The laser-cleaning "dark horse" generated $1.2 million in Q1 and appointed executives to expand its focus

On May 10, US Laser cleaning systems developer Laser Photonics announced results for the first quarter ended March 31, 2023.

Laser Photonics reported revenue of $1.2 million in the first quarter of 2023, up 2.1% from the same period last year. Gross profit margin increased to 80.5%. GAAP operating loss was $1.2 million and GAAP operating income was $0.4 million.

Wayne Tupuola, Chief Executive Officer of Laser Photonics, said, "Our first quarter results were broadly in line with our expectations, with slightly lower revenue and strong gross margins. In addition, GAAP turnover was in the red due to future growth investments and non-cash and one-time expenses. In addition, we successfully shipped to several new customers during the quarter, including new members of our Service Provider Network (SPN), which we expect to support our sales growth multiple times over time."

Looking ahead to the company's next quarter, he added: "As we discussed on our fourth quarter earnings call last month, we plan to make significant investments in 2023 to capture the large, long-term market opportunity that lurks in our laser cleaning technology systems. We have already taken steps to execute on this investment plan by adding four senior account executives focused on the Defense/military, energy and automotive verticals, and plan to add three more account executives with experience in other verticals in the coming months. We believe these additions will help us begin to show signs of accelerating revenue growth in 2023, but have a greater impact in 2024 and beyond. ""

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