nLIGHT, Inc. (NASDAQ:LASR) Q1 2022 Earnings Conference Call May 5, 2022 5:00 PM ET

Company Participants

Scott Keeney - Co-Founder and Chief Executive Officer

Joseph Corso - Chief Financial Officer

Conference Call Participants

Greg Palm - Craig-Hallum Capital Group

Patrick Ho - Stifel

Brian Gesuale - Raymond James

Hans Chung - D.A. Davidson

Chris Grenga - Needham

Paretosh Misra - Berenberg Capital Markets

Mark Miller - Benchmark Company

Operator

Good day and welcome to the nLIGHT First Quarter 2022 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions]. After today's presentation there will be an opportunity to ask questions. [Operator Instructions]. Please note this even is being recorded.

I would now like to turn the conference over to Joe Corso, nLIGHT's Chief Financial Officer. Please go ahead sir.

Joseph Corso

Thank you; and good afternoon, everyone. I am Joe Corso, nLIGHT's Chief Financial Officer. With me today is Scott Keeney, nLIGHT's Chairman and CEO. Today's discussion will contain forward-looking statements including financial projections and plans for our business. Forward-looking statements are subject to risks and uncertainties, many of which are beyond our control, including the risks and uncertainties described from time-to-time in our SEC filings.

Our results may differ materially from those projected on today's call, and we undertake no obligation to update publicly any forward-looking statement, except as required by law.

During the call, we will be discussing certain non-GAAP financial measures. We have provided reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures in our earnings release, which can be found on the Investor Relations ' section of our website.

I will now turn the call over to Scott.

Scott Keeney

Thank you, Joe. Starting on slide three. Q1 was a good start to the year for nLIGHT despite a highly dynamic global manufacturing environment that was exacerbated by the start of the COVID locked down in Shanghai. We met or exceeded guidance and made important progress in all of our key growth opportunities.

Turning to slide four. We generated $64.5 million of revenue, which was above the midpoint of our guidance range. First quarter revenue reflects the continued transition in the geographic focus of our business.

Revenue from customers outside of China grew by 25% year-over-year to approximately $57 million, or approximately 89% of total revenue. Overall revenue increased 5% year-over-year.

Each of our top 10 customers during the quarter were from regions outside of China, and a favorable mix of business enabled us to exceed the high end of gross margin and adjusted EBITDA guidance.