nLIGHT, Inc. (LASR) Stock Price & How to Invest
Short answer
LASR is nLIGHT, a US maker of high-power industrial and directed-energy lasers whose story has flipped from a slow commercial-laser business to a fast-growing aerospace and defense supplier; it trades like a defense-momentum name (rich price-to-sales) rather than a value play, so the debate is whether the defense laser ramp justifies the premium.
LASR stock price
As of 2026-07-08, nLIGHT, Inc. (LASR) last closed at $58.68, up 213.0% over the past year. Over the past 52 weeks it has traded between $18.28 and $84.95.
Prices are daily closing prices from Yahoo Finance and may be delayed. For the live quote, check your broker or nLIGHT, Inc.'s investor relations page. Walnut is informational, not investment advice.
What does nLIGHT, Inc. (LASR) do?
nLIGHT, Inc. (Nasdaq: LASR) designs and manufactures high-power semiconductor and fiber lasers for three broad markets: aerospace and defense (directed-energy weapons, optical sensing), advanced manufacturing (industrial cutting, welding, additive), and microfabrication. Historically the company leaned on commercial industrial-laser sales, a competitive and cyclical business, but the growth engine has decisively shifted to defense, where nLIGHT supplies high-energy laser systems and beam-control technology to US Army and Navy programs. The company is based in Vancouver, Washington and books a large share of revenue from US government and prime-contractor programs.
The investment picture is a re-rating story. Revenue reached a record ~$261 million in full-year 2025 (up ~32%), and Q1 2026 revenue jumped ~55% year over year to ~$80 million with a swing back to a small net profit and expanding gross margins, driven by record aerospace and defense product revenue. Investors have rewarded that pivot aggressively: the market capitalization sits near ~$3.6 billion against roughly ~$290 million of trailing revenue, a price-to-sales multiple far above typical laser and hardware peers. That leaves the stock priced for continued defense-driven growth, so the central question is execution on the directed-energy backlog rather than whether the underlying business is real.
What's driving nLIGHT, Inc. (LASR)?
1. Directed-energy defense demand
The clearest driver is US government spending on high-energy laser weapons, where nLIGHT supplies lasers and beam-control systems into Army and Navy programs. Q1 2026 aerospace and defense product revenue hit a record ~$33 million (up ~98% year over year), and management pointed to a defense backlog near ~$110 million. Rising directed-energy budgets are the core bull case.
2. Product scaling and new platforms
nLIGHT is pushing new high-energy laser platforms (branded families like Hades) intended to scale power and be produced at volume. As mix shifts toward these higher-value defense products and production volumes rise, gross margin has improved (to ~33% in Q1 2026 from ~27%), which is central to the profitability story.
3. Balance-sheet capacity to invest
A February 2026 equity offering left the company with roughly ~$333 million in cash and marketable securities as of Q1 2026. That funding gives nLIGHT room to invest in defense manufacturing capacity and development contracts without immediate financing pressure, though the raise also diluted existing holders.
4. Optical-sensing and manufacturing exposure
Beyond weapons, nLIGHT sells lasers for optical sensing (including aerospace and space applications) and for advanced manufacturing. The commercial and industrial side is more cyclical and competitive, but it provides a second demand pool and some diversification beyond direct government programs.
What are the risks to nLIGHT, Inc. (LASR)?
Valuation is the dominant risk: at a price-to-sales multiple many times the hardware-industry average, the stock is priced for sustained rapid growth, so any deceleration in defense orders could compress the multiple sharply. Revenue is concentrated in US government and directed-energy programs, which are exposed to federal budget cycles, procurement timing, and program cancellations. The legacy commercial-laser segment faces intense competition and pricing pressure from larger players. Profitability is thin and recent, so a return to losses is possible if mix or volumes weaken, and the February 2026 equity raise diluted shareholders. Lumpy defense revenue recognition can also make quarterly results volatile.
How is nLIGHT, Inc. (LASR) valued? (approximate, MAY 2026)
A simple financial snapshot. These are approximations and refresh quarterly; for current figures see nLIGHT, Inc.'s investor relations page or your broker.
- Revenue (TTM): ~$290M
- FY2025 revenue: ~$261M (up ~32%)
- Q1 2026 revenue: ~$80M (up ~55% YoY)
- Market cap: ~$3.6B
- Price-to-sales: ~15x (vs ~3x peers)
- Cash & securities: ~$333M
As of May 2026, nLIGHT is priced as a defense-growth story: a modest revenue base of roughly ~$290 million trailing supports a market cap near ~$3.6 billion, a price-to-sales multiple many times typical laser-hardware peers. The company turned a small quarterly profit in Q1 2026 after a full-year 2025 net loss, so the premium rests on expectations of continued directed-energy revenue growth rather than current earnings.
Who competes with nLIGHT, Inc. (LASR)?
Industrial and fiber-laser makers
IPG Photonics and Coherent are much larger laser companies that compete in high-power fiber and industrial lasers, where scale and cost per watt matter. nLIGHT overlaps with them on the commercial and manufacturing side, where it is a smaller player facing pricing pressure.
Directed-energy and defense contractors
In high-energy laser weapons, nLIGHT both supplies and competes with defense primes and specialists such as Lockheed Martin, RTX, and Leonardo DRS that build directed-energy systems. nLIGHT's edge is supplying core laser and beam-control components rather than raw power scaling.
Optical-sensing and photonics suppliers
For optical sensing and specialty photonics, nLIGHT competes with a range of laser and photonics component makers. This is a fragmented field where differentiation comes from beam quality, programmability, and defense-grade qualification rather than volume alone.
How to invest in nLIGHT, Inc. (LASR)
There are three common ways to get LASR exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic basket, so LASR sits alongside other stocks that express the same thesis.
Walnut takes the basket route. Describe a thesis where LASR fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.
The bottom line on nLIGHT, Inc. (LASR)
LASR is a real, growing defense-laser business trading at a steep sales multiple, so how you view it depends almost entirely on your read of the directed-energy demand ramp.
More on nLIGHT, Inc. (LASR)
Whether LASR is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is LASR a buy?, and where the stock could go from here in the LASR stock forecast.
For income investors, whether LASR pays a dividend and how the payout looks is covered in does LASR pay a dividend?
Build a basket around LASR with Walnut
Use nLIGHT, Inc. as one constituent in a thematic basket Walnut's AI helps you assemble. Describe a thesis you believe in, the AI proposes the holdings and weights, and you approve before any broker order.
FAQ
What does nLIGHT (LASR) actually do?
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nLIGHT designs and builds high-power semiconductor and fiber lasers. Its products go into directed-energy weapons and optical sensing for aerospace and defense, plus industrial cutting, welding, and microfabrication for commercial manufacturing.
Why has LASR stock moved so much?
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The company pivoted toward aerospace and defense, where revenue is growing fast on US directed-energy programs. Q1 2026 revenue rose ~55% year over year with record defense product sales, and investors re-rated the stock as a defense-laser growth name.
Is nLIGHT profitable?
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It posted a full-year 2025 net loss but swung to a small net profit in Q1 2026 as gross margin expanded to ~33% on higher defense volumes. Profitability is recent and thin, so it can reverse if mix or volumes soften.
Is LASR a defense stock?
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Increasingly, yes. Aerospace and defense, including high-energy laser weapons for US Army and Navy programs, is now the primary growth driver and revenue is heavily tied to US government budgets and procurement timing.
Why does LASR trade at such a high valuation?
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As of May 2026 its price-to-sales multiple was many times the laser-hardware peer average, reflecting expectations of continued defense growth. A high multiple on modest revenue means the stock is sensitive to any slowdown in orders.
Who are nLIGHT's main competitors?
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In commercial and industrial lasers it competes with larger firms like IPG Photonics and Coherent. In directed energy it works alongside and against defense primes such as Lockheed Martin and RTX that build laser weapon systems.
What are the biggest risks with LASR?
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The main risks are its rich valuation, heavy reliance on US government defense budgets, competition in commercial lasers, thin and recent profitability, lumpy quarterly revenue, and dilution from its February 2026 equity raise.
How can I follow nLIGHT with an AI assistant on Walnut?
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You can connect your brokerage and use Walnut's AI assistant to track LASR alongside other holdings, group it into a defense or laser theme, and review how it is doing. Walnut is not an investment adviser and does not tell you to buy or sell.
Walnut is informational, not investment advice. Financial figures on this page are approximations; always verify current numbers with nLIGHT, Inc.'s investor relations page or your broker before making investment decisions.