LENSAR Inc (LNSR) Q3 2024 Earnings Report

Revenue: $13.539 million in Q3 2024, up 38.22% YoY and 7.15% QoQ. Gross profit: $6.266 million; gross margin 46.28% (YoY gross margin 46.3% vs 50.0% in Q3 2023). Operating income: -$1.013 million; operating margin -7.48%. Net income: -$1.502 million; net margin -11.09%. EPS (diluted): -$0.13; YoY EPS change -156.5%; QoQ +83.5%. Adjusted EBITDA: $0.429 million (vs. -$1.4 million in 3Q23). Recurring revenue (TTM) at $38.0 million, up 22% YoY; 40+ systems placed in last two quarters; trailing growth expected to drive higher recurring revenue as systems reach ~90 days post-install. Backlog: 24 systems to be installed over the next six months. Installed base: ALLY systems >100 globally (170% YoY increase); total installed base including legacy lasers: 355 (up 20% YoY, 8% QoQ). Cash and liquidity: management notes cash positions around $18.6 million as of 9/30/2024; balance sheet shows cash/end period of $10.442 million with a net cash improvement of $2.155 million in the quarter. Net debt reported as -$8.549 million. Key cost structure: R&D $1.202 million; SG&A $6.077 million; total operating expenses $7.279 million. Capital expenditure: $20k. Weighted average shares outstanding: 11.604 million (diluted 11.604 million). Backdrop: high-growth potential from international clearance and recurring revenue expansion; near-term profitability remains challenged by the investment pace in sales, marketing, and platform expansion.