nLIGHT Beat on Revenue and Grew 34% — and Still Fell 13% on Guidance

nLIGHT reported second-quarter 2026 revenue of $82.6 million, up 33.8% year over year and above the $78.58 million analysts expected. Adjusted EPS was $0.15, roughly in line with the $0.14 estimate and up from $0.06 in the same quarter last year. Adjusted EBITDA came in at $10.7 million, a 13% margin, which missed the roughly $11 million analysts had modeled.

The revenue strength was broad rather than concentrated in one business line: Laser Products, the larger of nLIGHT's two segments at about 72% of revenue, and Advanced Development, the remaining 28%, both grew at similar rates over the trailing two years, suggesting the quarter's growth wasn't propped up by a single large order or customer.

The guidance is what moved the stock. nLIGHT guided third-quarter revenue to $63 million to $73 million — a midpoint implying only about 1.9% year-over-year growth, a sharp deceleration from the 33.8% growth just reported. Adjusted EBITDA guidance of roughly $4 million also came in below the approximately $7.7 million analysts expected. Sell-side estimates for revenue growth over the next twelve months subsequently moved toward roughly 1%, a marked slowdown from the pace of the last two years.

LASR shares fell as much as 13.2% on the report. The pattern is a familiar one in growth names: a genuinely strong quarter, beaten on revenue with in-line earnings, still sells off hard when management's own guidance signals the growth rate is decelerating faster than investors had priced in — the market trades the trajectory implied by guidance more than the quarter that just closed.