U.S. Laser cleaning system developer Laser Photonics saw full-year revenue growth of 18% in 2022

U.S. Laser cleaning system developer Laser Photonics announced its 2022 fourth quarter and 2022 full year financial results for the year ended December 31, 2022.

 

For the full year 2022, Laser Photonics reported 18% revenue growth, a GAAP net loss of $1 million (including $1.9 million of IPO related costs) and adjusted EBITDA earnings of $1.2 million (+ 21%).

(Graphic credit: Laser Photonics)

Highlight: New product line + new customers in segmented areas

In the fourth quarter of 2022, the first fiscal quarter as a public company following Laser Photonics' successful IPO in early October, the company reported net income of $12.9 million.

 

"During the quarter, we successfully shipped and delivered products to several new customers and continued to expand the potential reach of our technology by promoting our disruptive clean tech system to new customers and potential customers," said Wayne Tupuola, CEO of Laser Photonics.

 

According to the information on our website, Laser Photonics has gained a lot in terms of customers and orders this quarter:

- Sold 3,000-watt hand-held laser cleaning equipment to an Australian mining company in late October;

- Received an order for the LPC-1000CTH Cleantech Laser Blasting System from the U.S. Navy;

- First implementation of the Cleantech hand-held laser cleaning system in a manufacturing facility in partnership with global beverage giant Coca Cola;

 

- Working with Detroit Diesel, Daimler Trucks' North American subsidiary, to implement the Cleantech hand-held laser cleaning system at its manufacturing facility, Mostly washing and removing the Diesel Particulate Filter (particulate filter) from the engine;

-- Sale of the world's first Cleantech laser sandblasting cleaning Cabinet, approved by FDA and CDRH, to Emerson Automation Solutions, a global technology and engineering leader;

 

- On December 6, it was announced that it received an order from Baltimore Gas & Electric (BGE) for its CleanTech 2000 JobSite handheld laser cleaning system that can be used to remove paint from a variety of tank surfaces.

 

- On Dec. 21, announced an order received from Vitro Architectural Glass, North America's largest glassmaker, for its Cleantech 1500 JobSite facility, which handles fine processes such as residue removal in glass edging packaging.

 

Lasers Photonics' other major clients in 2022 include Aurora Lasers, Johnson Controls and Dorner Manufacturing.

In terms of products, the company's sales growth in the first six months of 2022 was mainly driven by two products - the rough-machined high-power 2000CTH series and the adjustable 300CTH series.

 

Following its launch in early Q4, Laser Photonics announced an expansion of its CleanTech product line to include high-power Laser cleaning systems, MARLIN (Marine Application Rust Laser Inhibitor, Marine application anti-rust laser suppression system) series products, and its launch of the industry's first laser cleaning cabinet. Among them, CleanTech? The Handheld MARLIN CTH-100M laser is an air-cooled pulsed laser system ideal for small ship applications.

 

Progress: Personnel changes and increased investment in infrastructure

In the fourth quarter of 2022, Laser Photonics announced the appointment of Timothy Schick as Chief Financial Officer following the company's IPO milestone.

 

In mid-December 2022, it leased an additional 7,000 square feet to build a sales and marketing center in Orlando, Florida.

Outlook: New Year potential customers and business expansion plan

Wayne Tupuola, CEO of Laser Photonics, revealed that the company will continue to expand its operations in 2023 through personnel changes and a series of targeted market and business expansion plans.

 

"As discussed in our IPO filing with the SEC, we plan to make significant investments in 2023 to capture the substantial market opportunity for our clean technology systems over the medium to long term. During the fourth quarter, we recognized that we needed to expand and deepen our management team to achieve these goals. We have recently hired senior management with relevant industry experience and are now in a position to move forward with our investment plans."

 

On April 11, 2023, Laser Photonics announced the latest appointment of William J. Campbell served as interim Chief Financial Officer of the Company. In addition, the company recently entered into a partnership with a leading executive search firm to recruit senior sales executives with military and defense experience to drive sales growth for CleanTech products.

 

"Given the disruptive nature of our technology and the fact that laser blasting is still at the top of the first inning, we expect some ups and downs on a quarter-on-quarter basis. In addition, coupled with the uncertain economic environment and heightened geopolitical landscape, we are seeing extended sales cycles for many of our current and potential customers. Given the recent change in the CFO ranks, we are holding off on providing guidance until we report our 2023 1Q results in approximately one month."

 

In early February, the company announced plans to expand its target market for its next-generation clean technology portfolio through its laser system rollout program in utility areas such as power utility maintenance inspections.

 

After that, it also plans to develop Internet of Things (IoT) solutions to provide customers with more efficient solutions by upgrading to track their key performance indicators (KPIs) and thus increase the value of its lasers.

 

In early March, Laser Photonics also announced the expansion of its Service Partner Network (SPN) program, including the formation of an internal team dedicated to the program, which will enable its advanced product portfolio to reach potential customers at home and abroad more quickly. Members of the SPN program enjoy a range of support, including technical and business training and customer resources. The company plans to add 5-10 new service partners in 2023 in key markets and key locations such as automotive, aerospace, shipbuilding, nuclear military, etc. According to the company's website, in the first quarter of 2023, Laser Photonics has won additional customers such as GE Gas Power (a laser cleaning system for turbo MROs), a global gas-fired power generation technology company.

 

In terms of product progress, Laser Photonics successfully received annual approvals (No. 1911289-8000 and 20R0078-000) from the Center for Devices and Radiological Health (CDHR) and the Food and Drug Administration (FDA) for its entire Cleantech family of products in mid-February this year. All of these products meet the safety gold standard of laser cleaning system.

 

About Laser Photonics

Founded in 2019 and headquartered in Orlando, Fla., Laser Photonics is a vertically integrated manufacturer and a center of excellence in industrial laser technology and systems. Laser Photonics pioneered a new generation of laser blasting technology with equipment for laser cleaning, laser marking, laser cutting, laser engraving, 3D printing and other material processing applications.

 

Currently focused on surface cleaning, rust removal, corrosion control, paint removal and other laser-based industrial applications, the company's new generation of cutting-edge laser cleaning technologies and equipment also overcomes a range of health, safety, environmental and regulatory issues associated with older methods. With more than 35 years of industry experience, Laser Photonics has built a strong customer base that includes world-renowned and Fortune 1000 manufacturers in the aerospace, automotive, defense, energy, industrial, maritime, space exploration and shipbuilding industries.

 

Source: OFweek