Laser Photonics (LASE) - 2024 Q3 - Quarterly Report

Revenue Performance - For the three months ending September 30, 2024, the company recognized revenue of $716,697, a decrease of$586,508 compared to $1,303,205 in the same period of 2023[110]. - For the nine months ending September 30, 2024, the company recognized revenue of$2,083,123, down by $861,714 from$2,944,837 in the same period of 2023[111]. - Approximately 92% of revenues for the first quarter of 2022 and 91% for the full 2021 fiscal year were from customers using products for materials processing[97]. Net Income and Loss - The company's net income for the three months ending September 30, 2024, was $(1,625,268), compared to$(895,109) in the same period of 2023[111]. - For the three months ending September 30, 2024, the company reported a net loss of $1,625,268, compared to a net loss of$895,109 for the same period in 2023[122]. Working Capital and Cash Position - The total working capital as of September 30, 2024, was $3,879,770, a decrease from$8,262,302 on December 31, 2023[104]. - The company had $2,121,760 in cash as of September 30, 2024, down from$8,310,518 in the same period of 2023[103]. Operational Performance - EBITDA for the three months ending September 30, 2024, was $(1,235,616), compared to$(742,899) in the same period of 2023[114]. - The EBITDA for the three months ending September 30, 2024, was $(1,235,616), while for the same period in 2023, it was$(742,899), indicating a decline in operational performance[122]. - Adjusted EBITDA for the nine months ending September 30, 2024, was $(2,271,742), compared to$(2,495,314) for the same period in 2023, showing an improvement in adjusted operational performance[122]. - Depreciation and amortization for the three months ending September 30, 2024, was $238,617, up from$152,210 in 2023, reflecting increased asset usage[122]. Supply Chain and Development - The company experienced increased lead times for certain parts and components, particularly electronic components, impacting supply chain and logistics[93]. - The company plans to continue investing in research and development to improve existing technologies and develop new products, systems, and applications[101]. - The company is developing the CleanTech™ product line, aimed at providing high-power laser cleaning systems for various material processing operations[91]. Financial Transparency and Risk Management - The company did not incur any interest expenses during the reported periods, indicating no outstanding borrowings[125]. - There were no off-balance sheet arrangements as of September 30, 2024, ensuring transparency in financial reporting[123]. - The company has not utilized any derivative financial instruments, which minimizes exposure to market volatility[125]. - The company is classified as a "smaller reporting company," which affects the regulatory information it is required to provide[124]. - The company does not currently operate facilities outside the United States, reducing exposure to foreign currency fluctuations[125]. - The company’s financial condition is not materially affected by interest rate risk or foreign currency exchange rate changes[125].