3 April 2018

nLIGHT files for $86.25m IPO

© Semiconductor Today Magazine / Juno PublishiPicture: Disco’s DAL7440 KABRA laser saw.

nLIGHT Inc of Vancouver, WA, USA (which was founded in Seattle in 2000 to provide high-power semiconductor and fiber lasers) has filed a registration statement with the US Securities and Exchange Commission (SEC) to raise $86.25m in a proposed initial public offering of its common stock (to be listed on the Nasdaq Global Market under the ticker symbol LASR).

The firm has previously raised $170m. Existing investors include Menlo Ventures (21.5%), Oak Investment Partners (20%), Mohr, Davidow Ventures (18.9%), Hadley Harbor Master Investors (12.1%) and Greenover Group affiliates (5.8%).

Vertically integrated operations include a semiconductor laser manufacturing facility in Vancouver, plus an optical fiber manufacturing facility in Lohja, Finland, and laser packaging & assembly facilities in Vancouver, Washington; Hillsboro, Oregon; and Shanghai, China. Staffing exceeds 1000.

Revenue rose by 36% from $101.3m in 2016 to $138.6m in 2017, consisting of $56.6m from industrial, $60.9m from microfabrication and $21.1m from aerospace & defense markets. With over 300 customers (including Samsung, BAE and Raytheon), about 66% of revenue came from outside North America, including 40% from China. Gross margin rose from 22.9% to 31.9%, driven by high-value new products as well as manufacturing efficiencies and cost reductions for raw materials. Profit was $1.8m, compared with a loss of $14.2m in 2016. Compound annual growth rate (CAGR) is about 30% for 2014-2017.

Net proceeds of the IPO will be used for “working capital, capital expenditures and other general corporate expenses”.

Tags: Laser diodes

Visit: www.nlight.net