nLIGHT, Inc. Q3 2026 Earnings Recap

nLIGHT beat its Q3 revenue guidance, and shares rose 29.6% after earnings. The upside came alongside record product gross margins and adjusted EBITDA above $11 million, though China-related optical supply constraints are still limiting shipments and require additional investment.

Key Takeaways

• Revenue was $73.8 million, up 11% year over year and above the high end of the company’s August guidance.
• Product gross margins reached a record; adjusted EBITDA was more than $11 million.
• Management said supply constraints—not demand—limited shipments. It expects to deliver deferred products in coming quarters but is planning conservatively as alternative sourcing takes time.
• nLIGHT completed its exit from China, while continuing to qualify suppliers and consider design changes or bringing some capabilities in-house; these measures may add near-term costs.
• The company cited more than $300 million in cash and investments and highlighted its $627 million JLWS award as a foundation for its system-level directed-energy work.