Energy, Automobile, EV, Renewable News | INSERTING and REPLACING Laser Photonics Announces Third Quarter 2024 Results

INSERTING and REPLACING Laser Photonics Announces Third Quarter 2024 Results

November 14, 2024

ORLANDO, Fla.–(BUSINESS WIRE)–Insert before the About Laser Photonics Corporation section:

Webcast Info:

Management will host a webcast at 9 AM ET to discuss today’s results, which can be accessed here:

https://viavid.webcasts.com/starthere.jsp?ei=1698029&tp_key=b4fad4c0de

The updated release reads:

INSERTING and REPLACING LASER PHOTONICS ANNOUNCES THIRD QUARTER 2024 RESULTS

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 ended September 30, 2024.

Wayne Tupuola, CEO of Laser Photonics, commented on the third quarter:

“Looking at the quarter, we navigated a challenging period marked by increased investment in HR, Sales, and administrative functions—strategic moves that, while impacting our short-term performance, are essential for our future growth. We also secured several key deals, such as a sale of our CleanTech Industrial Roughening Laser 3050 to Acuren, another sale to the U.S. Navy, and an expansion with Brokk into the Asia-Pacific region. Each of these highlights our ongoing commitment to driving growth and value across strategic verticals.”

“Looking to our future, we’re excited about the advancement of our innovative product concepts, including the Laser Shield Anti-Drone System (LSAD) and the Next-Gen CleanTech Robotic Cell, both poised to play critical roles in defense and industrial markets.”

Control Micro Systems (CMS) Acquisition

Tupuola continued, “I’m also thrilled to share details about our recent acquisition of CMS, which was finalized shortly after the third quarter. This acquisition represents a transformative opportunity for Laser Photonics by extending our footprint into the healthcare and pharmaceutical industries, particularly in controlled-release drug delivery and counterproofing pills, while also bringing synergies to our industrial markets. CMS specializes in custom precision laser systems, including laser drilling for controlled-release pharmaceuticals and anti-counterfeiting solutions, aligning perfectly with our vision to innovate in critical, high-growth sectors.

“The CMS acquisition diversifies our portfolio, enhancing our resilience against economic cycles and providing stability to our CleanTech revenue stream. CMS already serves some of the world’s largest pharmaceutical companies, giving us a platform to strengthen relationships with industry leaders and expand our client base. By leveraging LPC’s sales and marketing capabilities, we see significant potential to unlock value in CMS’s offerings, supported by over $2 million in unbilled contracted revenue.”

Financial Highlights: (Q324 vs. Q323)

Revenue: $0.8 million compared to $1.3 million;
Gross Profit: $0.6 million compared to $1.0 million;
Operating Loss: ($1.7) million compared to ($0.9) million;
Net Loss: ($1.6) million from ($0.9) million;
Loss per Share: ($0.13) compared to ($0.11).

Third Quarter Business Highlights

Announced CleanTech Customer Orders:

Acuren – a leader in nondestructive testing services, selected LPC’s CleanTech laser systems to support critical inspection and maintenance processes;
Semiconductor and Solar – A leading poly-silicon manufacturer is using CleanTech to enhance its manufacturing process;
Oil & Gas: A global company in the oil and gas sector.

Announced DefenseTech Customer Orders:

U.S. Navy – The Pearl Harbor Naval Shipyard and Intermediate Maintenance Facility integrated LPC’s DefenseTech laser system for the removal of corrosion from naval vessels.

Partnerships:

Expanded partnership with Brokk to its Australian subsidiary to bring laser cleaning and cutting technology to the mining, tunneling, construction, metal processing, and military ecosystems in Australia, New Zealand and throughout the Asia-Pacific region.

Products:

Released concept video for Laser Shield Anti-Drone System (LSAD) prototype at LPC’s testing facility. The LSAD is a cutting-edge solution in development for the deterrence of unauthorized drone activity;
Released concept for Next Gen Robotic Clean Cell.

Webcast Info:

Management will host a webcast at 9 AM ET to discuss today’s results, which can be accessed here:

https://viavid.webcasts.com/starthere.jsp?ei=1698029&tp_key=b4fad4c0de

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.


CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except par value data)
(unaudited)

		As of September 30, 2024 (Unaudited)		As of December 31, 2023 (Restated)

Current Assets:
Cash and Cash Equivalents	$	2,121,760	$	6,201,137
Accounts Receivable, Net		725,780		816,364
Account Receivable (related parties)		47,515
Inventory		1,830,725		2,237,455
Other Assets		357,166		39,190
Total Current Assets		5,082,946		9,294,146
Property, Plant, & Equipment, Net		1,258,488		952,811
Intangible Assets, Net		4,026,820		4,279,987
Operating Lease Right-of-Use Asset		252,558		597,143
Total Assets	$	10,620,812	$	15,124,087
Liabilities & Stockholders’ Equity
Current Liabilities:
Accounts Payable	$	533,938	$	223,040
Deferred Revenue		116,564		213,114
Current Portion of Operating Lease		206,212		434,152
Accrued Expenses		30,083		161,538
Total Current Liabilities		886,796		1,031,844
Long Term Liabilities:
Lease liability – less current		46,346		162,991
Total Long Term Liabilities		46,346		162,991
Total Liabilities		933,143		1,194,835

Stockholders’ Equity:
Preferred stock Par value $0.001: 10,000,000 shares authorized. 0 Issued: shares were outstanding as of June 30, 2024 and December 31, 2023		–		–
Common Stock Par Value $0.001: 100,000,000 shares authorized; 12,270,427 and 9,253,419 issued, 12,245,490 and 9,228,482 outstanding as of June 30, 2024, and December 31, 2023		13,832		9,253
Additional Paid in Capital		18,039,795		19,180,725
Retained Earnings (Deficit)		(8,340,719)		(5,235,486)
Treasury Stock		(25,240)		(25,240)
Total Stockholders’ Equity		9,687,669		13,929,252
Total Liabilities & Stockholders’ Equity	$	10,620,812	$	15,124,087


STATEMENTS OF PROFIT AND LOSS
(in thousands, except per share data)
(unaudited)

		Three Months Ended				Nine Months Ended
		September 30, 2024 (Unaudited)		September 30, 2023 (Restated)		September 30, 2024 (Unaudited)		September 30, 2023 (Restated)
Net Sales	$	716,697	$	1,303,205	$	2,083,123	$	2,944,837
Cost of Sales		107,277		333,325		772,481		887,086
Gross Profit		609,420		969,880		1,310,642		2,057,751
Operating Expenses:
Sales & Marketing		554,667		677,026		957,558		1,462,868
General & Administrative		1,053,124		608,647		1,845,166		1,936,521
Depreciation & Amortization		238,617		152,210		652,657		336,294
Payroll Expenses		406,107		347,461		853,264		993,572
Research and Development Cost		62,802		75,431		170,725		155,889
Total Operating Expenses		2,315,316		1,860,774		4,479,370		4,885,144
Operating Income (Loss)		(1,705,896)		(890,894)		(3,168,728)		(2,827,393)
Other Income (Expenses):
Total Other Income (Loss)		80,629		(4,215)		80,666		(4,215)
Income (Loss) Before Tax		(1,625,267)		(895,109)		(3,088,062)		(2,831,608)
Tax Provision		–		–		–		–
Net Income (Loss)	$	(1,625,267)	$	(895,109)	$	(3,088,062)	$	(2,831,608)
Deemed Dividend from Software Acquisition		0		0		(6,615,000)		0
Net Comprehensive loss attributed to Common Shareholders		(1,625,267)		(895,109)		(9,703,062)		(2,831,608)
Earning (Loss) per Share:
Basic and Diluted	$	(0.13)	$	(0.11)	$	(0.28)	$	(0.35)
Loss per share (attributable to common shareholders)		(0.13)		(0.11)		(0.89)		(0.35)
Weighted Average of Shares Outstanding		12,671,166		8,253,417		10,847,009		8,107,584


Statement of Cash Flows
(in thousands)
(unaudited)

	Nine Months Ended
	September 30, 2024 (Restated)		September 30, 2023 (Restated)

OPERATING ACTIVITIES
Net Loss	$	(3,105,233)	$	(2,831,608)
Adjustments to Reconcile Net Loss to Net Cash Flow from Operating Activities:
Bad Debt		208,351
Shares issued for compensation		33,336		–
Distribution to affiliate		(3,822,037)
Depreciation & Amortization		669,828		336,294
Change in Operating Assets & Liabilities:
Accounts Receivable		(165,282)		(36,083)
Inventory		(26,979)		(640,180)
Prepaids & Other Current Assets		(15,976)		5,591
Accounts Payable		311,873		30,140
Accrued Expenses		(132,431)		(338,605)
Deposits		(302,000)
Deferred Revenue		(96,549)		–
Net Cash Used in Operating Activities		(6,443,099)		(3,474,451)

INVESTING ACTIVITIES
Purchase of Property, Plant an Equipment		(57,550)		(124,833)
Purchase of Research & Development Equipment		(5,295)		–
Vehicles				(144,096)
Licenses & Patents				(2,875)
Purchase of Operational Software & Website		–		(34,069)
Invest in Leasehold Improvements		(225,783)		(19,707)
Net Cash Used in Investing Activities		(288,628)		(325,580)

FINANCING ACTIVITIES
Common stock .01 x 100,000,000		(92,533)
Common stock .001 x 100,000,000		13,832
Additional Paid in Capital		2,731,051		(71,250)
Net Cash Used in Financing Activities		2,652,350		(71,250)
Net Cash Flow for Period		(4,079,377)		(3,871,281)
Cash and Cash Equivalents – Beginning of Period		6,201,137		12,181,799
Cash and Cash Equivalents- End of Period	$	2,121,760	$	8,310,518
NON-CASH INVESTING AND FINANCING ACTIVITIES
Shares issued on conversion of debt		–		–
Share issued for purchase of license		6,615,000		–
Common Stock to be issued for cashless exercise of warrants		62