Laser Photonics Corporation (NASDAQ:LASE) Q3 2023 Earnings Call Transcript

Laser Photonics Corporation (NASDAQ:LASE) Q3 2023 Earnings Call Transcript November 17, 2023

Operator: Greetings, and welcome to the Laser Photonics Third Quarter Financial Results and Webcast. [Operator Instructions]. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Brian Siegel, Senior Manager Director Hayden Investor Relations. Thank you, sir. You may begin.

Brian Siegel: Thank you. With me today are Wayne Tupuola, Laser Photonics CEO; and Jade Barnwell, the company's CFO. 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. 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. Laser Photonics assumes no obligation to either update any forward-looking statements that we have made or may make or to update the factors that may cause actual results to differ materially from those that are forecast. I will now turn the call over to Wayne. Take it away, Wayne.

Wayne Tupuola: Good morning, ladies and gentlemen. Thank you for joining us today for Laser Photonics Corp's Q3 2023 Earnings Call. I'm Wayne Tupuola, CEO of Photonics Corp here to provide an overview of our financial performance and discuss our future outlook. Let's start by addressing our operating loss for the quarter, which was under $1 million. While we encountered this loss, it's essential to provide context and note our Q3 year-over-year increase of 1.4%. This increase reflects our efforts to improve our financial standing, quite challenges faced throughout the year. 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.

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 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. The outlook remains positive for Laser Photonics Corp despite geopolitical and economic disruptions. We remain dedicated to serving the global community. 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 are optimistic that these new distributions can leverage their unique market exposure to enable us to sell more laser blasted units. This development positions us well for the future success, and we expect these relationships to ramp in 2024. 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. To the best of our knowledge, this will be the first laser cleaning commercial of its kind to be aired to the public and we can't wait to see the results. 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.

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