nLIGHT, Inc. Q2 2026 Earnings Recap

Shares plunged 25.4% following earnings as investors reacted negatively to cautious commentary on supply chain challenges and a tempered outlook, which overshadowed solid revenue growth and a record backlog.

Key Takeaways

• Revenue hit a record $82.6 million, up 34% year-over-year, driven by product sales growth of 45%.
• Adjusted EBITDA reached a solid $11 million, with cash from operations at a record $21 million.
• The company highlighted ongoing supply chain constraints and export control impacts, suggesting potential headwinds ahead.
• While the recent $600 million Department of War JLWS contract underlines strategic positioning, management cautioned on near-term execution risks.
• Strong defense market demand is balanced by lingering operational uncertainties, prompting investor concern reflected in the sharp stock selloff.