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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

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, IRCĀ®, 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

SOURCE: Laser Photonics Corp.



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