nLIGHT (NasdaqGS:LASR) Q4 2025 Earnings call February 26, 2026 05:00 PM ET Speaker6Hello, everyone. Thank you for joining us, and welcome to the nLIGHT, Inc. fourth quarter and year-end 2025 earnings call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star one on your telephone keypad. To withdraw your question, press star one again. I will now hand the call over to John Marchetti, Vice President of Corporate Development and Hea ...

Core Insights - Jabil Inc. (JBL) is enhancing its presence in the consumer electronics market by expanding advanced manufacturing capabilities and forming partnerships with leading global technology brands [1][3] Group 1: Company Overview - Jabil provides comprehensive solutions for consumer electronics, including design, prototyping, manufacturing, and testing, enabling brands to launch products more quickly while maintaining quality [2] - The company manufactures components and systems for smart home devices, connected appliances, wearables, personal electronics, and other IoT technologies, leveraging expertise in advanced plastics, metal fabrication, PCB assemblies, and precision machining [2] Group 2: Partnerships and Operations - Jabil collaborates with major consumer electronics and technology brands such as Apple, Amazon, Samsung, Meta, Dyson, and GoPro to facilitate the development of innovative devices and components [3] - The company's global facilities across the Americas, Europe, and Asia enhance operations, mitigate supply chain risks, and bring manufacturing closer to customers [3] Group 3: Competitive Landscape - Jabil faces competition from Benchmark Electronics, Inc. (BHE) and Flex Ltd. (FLEX), both of which provide design, engineering, and manufacturing services for electronic products [4][5] - Benchmark Electronics is expanding its global facilities, including a new site in Mexico, to increase capacity and support production across various electronics segments [4] Group 4: Financial Performance - Jabil's stock has increased by 54.8% over the past year, compared to the industry's growth of 79.5% [6] - The company's shares currently trade at a price/earnings ratio of 21.03, which is lower than the industry's 23.87 [9] - Earnings estimates for Jabil for 2026 have risen by 4.8% to $11.58 per share, while estimates for 2027 have increased by 2.6% to $13.42 [10]

Summary of nLIGHT Conference Call Company Overview - nLIGHT is a founder-led defense laser technology company with a vertically integrated platform based in the U.S. [1] - The company specializes in high-power semiconductor lasers, with applications in both commercial and defense sectors [2][4]. - nLIGHT is headquartered in the Pacific Northwest, near major semiconductor fabs like Intel and TSMC, and has a site in Colorado [2]. Core Technologies and Applications - nLIGHT's technology stack includes semiconductor chips that produce tens of watts of power, which can be scaled to high-power laser systems [3][4]. - The company focuses on three core areas: directed energy, sensing, and advanced manufacturing [5][12]. Directed Energy - Directed energy applications utilize high-power lasers to damage or destroy various threats, including drones and missiles [5][6]. - nLIGHT claims to have the highest power laser in the world at over 300 kW, with plans to scale to 1 MW [9]. - The company emphasizes the importance of coherent beam combining for higher power applications, which offers advantages in brightness and atmospheric compensation [8][10]. Sensing - Sensing applications involve using pulse lasers for range finding and LiDAR, providing high-resolution data in a stealthy manner [11]. - nLIGHT has been involved in programs for over a decade and is currently deployed on various missiles [11]. Advanced Manufacturing - The company is engaged in laser additive manufacturing, which is crucial for producing complex parts for hypersonics and rocket engines [12][13]. - nLIGHT's technology is also applied in the automotive sector, with lasers used in the production of high-performance vehicles [28]. Market Dynamics - The defense sector is currently the core market driving nLIGHT's growth, with a strong alignment with the Department of Defense's priorities [5]. - The industrial market has seen significant growth, particularly in China, which is now the largest market for industrial lasers [29]. - However, the company has faced challenges due to excess capacity in the industrial market stemming from China [30]. Financial Position and Growth Strategy - nLIGHT recently raised $200 million to strengthen its balance sheet, which now exceeds $250 million [23][24]. - The capital will be used for product development, capital expenditures, and potential mergers and acquisitions [26][27]. - The company aims to invest ahead of program records to capitalize on known applications in directed energy [25]. Vertical Integration - nLIGHT's vertical integration strategy allows for rapid adaptation to technological changes and reduces transaction costs associated with external partnerships [34]. - The acquisition of Nutronics enhanced nLIGHT's capabilities in coherent beam combining and atmospheric correction, demonstrating the benefits of vertical integration [35][36]. Future Outlook - nLIGHT is optimistic about growth in the sensing and directed energy markets, which are expected to expand significantly [38]. - The company is also focused on addressing challenges in the U.S. Indo-Pacific Command, where both directed energy and sensing technologies are critical [39]. Additional Insights - The management highlighted the importance of thermal management in laser systems, which is critical for performance [18]. - nLIGHT is exploring partnerships with various government agencies and primes in both sensing and directed energy sectors [20].

Summary of Key Points from the Conference Call on China's Economic Outlook for 2026 Industry Overview - The report focuses on China's economic outlook as it enters the 15th Five-Year Plan (FYP) in 2026, emphasizing growth targets, manufacturing advancements, export dynamics, fiscal policy, and geopolitical considerations. Core Insights and Arguments 1. Growth Targets - Policymakers are expected to target "around 5%" growth for 2026 and "at least 4.5%" for the remainder of the 15th FYP period, with an anticipated real growth of 4.7% in 2026 amid ongoing deflation [4][6][18]. 2. High-End Manufacturing - The 15th FYP emphasizes advanced manufacturing and AI development, with progress noted in green technology and heavy industry. However, technological gaps remain, particularly in high-tech sectors [4][29][30]. 3. Export Dynamics - Nominal export growth is projected to slow to approximately 3.4% in 2026, with net exports contributing about 1.0 percentage point to GDP growth. Rising trade barriers and stricter enforcement are significant challenges, although China's cost advantage supports exports [4][70][54]. 4. Fiscal Policy and Consumption Support - The central government's budget deficit is projected at around 4% of GDP, with total deficits (central plus local) at approximately 11%. Fiscal support for consumption is expected to increase modestly to about 0.5% of GDP, focusing on subsidies for various sectors [4][9][80]. 5. Deflation and Economic Adjustments - CPI is expected to average 0.7% in 2026, with persistent PPI deflation due to excess supply. A shift in policy support towards consumption and services is necessary for durable reflation [4][10][6]. 6. Housing Market Correction - The housing correction is likely to continue without decisive measures to stabilize prices or stimulate demand. A comprehensive approach is needed to address the ongoing downturn in housing activity [4][11][78]. 7. Currency Appreciation - Modest, managed appreciation of the CNY is expected, influenced by a high current account surplus and capital outflows. Claims of undervaluation are considered overstated, with competitiveness driven more by efficiency and deflation [4][12][69]. 8. AI Adoption and Technological Development - China's AI+ initiative aims for broad integration across industries, focusing on mature-node silicon and advanced packaging. However, productivity gains depend on effective workflow integration and governance to manage labor market disruptions [4][13][46]. 9. Geopolitical Landscape - Elevated geopolitical risks characterize the start of 2026, with potential shifts in regional relationships. The response from China has been muted, but changes in ties with neighboring economies are anticipated [4][14]. Additional Important Insights - The report highlights the challenges posed by Western tech export controls and the need for China to enhance its self-sufficiency in critical technologies. The ongoing geopolitical tensions may further complicate China's economic landscape [4][50][68]. - The report also notes the importance of balancing fiscal support between consumption and investment, as weak income gains and high savings rates hinder consumer spending [4][83][80]. This summary encapsulates the critical points discussed in the conference call regarding China's economic outlook for 2026, providing insights into growth targets, manufacturing advancements, export dynamics, fiscal policy, and geopolitical considerations.

Group 1 - Novartis AG is ranked ninth in a list of the Top 10 Oncology Stocks to Buy Now, indicating its strong position in the oncology market [1] - Barclays upgraded Novartis AG to Equal Weight from Underweight with a price target of CHF 120, citing a poor operational outlook for 2026 and noting that the company's pipeline is "fairly rich" but faces competition [1] - Novartis AG has unveiled a new 35,000-square-foot RLT facility in Winter Park, Florida, as part of its $23 billion U.S. investment strategy, aimed at supporting precision oncology treatments [2][3] Group 2 - The company has a robust oncology portfolio with over 30 high-value therapies and a growing radioligand therapy (RLT) pipeline, focusing on precision oncology and advanced manufacturing [3] - Novartis AG is investing heavily in targeted treatments like Pluvicto and Lutathera to address complex cancer needs globally [3]

Core Viewpoint - Amaero Ltd has revised its FY2026 revenue guidance due to delays in U.S. government contracting, but demand remains strong across its powder production and PM-HIP manufacturing sectors [3][5][9]. Operational and Financial Update - The company is experiencing robust demand in powder production and PM-HIP manufacturing, driven by increased customer engagement in defense, aerospace, energy, and advanced manufacturing markets [3]. - The updated FY2026 revenue guidance is set at A$18 million to A$20 million, down from the previous guidance of A$30 million to A$35 million, reflecting a growth of 372% to 425% over FY2025 [5][8]. - Revenue for the December quarter is expected to be approximately A$3.1 million, representing a 390% increase compared to the prior corresponding period [5]. - Contracted revenue of A$9.7 million is secured for the second half of FY2026, with an estimated A$2.5 million to be recognized in Q3 and A$7.2 million in Q4 [5][8]. Outlook - The company enters 2026 with a strong balance sheet and expanded production capabilities, anticipating improved contracting momentum following the resolution of U.S. federal budget appropriations [4]. - Positive AEBITDA is expected in calendar year 2027, reflecting the revised revenue profile and ongoing investments in capacity and qualification programs [5]. Strategic Initiatives - Amaero is scaling up U.S. manufacturing through major capital equipment orders, including an Argon recycling plant and a fourth advanced EIGA Premium atomizer, secured at approximately 60% below earlier cost estimates [6]. - The company has received validation from the U.S. Navy for its PM-HIP manufacturing process as a viable alternative to traditional supply chains [6]. - A strategic partnership with Titomic Limited has resulted in an initial commercial supply order for A$4.6 million of refractory alloy powders [6]. Management Commentary - The Chairman and CEO of Amaero expressed satisfaction with securing contracts totaling A$9.7 million for anticipated revenue in the second half of FY2026, highlighting a projected 30% increase in titanium powder production over the first half of FY2026 [8].

Core Insights - Intel Corporation's shares increased by 1.7% on December 30, 2025, following NVIDIA Corporation's completion of a $5 billion share purchase, which boosted investor confidence in Intel's turnaround strategy [1][7] Company Performance - Intel has experienced a transformative yet turbulent year, with its stock previously trading near multi-year lows due to operational challenges and manufacturing delays [2] - The stock had significantly underperformed its semiconductor peers, reflecting skepticism about Intel's ability to regain competitiveness [2] Strategic Developments - The narrative for Intel began to improve with multiple capital infusions and strategic partnerships, notably NVIDIA's acquisition of approximately 4% equity in Intel [3] - Government support under the U.S. CHIPS Act and other funding commitments have aided Intel's domestic manufacturing expansion [4] - Progress in next-generation process technologies and cost discipline under new leadership have reshaped investor expectations for Intel's long-term prospects [4] Market Performance - Intel's stock has risen 86% in 2025, currently around the $37 mark, while peers like Amtech Systems, Inc. and NVIDIA have seen increases of 132% and 39.7%, respectively [5] - The semiconductor industry overall has gained 37.1% during the same period [5] Future Outlook - As Intel approaches 2026, market focus remains on its ability to translate strategic moves into market share gains and sustainable growth, with the NVIDIA alliance being a key element of its recovery narrative [6]

Core Viewpoint - Amaero Ltd has secured a US$3.0 million purchase order from Titomic Limited for refractory alloy powders, under a 5-year exclusive supplier and development agreement aimed at supporting defense and aerospace applications [1][2]. Group 1: Agreement and Financials - The purchase order is part of a previously announced agreement that includes Amaero contributing US$1.5 million towards development expenses for a program with a leading defense contractor [2]. - Powder shipments are expected to occur in Q3 and Q4 of FY2026, aligning with Titomic's development program [2]. Group 2: Strategic Collaboration - The collaboration combines Amaero's expertise in atomization technology with Titomic's cold spray applications, positioning both companies to address critical manufacturing challenges in defense and aerospace sectors [2][3]. - This partnership is designed to enhance the domestic supply of refractory and titanium alloy powders, addressing material continuity issues in mission-critical markets [3]. Group 3: Leadership Insights - Amaero's Chairman and CEO emphasized the strategic nature of partnerships, selecting collaborators that complement Amaero's core competencies and market position [4]. - The agreement with Titomic is highlighted as a significant opportunity to overcome technical challenges and supply chain issues in manufacturing [5]. Group 4: Industry Context - The collaboration is seen as essential for national security and manufacturing objectives, aiming to build robust capabilities and accelerate the adoption of advanced manufacturing technologies [3]. - The partnership ensures that the powders used in initial demonstrations will be the same as those qualified for production, enhancing supply chain confidence for defense contractors [5].

Economic Overview - China's economy is currently unbalanced, with a significant trade surplus of over $1 trillion, but internal economic indicators are weak, including low consumer confidence and high precautionary savings [2][3] - Retail sales in China rose only 1.3% in December, marking the lowest growth rate outside of the COVID pandemic [3] - The Chinese government is maintaining its focus on advanced manufacturing and innovation rather than implementing social welfare reforms that could reduce savings tendencies [4] Chinese Market Insights - Despite strong exports, Chinese stocks are experiencing gains that appear disconnected from the underlying economy, primarily driven by AI innovation [5] - Earnings forecasts for Chinese companies are being cut, indicating a need for stabilization in earnings for future stock gains [5] U.S. Economic Data - The U.S. is expecting a jobs report with a projected addition of only 50,000 jobs, reflecting further weakness in the labor market [8][10] - The unemployment rate is anticipated to rise to 4.5%, which could lead to lower yields in the bond market if job growth falls short of expectations [10] Global Central Bank Actions - A series of central bank meetings are scheduled, highlighting the divergence in monetary policy between the Fed and other major central banks, with the Bank of England likely nearing the end of its easing cycle and the Bank of Japan expected to hike rates [12][15] - The Eurozone composite PMI rose to its highest level in two and a half years, indicating potential economic growth rebound in Europe next year [14] Fixed Income Market Outlook - The global fixed income market had a strong performance in 2025, particularly for international and emerging market bonds, largely due to a decline in the dollar [16][17] - There is an expectation for continued positive returns in international bonds going into 2026, driven by potential further downside on the dollar [17][18]

Core Points - The company is changing its name from First American Uranium Inc. to North American Niobium and Critical Minerals Corp. effective November 20, 2025 [1] - The common shares began trading under the new stock symbol "NIOB" on November 5, 2025 [2] - The CEO stated that the acquisition of a strategic niobium and critical minerals land package in Quebec marks a significant evolution for the company, transitioning from a uranium-focused explorer to a leader in the critical minerals sector [3] - Niobium and related metals are highlighted as essential for the clean energy transition and advanced manufacturing [3] - The company is committed to responsible exploration and building a secure domestic supply of critical minerals for North America [3] Company Overview - First American Uranium Inc. is focused on the acquisition and development of precious, base, and critical mineral assets [4] - The company's portfolio includes the Silver Lake property in British Columbia and a newly acquired land package in Quebec, which adds exposure to rare earth elements, niobium, and nickel-copper occurrences [4] - The Quebec properties are strategically important for energy and defense applications [4]