Laser Photonics Corporation (NASDAQ:LASE) Q4 2023 Earnings Call Transcript

Laser Photonics Corporation (NASDAQ:LASE) Q4 2023 Earnings Call Transcript April 15, 2024

Laser Photonics Corporation isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).

Operator: Greetings, and welcome to Laser Photonics Fourth Quarter 2023 Call and Webcast. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce Brian Siegel from Hayden IR. Thank you. You may begin.

Brian Siegel: Thank you, Doug. With me today are Wayne Tupuola, Laser Photonics CEO; and Carlos Sardinas, the company's VP of Finance. Any forward-looking statements made during this conference call, whether general or specific in nature, are subject to risks and uncertainties that may cause actual results to differ materially from those that the company anticipates. These risks and uncertainties include, but are not limited to, specific risks and uncertainties discussed in the reports the company periodically files with the SEC. Laser Photonics assumes no obligation to either update any forward-looking statements that are made or may make or update the factors that may cause actual results to differ materially from those that they forecast. I will now turn the conference over to Wayne. Wayne, take it away.

Wayne Tupuola: Good morning, ladies and gentlemen. Thank you for joining us. This morning, we reported fourth quarter and full year 2023 results. As part of our press release, I wrote a letter to investors reviewing our 2023 highlights and provide a detailed commentary on what to expect for 2024. On today's call, I will review the quarter, our highlights from 2023 and then outline some of the exciting plans we have for 2024. Before I do this, however, I wanted to introduce Carlos Sardinas, who joined us as VP, Finance at the beginning of April. Carlos brings a wealth of relevant finance and accounting experience, having served in these roles at L3 Harris Technologies and its predecessors. Welcome, Carlos. We're excited to have you join us.

Before reviewing our quarter, I wanted to address our late filings and impending restatement for 2022. As you know, we are a young public company. And since coming public, we had some turnover in our finance leadership and made an auditor change. These moves came from the lessons we gained throughout the year, concerning the auditor change as part of stating -- starting of engagement. Our new auditor did a thorough 2-year review of our financial reporting and asked us to make some changes. Upon reviewing and auditing our 2022 financial statements, our new auditors determined certain previously reported items required statement. Specifically, revenue and AR were not recognized in accordance with ASC 606, and there was a liability related to stock that we issued post-IPO, which was incorrectly recorded under cost of goods sold and needed to be reclassified.

These classifications drove the restatement of our 2022 results and the delay in filing our 2023 10-K as we corrected these items as well as early quarters. We are working to hopefully file our 10-K today. Now that we're addressing these audit concerns and have brought on Carlos to oversee our finance and accounting, we hope to improve our transparency and financial reporting. We had a strong fourth quarter and revenue growing 673% to $0.8 million versus the restated $0.1 million last year. We saw strength in our CleanTech product lines, which made up 80% of the unit sales during the quarter. We also made significant progress on the customer front by adding 10 customers. These customers came from industrial aviation, energy, maritime and educational industries.

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To continue reading the Q&A session, please click here.