nLIGHT: 3 Key Takeaways for Long-Term Investors

nLIGHT secured a $627 million Joint Laser Weapon System contract, marking its transition from component supplier to defense system integrator. The company exited low-margin cutting and welding operations, achieving record 48.8% non-GAAP product gross margins. However, Chinese optical supply chain constraints deferred $15 million in revenue to 2027, though management is expanding domestic sourcing with its $300 million cash balance.