Financial News
Laser Photonics Announces Third Quarter Fiscal 2022 Results
Provides 2022 full year revenue guidance of $5.6 to $5.8 million (+34% - 38% growth)
ORLANDO, FL / ACCESSWIRE / November 8, 2022 / 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 third quarter of fiscal year 2022 ended September 30, 2022. These results occurred before the Company's IPO on October 4, 2022.
"We saw solid demand for our CleanTech Laser Blaster products during our third quarter," said Wayne Tupuola, chief executive officer. "However, the real story is that the third quarter closed before our IPO on October 4, 2022. We went public to access the funds necessary to accelerate growth as we continue introducing new, disruptive technologies to displace the existing use of hazardous and toxic abrasives. With government and labor advocating for discontinuing techniques using abrasives, we believe we are well-positioned to disrupt the market."
| Select Financial Metrics: Fiscal 2022 versus Fiscal 2021* | ||||||||||||||||||||||||
(in $M except for EPS) |
3Q22 | 3Q21 | Change | 9 Mos 2022 | 9 Mos 2021 | Change | ||||||||||||||||||
Revenue |
$ | 1.2 | $ | 1.1 | 11.5 | % | $ | 3.8 | $ | 3.0 | 26.8 | % | ||||||||||||
Gross Margin |
58.1 | % | 58.7 | % | 60.3 | % | 59.3 | % | ||||||||||||||||
Operating Income |
$ | 0.2 | $ | 0.3 | -14.2 | % | $ | 0.9 | $ | 0.7 | 37.1 | % | ||||||||||||
Operating Margin |
18.7 | % | 24.3 | % | 24.7 | % | 22.8 | % | ||||||||||||||||
Net Income |
$ | 0.2 | $ | 0.2 | 29.3 | % | $ | 0.9 | $ | 0.5 | 66.9 | % | ||||||||||||
Diluted EPS |
$ | 0.04 | $ | 0.03 | 28.8 | % | $ | 0.19 | $ | 0.11 | 66.7 | % | ||||||||||||
EBITDA |
$ | 0.31 | $ | 0.27 | 17.0 | % | $ | 1.2 | $ | 0.9 | 36.4 | % | ||||||||||||
*numbers may not add due to rounding |
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Fiscal 2022 Guidance and Commentary
For the full year 2022, ending December 31, 2022, LPC is targeting revenue to be in the range of $5.6 to $5.8 million, representing growth of 34% to 38%.
"We believe we are in the first inning of a massive opportunity to disrupt the $46 billion domestic market for corrosion control and other materials applications. We've already delivered systems to numerous Blue Chip customers, including Coca-Cola and Detroit Diesel, and U.S. Government entities, including SOCOM, the Army, Navy and Air Force and the Veterans Administration. These organizations have all received initial systems to develop standard operating procedures and processes, and we believe there is a significant opportunity for follow-on orders in addition to orders from new customers.
"After going public at the beginning of the fourth quarter, we announced the expansion of our CleanTech product line, with high-power laser cleaning systems, our MARLIN system for the marine market, and what we believe to be the industry's first laser cleaning cabinet. Combined with the funds raised from our IPO, we believe our prospects as a public company remain bright as we can now invest in the necessary functions to drive significant growth. We are focused on building out our sales and marketing infrastructure to manage existing demand while proactively driving higher levels of new demand. We also expect to expand our operations and administrative functions to support this demand and meet our goals of annually doubling revenue over the next several years," concluded Tupuola.
Earnings Announcement and Supplemental Information
Management will host a webcast to review the Company's results and forward expectations. Investors can submit questions ahead of time to brian@haydenir.com or ask questions through the webcast portal in real-time.
Webcast Date/Time: Tuesday, November 8, 2022, 11:00 a.m. Eastern Time
Webcast Location: https://viavid.webcasts.com/starthere.jsp?ei=1582262&tp_key=ee0972a43a
Replay
Toll-Free: 1-844-512-2921
Toll/International: 1-412-317-6671
Replay Pin Number: 13734329
Replay Start: Tuesday, November 8, 2022, 2:00 p.m. ET
Replay Expiry: Tuesday, November 15, 2022, 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:
Brian Siegel, IRC®, M.B.A.
Senior Managing Director
Hayden IR
(346) 396-8696
brian@haydenir.com
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except par value data)
| September 30 2022 | December 31 2021 | |||||||
| Unaudited |
|
|||||||
Assets |
|
|
||||||
Current Assets: |
|
|
||||||
Cash and Cash Equivalents |
$ | 231,986 | $ | 615,749 | ||||
Accounts Receivable, Net |
1,248,045 | 84,365 | ||||||
Inventory |
1,682,472 | 1,790,952 | ||||||
Total Current Assets |
3,162,504 | 2,491,066 | ||||||
Other Assets |
10,568 | 3,000 | ||||||
Property, Plant, & Equipment, Net |
619,069 | 698,580 | ||||||
Intangibe Assets, Net |
2,995,846 | 3,167,945 | ||||||
Operating Lease Right-of-Use Asset |
371,581 | 499,758 | ||||||
Total Assets |
$ | 7,159,569 | $ | 6,860,350 | ||||
Liabilities & Stockholders' Equity |
||||||||
Current Liabilities: |
||||||||
Accounts Payable |
$ | 198,304 | $ | 113,443 | ||||
Deferred Revenue |
5,000 | 91,775 | ||||||
Current Portion of Operating Lease |
175,602 | 171,757 | ||||||
Loans Payable, Current Portion |
100,000 | - | ||||||
Sales Tax Payable |
18,787 | 15,456 | ||||||
Total Current Liabilities |
497,693 | 392,431 | ||||||
Long Term Liabilities: |
||||||||
Loans Payable |
579,012 | |||||||
Operating Lease Liability, less Current Portion |
195,979 | 328,001 | ||||||
Total Long Term Liabilities |
195,979 | 907,013 | ||||||
Total Liabilities |
693,673 | 1,299,444 | ||||||
Stockholders' Equity: |
||||||||
Common Stock Par Value $0.01: 100,000,000 shares authorized, 4,878,417 issued and outstanding as of September 30, 2022 and December 31, 2021 |
48,783 | 48,783 | ||||||
Additional Paid in Capital |
5,242,832 | 5,242,832 | ||||||
Retained Earnings |
1,174,280 | 269,291 | ||||||
Total Stockholders' Equity |
$ | 6,465,896 | $ | 5,560,906 | ||||
Total Liabilities & Stockholders' Equity |
$ | 7,159,569 | $ | 6,860,350 | ||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(in thousands, except per share data)
| 3 Months Ending September 30 | 9 Months Ending September 30 | |||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||
|
|
|
|
|
|||||||||||||
Net Sales |
$ | 1,224,450 | $ | 1,098,590 | $ | 3,790,176 | $ | 2,989,106 | ||||||||
Cost of Sales |
513,163 | 453,438 | 1,504,080 | 1,217,731 | ||||||||||||
Gross Profit |
711,287 | 645,152 | 2,286,096 | 1,771,375 | ||||||||||||
Operating Expenses: |
||||||||||||||||
Sales & Marketing |
74,266 | 93,279 | 251,024 | 285,565 | ||||||||||||
General & Administrative |
323,253 | 186,474 | 839,969 | 507,113 | ||||||||||||
Depreciation & Amortization |
84,853 | 98,640 | 258,894 | 295,919 | ||||||||||||
Total Operating Expenses |
482,372 | 378,393 | 1,349,887 | 1,088,597 | ||||||||||||
Operating Income |
228,915 | 266,759 | 936,209 | 682,779 | ||||||||||||
Other Income (Expenses): |
||||||||||||||||
Interest Expense |
(10,000 | ) | (10,847 | ) | (24,426 | ) | (43,300 | ) | ||||||||
Other Income |
- | (97,245 | ) | 7,031 | (97,245 | ) | ||||||||||
Total Other Income (Expense) |
(10,000 | ) | (108,092 | ) | (17,394 | ) | (140,545 | ) | ||||||||
Income (Loss) Before Tax |
218,915 | 158,667 | 918,815 | 542,234 | ||||||||||||
Tax Provision |
13,825 | - | 13,825 | 68 | ||||||||||||
Net Income |
$ | 205,089 | $ | 158,667 | $ | 904,990 | $ | 542,166 | ||||||||
Income per Share: |
||||||||||||||||
Basic |
$ | 0.04 | $ | 0.03 | $ | 0.19 | $ | 0.11 | ||||||||
Fully Diluted |
$ | 0.04 | $ | 0.03 | $ | 0.19 | $ | 0.11 | ||||||||
|
Weighted Average Shares Outstanding
(September 30, 2021 reflects a 1:6 reverse stock split):
|
||||||||||||||||
Basic |
4,878,417 | 4,878,417 | 4,878,417 | 4,878,417 | ||||||||||||
Fully Diluted |
4,895,084 | 4,878,417 | 4,883,973 | 4,878,417 | ||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
| 9 Months Ending September 30, | ||||||||
| 2022 | 2021 | |||||||
Cash Flows From: |
|
|
||||||
OPERATING ACTIVITIES |
|
|
||||||
Net Income (Loss) |
$ | 904,990 | $ | 542,166 | ||||
Adjustments to Reconcile Net Income (Loss) to Net Cash Flow From Operating Activities: |
||||||||
Depreciation & Amortization |
258,894 | 295,919 | ||||||
Net Change, Right-of-Use Asset & Liabilities |
- | (28,755 | ) | |||||
Change in Operating Assets & Liabilities: |
||||||||
Accounts Receivable |
(1,163,680 | ) | (533,658 | ) | ||||
Inventory |
108,480 | 229,896 | ||||||
Prepaids & Other Current Assets |
(7,568 | ) | - | |||||
Accounts Payable |
84,861 | (39,331 | ) | |||||
Customer Deposits |
(86,775 | ) | (128,783 | ) | ||||
Sales Tax Payable |
3,331 | (3,579 | ) | |||||
Net Cash From (Used In) Operating Activities |
102,532 | 333,875 | ||||||
INVESTING ACTIVITIES |
||||||||
Purchase of Equipment |
- | (2,750 | ) | |||||
Purchase of Computers |
(3,089 | ) | - | |||||
Purchase of Furniture |
- | - | ||||||
Purchase of Vehicles |
- | - | ||||||
Purchase of R&D Equipment |
- | (6,920 | ) | |||||
Purchase of Intangible Assets |
(4,195 | ) | (2,995 | ) | ||||
Net Cash From (Used In) Investing Activities |
(7,284 | ) | (12,665 | ) | ||||
FINANCING ACTIVITIES |
||||||||
Proceeds from (Repayment of) Notes |
(161,684 | ) | (251,569 | ) | ||||
Proceeds from (Repayment of ) PPP Loan |
(317,328 | ) | 198,750 | |||||
Dividends Paid |
- | - | ||||||
Proceeds from Sale of Common Stock |
- | - | ||||||
Net Cash From (Used In) Financing Activities |
(479,012 | ) | (52,819 | ) | ||||
Net Cash Flow for Period |
$ | (383,763 | ) | $ | 268,391 | |||
Cash - Beginning of Period |
615,749 | 326,713 | ||||||
Cash - End of Period |
$ | 231,986 | $ | 595,105 | ||||
EBITDA as a Non-GAAP Measure
EBITDA is defined as earnings (loss) before interest and other income/expense, taxes, depreciation and amortization. These metrics represent measures that we believe are customarily used by investors and analysts to evaluate the financial performance of companies in addition to the U.S. GAAP measures that we present. Our management also believes that these measures are useful in evaluating our core operating results. However, EBITDA is not a measure of financial performance under U.S. GAAP and should not be considered an alternative to net income or operating income as an indicator of our operating performance or to net cash provided by operating activities as a measure of our liquidity.
Reconciliation of Adjusted EBITDA to Net Income* |
3Q22 | 3Q21 | 9 Mos 2022 | 9 Mos 2021 | ||||||||||||
Net Income |
$ | 0.21 | $ | 0.16 | $ | 0.90 | $ | 0.54 | ||||||||
Excluding: |
||||||||||||||||
Interest expense, net |
$ | 0.01 | $ | 0.01 | $ | 0.02 | $ | 0.04 | ||||||||
Provision for income taxes |
$ | 0.01 | $ | 0.00 | $ | 0.01 | $ | 0.00 | ||||||||
Depreciation and amortization |
$ | 0.08 | $ | 0.10 | $ | 0.26 | $ | 0.30 | ||||||||
EBITDA |
$ | 0.31 | $ | 0.27 | $ | 1.20 | $ | 0.88 | ||||||||
*numbers may not add due to rounding |
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SOURCE: Laser Photonics Corp.
View source version on accesswire.com:
https://www.accesswire.com/724483/Laser-Photonics-Announces-Third-Quarter-Fiscal-2022-Results
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