Press Release · Laser Photonics Corp.
LASE Corp Reports Third Quarter 2026 Results
Distributed by Business News Talks · Originally issued via Newswire
ORLANDO, Fla., November 12, 2026 (Newswire.com) - LASE Corp. (NASDAQ:LASE), an emerging laser technology company developing laser and directed-energy solutions for the defense, pharmaceutical, semiconductor and industrial markets (the "Company"), today announced its financial results for the third quarter ended September 30, 2026.
Executive Chairman Commentary - Dmitri Nikitin
"We believe this quarter represents a turning point for us as a company. From strengthening our balance sheet and delivering strong net sales growth and a narrower quarterly net loss, to clarifying our growth strategy centered on quantum directed-energy technologies, to strengthening our management and governance teams, we have made significant progress. We now have a clearly defined strategy focused on four markets: defense, semiconductor, pharmaceutical and industrial. We believe these accomplishments provide a stronger foundation for LASE's next phase of growth.
"Our first quarterly earnings conference call in nearly two years marks another important step toward greater transparency and more consistent shareholder communications. We recognize that trust is earned through actions, not promises, and we intend to demonstrate our commitment through disciplined execution, timely financial reporting and measurable progress."
Financial Summary:
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||
| September 30, | September 30, | |||||||||||||||||||||
| $ in millions, except per-share amounts | 2026 | 2025 | Change | 2026 | 2025 | Change | ||||||||||||||||
| Net Sales | $ | 1.1 | $ | 0.9 | 25 | % | $ | 3.9 | $ | 5.8 | (33 | )% | ||||||||||
| Gross Margin % | (39.2 | )% | (47.2 | )% | +800 b | ps | (17.7 | )% | 27.0 | % | (4,470) b | ps | ||||||||||
| Operating Expenses | $ | 1.8 | $ | 2.8 | (34 | )% | $ | 6.6 | $ | 7.3 | (10 | )% | ||||||||||
| Operating Loss | $ | (2.3 | ) | $ | (3.2 | ) | 29 | % | $ | (7.3 | ) | $ | (5.8 | ) | (27 | )% | ||||||
| Net Loss | $ | (2.5 | ) | $ | (4.7 | ) | 46 | % | $ | (8.6 | ) | $ | (8.1 | ) | (6 | )% | ||||||
| Loss per share attributable to common stockholders, basic and diluted | $ | (0.05 | ) | $ | (1.09 | ) | - | $ | (0.22 | ) | $ | (1.46 | ) | - | ||||||||
Third Quarter and Year-to-Date 2026 Summary & Financial Highlights
- Q3 Net Sales Growth: Q3 net sales increased 24.6% to $1.1 million, compared with $0.9 million in the prior-year period, representing the Company's first quarter of year-over-year net sales growth since Q4 2025. Year-to-date net sales were $3.9 million, compared with $5.8 million in the prior-year period.
- Q3 Liquidity Improvements: Cash and short-term investments increased to $7.6 million at September 30, 2026, compared with $0.7 million at December 31, 2025. The Company eliminated $4.6 million of outstanding notes payable, including related-party notes, and improved working capital by $11.1 million to $3.7 million, compared with a deficit of $7.3 million at December 31, 2025.
- Q3 Net Loss Improvement: Q3 net loss improved 45.9% to $2.5 million, compared with $4.7 million in the prior-year period, representing the Company's first year-over-year improvement in quarterly net results since Q4 2024. The improvement was primarily driven by lower operating expenses and interest expense.
- Q3 Operating Expense Reduction: Q3 operating expenses were $1.8 million, a 33.9% decrease compared with $2.8 million in the same prior-year period, primarily driven by lower general and administrative expenses. Year-to-date operating expenses were $6.6 million, a 10.0% decrease compared with $7.3 million in the same prior-year period.
- Executive Leadership Improvements by appointing Timothy A. Peterman Chief Financial Officer in September 2026 and Dmitri Nikitin Executive Chairman and principal executive officer in October 2026, following Wayne Tupuola's departure as Chief Executive Officer in October 2026.
- SEC Compliance Support through the appointment of Rosenfield & Company, PLLC as independent registered public accounting firm in July 2026 and the October 2026 engagements of Sheppard Mullin as securities counsel and CBIZ as financial reporting and internal controls consultant.
- Growth Strategy Clarity through the Company's prioritization of directed-energy technologies, including its Quantum Bullet™ platform, and its focus on four principal markets: defense, semiconductor, pharmaceutical and industrial.
- September Equity Capital Raise: In September 2026, the Company completed a public equity offering raising approximately $7.9 million in gross proceeds. The financing strengthened the Company's balance sheet and provided additional capital to support operations and strategic growth initiatives.
- Corporate Rebranding effective November 4, 2026, changing the Company's name from Laser Photonics Corporation while retaining its Nasdaq ticker symbol, LASE, and introducing www.lase.com as its corporate website. The Company also announced in October that it planned to resume quarterly earnings conference calls for the first time in nearly two years, reinforcing its commitment to shareholder transparency.
- Public Board Governance Improvements following the August 2026 resignation of Carlos Gonzalez; the October 2026 resignation of Wayne Tupuola as a director; the October 2026 appointment of Dmitri Nikitin as Executive Chairman; and the November 2026 appointments of Timothy A. Peterman, bringing public-company financial oversight and governance experience, and Sanjay Adhav, bringing emerging technology expertise, as directors.
Liquidity and Capital Resources
As of September 30, 2026, the Company had cash and short-term investments of $7.6 million, compared with cash of $0.7 million at December 31, 2025. The increase reflected capital raised through public equity offerings and warrant transactions, partially offset by cash used in operations and debt repayments.
During the first nine months of 2026, the Company raised approximately $19.6 million in net proceeds from public equity offerings and warrant transactions and fully repaid all outstanding notes payable, including related-party notes, with total debt repayments of $6.4 million. These financing activities strengthened the Company's liquidity position, reduced outstanding indebtedness and supported its ongoing operations. Total current liabilities decreased to $6.3 million at September 30, 2026, compared with $10.3 million at December 31, 2025.
Working capital at September 30, 2026 improved by $11.1 million, from a deficit of $7.3 million at December 31, 2025 to positive working capital of $3.7 million at September 30, 2026.
Stockholders' equity increased to $5.8 million at September 30, 2026, compared with a stockholders' deficit of $5.0 million at December 31, 2025.
Net cash used in operating activities was $7.4 million for the nine months ended September 30, 2026, compared with $1.4 million in the same prior-year period. Net cash provided by financing activities was $14.5 million, compared with $4.5 million in the same prior-year period.
The Company continues to require additional liquidity to support operations, R&D priorities particularly in defense, and working capital requirements. Management expects to continue evaluating debt and equity financing alternatives to support future operations and growth objectives.
Outlook
As announced on October 28, 2026, the Company plans to introduce its Quantum Bullet™ anti-drone platform at the Interservice/Industry Training, Simulation and Education Conference (I/ITSEC) in Orlando, November 30 through December 3, 2026, including a product-introduction film. The Quantum Bullet product line includes the Laser Shield Anti-Drone (LSAD) Series, a modular directed-energy platform under development for Group 1 and Group 2 drone threats.
The LSAD platform is designed to combine proprietary laser capabilities with multi sensor detection, tracking, targeting and command-and-control (C2) systems, for standalone deployment or integration into multilayered air-defense platform. Its Dazzler configuration is intended to disrupt drone optical and LIDAR sensors; higher-energy palletized and crawler configurations are being developed for destructive engagement of Group 1 and Group 2 drones. Development, integration, testing and customer evaluation remain necessary before commercialization.
The Company believes its expertise in laser engineering, precision manufacturing, laser beam delivery and control , together with multiple partners products and research integration, provides a foundation for developing new products for defense and national security applications. Management intends to advance Quantum Bullet™ and evaluate opportunities to participate in government-funded research, development, testing and manufacturing programs.
LASE expects to continue serving its established pharmaceutical, semiconductor and industrial markets while allocating resources toward defense-related opportunities. Management remains focused on improving operating performance, maintaining financial discipline, strengthening corporate governance and building a more transparent relationship with shareholders.
The Company is not providing quantitative financial guidance at this time.
Third Quarter Fiscal 2026 Earnings Call
Management will host an investor conference call at 8:00 a.m. Eastern time today, Thursday, November 12, 2026, to discuss financial results, corporate developments and strategic priorities, and conclude with Q&A from telephone participants. To participate, please use the following information:
Date: Thursday, November 12, 2026
Time: 8:00 a.m. Eastern time
U.S. dial-in number: 1-877-407-3982
International dial-in number: 1-201-493-6780
Conference ID: 13763522
Webcast link: LASE Q3 FY2026 Earnings Conference Call
Please join at least five minutes before the start of the call to ensure timely participation.
A playback of the call will be available through Thursday, November 19, 2026. To listen, please call 1-844-512-2921 within the United States and Canada or 1-412-317-6671 when calling internationally, using replay pin number 13763522. A webcast replay will also be available using the webcast link above or through the investor relations section of www.lase.com.
Cautionary Note Concerning Forward-Looking Statements
This press release contains "forward-looking statements" (within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended), including statements regarding the Company's plans, prospects, potential results, and other statements that are not historical facts. These forward-looking statements are often identified by the use of words such as "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "project," "will," "would" and similar expressions, although not all forward-looking statements contain these words.
These statements are based on current expectations and assumptions as of the date of this press release and involve a number of risks and uncertainties, which may cause actual results and uses of proceeds to differ materially from those indicated or implied by these forward-looking statements.
These risks include, without limitation, those described in the "Risk Factors" sections of filings and reports the Company makes with the Securities and Exchange Commission from time to time, including, without limitation, the Company's most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, as such factors may be updated from time to time in the Company's other filings with the SEC, which are accessible on the SEC's website at www.sec.gov.
Readers are urged to carefully review those risk factors, as well as other cautionary statements that are made from time to time in the Company's other SEC filings. Any reader of this press release is cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
The Company undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this press release except as required by applicable laws or regulations.
Investor Relations Contact
Lucas A. Zimmerman & Ian Scargill
MZ Group - MZ North America
(262) 357-2918
[email protected]
Company Investor Relations
LASE CORP.
CONDENSED CONSOLIDATED BALANCE SHEET SUMMARY
Unaudited September 30, 2026; audited December 31, 2025.
| As ofSeptember 30, 2026(Unaudited) | As ofDecember 31, 2025(Audited) | |||||||
| ASSETS | ||||||||
| Current Assets | ||||||||
| Cash | $ | 1,638,650 | $ | 650,339 | ||||
| Accounts receivable, net of allowance for expected credit losses of $4,744 and $0, respectively | 886,149 | 547,848 | ||||||
| Short-Term Investments | 6,000,000 | - | ||||||
| Contract assets | 88,039 | 258,037 | ||||||
| Inventories, net of reserves of $729,759 and $503,835, respectively | 1,111,504 | 1,287,127 | ||||||
| Deferred financing costs | - | 125,000 | ||||||
| Prepaid and other current assets | 287,259 | 120,825 | ||||||
| Total Current Assets | 10,011,601 | 2,989,176 | ||||||
| Property, plant, and equipment, net | 946,391 | 1,125,194 | ||||||
| Intangible assets, net | 850,580 | 922,701 | ||||||
| Operating lease right-of-use asset | 3,695,380 | 4,110,531 | ||||||
| Other long-term assets | 302,000 | 302,000 | ||||||
| Total Assets | $ | 15,805,952 | $ | 9,449,602 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Current Liabilities: | ||||||||
| Accounts payable | $ | 1,086,012 | $ | 1,595,333 | ||||
| Accounts payable - related parties | 310,814 | 349,461 | ||||||
| Accrued expenses | 862,168 | 918,328 | ||||||
| Deferred revenue | 883,984 | 1,157,128 | ||||||
| Contract liabilities | 2,760,247 | 1,205,007 | ||||||
| Notes payable - ($0 and $3,212,500 past due, respectively) | - | 3,804,610 | ||||||
| Notes payable - related party | - | 751,000 | ||||||
| Lease liability, current | 260,250 | 214,044 | ||||||
| Derivative liability | 104,231 | 338,902 | ||||||
| Total Current Liabilities | 6,267,706 | 10,333,813 | ||||||
| Lease liability - non-current | 3,711,208 | 4,152,375 | ||||||
| Total Liabilities | 9,978,914 | 14,486,188 | ||||||
| Commitments and Contingencies | - | - | ||||||
| Stockholders' Equity (Deficit) | ||||||||
| Preferred shares par value $0.001: 10,000,000 shares authorized, no shares were issued and outstanding at September 30, 2026, and December 31, 2025, respectively | - | - | ||||||
| Common shares par Value $0.001: 100,000,000 shares authorized; 60,686,666 and 22,852,723 issued, and 60,679,288 and 22,845,345 outstanding, at September 30, 2026, and December 31, 2025, respectively | 60,687 | 22,853 | ||||||
| Additional paid-in capital | 39,551,764 | 20,160,923 | ||||||
| Accumulated deficit | (33,775,410 | ) | (25,210,359 | ) | ||||
| Treasury shares (7,378 and 7,378 shares, respectively) | (10,003 | ) | (10,003 | ) | ||||
| Total Stockholders' Equity (Deficit) | 5,827,038 | (5,036,586 | ) | |||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 15,805,952 | $ | 9,449,602 | ||||
LASE CORP.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Unaudited.
| For the Three Months Ended | For the Nine Months Ended | |||||||||||||||
| September 30, 2026(Unaudited) | September 30, 2025(Unaudited) | September 30, 2026(Unaudited) | September 30, 2025(Unaudited) | |||||||||||||
| Net sales | $ | 1,145,676 | $ | 919,284 | $ | 3,867,534 | $ | 5,808,541 | ||||||||
| Cost of sales | 1,594,923 | 1,352,880 | 4,552,759 | 4,238,975 | ||||||||||||
| Gross (Loss) Profit | (449,247 | ) | (433,596 | ) | (685,225 | ) | 1,569,566 | |||||||||
| Operating expenses: | ||||||||||||||||
| Sales and marketing | 495,259 | 342,192 | 1,934,322 | 1,354,798 | ||||||||||||
| General and administrative | 1,092,112 | 2,263,383 | 4,058,919 | 5,441,189 | ||||||||||||
| Research and development costs | 253,223 | 178,144 | 599,310 | 526,107 | ||||||||||||
| Total Operating Expenses | 1,840,594 | 2,783,719 | 6,592,551 | 7,322,094 | ||||||||||||
| Operating Loss | (2,289,841 | ) | (3,217,315 | ) | (7,277,776 | ) | (5,752,528 | ) | ||||||||
| Other income (expenses): | ||||||||||||||||
| Interest expenses, net | (196,291 | ) | (1,438,293 | ) | (1,015,931 | ) | (2,357,705 | ) | ||||||||
| Change in fair value of derivative liability | 118,478 | - | 234,671 | - | ||||||||||||
| Registration payment arrangement expense | (148,855 | ) | - | (506,015 | ) | - | ||||||||||
| Total Other Expense | (226,668 | ) | (1,438,293 | ) | (1,287,275 | ) | (2,357,705 | ) | ||||||||
| Net Loss | $ | (2,516,509 | ) | $ | (4,655,608 | ) | $ | (8,565,051 | ) | $ | (8,110,233 | ) | ||||
| Deemed dividend for common control acquisition | - | (7,766,850 | ) | - | (7,766,850 | ) | ||||||||||
| Deemed dividend for cashless exercise of warrants | - | (6,312,971 | ) | - | (6,312,971 | ) | ||||||||||
| Net Loss Attributable to Common Stockholders | $ | (2,516,509 | ) | $ | (18,735,429 | ) | $ | (8,565,051 | ) | $ | (22,190,054 | ) | ||||
| Loss per share - basic and diluted | $ | (0.05 | ) | $ | (0.27 | ) | $ | (0.22 | ) | $ | (0.53 | ) | ||||
| Loss per share attributable to common stockholders - basic and diluted | $ | (0.05 | ) | $ | (1.09 | ) | $ | (0.22 | ) | $ | (1.46 | ) | ||||
| Weighted average shares outstanding - basic and diluted | 51,588,448 | 17,126,748 | 39,575,548 | 15,236,718 | ||||||||||||
LASE CORP.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - SUMMARY
Unaudited.
| For the Nine Months Ended | ||||||||
| September 30, 2026(Unaudited) | September 30, 2025(Unaudited) | |||||||
| OPERATING ACTIVITIES | ||||||||
| Net Loss | $ | (8,565,051 | ) | $ | (8,110,233 | ) | ||
| Adjustments to Reconcile Net Loss to Net Cash Flow from Operating Activities: | ||||||||
| Change in allowance for credit losses | 4,744 | (31,301 | ) | |||||
| Shares issued for directors' compensation | 59,460 | - | ||||||
| Shares issued for services | 75,000 | 555,900 | ||||||
| Depreciation and amortization | 349,397 | 868,089 | ||||||
| Debt discount amortization | 110,625 | 593,701 | ||||||
| Impairment | - | 487,050 | ||||||
| Financing costs as additional note principal on default | 105,411 | - | ||||||
| Change in fair value of derivative liability | (234,671 | ) | - | |||||
| Right-of-use assets | 415,151 | 60,174 | ||||||
| Change in operating assets and liabilities: | ||||||||
| Accounts receivable | (343,044 | ) | 621,004 | |||||
| Contract assets | 169,998 | 297,498 | ||||||
| Inventories | 175,623 | 752,072 | ||||||
| Prepaids and other current assets | (166,434 | ) | (131,739 | ) | ||||
| Deferred financing costs | 125,000 | - | ||||||
| Lease liability | (394,961 | ) | - | |||||
| Accounts payable | (547,968 | ) | 1,205,284 | |||||
| Contract liabilities | 1,555,240 | 510,756 | ||||||
| Accrued expenses | (56,160 | ) | 577,247 | |||||
| Deferred revenue | (273,144 | ) | 314,846 | |||||
| Net cash used in operating activities | (7,435,784 | ) | (1,429,652 | ) | ||||
| INVESTING ACTIVITIES | ||||||||
| Purchases of short-term investments | (6,000,000 | ) | - | |||||
| Purchase of property, plant, and equipment | (98,474 | ) | (22,560 | ) | ||||
| Net cash used in investing activities | (6,098,474 | ) | (22,560 | ) | ||||
| FINANCING ACTIVITIES | ||||||||
| Proceeds from issuance of common stock and warrants, net of offering costs | 11,286,130 | 3,487,353 | ||||||
| Proceeds from warrant exercises | 1,250,727 | - | ||||||
| Proceeds from warrant inducement exercise, net of offering costs | 7,021,628 | - | ||||||
| Repayment of notes payable | (5,612,396 | ) | (3,545,561 | ) | ||||
| Repayment of notes payable - related party | (751,000 | ) | - | |||||
| Distribution to affiliate | (264,270 | ) | (2,706,547 | ) | ||||
| Treasury stock | - | 44,235 | ||||||
| Proceeds of notes payable- related party | - | 751,000 | ||||||
| Proceeds from notes payable, net | 1,591,750 | 6,512,390 | ||||||
| Net cash provided by financing activities | 14,522,569 | 4,542,870 | ||||||
| Increase in cash | 988,311 | 3,090,658 | ||||||
| Cash - Beginning of Period | 650,339 | 533,871 | ||||||
| Cash - End of Period | $ | 1,638,650 | $ | 3,624,529 | ||||
| NON-CASH INVESTING AND FINANCING ACTIVITIES | ||||||||
| Shares issued for investment | $ | - | $ | 100,000 | ||||
| Inventory transferred to property, plant, and equipment | $ | - | $ | 14,833 | ||||
| Warrants settled by the issuance of common stock | $ | 4,958,584 | $ | - | ||||
| Promissory note issued to extinguish warrants | $ | - | $ | 362,500 | ||||
| Fair value of common stock issued upon acquisition of entity under common control | $ | - | $ | 8,400,000 | ||||
| Stock and Warrants for loan issuance | $ | - | $ | 345,522 | ||||
| Exchange of warrants | $ | - | $ | 6,312,971 | ||||
| SUPPLEMENTARY CASH FLOW INFORMATION | ||||||||
| Cash Paid During the Period for: | ||||||||
| Income taxes | $ | - | $ | - | ||||
| Interest | $ | 1,141,232 | $ | 1,862,932 | ||||
SOURCE: Laser Photonics Corp.
Source: Laser Photonics Corp.
About LASE Corp.
LASE Corp. (NASDAQ:LASE), formerly Laser Photonics Corporation, is an emerging laser technology company developing laser and directed-energy solutions for the defense, pharmaceutical, semiconductor and industrial markets. Through internal development, strategic acquisitions and partnerships, LASE intends to expand its technology portfolio, strengthen its advanced manufacturing capabilities and scale the enterprise profitably.