After years marked by significant net losses, nLIGHT, Inc. has exhibited a pronounced recovery in operating cash flow and reduced operating losses in 2025, signaling operational improvements tied to its vertically integrated semiconductor and fiber laser manufacturing. The surge in revenues driven largely by the Aerospace and Defense sector reflects both increased government-related contracts and robust design wins, supported by proprietary multiplexed single-chip architecture and programmable fiber lasers. Despite strong top-line growth and improved cash generation, risks remain from intense competition, customer concentration, export controls, and supply chain sensitivities.