LASE
Laser Photonics CorporationLaser Photonics Corporation provides integrated laser-blasting solutions for corrosion control, rust removal, de-coating, pre-welding, post-welding, laser cleaning, and surface conditioning in the Americas, Europe, Asia, the Middle East, and North Africa. It offers laser cleaning systems, such as CleanTech Titan FX for cleaning, rust removal, and surface conditioning; CleanTech Titan Express, a high-power fiber laser for cleaning and surface conditioning; CleanTech MegaCenter, an industrial-grad
2-Year Price History
Quarterly Financials & Projections
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Est | 2027-Q3 | 3.8 | -1.3 | -- | -3.0 | -- | -1.1 | -0.1 | -14.6 | -- | -- | -- | -- | -- |
| Est | 2027-Q2 | 3.5 | -1.6 | -- | -3.3 | -- | -1.4 | -0.1 | -13.5 | -- | -- | -- | -- | -- |
| Est | 2027-Q1 | 3.2 | -1.8 | -- | -3.5 | -- | -1.6 | -0.1 | -12.1 | -- | -- | -- | -- | -- |
| Est | 2026-Q4 | 3.0 | -2.0 | -- | -3.9 | -- | -1.8 | -0.1 | -10.5 | -- | -- | -- | -- | -- |
| Est | 2026-Q3 | 2.8 | -2.2 | -- | -4.2 | -- | -2.0 | -0.1 | -8.7 | -- | -- | -- | -- | -- |
| Est | 2026-Q2 | 2.5 | -2.5 | -- | -4.5 | -- | -2.3 | -0.1 | -6.7 | -- | -- | -- | -- | -- |
| Est | 2026-Q1 | 2.0 | -2.8 | -- | -4.6 | -- | -2.4 | -0.0 | -4.5 | -- | -- | -- | -- | -- |
| Est | 2025-Q4 | 1.8 | -3.2 | -- | -5.0 | -- | -2.7 | -0.0 | -2.1 | -- | -- | -- | -- | -- |
| Act | 2025-Q4 | 2.5 | -7.8 | -3.4 | -9.4 | -5.0 | -5.0 | -0.0 | 0.7 | 8.9 | 22.9 | -152.4% | -- | -- |
| Act | 2025-Q3 | 0.9 | -4.4 | -3.2 | -4.7 | 0.8 | 0.7 | -0.0 | 3.6 | 13.0 | 17.1 | -98.8% | -3.0x | -- |
| Act | 2025-Q2 | 2.6 | -0.6 | -1.0 | -1.8 | -1.0 | -1.0 | -0.0 | 0.1 | 6.5 | 14.3 | -58.9% | -- | -- |
| Act | 2025-Q1 | 2.3 | -1.3 | -1.6 | -1.7 | -1.2 | -1.2 | -0.0 | 0.2 | 5.6 | 14.3 | -88.2% | -- | -- |
| Act | 2024-Q4 | 1.3 | -2.0 | -3.3 | 0.6 | -2.7 | -3.4 | -0.1 | 0.5 | 5.0 | 12.7 | -131.5% | -- | -- |
| Act | 2024-Q3 | 0.7 | -1.5 | -1.7 | -1.6 | -3.2 | -3.5 | -0.1 | 2.1 | 0.3 | 12.7 | -143.6% | -- | -- |
| Act | 2024-Q2 | 0.6 | -1.9 | -2.1 | -2.1 | -3.4 | -2.4 | -0.0 | 2.8 | 0.6 | 10.6 | -146.9% | -- | -- |
| Act | 2024-Q1 | 0.7 | -0.4 | -0.6 | -0.6 | -0.9 | -1.0 | -0.2 | 5.2 | 0.8 | 9.3 | -28.3% | -- | -- |
| Act | 2023-Q4 | 0.5 | -0.2 | -1.3 | -1.3 | -1.9 | -2.1 | -0.2 | 6.2 | 1.0 | 9.0 | -51.4% | -- | -- |
| Act | 2023-Q3 | 1.2 | -0.9 | -1.1 | -1.1 | -0.4 | -0.5 | -0.1 | 8.3 | 0.9 | 8.3 | -35.9% | -- | -- |
| Act | 2023-Q2 | 1.0 | -0.6 | 0.0 | 0.0 | -1.8 | -2.0 | -0.1 | 9.9 | 0.7 | 8.3 | 0.9% | -- | -- |
| Act | 2023-Q1 | 1.2 | -0.8 | -1.2 | -1.6 | -1.3 | -1.4 | -0.1 | 10.8 | 1.1 | 7.9 | -38.4% | -4.1x | -- |
| Act | 2022-Q4 | 1.2 | -1.8 | -1.9 | -1.9 | -0.8 | -0.9 | -0.0 | 12.2 | 0.8 | 7.9 | -53.5% | -12619.8x | -- |
| Act | 2022-Q3 | 1.2 | 0.3 | 0.2 | 0.2 | -0.4 | -0.4 | -0.0 | 0.2 | 0.7 | 4.9 | 28.3% | 30.0x | -- |
| Act | 2022-Q2 | 1.4 | 0.4 | 0.3 | 0.3 | 0.3 | 0.3 | -0.0 | 0.5 | 0.6 | 4.9 | 47.5% | 41.6x | -- |
| Act | 2022-Q1 | 1.2 | 0.5 | 0.4 | 0.4 | 0.2 | 0.2 | -0.0 | 0.5 | 0.8 | 4.9 | 55.2% | 106.9x | -- |
Multiples vs the company's own history — cheap or rich relative to itself? Historical fiscal years, then TTM, then forward projections (E). Forward rows hold today's price against projected earnings, so the multiple compresses if the company grows into it.
| Year | Price | Rev Gr | EBITDA % | EBITDA | EV/EBITDA | EV/FCF | P/E | P/S |
|---|---|---|---|---|---|---|---|---|
| 2022 | 2.04 | — | -12.9% | -1 | n/m | n/m | n/m | 3.9× |
| 2023 | 1.18 | -20.5% | -64.7% | -3 | n/m | n/m | n/m | 3.4× |
| 2024 | 5.78 | -13.3% | -167.9% | -6 | n/m | n/m | n/m | 44.2× |
| 2025 | 2.47 | +144.3% | -169.4% | -14 | n/m | n/m | n/m | 7.3× |
| TTM | — | +144.3% | -169.4% | -14 | 0.0× | 0.0× | — | — |
| 2026E | — | +23.5% | -0.9% | -0 | 0.0× | 0.0× | — | — |
EBITDA in reporting-currency $M. Historical multiples use year-end market cap (split-adjusted price history); TTM & forward years use today's.
AI Analysis
LLM Evaluations
LASE is a textbook value trap with a toxic capital structure. Despite an interesting technology niche in laser cleaning and some genuine customer traction (repeat orders from defense, nuclear, firearms), the company's economics are disastrous: going concern warnings, 44% effective interest rate toxic debt with confessed judgment clauses, 35%+ annual dilution, a controlling affiliate (Fonon/ICT Investments) extracting value through $7.7M deemed dividends on overpriced asset transfers, Nasdaq non-compliance, and a 215x debt-to-equity ratio. The $70M pipeline claim has persisted for years without meaningful revenue conversion. Common equity holders are at the bottom of a capital structure designed to extract value upward. Even in a bull scenario where revenue scales, the dilution and predatory financing ensure per-share value destruction continues.
Latest Earnings Call
Transcript Summary
Laser Photonics reported Q2 2024 revenue of $0.6 million, a 35.5% decrease year-over-year. Management cited $1 million in deferred revenue due to customer capex delays, which is expected to materialize in the second half of the year. A significant accounting change now classifies Fonon distributions as G&A expenses, resulting in an operating loss of $2.1 million and a drop in gross profit margins from 71% to 51%. To support growth, the company completed a $2.6 million private placement and is aggressively expanding its sales force and R&D. Key strategic developments include the SaberTech laser cutting line and the Laser Shield Anti-Drone (LSAD) concept, supported by a national television ad campaign. The company's sales pipeline has grown to an estimated $70 million, though management noted this will not all convert within 2024. While the increased share count and higher operating losses present near-term headwinds, leadership remains optimistic about the medium-to-long-term prospects driven by Department of Defense partnerships and new product commercialization. Investors remain cautious regarding the wide gap between current revenue and the projected pipeline, as well as the impact of the Fonon licensing relationship on the bottom line.
Valuation & Metrics
Market Stats
TTM Financial Snapshot
Forward Outlook & Risk
Short Interest
Forward Projections & Estimates
Employees
Cash Runway
Institutional Ownership
Headline & net flow
Ownership composition
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $491K | $1.00 | +$491K | +$491K | — | $4.04T |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $247K | $3.55 | +$103K | +$166K | +2.3% | $1.61T |
| BlackRock, Inc.Passive | $146K | $3.59 | +$17K | +$146K | -0.2% | $5.69T |
| VANGUARD FIDUCIARY TRUST COPassive | $88K | $1.00 | +$88K | +$88K | — | $395.83B |
| HRT FINANCIAL LP | $51K | $1.06 | +$39K | +$51K | -0.6% | $39.46B |
| UBS Group AG | $50K | $7.36 | −$35K | −$36K | -0.3% | $562.11B |
| GROUP ONE TRADING LLCMM | $34K | $2.52 | +$18K | +$34K | -1.6% | $3.02B |
| STATE STREET CORPPassive | $32K | $4.03 | +$0 | +$7K | -0.2% | $2.89T |
| LPL Financial LLC | $29K | $2.25 | +$18K | +$29K | -0.2% | $372.65B |
| Farther Finance Advisors, LLC | $16K | $1.00 | +$16K | +$16K | -0.9% | $10.58B |
| HighTower Advisors, LLC | $16K | $1.00 | +$16K | +$16K | -0.2% | $93.93B |
| SUSQUEHANNA INTERNATIONAL GROUP, LLPMM | $14K | $1.00 | +$14K | +$14K | -0.6% | $77.14B |
| NORTHERN TRUST CORPPassive | $13K | $3.09 | +$0 | +$0 | -0.2% | $755.34B |
| HM PAYSON & CO | $9K | $1.00 | +$9K | +$9K | -0.1% | $6.93B |
| MORGAN STANLEY | $8K | $3.05 | +$0 | +$7K | -0.3% | $1.65T |
| Allworth Financial LP | $8K | $3.47 | +$2K | +$7K | -0.3% | $22.87B |
| Tower Research Capital LLC (TRC)MM | $7K | $5.37 | +$6K | +$6K | -0.6% | $3.84B |
| Vanguard Global Advisers, LLCPassive | $3K | $1.00 | +$3K | +$3K | — | $186.48B |
| ADVISOR GROUP HOLDINGS, INC. | $3K | $4.04 | +$2K | +$2K | -0.3% | $67.63B |
| Cassaday & Co Wealth Management LLC | $1K | $1.00 | +$1K | +$1K | -0.5% | $4.69B |
Trading behavior
▸ Compare to holder-profile behavior (across all their stocks)
Biggest decreases this quarter
New buyers this quarter
Top-5 holders · 80.6%
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
Corporate
Insider Trading (last 12mo)
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-04-30 | BUY | Lu Qing | director | 27,000 | $0.75 | $20K | $63K |
| 2026-04-29 | BUY | Lu Qing | director | 35,000 | $0.63 | $22K | $36K |
| 2026-04-27 | BUY | Lu Qing | director | 7,000 | $0.63 | $4K | $14K |
| 2026-04-25 | SELL | Lu Qing | director | 5,800 | $0.98 | $6K | $15K |
Order Flow (FINRA, ~3w lag)
Filing Risk Analysis
Filing Risk Scores
Laser Photonics Corp: A Toxic Spiral of Dilution and Related-Party Asset Siphoning
Counter-Thesis
Counter-Thesis & Recent News
In early 2026, Laser Photonics (LASE) announced a strategic consolidation of its manufacturing operations into a single 50,000-square-foot facility in Lake Mary, Florida, a move expected to generate approximately $1 million in annual cost savings (March 2026). Additionally, the company secured a significant $1.3 million order for a pharmaceutical tablet laser drilling system from a new international customer and was selected to present its Laser Shield Anti-Drone (LSAD) system at SOF Week 2026, signaling expansion into the high-growth defense sector (January–February 2026).
The core bear thesis relies on the company's deteriorating profitability despite surging revenues. For the nine months ended September 30, 2025, net losses widened to $8.1 million compared to $3.1 million the previous year, while gross margins compressed from 62.9% to 40%. Skeptics also point to a 'going concern' warning in recent SEC filings and a $5 million dilutive public offering priced at $0.70 in February 2026 to stay afloat.
LASE received a Nasdaq non-compliance notice in late 2025 for failing to timely file its Q3 10-Q report. Financial health remains a primary concern with a negative Return on Equity (ROE) of -109% and a high debt-to-equity ratio of 215x as of early 2026. The company’s heavy reliance on PIPE financing and equity offerings suggests persistent liquidity struggles.
While LASE aims to disrupt traditional sandblasting and abrasive media industries, it faces competition from established industrial laser players and specialized defense contractors. Bears argue that the company's lack of scale and margin pressure make it vulnerable to larger competitors who can offer lower-cost solutions as laser cleaning technology becomes more commoditized.
Contrary to the short thesis, customer loyalty appears strong among industrial leaders. LASE reported its 5th repeat order from a major U.S. firearm manufacturer and a follow-on order from a fiber optic firm that already operates over 20 of its systems. Positive sentiment is also driven by strategic adoption in critical infrastructure, such as repeat orders from Bruce Power for nuclear plant maintenance (July 2025 – February 2026).
Full Earnings Call Transcript
Full Earnings Call Transcript — Q2 • 2024-08-30
Brian Siegel: Thank you, operator. With me today are Wayne Tupuola, Laser Photonics' CEO; and Carlos Sardinas, the Company's VP of Finance. Any forward-looking statements made during this conference call, whether general or specific in nature, are subject to risks and uncertainties that may cause actual results to differ materially from those that the company anticipates. These risks and uncertainties include, but are not limited to, specific risks and uncertainties discussed in the reports the company periodically files with the SEC. Laser Photonics assumes no obligation to either update any forward-looking statements that is made or may make or to update the factors that may cause actual results to differ materially from those they forecast. I will now turn the call over to Wayne, Laser Photonics' Chief Executive Officer. Wayne Tupuola: Good morning, ladies and gentlemen. Thank you for joining us. This morning, we reported second quarter 2024 results. Regarding the lower revenue, we believe approximately $1 million was deferred into the second half of the year. This deferral was simply a timing issue with several customers whose capital expenditure review and approval processes were delayed. While this was disappointing, we haven't seen any evidence that this is more than a delay in the future quarter. Moving to our growth and operational excellence initiatives, as we mentioned each quarter sales and marketing remain key areas of focus and investment for us. To this end, we recently announced a partnership with Echelon 1 to further our efforts to bring CleanTech systems to the Department of Defense. More recently, we announced the addition of four new roles to help grow our sales in laser systems, all licensed from Fonon. We believe we'll help drive sales across our various verticals and product lines over time. As an innovation-driven company, we've also continued to invest in R&D and product development to stay ahead of the competition. We believe that the new features and industry-specific products we are developing and commercializing will help accelerate sales growth and continue to provide us with a technological advantage over the competition. As I mentioned on previous calls, our plan was to introduce several new product lines this year and the next generation of our CleanTech line. On that note, we announced our SaberTech line of laser cutting tools based on our Turbo Piercing technology. We also introduced our Laser Shield Anti-Drone or LSAD concept for laser-based defense against drone swarms and upgraded CleanTech products. To increase awareness of this concept, we initiated a successful ad campaign with a 30-second commercial on Fox Business and CNBC during key programs including Squawk Box, Mad Money, Opening and Closing Bells, Mornings with Maria and more. If you didn't catch it on these shows, you can find it on our YouTube channels as well. Given our commitment to R&D, product development and expanding sales and marketing capabilities, we're looking for opportunities to reduce costs to help offset or optimize these investments. For example, as part of our ongoing commitment to operational excellence, we have plans to continuously enhance our manufacturing operations to reduce COGS as we scale through process refinement and identify opportunities for cost efficiencies. In addition, we are focused on optimizing our marketing strategies, forming a task force comprised of key members from various departments to ensure a comprehensive and effective approach. This cross functional group will bring together expertise from finance, engineering, research and development and operations. The goal is to leverage diverse perspectives in developing a robust marketing plan aligned with our business goals and current market conditions. The task force will have specific objectives, analyzing existing marketing strategies, identifying areas for improvement and creating a comprehensive marketing plan that is innovative and targeted. By utilizing a cause and effect framework, we'll assess past challenges and their impacts addressing vulnerabilities proactively while capitalizing on opportunities for growth and success. In summary, with our new products, distribution and technology partnerships and increased sales and marketing efforts, we have built an estimated pipeline of over $70 million. While this won't all close this year, we believe it prepares us for improved results in 2024 and it bodes well for our medium to long-term growth prospects. I will now turn it over to Carlos to review our financials. Carlos Sardinas: Thank you, Wayne. Revenue was down 35.5% to $0.6 million. CleanTech made up over 80% of our mix. Our gross profit was 51% compared to 71% last year. A change in accounting opinion from our new auditor resulted in us reporting previously disclosed distributions to Fonon in the cash flow statement, which will now be recognized as G&A expense in 2024 and moving forward. These higher operating expenses will result in larger losses now and moving forward compared to prior years. Overall, health of the company viewed through cash flow does not change. This change led to an operating loss year-over-year of negative $2.1 million in Q2, 2024 versus $0.7 million last year. Net loss decreased by 67% to $2.1 million again due to this change in accounting treatment and loss per share decreased by 122% to negative $0.20 per share. Our share count also increased significantly versus last year due to acquisitions of various licenses from Fonon. Finally, as you saw, we recently completed a private placement raising a net total of $2.6 million to increase our ability to invest in key areas including sales and marketing and new product development, which will increase our future shares outstanding. That concludes our remarks. End of Q&A: