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| Statement |
|---|
| The outlook remains positive for Laser Photonics Corp despite geopolitical and economic disruptions |
| In conclusion, we remain focused in our growth plan and future opportunities with a healthy pipeline leading high-power laser products and increasing interest from major distributors and international markets, we are well positioned to achieve positive outcomes in 2024 |
| We are optimistic that these new distributions can leverage their unique market exposure to enable us to sell more laser blasted units |
| I want to assure you that our company has a robust pipeline of opportunities that we expect to positively impact our fourth quarter and allow us to finish the year on a positive note |
| One of our strengths lies in our high-power laser products, which have consistently led the pack in revenue generation |
| This development positions us well for the future success, and we expect these relationships to ramp in 2024 |
| Our company's diligence has allowed us to navigate these challenges and sustain our growth plans which we anticipate will yield promising results in 2024 as we are seeing an uptick in interest from major distributors who possess substantial sales forces |
| We also have some exciting news of our MARLIN line of laser cleaning products for the maritime industry as we are putting together a commercial target potential buyers of this product |
| This increase reflects our efforts to improve our financial standing, quite challenges faced throughout the year |
| Our gross margin on those Q3 revenue increased by nearly 2,800 basis points year-over-year to approximately 73% as our mix was more heavily weighted towards our higher-margin CleanTech systems |
| Marketing efforts have begun, and we are excited about this new addition to the Laser Photonics product lineup |
| Additionally, we have experienced growing interest from international markets as a part of our expansion strategy, we have increased our internal sales force to take advantage of these opportunities |
| Our third quarter revenue increased from the same period last year by 1.2% to $1.2 million |
| Turning to our outlook for the fourth quarter of '23, we expect to see double-digit growth in our revenue sequentially and also year-over-year based on the current orders in pipeline |
| This success played a significant role in the increase from Q2 to Q3 and we expect this trend to continue in the coming months and years |
| As I had mentioned in our last earnings call, the company has announced plans to expand its product offerings by enhancing the clean tech laser cleaning product line with what we believe to be a revolutionary change by using a larger format Class 1 product enclosure that enables end users, laser safety product protocols for most industrial manufacturing environments |
| Thank you for all your continued trust and support |
| We expect that these costs will also rise further in the fourth quarter |
| While we encountered this loss, it's essential to provide context and note our Q3 year-over-year increase of 1.4% |
| Brian Siegel Thank you |
| Good morning, and thank you, everyone, for joining us on the call |
| Statement |
|---|
| GAAP net loss and loss per share were $1.1 million and $0.13, respectively, down from last year's net income and EPS of $0.2 million and $0.04, respectively |
| Operating loss was $1.1 million, down from operating income of $0.2 million last year |
| In spite of a strike-driven downtick in the automotive industry, Laser Photonics Corp |
| Looking at the year-to-date figures for Q3, we experienced a decrease of 9.1% |
| As we've stated on the past few calls of the old economic environment, including the substantial increase in interest rates has taken some time for our potential customers to get used to |
| These risks and uncertainties include, but are not limited to, the specific risks and uncertainties discussed in the reports that we filed periodically with the SEC |
| Let's start by addressing our operating loss for the quarter, which was under $1 million |
| Any forward-looking statements made during this conference call and webcast, whether general or specific in nature, are subject to risks and uncertainties that may cause actual results to differ materially from those which the company anticipates |
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