Laser Photonics Announces Second Quarter 2023 Results

ORLANDO, FL / ACCESSWIRE / August 15, 2023 / 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 second quarter ended June 30, 2023.

Wayne Tupuola, chief executive officer of Laser Photonics, commented: "Our second quarter was a mixed bag as sales, which given the capex and low volume nature of our business, were lumpy, but we benefited from continued strong gross margins. We continued to invest in sales and marketing and R&D during the quarter to set the table for future sales growth. These efforts have enabled us to expand our pipeline, and we are working diligently to convert these to orders over the next 12 months."

Second Quarter Financial Highlights (FY23 vs FY22)

• Revenue decreased 28.5% to $1.0 million;
• Gross Margin expanded 600 basis points to 70.7%;
• GAAP Operating Income of $0.0 million versus $0.3 million;
  • FY23 GAAP Operating Loss included approximately $0.7 million in mark-to-market contra-expense related to non-cash stock issuance costs;
• Other Loss of $0.2 million related to an increase in bad debt expense from a prior year sale;
• GAAP Net Income and EPS of of $0.0 million and $0.00 versus $0.3 million and $0.07, respectively;
  • GAAP Net Income included approximately $0.7 million in mark-to-market contra-expense related to non-cash stock issuance costs mentioned above.

2023 Commentary

"We are making investments in 2023 to capture the tremendous market opportunity over the long term for our CleanTech systems. This includes continuing to invest in sales and marketing to raise awareness of our products, while also innovating to stay ahead of the technology curve. With respect to the latter, we are working on a new laser cutting platform, the Titan FX, designed to meet the safety and efficiency needs for a specific aerospace customer. We believe this technology will also be relevant across our other industry verticals and more importantly, we believe we can enhance the safety and productivity of our CleanTech products with this technology as well, positioning us for long-term growth," concluded Tupuola.

Conference Call and Webcast Information

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

Conference Call Date/Time: Tuesday, August 15, 10:00 a.m. Eastern Time

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

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• Participants can use Guest dial-in #s above and be answered by an operator OR click the Call me™ link for instant telephone access to the event. Call me™ link will become active 15 minutes before the scheduled start time.

Webcast Location: https://viavid.webcasts.com/starthere.jsp?ei=1629311&tp_key=efa66fbac9

Replay

Toll Free: 1-844-512-2921
Toll/International: 1-412-317-6671
Replay Pin Number: 13740696
Replay Start: Tuesday, August 15, 2023, 2:00 p.m. ET
Replay Expiry: Tuesday, August 29, 2023, 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
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STATEMENTS OF PROFIT AND LOSS
(in thousands, except per share data)
(unaudited)

STATEMENTS OF CASH FLOWS
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SOURCE: Laser Photonics Corp.