income (loss)
|
$
|
(6,497
|
)
|
|
$
|
162
|
|
|
$
|
(14,468
|
)
|
|
$
|
(1,333
|
)
|
|
Three Months Ended June 30, 2020
|
|||||||||||||||||||||
|
Common stock
|
|
Additional paid-in capital
|
|
Accumulated other comprehensive income (loss)
|
|
Accumulated deficit
|
|
Total stockholders' equity
|
|||||||||||||
|
Shares
|
|
Amount
|
|
|
|
|
|||||||||||||||
Balance, March 31, 2020
|
38,473
|
|
|
$
|
15
|
|
|
$
|
341,042
|
|
|
$
|
(3,181
|
)
|
|
$
|
(124,929
|
)
|
|
$
|
212,947
|
|
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,830
|
)
|
|
(6,830
|
)
|
|||||
Issuance of common stock pursuant to exercise of stock options
|
145
|
|
|
—
|
|
|
299
|
|
|
—
|
|
|
—
|
|
|
299
|
|
|||||
Issuance of common stock pursuant to vesting of restricted stock awards and units, net of stock withheld for tax
|
193
|
|
|
—
|
|
|
(2,146
|
)
|
|
—
|
|
|
—
|
|
|
(2,146
|
)
|
|||||
Issuance of common stock under the Employee Stock Purchase Plan
|
39
|
|
|
—
|
|
|
685
|
|
|
—
|
|
|
—
|
|
|
685
|
|
|||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
6,037
|
|
|
—
|
|
|
—
|
|
|
6,037
|
|
|||||
Cumulative translation adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
333
|
|
|
—
|
|
|
333
|
|
|||||
Balance, June 30, 2020
|
38,850
|
|
|
$
|
15
|
|
|
$
|
345,917
|
|
|
$
|
(2,848
|
)
|
|
$
|
(131,759
|
)
|
|
$
|
211,325
|
|
|
Six Months Ended June 30, 2020
|
|||||||||||||||||||||
|
Common stock
|
|
Additional paid-in capital
|
|
Accumulated other comprehensive loss
|
|
Accumulated deficit
|
|
Total stockholders' equity
|
|||||||||||||
|
Shares
|
|
Amount
|
|
|
|||||||||||||||||
Balance, December 31, 2019
|
38,084
|
|
|
$
|
15
|
|
|
$
|
336,732
|
|
|
$
|
(2,685
|
)
|
|
$
|
(117,454
|
)
|
|
$
|
216,608
|
|
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(14,305
|
)
|
|
(14,305
|
)
|
|||||
Issuance of common stock pursuant to exercise of stock options
|
518
|
|
|
—
|
|
|
857
|
|
|
—
|
|
|
—
|
|
|
857
|
|
|||||
Issuance of common stock pursuant to vesting of restricted stock awards and units, net of stock withheld for tax
|
209
|
|
|
—
|
|
|
(2,157
|
)
|
|
—
|
|
|
—
|
|
|
(2,157
|
)
|
|||||
Issuance of common stock under the Employee Stock Purchase Plan
|
39
|
|
|
—
|
|
|
685
|
|
|
—
|
|
|
—
|
|
|
685
|
|
|||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
9,800
|
|
|
—
|
|
|
—
|
|
|
9,800
|
|
|||||
Cumulative translation adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
(163
|
)
|
|
—
|
|
|
(163
|
)
|
|||||
Balance, June 30, 2020
|
38,850
|
|
|
$
|
15
|
|
|
$
|
345,917
|
|
|
$
|
(2,848
|
)
|
|
$
|
(131,759
|
)
|
|
$
|
211,325
|
|
|
Three Months Ended June 30, 2019
|
|||||||||||||||||||||
|
Common stock
|
|
Additional paid-in capital
|
|
Accumulated other comprehensive income (loss)
|
|
Accumulated deficit
|
|
Total stockholders' equity
|
|||||||||||||
|
Shares
|
|
Amount
|
|
|
|
|
|||||||||||||||
Balance, March 31, 2019
|
36,906
|
|
|
$
|
15
|
|
|
$
|
326,870
|
|
|
$
|
(2,417
|
)
|
|
$
|
(105,805
|
)
|
|
$
|
218,663
|
|
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(155
|
)
|
|
(155
|
)
|
|||||
Issuance of common stock pursuant to exercise of stock options
|
317
|
|
|
—
|
|
|
449
|
|
|
—
|
|
|
—
|
|
|
449
|
|
|||||
Issuance of common stock pursuant to vesting of restricted stock awards and units, net of stock withheld for tax
|
399
|
|
|
—
|
|
|
(480
|
)
|
|
—
|
|
|
—
|
|
|
(480
|
)
|
|||||
Issuance of common stock under the Employee Stock Purchase Plan
|
43
|
|
|
—
|
|
|
762
|
|
|
—
|
|
|
—
|
|
|
762
|
|
|||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
2,381
|
|
|
—
|
|
|
—
|
|
|
2,381
|
|
|||||
Cumulative translation adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
317
|
|
|
—
|
|
|
317
|
|
|||||
Balance, June 30, 2019
|
37,665
|
|
|
$
|
15
|
|
|
$
|
329,982
|
|
|
$
|
(2,100
|
)
|
|
$
|
(105,960
|
)
|
|
$
|
221,937
|
|
|
Six Months Ended June 30, 2019
|
|||||||||||||||||||||
|
Common stock
|
|
Additional paid-in capital
|
|
Accumulated other comprehensive income (loss)
|
|
Accumulated deficit
|
|
Total stockholders' equity
|
|||||||||||||
|
Shares
|
|
Amount
|
|
|
|
|
|||||||||||||||
Balance, December 31, 2018
|
36,705
|
|
|
$
|
15
|
|
|
$
|
324,656
|
|
|
$
|
(2,157
|
)
|
|
$
|
(104,731
|
)
|
|
$
|
217,783
|
|
Cumulative effect adjustment due to adoption of ASU 2018-07
|
—
|
|
|
—
|
|
|
(161
|
)
|
|
—
|
|
|
161
|
|
|
—
|
|
|||||
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,390
|
)
|
|
(1,390
|
)
|
|||||
Issuance of common stock pursuant to exercise of stock options
|
518
|
|
|
—
|
|
|
915
|
|
|
—
|
|
|
—
|
|
|
915
|
|
|||||
Issuance of common stock pursuant to vesting of restricted stock awards and units, net of stock withheld for tax
|
399
|
|
|
—
|
|
|
(480
|
)
|
|
—
|
|
|
—
|
|
|
(480
|
)
|
|||||
Issuance of common stock under the Employee Stock Purchase Plan
|
43
|
|
|
—
|
|
|
762
|
|
|
—
|
|
|
—
|
|
|
762
|
|
|||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
4,290
|
|
|
—
|
|
|
—
|
|
|
4,290
|
|
|||||
Cumulative translation adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
57
|
|
|
—
|
|
|
57
|
|
|||||
Balance, June 30, 2019
|
37,665
|
|
|
$
|
15
|
|
|
$
|
329,982
|
|
|
$
|
(2,100
|
)
|
|
$
|
(105,960
|
)
|
|
$
|
221,937
|
|
|
Six Months Ended June 30,
|
||||||
|
2020
|
|
2019
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net loss
|
$
|
(14,305
|
)
|
|
$
|
(1,390
|
)
|
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
|
|
|
|
||||
Depreciation
|
3,614
|
|
|
3,205
|
|
||
Amortization
|
2,815
|
|
|
1,276
|
|
||
Reduction in carrying amount of right-of-use assets
|
1,425
|
|
|
—
|
|
||
Provision for losses on accounts receivable
|
62
|
|
|
33
|
|
||
Stock-based compensation
|
9,800
|
|
|
4,290
|
|
||
Loss on disposal of assets
|
—
|
|
|
5
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Accounts receivable, net
|
3,012
|
|
|
(4,334
|
)
|
||
Inventory
|
(4,457
|
)
|
|
(6,987
|
)
|
||
Prepaid expenses and other current assets
|
(1,801
|
)
|
|
3,192
|
|
||
Other assets
|
(2,131
|
)
|
|
(1,800
|
)
|
||
Accounts payable
|
7,400
|
|
|
1,111
|
|
||
Accrued and other long-term liabilities
|
1,243
|
|
|
(25
|
)
|
||
Deferred revenues
|
1,519
|
|
|
(141
|
)
|
||
Lease liabilities
|
(1,428
|
)
|
|
—
|
|
||
Non-current income taxes payable
|
234
|
|
|
382
|
|
||
Net cash provided by (used in) operating activities
|
7,002
|
|
|
(1,183
|
)
|
||
Cash flows from investing activities:
|
|
|
|
||||
Purchases of property, plant and equipment
|
(17,040
|
)
|
|
(6,110
|
)
|
||
Capitalization of patents
|
(628
|
)
|
|
(806
|
)
|
||
Net cash used in investing activities
|
(17,668
|
)
|
|
(6,916
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Proceeds from debt financing
|
15,000
|
|
|
—
|
|
||
Principal payments on debt and financing leases
|
(45
|
)
|
|
(50
|
)
|
||
Proceeds from employee stock plan purchases
|
685
|
|
|
762
|
|
||
Proceeds from stock option exercises
|
857
|
|
|
915
|
|
||
Tax payments related to stock award issuances
|
(2,157
|
)
|
|
(480
|
)
|
||
Net cash provided by financing activities
|
14,340
|
|
|
1,147
|
|
||
Effect of exchange rate changes on cash
|
(27
|
)
|
|
135
|
|
||
Net increase (decrease) in cash and cash equivalents
|
3,647
|
|
|
(6,817
|
)
|
||
Cash and cash equivalents, beginning of period
|
117,252
|
|
|
149,478
|
|
||
Cash and cash equivalents, end of period
|
$
|
120,899
|
|
|
$
|
142,661
|
|
Supplemental disclosures:
|
|
|
|
||||
Cash received for interest
|
$
|
316
|
|
|
$
|
1,552
|
|
Cash paid for income taxes
|
1,015
|
|
|
1,393
|
|
||
Accrued purchases of property, equipment and patents
|
993
|
|
|
952
|
|
||
Supplemental disclosure of noncash investing and financing activities:
|
|
|
|
||||
Right-of-use assets obtained in exchange for lease liabilities
|
$
|
12,408
|
|
|
$
|
—
|
|
|
|
Valuation as of
|
|
|
|
Balances as of
|
||||||
|
|
November 14, 2019
|
|
Adjustments
|
|
June 30, 2020
|
||||||
Cash
|
$
|
33
|
|
|
$
|
—
|
|
|
$
|
33
|
|
|
Accounts receivable
|
635
|
|
|
—
|
|
|
635
|
|
||||
Contract assets
|
456
|
|
|
—
|
|
|
456
|
|
||||
Inventory
|
255
|
|
|
—
|
|
|
255
|
|
||||
Other current assets
|
201
|
|
|
—
|
|
|
201
|
|
||||
Property, plant and equipment
|
1,019
|
|
|
—
|
|
|
1,019
|
|
||||
Security deposits
|
46
|
|
|
—
|
|
|
46
|
|
||||
|
Tangible assets acquired
|
2,645
|
|
|
—
|
|
|
2,645
|
|
|||
|
|
|
|
|
|
|
||||||
Accounts payable
|
(278
|
)
|
|
—
|
|
|
(278
|
)
|
||||
Other liabilities
|
(477
|
)
|
|
(100
|
)
|
|
(577
|
)
|
||||
Deferred revenue
|
(141
|
)
|
|
—
|
|
|
(141
|
)
|
||||
|
Liabilities assumed
|
(896
|
)
|
|
(100
|
)
|
|
(996
|
)
|
|||
|
Total tangible assets acquired and liabilities assumed
|
1,749
|
|
|
(100
|
)
|
|
1,649
|
|
|||
Intangible assets
|
7,200
|
|
|
|
|
7,200
|
|
|||||
Goodwill
|
8,484
|
|
|
100
|
|
|
8,584
|
|
||||
|
Net assets acquired
|
$
|
17,433
|
|
|
$
|
—
|
|
|
$
|
17,433
|
|
|
Amount
|
|
Weighted-Average Useful Life (in years)
|
||
Development programs
|
$
|
7,200
|
|
|
3.1
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Industrial
|
$
|
22,630
|
|
|
$
|
20,920
|
|
|
$
|
38,620
|
|
|
$
|
39,044
|
|
Microfabrication
|
14,300
|
|
|
18,094
|
|
|
24,719
|
|
|
32,627
|
|
||||
Aerospace and Defense
|
15,208
|
|
|
9,034
|
|
|
32,014
|
|
|
18,238
|
|
||||
|
$
|
52,138
|
|
|
$
|
48,048
|
|
|
$
|
95,353
|
|
|
$
|
89,909
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
North America
|
$
|
20,494
|
|
|
$
|
18,142
|
|
|
$
|
41,540
|
|
|
$
|
33,912
|
|
China
|
21,495
|
|
|
18,201
|
|
|
33,537
|
|
|
31,854
|
|
||||
Rest of World
|
10,149
|
|
|
11,705
|
|
|
20,276
|
|
|
24,143
|
|
||||
|
$
|
52,138
|
|
|
$
|
48,048
|
|
|
$
|
95,353
|
|
|
$
|
89,909
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Point in time
|
$
|
45,273
|
|
|
$
|
46,886
|
|
|
$
|
82,203
|
|
|
$
|
87,493
|
|
Over time
|
6,865
|
|
|
1,162
|
|
|
13,150
|
|
|
2,416
|
|
||||
|
$
|
52,138
|
|
|
$
|
48,048
|
|
|
$
|
95,353
|
|
|
$
|
89,909
|
|
|
|
|
As of
|
||||||
|
Balance Sheet Classification
|
|
June 30, 2020
|
|
December 31, 2019
|
||||
Contract assets
|
Prepaid expenses and other current assets
|
|
$
|
2,572
|
|
|
$
|
2,449
|
|
Contract liabilities
|
Deferred revenue
|
|
2,472
|
|
|
881
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Quick Laser Technology Co., Ltd.
|
15%
|
|
10%
|
|
12%
|
|
*
|
U.S. Government
|
12%
|
|
*
|
|
11%
|
|
*
|
Raytheon Technologies
|
11%
|
|
*
|
|
13%
|
|
10%
|
•
|
Level 1 Inputs: Observable inputs, such as quoted prices (unadjusted) in active markets for identical assets or liabilities at the measurement date.
|
•
|
Level 2 Inputs: Observable inputs, other than Level 1 prices, such as quoted prices in active markets for similar assets and liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
|
•
|
Level 3 Inputs: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
|
|
June 30, 2020
|
|||||||||||
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||
Money market securities
|
$
|
74,074
|
|
$
|
—
|
|
$
|
—
|
|
$
|
74,074
|
|
Commercial paper
|
4,168
|
|
—
|
|
—
|
|
4,168
|
|
||||
Total
|
$
|
78,242
|
|
$
|
—
|
|
$
|
—
|
|
$
|
78,242
|
|
|
December 31, 2019
|
|||||||||||
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||
Money market securities
|
$
|
94,260
|
|
$
|
—
|
|
$
|
—
|
|
$
|
94,260
|
|
Commercial paper
|
2,401
|
|
—
|
|
—
|
|
2,401
|
|
||||
Total
|
$
|
96,661
|
|
$
|
—
|
|
$
|
—
|
|
$
|
96,661
|
|
|
As of
|
||||||
|
June 30, 2020
|
|
December 31, 2019
|
||||
Raw materials
|
$
|
18,923
|
|
|
$
|
16,643
|
|
Work in process and semi-finished goods
|
19,580
|
|
|
17,723
|
|
||
Finished goods
|
12,108
|
|
|
11,765
|
|
||
|
$
|
50,611
|
|
|
$
|
46,131
|
|
|
|
|
As of
|
||||||
|
Useful life (years)
|
|
June 30, 2020
|
|
December 31, 2019
|
||||
Computer hardware and software
|
3-5
|
|
$
|
5,055
|
|
|
$
|
4,764
|
|
Manufacturing and lab equipment
|
2-7
|
|
63,107
|
|
|
59,395
|
|
||
Office equipment and furniture
|
5-7
|
|
1,330
|
|
|
1,462
|
|
||
Leasehold improvements
|
2-12
|
|
20,910
|
|
|
20,759
|
|
||
Buildings
|
30
|
|
9,337
|
|
|
—
|
|
||
Land
|
N/A
|
|
3,399
|
|
|
—
|
|
||
|
|
|
103,138
|
|
|
86,380
|
|
||
Accumulated depreciation
|
|
|
(61,789
|
)
|
|
(58,633
|
)
|
||
|
|
|
$
|
41,349
|
|
|
$
|
27,747
|
|
|
|
|
|
|
As of
|
||||||
|
Estimated useful life
(in years)
|
|
June 30, 2020
|
|
December 31, 2019
|
||||||
Patents
|
3
|
-
|
5
|
|
$
|
6,586
|
|
|
$
|
5,956
|
|
Development programs
|
2
|
-
|
4
|
|
7,200
|
|
|
7,200
|
|
||
|
|
|
|
|
13,786
|
|
|
13,156
|
|
||
Accumulated amortization
|
|
|
|
|
(4,937
|
)
|
|
(3,150
|
)
|
||
|
|
|
|
|
$
|
8,849
|
|
|
$
|
10,006
|
|
|
|
|
Laser Products
|
|
Advanced Development
|
|
Totals
|
||||||
Balance, December 31, 2019
|
$
|
1,387
|
|
|
$
|
8,484
|
|
|
$
|
9,872
|
|
Purchase price adjustment
|
—
|
|
|
100
|
|
|
100
|
|
|||
Balance, June 30, 2020
|
$
|
1,387
|
|
|
$
|
8,584
|
|
|
$
|
9,972
|
|
|
As of
|
||||||
|
June 30, 2020
|
|
December 31, 2019
|
||||
Demonstration assets, net
|
$
|
2,252
|
|
|
$
|
1,824
|
|
Deferred tax assets, net
|
72
|
|
|
72
|
|
||
Other
|
2,516
|
|
|
1,852
|
|
||
|
$
|
4,840
|
|
|
$
|
3,748
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Amortization expense
|
$
|
518
|
|
|
$
|
433
|
|
|
$
|
1,022
|
|
|
$
|
901
|
|
|
As of
|
||||||
|
June 30, 2020
|
|
December 31, 2019
|
||||
Accrued payroll and benefits
|
$
|
9,093
|
|
|
$
|
8,208
|
|
Product warranty, current
|
1,918
|
|
|
1,683
|
|
||
Income tax payable
|
6
|
|
|
155
|
|
||
Other accrued expenses
|
1,162
|
|
|
1,559
|
|
||
|
$
|
12,179
|
|
|
$
|
11,605
|
|
|
Six Months Ended June 30,
|
||||||
|
2020
|
|
2019
|
||||
Product warranty liability, beginning
|
$
|
2,984
|
|
|
$
|
4,555
|
|
Warranty charges incurred, net
|
(1,531
|
)
|
|
(1,161
|
)
|
||
Provision for warranty charges, net of adjustments
|
2,271
|
|
|
249
|
|
||
Acquired warranty
|
100
|
|
|
—
|
|
||
Product warranty liability, ending
|
$
|
3,824
|
|
|
$
|
3,643
|
|
Less: current portion of product warranty liability
|
(1,918
|
)
|
|
(2,002
|
)
|
||
Non-current portion of product warranty liability
|
$
|
1,906
|
|
|
$
|
1,641
|
|
|
|
|
Three Months Ended
June 30, 2020 |
|
Six Months Ended
June 30, 2020 |
||||
Lease expense:
|
|
|
|
|
|||||
|
Operating lease expense
|
|
$
|
651
|
|
|
$
|
1,420
|
|
|
Short-term lease expense
|
|
31
|
|
|
118
|
|
||
|
Variable and other lease expense
|
|
107
|
|
|
253
|
|
||
|
|
|
$
|
789
|
|
|
$
|
1,791
|
|
Remainder of 2020
|
$
|
1,582
|
|
2021
|
2,366
|
|
|
2022
|
1,711
|
|
|
2023
|
1,163
|
|
|
2024
|
1,105
|
|
|
Thereafter
|
5,582
|
|
|
|
$
|
13,509
|
|
|
|
|
Number of Restricted Stock Awards
|
|
Weighted-Average Grant Date Fair Value
|
|||
RSAs at December 31, 2019
|
|
459
|
|
|
$
|
20.49
|
|
|
|
Awards granted
|
|
—
|
|
|
—
|
|
|
|
Awards vested
|
|
(72
|
)
|
|
21.40
|
|
|
|
Awards forfeited and modified
|
|
—
|
|
|
—
|
|
|
RSAs at June 30, 2020
|
|
387
|
|
|
$
|
20.32
|
|
|
|
|
Number of Restricted Stock Units
|
|
Weighted-Average Grant Date Fair Value
|
|||
RSUs at December 31, 2019
|
|
2,407
|
|
|
$
|
19.47
|
|
|
|
Awards granted
|
|
99
|
|
|
14.28
|
|
|
|
Awards vested
|
|
(293
|
)
|
|
22.53
|
|
|
|
Awards forfeited & modified
|
|
(53
|
)
|
|
19.29
|
|
|
RSUs at June 30, 2020
|
|
2,160
|
|
|
$
|
18.81
|
|
|
Number of Options
|
|
Weighted Average Exercise Price
|
|
Weighted Average Remaining Contractual Term (Years)
|
|
Aggregate Intrinsic Value
|
|
Outstanding, December 31, 2019
|
4,239
|
|
|
$1.54
|
|
6.1
|
|
$79,443
|
Options exercised
|
(518
|
)
|
|
$1.65
|
|
|
|
|
Options canceled
|
(10
|
)
|
|
$1.16
|
|
|
|
|
Outstanding, June 30, 2020
|
3,711
|
|
|
$1.53
|
|
5.7
|
|
$76,948
|
Options exercisable at June 30, 2020
|
2,871
|
|
|
$1.04
|
|
5.4
|
|
$60,906
|
Options vested as of June 30, 2020 and expected to vest after June 30, 2020
|
3,711
|
|
|
$1.53
|
|
5.7
|
|
$76,948
|
|
|
Six Months Ended June 30, 2020
|
||
Shares issued
|
|
39
|
|
|
Weighted-average per share purchase price
|
|
$
|
17.53
|
|
Weighted-average per share discount from the fair value of the Company's common stock
on date of issuance
|
|
$
|
3.85
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Cost of revenues
|
$
|
339
|
|
|
$
|
267
|
|
|
$
|
684
|
|
|
$
|
476
|
|
Research and development
|
2,275
|
|
|
711
|
|
|
4,057
|
|
|
1,269
|
|
||||
Sales, general and administrative
|
3,423
|
|
|
1,403
|
|
|
5,059
|
|
|
2,545
|
|
||||
|
$
|
6,037
|
|
|
$
|
2,381
|
|
|
$
|
9,800
|
|
|
$
|
4,290
|
|
Remainder of 2020
|
$
|
9,086
|
|
2021
|
15,164
|
|
|
2022
|
11,001
|
|
|
2023
|
5,623
|
|
|
2024
|
20
|
|
|
|
$
|
40,894
|
|
|
Three Months Ended June 30, 2020
|
||||||||||||||
|
Laser Products
|
|
Advanced Development
|
|
Corporate and Other
|
|
Totals
|
||||||||
Revenue
|
$
|
45,104
|
|
|
$
|
7,034
|
|
|
$
|
—
|
|
|
$
|
52,138
|
|
Gross profit
|
$
|
12,846
|
|
|
$
|
549
|
|
|
$
|
(339
|
)
|
|
$
|
13,056
|
|
Gross margin
|
28.5
|
%
|
|
7.8
|
%
|
|
NM
|
|
|
25.0
|
%
|
|
Six Months Ended June 30, 2020
|
||||||||||||||
|
Laser Products
|
|
Advanced Development
|
|
Corporate and Other
|
|
Totals
|
||||||||
Revenue
|
$
|
82,034
|
|
|
$
|
13,319
|
|
|
$
|
—
|
|
|
$
|
95,353
|
|
Gross profit
|
$
|
22,221
|
|
|
$
|
1,020
|
|
|
$
|
(684
|
)
|
|
$
|
22,557
|
|
Gross margin
|
27.1
|
%
|
|
7.7
|
%
|
|
NM
|
|
|
23.7
|
%
|
|
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Numerator:
|
|
|
|
|
|
|
|
||||||||
Net loss
|
$
|
(6,830
|
)
|
|
$
|
(155
|
)
|
|
$
|
(14,305
|
)
|
|
$
|
(1,390
|
)
|
|
|
|
|
|
|
|
|
||||||||
Denominator:
|
|
|
|
|
|
|
|
||||||||
Weighted-average shares, basic
|
38,177
|
|
|
37,065
|
|
|
38,003
|
|
|
36,880
|
|
||||
Weighted-average shares, diluted
|
38,177
|
|
|
37,065
|
|
|
38,003
|
|
|
36,880
|
|
||||
Net loss per share:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
(0.18
|
)
|
|
$
|
—
|
|
|
$
|
(0.38
|
)
|
|
$
|
(0.04
|
)
|
Diluted
|
$
|
(0.18
|
)
|
|
$
|
—
|
|
|
$
|
(0.38
|
)
|
|
$
|
(0.04
|
)
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||
Restricted stock units and awards
|
2,293
|
|
|
1,906
|
|
|
2,260
|
|
|
1,906
|
|
Employee stock purchase plan
|
20
|
|
|
40
|
|
|
—
|
|
|
75
|
|
Common stock options
|
3,711
|
|
|
4,615
|
|
|
3,711
|
|
|
4,615
|
|
Total
|
6,024
|
|
|
6,561
|
|
|
5,971
|
|
|
6,596
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||
Revenue:
|
|
|
|
|
|
|
|
||||
Products
|
86.5
|
%
|
|
100.0
|
%
|
|
86.0
|
%
|
|
100.0
|
%
|
Development
|
13.5
|
%
|
|
—
|
|
|
14.0
|
|
|
—
|
|
Total revenue
|
100.0
|
%
|
|
100.0
|
|
|
100.0
|
|
|
100.0
|
|
Cost of revenue:
|
|
|
|
|
|
|
|
||||
Products
|
62.5
|
|
|
67.0
|
|
|
63.4
|
|
|
67.3
|
|
Development
|
12.5
|
|
|
—
|
|
|
12.9
|
|
|
—
|
|
Total cost of revenue
|
75.0
|
|
|
67.0
|
|
|
76.3
|
|
|
67.3
|
|
Gross profit
|
25.0
|
|
|
33.0
|
|
|
23.7
|
|
|
32.7
|
|
Operating expenses:
|
|
|
|
|
|
|
|
||||
Research and development
|
18.1
|
|
|
13.5
|
|
|
18.9
|
|
|
14.4
|
|
Sales, general, and administrative
|
18.5
|
|
|
17.8
|
|
|
18.2
|
|
|
18.6
|
|
Total operating expenses
|
36.6
|
|
|
31.3
|
|
|
37.1
|
|
|
33.0
|
|
Loss from operations
|
(11.6
|
)
|
|
1.7
|
|
|
(13.4
|
)
|
|
(0.3
|
)
|
Other income (expense):
|
|
|
|
|
|
|
|
||||
Interest income (expense), net
|
(0.1
|
)
|
|
1.6
|
|
|
0.2
|
|
|
1.7
|
|
Other income (expense), net
|
(0.6
|
)
|
|
(1.9
|
)
|
|
(0.4
|
)
|
|
(0.1
|
)
|
Income (loss) before income taxes
|
(12.3
|
)
|
|
1.4
|
|
|
(13.6
|
)
|
|
1.3
|
|
Income tax expense
|
0.8
|
|
|
1.7
|
|
|
1.4
|
|
|
2.8
|
|
Net loss
|
(13.1
|
)%
|
|
(0.3
|
)%
|
|
(15.0
|
)%
|
|
(1.5
|
)%
|
|
Three Months Ended June 30,
|
|
Change
|
|||||||||||||||
|
2020
|
% of Revenue
|
|
2019
|
% of Revenue
|
|
$
|
|
%
|
|||||||||
Laser Products
|
$
|
45,104
|
|
86.5
|
%
|
|
$
|
48,048
|
|
100.0
|
%
|
|
$
|
(2,944
|
)
|
|
(6.1
|
)%
|
Advanced Development
|
7,034
|
|
13.5
|
|
|
—
|
|
—
|
|
|
7,034
|
|
|
NM
|
|
|||
|
$
|
52,138
|
|
100.0
|
%
|
|
$
|
48,048
|
|
100.0
|
%
|
|
$
|
4,090
|
|
|
8.5
|
%
|
|
Six Months Ended June 30,
|
|
Change
|
||||||||||||||
|
2020
|
% of Revenue
|
|
2019
|
% of Revenue
|
|
$
|
|
%
|
||||||||
Laser Products
|
$
|
82,034
|
|
86.0
|
%
|
|
$
|
89,909
|
|
100.0
|
%
|
|
(7,875
|
)
|
|
(8.8
|
)%
|
Advanced Development
|
13,319
|
|
14.0
|
|
|
—
|
|
—
|
|
|
13,319
|
|
|
NM
|
|
||
|
$
|
95,353
|
|
100.0
|
%
|
|
$
|
89,909
|
|
100.0
|
%
|
|
5,444
|
|
|
6.1
|
%
|
|
Three Months Ended June 30,
|
|
Change
|
||||||||||||||||
|
2020
|
% of Revenue
|
|
2019
|
% of Revenue
|
|
$
|
|
%
|
||||||||||
Industrial
|
$
|
22,630
|
|
43.4
|
%
|
|
$
|
20,920
|
|
43.5
|
%
|
|
$
|
1,710
|
|
|
8.2
|
%
|
|
Microfabrication
|
14,300
|
|
27.4
|
|
|
$
|
18,094
|
|
37.7
|
|
|
(3,794
|
)
|
|
(21.0
|
)
|
|||
Aerospace and Defense
|
15,208
|
|
29.2
|
|
|
$
|
9,034
|
|
18.8
|
|
|
6,174
|
|
0.8259452412
|
|
68.3
|
|
||
|
$
|
52,138
|
|
100.0
|
%
|
|
$
|
48,048
|
|
100.0
|
%
|
|
$
|
4,090
|
|
0.03234514226
|
|
8.5
|
%
|
|
Six Months Ended June 30,
|
|
Change
|
|||||||||||||||
|
2020
|
% of Revenue
|
|
2019
|
% of Revenue
|
|
$
|
|
%
|
|||||||||
Industrial
|
$
|
38,620
|
|
40.5
|
%
|
|
$
|
39,044
|
|
43.4
|
%
|
|
$
|
(424
|
)
|
|
(1.1
|
)%
|
Microfabrication
|
24,719
|
|
25.9
|
|
|
32,627
|
|
36.3
|
|
|
(7,908
|
)
|
|
(24.2
|
)
|
|||
Aerospace and Defense
|
32,014
|
|
33.6
|
|
|
18,238
|
|
20.3
|
|
|
13,776
|
|
|
75.5
|
|
|||
|
$
|
95,353
|
|
100.0
|
%
|
|
$
|
89,909
|
|
100.0
|
%
|
|
$
|
5,444
|
|
|
6.1
|
%
|
|
Three Months Ended June 30,
|
|
Change
|
|||||||||||||||
|
2020
|
% of Revenue
|
|
2019
|
% of Revenue
|
|
$
|
|
%
|
|||||||||
North America
|
$
|
20,494
|
|
39.3
|
%
|
|
$
|
18,142
|
|
37.8
|
%
|
|
$
|
2,352
|
|
|
13.0
|
%
|
China
|
21,495
|
|
41.2
|
|
|
18,201
|
|
37.9
|
|
|
3,294
|
|
|
18.1
|
|
|||
Rest of World
|
10,149
|
|
19.5
|
|
|
11,705
|
|
24.3
|
|
|
(1,556
|
)
|
|
(13.3
|
)
|
|||
|
$
|
52,138
|
|
100.0
|
%
|
|
48,048
|
|
100.0
|
%
|
|
$
|
4,090
|
|
|
8.5
|
%
|
|
Six Months Ended June 30,
|
|
Change
|
|||||||||||||||
|
2020
|
% of Revenue
|
|
2019
|
% of Revenue
|
|
$
|
|
%
|
|||||||||
North America
|
$
|
41,540
|
|
43.6
|
%
|
|
$
|
33,912
|
|
37.7
|
%
|
|
$
|
7,628
|
|
|
22.5
|
%
|
China
|
33,537
|
|
35.2
|
|
|
31,854
|
|
35.4
|
|
|
1,683
|
|
|
5.3
|
|
|||
Rest of World
|
20,276
|
|
21.2
|
|
|
24,143
|
|
26.9
|
|
|
(3,867
|
)
|
|
(16.0
|
)
|
|||
|
$
|
95,353
|
|
100.0
|
%
|
|
$
|
89,909
|
|
100.0
|
%
|
|
$
|
5,444
|
|
|
6.1
|
%
|
|
|
Three Months Ended June 30,
|
|
Change
|
|||||||||||||||||||||||
|
|
Laser Products
|
|
Advanced Development
|
|
Corporate and Other
|
|
2020
|
|
2019
|
|
$
|
|
%
|
|||||||||||||
Gross profit
|
|
$
|
12,846
|
|
|
$
|
549
|
|
|
$
|
(339
|
)
|
|
$
|
13,056
|
|
|
$
|
15,871
|
|
|
$
|
(2,815
|
)
|
|
(17.7
|
)%
|
Gross margin
|
|
28.5
|
%
|
|
7.8
|
%
|
|
NM
|
|
|
25.0
|
%
|
|
33.0
|
%
|
|
—
|
|
|
(8.0
|
)%
|
|
|
Six Months Ended June 30,
|
|
Change
|
|||||||||||||||||||||||
|
|
Laser Products
|
|
Advanced Development
|
|
Corporate and Other
|
|
2020
|
|
2019
|
|
$
|
|
%
|
|||||||||||||
Gross profit
|
|
$
|
22,221
|
|
|
$
|
1,020
|
|
|
$
|
(684
|
)
|
|
$
|
22,557
|
|
|
$
|
29,385
|
|
|
$
|
(6,828
|
)
|
|
(23.2
|
)%
|
Gross margin
|
|
27.1
|
%
|
|
7.7
|
%
|
|
NM
|
|
|
23.7
|
%
|
|
32.7
|
%
|
|
—
|
|
|
(9.0
|
)%
|
|
Three Months Ended June 30,
|
|
Change
|
|||||||||||
|
2020
|
|
2019
|
|
$
|
|
%
|
|||||||
Research and development
|
$
|
9,472
|
|
|
$
|
6,494
|
|
|
$
|
2,978
|
|
|
45.9
|
%
|
|
Six Months Ended June 30,
|
|
Change
|
|||||||||||
|
2020
|
|
2019
|
|
$
|
|
%
|
|||||||
Research and development
|
$
|
18,010
|
|
|
$
|
12,916
|
|
|
$
|
5,094
|
|
|
39.4
|
%
|
|
Three Months Ended June 30,
|
|
Change
|
|||||||||||
|
2020
|
|
2019
|
|
$
|
|
%
|
|||||||
Sales, general, and administrative
|
$
|
9,633
|
|
|
$
|
8,572
|
|
|
$
|
1,061
|
|
|
12.4
|
%
|
|
Six Months Ended June 30,
|
|
Change
|
|||||||||||
|
2020
|
|
2019
|
|
$
|
|
%
|
|||||||
Sales, general, and administrative
|
$
|
17,333
|
|
|
$
|
16,716
|
|
|
$
|
617
|
|
|
3.7
|
%
|
|
Three Months Ended June 30,
|
|
Change
|
||||||||||
|
2020
|
|
2019
|
|
$
|
|
%
|
||||||
Interest income (expense), net
|
$
|
(65
|
)
|
|
$
|
740
|
|
|
$
|
(805
|
)
|
|
(108.8)%
|
|
Six Months Ended June 30,
|
|
Change
|
||||||||||
|
2020
|
|
2019
|
|
$
|
|
%
|
||||||
Interest income (expense), net
|
$
|
218
|
|
|
$
|
1,490
|
|
|
$
|
(1,272
|
)
|
|
(85.4)%
|
|
Three Months Ended June 30,
|
|
Change
|
||||||||||
|
2020
|
|
2019
|
|
$
|
|
%
|
||||||
Other income (expense), net
|
$
|
(298
|
)
|
|
$
|
(907
|
)
|
|
$
|
609
|
|
|
67.1%
|
|
Six Months Ended June 30,
|
|
Change
|
||||||||||
|
2020
|
|
2019
|
|
$
|
|
%
|
||||||
Other income (expense), net
|
$
|
(414
|
)
|
|
$
|
(87
|
)
|
|
$
|
(327
|
)
|
|
(375.9)%
|
|
Three Months Ended June 30,
|
|
Change
|
|||||||||||
|
2020
|
|
2019
|
|
$
|
|
%
|
|||||||
Income tax expense
|
$
|
418
|
|
|
$
|
793
|
|
|
$
|
(375
|
)
|
|
(47.3
|
)%
|
|
Six Months Ended June 30,
|
|
Change
|
|||||||||||
|
2020
|
|
2019
|
|
$
|
|
%
|
|||||||
Income tax expense
|
$
|
1,323
|
|
|
$
|
2,546
|
|
|
$
|
(1,223
|
)
|
|
(48.0
|
)%
|
|
Six Months Ended June 30,
|
||||||
|
2020
|
|
2019
|
||||
Net cash provided by (used in) operating activities
|
$
|
7,002
|
|
|
$
|
(1,183
|
)
|
Net cash used in investing activities
|
(17,668
|
)
|
|
(6,916
|
)
|
||
Net cash provided by financing activities
|
14,340
|
|
|
1,147
|
|
||
Effect of exchange rate changes on cash
|
(27
|
)
|
|
135
|
|
||
Net increase (decrease) in cash
|
$
|
3,647
|
|
|
$
|
(6,817
|
)
|
•
|
cease the manufacture, use or sale of the infringing products, processes or technology;
|
•
|
pay substantial damages for infringement;
|
•
|
expend significant resources to develop non-infringing products, processes or technology;
|
•
|
license technology from the party claiming infringement, which license may not be available on commercially reasonable terms, or at all;
|
•
|
cross-license our technology to a competitor to resolve an infringement claim, which could weaken our ability to compete with that competitor; or
|
•
|
pay substantial damages to our direct or indirect customers to cause our end users to discontinue their use of, or replace, infringing products with non-infringing products.
|
•
|
the increase, decrease, cancellation or rescheduling of significant customer orders;
|
•
|
declines in selling prices for our products;
|
•
|
the impact of the COVID-19 pandemic and other public health crises, including on macroeconomic conditions and our business, results of operations and financial condition;
|
•
|
government-mandated quarantines or closures applicable to our facilities or the facilities of our customers or suppliers;
|
•
|
delays in our product-shipment timing, obtaining licenses or other import/export approvals, customer or end-user sales or deployment cycles, or work performed under development contracts;
|
•
|
seasonality attributable to different purchasing patterns and levels of activity throughout the year in the areas where we operate;
|
•
|
the impact of new acquisitions and the success of our integration efforts;
|
•
|
the timing of revenue recognition based on the installation or acceptance of certain products shipped to our customers;
|
•
|
timing variability in product introductions, enhancements, services and technologies by us and our competitors and market acceptance of these new or enhanced products, services and technologies;
|
•
|
different capital expenditure and budget cycles for our customers, which affect the timing of their spending;
|
•
|
our ability to obtain export licenses for our products on a timely basis or at all;
|
•
|
changes in tariffs imposed by the U.S., China and other foreign governments;
|
•
|
the rate at which our present and future customers and end users adopt our technologies;
|
•
|
the gain or loss of a key customer;
|
•
|
product or customer mix;
|
•
|
competitive pricing pressures and new market entrants;
|
•
|
our ability to design, manufacture and introduce new products on a cost-effective and timely basis;
|
•
|
our ability to manage our inventory levels and any write-downs for excess or obsolete inventory;
|
•
|
our ability to collect outstanding accounts receivable balances;
|
•
|
changes in the amount and timing of our operating costs, including those related to the expansion of our business, operations and infrastructure;
|
•
|
impairment of values for goodwill, intangibles and other long-lived assets;
|
•
|
foreign currency fluctuations;
|
•
|
changes in jurisdictional income mix and tax rules and regulations in countries where we operate; and
|
•
|
economic and market conditions in a particular geography or country.
|
•
|
changing product specifications and customer requirements;
|
•
|
unanticipated engineering complexities;
|
•
|
expense reduction measures we have implemented, and others we may implement, to conserve our cash and attempt to sustain profitability;
|
•
|
difficulties in hiring and retaining necessary technical personnel;
|
•
|
difficulties in reallocating engineering resources and overcoming resource limitations; and
|
•
|
changing market or competitive product requirements.
|
•
|
merge or consolidate;
|
•
|
sell or transfer assets outside the ordinary course of business;
|
•
|
make certain types of investments and capital expenditures;
|
•
|
incur additional indebtedness or guarantee indebtedness of others;
|
•
|
pay dividends, redeem or repurchase our capital stock;
|
•
|
enter into transactions with affiliates outside the ordinary course of business; and
|
•
|
create liens on our assets.
|
•
|
the impact of the COVID-19 pandemic and other public health crises, including on macroeconomic conditions and our business, results of operations and financial condition;
|
•
|
price and volume fluctuations in the overall stock market from time to time;
|
•
|
changes in operating performance, stock market valuations and volatility in the market prices of other technology companies generally, or those in our industry in particular;
|
•
|
actual or anticipated quarterly variations in our results of operations or those of our competitors;
|
•
|
actual or anticipated changes in our growth rate relative to our competitors;
|
•
|
announcements by us or our competitors of acquisitions, new products, significant contracts, commercial relationships or capital commitments;
|
•
|
manufacturing or supply interruptions;
|
•
|
developments with respect to intellectual property rights;
|
•
|
our ability to develop and market new and enhanced products on a timely basis;
|
•
|
commencement of, or our involvement in, litigation;
|
•
|
major changes in our Board of Directors or management;
|
•
|
changes in governmental regulations or in the status of our regulatory approvals;
|
•
|
the trading volume of our stock;
|
•
|
any future sales or repurchases of our common stock or other securities;
|
•
|
failure of financial analysts to maintain coverage of us, changes in financial estimates by any analysts who follow our company or our failure to meet these estimates or the expectations of investors;
|
•
|
fluctuations in the values of companies perceived by investors to be comparable to us;
|
•
|
the financial projections we may provide to the public, any changes in these projections or our failure to meet these projections; and
|
•
|
general economic conditions and slow or negative growth of related markets.
|
•
|
permit the Board of Directors to issue up to 5 million shares of preferred stock, with any rights, preferences and privileges as they may designate;
|
•
|
provide that the authorized number of directors may be changed only by resolution of the Board of Directors;
|
•
|
provide that all vacancies on our Board of Directors may only be filled by our Board of Directors and not by stockholders;
|
•
|
divide the Board of Directors into three classes;
|
•
|
provide that a director may only be removed from the Board of Directors by the stockholders for cause;
|
•
|
require that any action to be taken by our stockholders must be effected at a duly called annual or special meeting of stockholders and may not be taken by written consent;
|
•
|
provide that stockholders seeking to present proposals before a meeting of stockholders or to nominate candidates for election as directors at a meeting of stockholders must provide notice in writing in a timely manner and meet specific requirements as to the form and content of a stockholder's notice;
|
•
|
prevent cumulative voting rights (therefore allowing the holders of a plurality of the shares of common stock entitled to vote in any election of directors to elect all of the directors standing for election, if they should so choose);
|
•
|
provide that special meetings of our stockholders may be called only by the chairman of the board, our chief executive officer (or president, in the absence of a chief executive officer) or by the Board of Directors; and
|
•
|
provide that stockholders will be permitted to amend our amended and restated certificate of incorporation, and until December 31, 2020, our amended and restated bylaws only upon receiving at least two-thirds of the total votes entitled to be cast by holders of all outstanding shares then entitled to vote generally in the election of directors, voting together as a single class.
|
*
|
The certifications furnished in Exhibit 32.1 hereto are deemed to accompany this Quarterly Report on Form 10-Q and will not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, except to the extent that the registrant specifically incorporates it by reference.
|
|
|
NLIGHT, INC.
|
|
|
(Registrant)
|
|
|
|
|
|
|
August 6, 2020
|
By:
|
/s/ SCOTT KEENEY
|
Date
|
|
Scott Keeney
|
|
|
President and Chief Executive Officer
(Principal Executive Officer) |
|
|
|
August 6, 2020
|
By:
|
/s/ RAN BAREKET
|
Date
|
|
Ran Bareket
|
|
|
Chief Financial Officer
(Principal Accounting and Financial Officer) |
|
|
|
1.
|
I have reviewed this Quarterly Report on Form 10-Q of nLIGHT, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
Date: August 6, 2020
|
|
/s/ SCOTT KEENEY
|
Scott Keeney
|
President, Chief Executive Officer and Chairman (Principal Executive Officer)
|
1.
|
I have reviewed this Quarterly Report on Form 10-Q of nLIGHT, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
Date: August 6, 2020
|
|
/s/ RAN BAREKET
|
Ran Bareket
|
Chief Financial Officer (Principal Accounting and Financial Officer)
|
1.
|
the Report fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934; and
|
2.
|
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
|
/s/ SCOTT KEENEY
|
|
Scott Keeney
|
|
President, Chief Executive Officer and Chairman (Principal Executive Officer)
|
|
/s/ RAN BAREKET
|
|
Ran Bareket
|
|
Chief Financial Officer (Principal Accounting and Financial Officer)
|