Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2020	May 04, 2020
Document and Entity Information [Abstract]
Entity Registrant Name	nLIGHT, Inc.
Entity Central Index Key	0001124796
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false
Smaller Reporting Company	false
Emerging Growth	true
Entity Shell Company	false
Extended Transition Period	false
Entity Common Stock, Shares Outstanding		38,488,631

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 116,250	$ 117,252
Accounts receivable, net of allowances of $329 and $269	26,926	27,126
Inventory	49,486	46,131
Prepaid expenses and other current assets	7,149	8,084
Total current assets	199,811	198,593
Property, plant and equipment, net of accumulated depreciation of $60,120 and $58,633	41,012	27,747
Operating lease right-of-use assets	6,834
Intangible assets, net of accumulated amortization of $4,029 and $3,150	9,442	10,006
Goodwill	9,972	9,872
Other assets, net	4,718	3,748
Total assets	271,789	249,966
Current liabilities:
Accounts payable	17,244	12,700
Accrued liabilities	9,247	11,605
Deferred revenues	1,983	679
Operating lease liabilities	2,759
Current portion of long-term debt	35	51
Total current liabilities	31,268	25,035
Non-current income taxes payable	6,461	6,429
Long-term operating lease liabilities	4,373
Long-term debt	15,000	0
Other long-term liabilities	1,740	1,894
Total liabilities	58,842	33,358
Stockholders' equity:
Common stock - $0.0001 par value; 190,000 shares authorized, 38,473 shares issued and outstanding at March 31, 2020 and 38,084 shares issued and outstanding at December 31, 2019	15	15
Additional paid-in capital	341,042	336,732
Accumulated other comprehensive loss	(3,181)	(2,685)
Accumulated deficit	(124,929)	(117,454)
Total stockholders’ equity	212,947	216,608
Total liabilities and stockholders’ equity	$ 271,789	$ 249,966

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Accounts receivable, allowances	$ 329	$ 269
Property and equipment, accumulated depreciation	60,120	58,633
Intangible assets, accumulated amortization	$ 4,029	$ 3,150
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	190,000,000	190,000,000
Common stock, shares issued (in shares)	38,473,000	38,084,000
Common stock, shares outstanding (in shares)	38,473,000	38,084,000

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Total revenue	$ 43,215	$ 41,861
Total cost of revenue	33,714	28,347
Gross profit	9,501	13,514
Operating expenses:
Research and development	8,538	6,422
Sales, general, and administrative	7,700	8,144
Total operating expenses	16,238	14,566
Loss from operations	(6,737)	(1,052)
Other income (expense):
Interest income, net	283	750
Other income (expense), net	(116)	820
Income (loss) before income taxes	(6,570)	518
Income tax expense	905	1,753
Net loss	$ (7,475)	$ (1,235)
Net income (loss) per share, basic (in dollars per share)	$ (0.20)	$ (0.03)
Net income (loss) per share, diluted (in dollars per share)	$ (0.20)	$ (0.03)
Shares used in per share calculations:
Basic (in shares)	37,846	36,694
Diluted (in shares)	37,846	36,694
Products
Total revenue	$ 36,930	$ 41,861
Total cost of revenue	27,900	28,347
Development
Total revenue	6,285	0
Total cost of revenue	$ 5,814	$ 0

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Net loss	$ (7,475)	$ (1,235)
Other comprehensive loss:
Foreign currency translation adjustments, net of tax	(496)	(260)
Comprehensive loss	$ (7,971)	$ (1,495)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common stock	Additional paid-in capital	Accumulated other comprehensive loss	Accumulated deficit
Beginning balance (in shares) at Dec. 31, 2018		36,705
Beginning balance at Dec. 31, 2018	$ 217,783	$ 15	$ 324,656	$ (2,157)	$ (104,731)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(1,235)				(1,235)
Issuance of common stock pursuant to exercise of stock options (in shares)		201
Issuance of common stock pursuant to exercise of stock options	466		466
Stock-based compensation	1,909		1,909
Cumulative translation adjustment	(260)			(260)
Ending balance (in shares) at Mar. 31, 2019		36,906
Ending balance at Mar. 31, 2019	$ 218,663	$ 15	326,870	(2,417)	(105,805)
Beginning balance (in shares) at Dec. 31, 2019	38,084	38,084
Beginning balance at Dec. 31, 2019	$ 216,608	$ 15	336,732	(2,685)	(117,454)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	$ (7,475)				(7,475)
Issuance of common stock pursuant to exercise of stock options (in shares)	373	373
Issuance of common stock pursuant to exercise of stock options	$ 558		558
Issuance of common stock pursuant to vesting of restricted stock awards and units, net of stock withheld for tax (in shares)		16
Issuance of common stock pursuant to vesting of restricted stock awards and units, net of stock withheld for tax	(11)		(11)
Stock-based compensation	3,763		3,763
Cumulative translation adjustment	$ (496)			(496)
Ending balance (in shares) at Mar. 31, 2020	38,473	38,473
Ending balance at Mar. 31, 2020	$ 212,947	$ 15	$ 341,042	$ (3,181)	$ (124,929)

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities:
Net loss	$ (7,475)	$ (1,235)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	1,769	1,565
Amortization	1,392	647
Reduction in carrying amount of right-of-use assets	706
Provision for losses on accounts receivable	67	28
Stock-based compensation	3,763	1,909
(Gain) loss on disposal of assets	(1)	5
Changes in operating assets and liabilities:
Accounts receivable, net	(53)	(3,582)
Inventory	(3,572)	(6,072)
Prepaid expenses and other current assets	923	1,500
Other assets	(1,488)	(588)
Accounts payable	4,582	2,113
Accrued and other long-term liabilities	(2,247)	(996)
Deferred revenues	1,312	(578)
Operating lease liabilities	(705)
Non-current income taxes payable	(52)	345
Net cash used in operating activities	(1,079)	(4,939)
Cash flows from investing activities:
Purchases of property, plant and equipment	(15,185)	(2,284)
Capitalization of patents	(320)	(450)
Proceeds from sale of assets	41	0
Net cash used in investing activities	(15,464)	(2,734)
Cash flows from financing activities:
Principal payments on debt and capital leases	(16)	(25)
Net proceeds from debt financing	15,000	0
Proceeds from stock option exercises	558	467
Tax payments related to stock award issuances	(11)	0
Net cash provided by financing activities	15,531	442
Effect of exchange rate changes on cash	10	119
Net decrease in cash and cash equivalents	(1,002)	(7,112)
Cash and cash equivalents, beginning of period	117,252	149,478
Cash and cash equivalents, end of period	116,250	142,366
Supplemental disclosures:
Cash received for interest	384	769
Cash paid for income taxes	605	813
Accrued purchases of property, equipment and patents	744	$ 835
Supplemental disclosures of noncash investing and financing activities:
Right-of-use assets obtained for operating leases	$ 7,566

Basis of Presentation and New Accounting Pronouncements	3 Months Ended
Basis of Presentation and New Accounting Pronouncements	Mar. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation and New Accounting Pronouncements	Basis of Presentation and New Accounting Pronouncements Basis of Presentation The accompanying consolidated financial statements of nLIGHT, Inc. and its wholly owned subsidiaries (Company) have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) and pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). The unaudited financial information reflects, in the opinion of management, all adjustments necessary for a fair presentation of financial position, results of operations, stockholders’ equity, and cash flows for the interim periods presented. The results reported for the interim period presented are not necessarily indicative of results that may be expected for the full year. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our 2019 Annual Report on Form 10-K. Reclassifications Certain immaterial reclassifications were made to the prior period financial statements to conform to the current period presentation. Critical Accounting Policies Other than the adoption of new lease accounting standards as described in Note 13, our critical accounting policies have not materially changed during the three months ended March 31, 2020 from those disclosed in our Annual Report on Form 10-K for the year ended December 31, 2019. New Accounting Pronouncements ASU 2016-02, ASU 2018-10, ASU 2018-11 and ASU 2019-01 The Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-02, Leases (Topic 842), in February 2016. ASU 2016-02 requires the recognition of right-of-use (ROU) assets and lease liabilities on the balance sheet for virtually all leases, other than leases that meet the definition of short-term. ASU 2016-02 was amended in July 2018 by both ASU 2018-10, Codification Improvements to Topic 842, Leases and ASU 2018-11, Leases (Topic 842): Targeted Improvements, in March 2019 by ASU 2019-01, Leases (Topic 842): Codification Improvements, and in February 2020 by ASU 2020-02, Financial Instruments - Credit Losses (Topic 326) and Leases (Topic 842). The Company adopted ASU 2016-02, as amended, on January 1, 2020 using the modified transition approach, resulting in the recognition of operating lease ROU assets and lease liabilities of $7.6 million and $7.9 million, respectively. As of the effective date, the Company had no financing leases. Refer to Note 13 for additional information. ASU 2016-13, ASU 2018-19, ASU 2019-04, ASU 2019-05 and ASU 2020-03 The FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, in June 2016. ASU 2016-13 replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. For assets measured at amortized cost, the new standard requires that the income statement reflects the measurement of credit losses for newly recognized financial assets, as well as the expected increases or decreases of expected credit losses that have taken place during the period. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. ASU 2016-13 was amended in November 2018 by ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, in April 2019 by ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments, in May 2019 by ASU 2019-05, Financial Instruments—Credit Losses (Topic 326): Targeted Transition Relief, in February 2020 by ASU 2020-02, Financial Instruments - Credit Losses (Topic 326) and Leases (Topic 842), and in March 2020 by ASU 2020-03, Codification Improvements to Financial Instruments. ASU 2016-13, as amended, is effective for annual reporting periods of emerging growth companies beginning after December 15, 2020, including interim periods within those fiscal years. An entity will apply the new standard, as amended, using a modified-retrospective approach and record a cumulative effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. The Company is currently evaluating the impact on its consolidated financial statements and cannot reasonably estimate the impact on its financial statements at this time. ASU 2020-04 FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, in March 2020. ASU 2020-04 provides optional practical expedients and exceptions for applying U.S. GAAP to contracts and other transactions affected by reference rate reform if certain criteria are met. ASU 2020-04 applies only to contracts and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. ASU 2020-04 is effective for all entities for the period March 12, 2020 through December 31, 2022, and will not apply to contract modifications made after December 31, 2022. If elected, the optional expedients for contract modifications must be applied consistently for all eligible contracts or eligible transactions. Adoption of the ASU as of its effective date had no material impact on the Company's financial position, results of operations and cash flows.

Acquisition

3 Months Ended

Mar. 31, 2020

Business Combinations [Abstract]

Acquisition

On November 14, 2019, the Company acquired Nutronics, Inc. (Nutronics), a private company, pursuant to the Stock Purchase Agreement between nLIGHT, Inc. and selling stockholders of Nutronics, Inc. and sellers as of that date. The total acquisition consideration consisted of $17.4 million in cash. Based in Longmont, Colorado, Nutronics is a leading developer of coherently combined lasers and beam control systems (BCS) for high-energy laser (HEL) systems serving the defense market.

The acquisition price was allocated to the tangible and identified intangible assets acquired and liabilities assumed as of the closing date of the acquisition based upon their respective fair values. The fair values assigned to assets acquired and liabilities assumed were based on management’s best estimates and assumptions as of the reporting date and are considered preliminary. During the three months ended March 31, 2020, updated information resulted in an increase to other liabilities acquired of $0.1 million and a corresponding adjustment to goodwill. The table below summarizes the assets acquired and liabilities assumed (in thousands):



		Valuation at
		March 31, 2020
Cash		$	33
Accounts receivable		635
Contract assets		456
Inventory		255
Other current assets		201
Property, plant and equipment		1,019
Security deposits		46
	Tangible assets acquired	2,645

Accounts payable		(278		)
Other liabilities		(577		)
Deferred revenue		(141		)
	Liabilities assumed	(996		)
	Total tangible assets acquired and liabilities assumed	1,649
Intangible assets		7,200
Goodwill		8,584
	Net assets acquired	$	17,433

The intangible assets as of the November 14, 2019 acquisition date were as follows (in thousands):



	Amount		Weighted-Average Useful Life (in years)
Development programs	$	7,200	3.1

Pro forma financial information has not been provided for the purchase as it was not material to the Company’s overall financial position.

Revenue

3 Months Ended

Mar. 31, 2020

Revenue from Contract with Customer [Abstract]

Revenue

The following tables represent a disaggregation of revenue from contracts with customers for the periods presented (in thousands):

Sales by End Market



	Three Months Ended March 31,
	2020		2019
Industrial	$	15,990	$	18,124
Microfabrication	10,419		14,533
Aerospace and Defense	16,806		9,204
	$	43,215	$	41,861

Sales by Geography



	Three Months Ended March 31,
	2020		2019
North America	$	21,046	$	15,770
China	12,042		13,653
Rest of World	10,127		12,438
	$	43,215	$	41,861

Sales by Timing of Revenue



	Three Months Ended March 31,
	2020			2019
Point in time	$	36,930	—	$	40,607
Over time	6,285		—	1,254
	$	43,215	—	$	41,861

The Company's contract assets and liabilities are as follows (in thousands):



		As of
	Balance Sheet Classification	March 31, 2020		December 31, 2019
Contract assets	Prepaid expenses and other current assets	$	2,100	$	2,449
Contract liabilities	Deferred revenue	2,092		881

During the three months ended March 31, 2020, the Company recognized revenue of $0.2 million that was included in the customer advances and deferred revenue balances at the beginning of the period as the performance obligations under the associated agreements were satisfied.

Concentrations of Credit and Other Risks

3 Months Ended

Mar. 31, 2020

Risks and Uncertainties [Abstract]

Concentrations of Credit and Other Risks

The following customers accounted for 10% or more of the Company's revenues for the periods presented:



	Three Months Ended March 31,
	2020	2019
Raytheon Technologies	16%	11%
U.S. Government	10%	*

*Represents less than 10% of total revenues

Financial instruments that potentially expose the Company to concentrations of credit risk consist principally of accounts receivable. As of March 31, 2020, one customer accounted for approximately 24% of net accounts receivable. As of December 31, 2019, two customers accounted for approximately 48% of net accounts receivable. No other customers accounted for 10% or more of net accounts receivable in either of these periods.

Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

The carrying amounts of certain of the Company’s financial instruments, including cash equivalents, accounts receivable and accounts payable, are shown at cost which approximates fair value due to the short-term nature of these instruments. The fair value of the Company’s term and revolving loans with Pacific Western Bank, also described in Note 12, approximates the carrying value due to the variable market rate used to calculate interest payments.

The Company does not have any other significant financial assets or liabilities that are measured at fair value.

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The standard describes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value which are the following:


•	Level 1 Inputs: Observable inputs, such as quoted prices (unadjusted) in active markets for identical assets or liabilities at the measurement date.


•	Level 2 Inputs: Observable inputs, other than Level 1 prices, such as quoted prices in active markets for similar assets and liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.


•	Level 3 Inputs: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The Company’s financial instruments that are carried at fair value consist of Level 1 assets which include highly liquid investments and bank drafts classified as cash equivalents. The Company's fair value hierarchy for its financial instruments consists of cash equivalents as follows (in thousands):



	March 31, 2020
	Level 1		Level 2		Level 3		Total
Money market securities	$	74,035	$	—	$	—	$	74,035
Commercial paper	2,049		—		—		2,049
Total	$	76,084	$	—	$	—	$	76,084



	December 31, 2019
	Level 1		Level 2		Level 3		Total
Money market securities	$	94,260	$	—	$	—	$	94,260
Commercial paper	2,401		—		—		2,401
Total	$	96,661	$	—	$	—	$	96,661

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Inventory

3 Months Ended

Mar. 31, 2020

Inventory Disclosure [Abstract]

Inventory

Inventory is stated at the lower of average cost and net realizable value. Inventory consisted of the following (in thousands):



	As of
	March 31, 2020		December 31, 2019
Raw materials	$	18,704	$	16,643
Work in process and semi-finished goods	18,619		17,723
Finished goods	12,163		11,765
	$	49,486	$	46,131

Property, Plant and Equipment

3 Months Ended

Mar. 31, 2020

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property and equipment consist of the following (in thousands):



		As of
	Useful life (years)	March 31, 2020			December 31, 2019
Computer hardware and software	3-5	$	5,230		$	4,764
Manufacturing and lab equipment	2-7	61,303			59,395
Office equipment and furniture	5-7	1,318			1,462
Leasehold improvements	2-12	20,745			20,759
Land and buildings	-	12,536			—
		101,132			86,380
Accumulated depreciation		(60,120		)	(58,633		)
		$	41,012		$	27,747

On March 31, 2020, the Company purchased a commercial property in Camas, Washington that consists of approximately 21 acres of land and two buildings with approximately 165,000 square feet of office space, clean rooms and manufacturing space. The property was purchased "as is", and as of March 31, 2020, the allocation of the purchase price to the components of the property and determination of useful lives is not complete. The Company intends to use the property as its new headquarters following the completion of certain renovations and modifications.

Intangible Assets and Goodwill

3 Months Ended

Mar. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

Intangibles

The details of amortizing intangible assets are as follows (in thousands, except for estimated useful lives):



				As of
	Estimated useful life (in years)			March 31, 2020			December 31, 2019
Patents	3	-	5	$	6,271		$	5,956
Development programs	2	-	4	7,200			7,200
				13,471			13,156
Accumulated amortization				(4,029		)	(3,150		)
				$	9,442		$	10,006

Goodwill

The carrying amount of goodwill by segment was as follows (in thousands):



	Laser Products		Advanced Development		Totals
Balance, December 31, 2019	$	1,387	$	8,484	$	9,872
Purchase price adjustment	—		100		100
Balance, March 31, 2020	$	1,387	$	8,584	$	9,972

An adjustment to other liabilities acquired in the Nutronics acquisition resulted in additional goodwill. See Note 2.

Other Assets

3 Months Ended

Mar. 31, 2020

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Other Assets

Other assets consisted of the following (in thousands):



	As of
	March 31, 2020		December 31, 2019
Demonstration assets, net	$	2,108	$	1,824
Deferred tax assets, net	72		72
Other	2,538		1,852
	$	4,718	$	3,748

Demonstration (demo) assets are equipment that is used for demonstration and other purposes with existing and prospective customers. Demo assets are recorded at cost and amortized over an estimated useful life of approximately two years. Amortization expense for the three months ended March 31, 2020 and 2019 was $0.5 million in both periods.

Accrued Liabilities

3 Months Ended

Mar. 31, 2020

Payables and Accruals [Abstract]

Accrued Liabilities

Accrued liabilities consist of the following (in thousands):



	As of
	March 31, 2020		December 31, 2019
Accrued payroll and benefits	$	6,286	$	8,208
Product warranty, current	1,828		1,683
Income tax payable	3		155
Other accrued expenses	1,130		1,559
	$	9,247	$	11,605

Product Warranties

3 Months Ended

Mar. 31, 2020

Guarantees and Product Warranties [Abstract]

Product Warranties

The Company provides warranties on certain products and records a liability for the estimated future costs associated with warranty claims at the time revenue is recognized. The warranty liability is based on historical experience, any specifically identified failures, and its estimate of future costs.

Product warranty liability activity for the three months ended March 31, 2020 and 2019 was as follows (in thousands):



	Three Months Ended March 31,
	2020			2019
Product warranty liability, beginning	$	2,984		$	4,555
Warranty charges incurred, net	(766		)	(433		)
Provision for warranty charges, net of adjustments	1,033			(398		)
Acquired warranty	100			—
Product warranty liability, ending	$	3,351		$	3,724
Less: current portion of product warranty liability	(1,828		)	(2,168		)
Non-current portion of product warranty liability	$	1,523		$	1,556

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Leases See Note 13. Credit Facilities The Company has a $40.0 million revolving line of credit (LOC) with Pacific Western Bank which is secured by its assets and expires in September 2021. Interest on the LOC is based primarily on the London Interbank Offered Rate (LIBOR), or an alternative rate such as the Prime rate, plus or minus, respectively, a margin based on certain liquidity levels. The loan agreement contains restrictive and financial covenants and bears an unused credit fee of 0.20% on an annualized basis. As of March 31, 2020, $15.0 million was outstanding under the LOC and is classified in the Company's consolidated balance sheet as long-term debt as no payments are due currently. The Company was in compliance with all covenants under the loan agreement, and $24.5 million was available for borrowing under the LOC as of March 31, 2020. Contractual Commitments and Purchase Obligations The Company's purchase obligations and other contractual obligations have not materially changed as of March 31, 2020 from those disclosed in its Annual Report on Form 10-K for the year ended December 31, 2019. Legal Matters From time to time, the Company may be subject to legal proceedings and claims in the ordinary course of business. As of March 31, 2020, and as of the filing of this Quarterly Report on Form 10-Q, the Company was not involved in any material legal proceedings.

Leases

3 Months Ended

Mar. 31, 2020

Leases [Abstract]

Leases

Adoption of ASC 842

The Company adopted ASU 2016-02, Leases (Topic 842) and related amendments, using the modified transition approach with an effective date of January 1, 2020. The modified transition approach permits a company to use its effective date as the date of initial application to apply the standard to its leases, and, therefore, not restate comparative prior period financial information. Consequently, prior period financial information is not updated, and the disclosures required under the new standard will not be provided for dates and periods prior to January 1, 2020. The adoption of the lease standard did not have any effect on our previously reported consolidated financial statements and did not result in a cumulative catch-up adjustment to opening equity.

Transition Practical Expedients and Elections

The standard provides several optional practical expedients in transition. The Company elected the ‘package of practical expedients,’ which permits it to not reassess, under the new standard, the Company's prior conclusions about lease identification, lease classification and initial direct costs. The Company did not elect the use-of-hindsight or the practical expedient pertaining to land easements; the latter not being applicable to it. The new standard also provides practical expedients for an entity’s ongoing accounting. The Company elected the short-term lease recognition exemption; for those leases that qualify, the Company will not recognize a right-of-use asset or lease liability, and this includes not recognizing right-of-use assets or lease liabilities for existing short-term leases of those assets in transition. The Company also elected the practical expedient to not separate lease and non-lease components for all its leases.

Lease Accounting

We lease real estate space under non-cancelable operating lease agreements for commercial and industrial space, as well as our corporate headquarters located in Vancouver, Washington. Our leases have remaining terms of 0.5 to 5.3 years, and some leases include options to extend up to 15 years. We also have operating leases for automobiles, manufacturing and office and computer equipment with remaining lease terms of 0.2 to 4.0 years. We did not include any of our renewal options in our lease terms for calculating our lease liability as we are not reasonably certain we will exercise these options at this time. The weighted-average remaining lease term for our operating leases was 3.2 years at March 31, 2020, and the weighted-average discount rate was 3.6%.

The components of lease expense were as follows (in thousands):



		Three Months Ended March 31, 2020
Lease expense:
	Operating lease expense	$	769
	Short-term lease expense	87
	Variable and other lease expense	146
		$	1,002

Future minimum payments under our non-cancelable operating leases were as follows as of March 31, 2020 (in thousands):



Remainder of 2020	$	2,311
2021	2,380
2022	1,381
2023	702
2024	635
Thereafter	172
	$	7,581

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Income Tax Provision To calculate the interim tax provision, at the end of each interim period the Company estimates the annual effective tax rate and applies that to its ordinary quarterly earnings. The effect of changes in the enacted tax laws or rates is recognized in the interim period in which the change occurs. The computation of the annual estimated effective tax rate at each interim period requires certain estimates and judgments including, but not limited to, the expected operating income for the year, projections of the proportion of income earned and taxed in foreign jurisdictions, permanent differences between book and tax amounts, and the likelihood of recovering deferred tax assets generated in the current year. The accounting estimates used to compute the provision for income taxes may change as new events occur, additional information is obtained, or the tax environment changes. The Company’s effective tax rate for the three months ended March 31, 2020 and 2019 differs from the U.S. statutory rate due to the U.S. and China valuation allowance, foreign income taxed at local statutory rates, and accrued withholding taxes. The decrease in the effective tax rate for the three months ended March 31, 2020 relative to 2019 is primarily due to decreased profitability within the U.S. entity as the Company maintains a full valuation allowance against the U.S. and China deferred tax assets. For the three months ended March 31, 2020, the Company reported U.S. and China pre-tax losses. The Company has not yet been able to establish a sustained level of profitability in the U.S. and China, or other sufficient significant positive evidence, to conclude that its U.S. and China deferred tax assets are more likely than not to be realized. Therefore, the Company continues to maintain a valuation allowance against its U.S. and China deferred tax assets.

Stockholders' Equity and Stock-Based Compensation

3 Months Ended

Mar. 31, 2020

Equity [Abstract]

Stockholders' Equity and Stock-Based Compensation

Common Stock Repurchase Plan

On November 14, 2019, the Company's Board of Directors authorized the repurchase of up to $10.0 million of its outstanding shares of common stock. This program is intended to offset the potentially dilutive effects of restricted stock grants awarded in connection with the acquisition of Nutronics, Inc. (See Note 2 for additional information.) As of March 31, 2020, no repurchases had been executed under the program.

Restricted Stock Awards and Units

Restricted stock award (RSA) and restricted stock unit (RSU) activity under our equity incentive plan was as follows (in thousands, except weighted average grant date fair values):



		Number of Restricted Stock Awards	Weighted-Average Grant Date Fair Value
RSAs at December 31, 2019		459	$	20.49
	Awards granted	—	—
	Awards vested	—	—
	Awards forfeited and modified	—	—
RSAs at March 31, 2020		459	$	20.49



		Number of Restricted Stock Units		Weighted-Average Grant Date Fair Value
RSUs at December 31, 2019		2,407		$	19.47
	Awards granted	10		18.68
	Awards vested	(2	)	19.46
	Awards forfeited & modified	(13	)	22.18
RSUs at March 31, 2020		2,402		$	19.45

The total fair value of RSAs and RSUs vested during the three months ended March 31, 2020 was less than $0.1 million in total. Awards outstanding as of March 31, 2020 include 0.5 million performance-based awards that will vest upon meeting certain performance criteria.

Stock Options

The following table summarizes the Company’s stock option activity during the three months ended March 31, 2020 (in thousands, except weighted average exercise prices):



	Number of Options		Weighted Average Exercise Price	Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value
Outstanding, December 31, 2019	4,239		$1.54	6.1	$79,443
Options exercised	(373	)	$1.50
Options canceled	(7	)	$1.07
Outstanding, March 31, 2020	3,859		$1.55	6.0	$34,519
Options exercisable at March 31, 2020	2,864		$1.03	5.6	$27,076
Options vested as of March 31, 2020 and expected to vest after March 31, 2020	3,859		$1.55	6.0	$34,519

Total intrinsic value of options exercised for the three months ended March 31, 2020 and 2019 was $6.0 million and $3.6 million, respectively. The Company received proceeds of $0.6 million and $0.5 million from the exercise of options for the three months ended March 31, 2020 and 2019, respectively.

Employee Stock Purchase Plan

There were no purchases under the Company's employee stock purchase plan during the three months ended March 31, 2020.

Stock-Based Compensation

Total stock-based compensation expense was included in our consolidated statements of operations as follows (in thousands):



	Three Months Ended March 31,
	2020		2019
Cost of revenues	$	345	$	209
Research and development	1,782		558
Sales, general and administrative	1,636		1,142
	$	3,763	$	1,909

Unrecognized Compensation Costs

As of March 31, 2020, total unrecognized stock-based compensation related to unvested stock awards was $42.9 million, which will be recognized over the next five years as follows (in thousands):



Remainder of 2020	$	12,767
2021	13,415
2022	10,927
2023	5,742
2024	3
	$	42,854

Segment Information

3 Months Ended

Mar. 31, 2020

Segment Reporting [Abstract]

Segment Information

The Company operates in two reportable segments consisting of the Laser Products segment and the Advanced Development segment. The following table summarizes the operating results by reportable segment for the period presented (dollars in thousands):



	Three Months Ended March 31, 2020
	Laser Products			Advanced Development			Corporate and Other			Totals
Revenue	$	36,930		$	6,285		$	—		$	43,215
Gross profit	$	9,375		$	471		$	(345	)	$	9,501
Gross margin	25.4		%	7.5		%	NM			22.0		%

Corporate and Other is unallocated expenses related to stock-based compensation. Since the Company operated only in the Laser Products segment prior to the acquisition of Nutronics in November 2019, no comparative information is presented for 2019.

There have been no material changes to the geographic locations of the Company’s long‑lived assets, net, based on the location of the assets, as disclosed in our Annual Report on Form 10-K for the year ended December 31, 2019.

Net Income (Loss) per Share

3 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

Net Income (Loss) per Share

The following table sets forth the calculation of basic and diluted net loss per share during the periods presented (in thousands, except per share amounts):



	Three Months Ended March 31,
	2020			2019
Numerator:
Net loss	$	(7,475	)	$	(1,235	)

Denominator:
Weighted-average shares, basic	37,846			36,694
Weighted-average shares, diluted	37,846			36,694
Net loss per share:
Basic	$	(0.20	)	$	(0.03	)
Diluted	$	(0.20	)	$	(0.03	)

The following potentially dilutive shares of restricted stock awards and units, employee stock purchase plan, and stock options were not included in the calculation of diluted shares above as the effect would have been anti‑dilutive (in thousands):



	Three Months Ended March 31,
	2020	2019
Restricted stock units and awards	2,460	681
Employee stock purchase plan	—	44
Common stock options	3,859	4,956
Total	6,319	5,681

Basis of Presentation and New Accounting Pronouncements (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements of nLIGHT, Inc. and its wholly owned subsidiaries (Company) have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) and pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). The unaudited financial information reflects, in the opinion of management, all adjustments necessary for a fair presentation of financial position, results of operations, stockholders’ equity, and cash flows for the interim periods presented. The results reported for the interim period presented are not necessarily indicative of results that may be expected for the full year. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our 2019 Annual Report on Form 10-K.
Reclassifications	Reclassifications Certain immaterial reclassifications were made to the prior period financial statements to conform to the current period presentation.
New Accounting Pronouncements	New Accounting Pronouncements ASU 2016-02, ASU 2018-10, ASU 2018-11 and ASU 2019-01 The Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-02, Leases (Topic 842), in February 2016. ASU 2016-02 requires the recognition of right-of-use (ROU) assets and lease liabilities on the balance sheet for virtually all leases, other than leases that meet the definition of short-term. ASU 2016-02 was amended in July 2018 by both ASU 2018-10, Codification Improvements to Topic 842, Leases and ASU 2018-11, Leases (Topic 842): Targeted Improvements, in March 2019 by ASU 2019-01, Leases (Topic 842): Codification Improvements, and in February 2020 by ASU 2020-02, Financial Instruments - Credit Losses (Topic 326) and Leases (Topic 842). The Company adopted ASU 2016-02, as amended, on January 1, 2020 using the modified transition approach, resulting in the recognition of operating lease ROU assets and lease liabilities of $7.6 million and $7.9 million, respectively. As of the effective date, the Company had no financing leases. Refer to Note 13 for additional information. ASU 2016-13, ASU 2018-19, ASU 2019-04, ASU 2019-05 and ASU 2020-03 The FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, in June 2016. ASU 2016-13 replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. For assets measured at amortized cost, the new standard requires that the income statement reflects the measurement of credit losses for newly recognized financial assets, as well as the expected increases or decreases of expected credit losses that have taken place during the period. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. ASU 2016-13 was amended in November 2018 by ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, in April 2019 by ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments, in May 2019 by ASU 2019-05, Financial Instruments—Credit Losses (Topic 326): Targeted Transition Relief, in February 2020 by ASU 2020-02, Financial Instruments - Credit Losses (Topic 326) and Leases (Topic 842), and in March 2020 by ASU 2020-03, Codification Improvements to Financial Instruments. ASU 2016-13, as amended, is effective for annual reporting periods of emerging growth companies beginning after December 15, 2020, including interim periods within those fiscal years. An entity will apply the new standard, as amended, using a modified-retrospective approach and record a cumulative effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. The Company is currently evaluating the impact on its consolidated financial statements and cannot reasonably estimate the impact on its financial statements at this time.
Inventory	Inventory is stated at the lower of average cost and net realizable value.
Product Warranties	The Company provides warranties on certain products and records a liability for the estimated future costs associated with warranty claims at the time revenue is recognized. The warranty liability is based on historical experience, any specifically identified failures, and its estimate of future costs.

Acquisition (Tables)

3 Months Ended

Mar. 31, 2020

Business Combinations [Abstract]

Summary of Assets Acquired and Liabilities Assumed

The table below summarizes the assets acquired and liabilities assumed (in thousands):



		Valuation at
		March 31, 2020
Cash		$	33
Accounts receivable		635
Contract assets		456
Inventory		255
Other current assets		201
Property, plant and equipment		1,019
Security deposits		46
	Tangible assets acquired	2,645

Accounts payable		(278		)
Other liabilities		(577		)
Deferred revenue		(141		)
	Liabilities assumed	(996		)
	Total tangible assets acquired and liabilities assumed	1,649
Intangible assets		7,200
Goodwill		8,584
	Net assets acquired	$	17,433

Schedule of Finite-Lived Intangible Assets Acquired

The intangible assets as of the November 14, 2019 acquisition date were as follows (in thousands):



	Amount		Weighted-Average Useful Life (in years)
Development programs	$	7,200	3.1

Revenue (Tables)

3 Months Ended

Mar. 31, 2020

Revenue from Contract with Customer [Abstract]

Schedule of Sales by End Market

The following tables represent a disaggregation of revenue from contracts with customers for the periods presented (in thousands):

Sales by End Market



	Three Months Ended March 31,
	2020		2019
Industrial	$	15,990	$	18,124
Microfabrication	10,419		14,533
Aerospace and Defense	16,806		9,204
	$	43,215	$	41,861

Schedule of Sales by Geography

Sales by Geography



	Three Months Ended March 31,
	2020		2019
North America	$	21,046	$	15,770
China	12,042		13,653
Rest of World	10,127		12,438
	$	43,215	$	41,861

Schedule of Sales by Timing of Revenue

Sales by Timing of Revenue



	Three Months Ended March 31,
	2020			2019
Point in time	$	36,930	—	$	40,607
Over time	6,285		—	1,254
	$	43,215	—	$	41,861

Schedule of Contract Assets and Liabilities

The Company's contract assets and liabilities are as follows (in thousands):



		As of
	Balance Sheet Classification	March 31, 2020		December 31, 2019
Contract assets	Prepaid expenses and other current assets	$	2,100	$	2,449
Contract liabilities	Deferred revenue	2,092		881

Concentrations of Credit and Other Risks (Tables)

3 Months Ended

Mar. 31, 2020

Risks and Uncertainties [Abstract]

Schedule of Concentration of Credit

The following customers accounted for 10% or more of the Company's revenues for the periods presented:



	Three Months Ended March 31,
	2020	2019
Raytheon Technologies	16%	11%
U.S. Government	10%	*

Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Schedule Of Fair Value Hierarchy For Its Cash Equivalents

The Company's fair value hierarchy for its financial instruments consists of cash equivalents as follows (in thousands):



	March 31, 2020
	Level 1		Level 2		Level 3		Total
Money market securities	$	74,035	$	—	$	—	$	74,035
Commercial paper	2,049		—		—		2,049
Total	$	76,084	$	—	$	—	$	76,084



	December 31, 2019
	Level 1		Level 2		Level 3		Total
Money market securities	$	94,260	$	—	$	—	$	94,260
Commercial paper	2,401		—		—		2,401
Total	$	96,661	$	—	$	—	$	96,661

Inventory (Tables)

3 Months Ended

Mar. 31, 2020

Inventory Disclosure [Abstract]

Schedule Of Components Of Inventory

Inventory consisted of the following (in thousands):



	As of
	March 31, 2020		December 31, 2019
Raw materials	$	18,704	$	16,643
Work in process and semi-finished goods	18,619		17,723
Finished goods	12,163		11,765
	$	49,486	$	46,131

Property, Plant and Equipment (Tables)

3 Months Ended

Mar. 31, 2020

Property, Plant and Equipment [Abstract]

Summary Of Property And Equipment

Property and equipment consist of the following (in thousands):



		As of
	Useful life (years)	March 31, 2020			December 31, 2019
Computer hardware and software	3-5	$	5,230		$	4,764
Manufacturing and lab equipment	2-7	61,303			59,395
Office equipment and furniture	5-7	1,318			1,462
Leasehold improvements	2-12	20,745			20,759
Land and buildings	-	12,536			—
		101,132			86,380
Accumulated depreciation		(60,120		)	(58,633		)
		$	41,012		$	27,747

Intangible Assets and Goodwill (Tables)

3 Months Ended

Mar. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets

The details of amortizing intangible assets are as follows (in thousands, except for estimated useful lives):



				As of
	Estimated useful life (in years)			March 31, 2020			December 31, 2019
Patents	3	-	5	$	6,271		$	5,956
Development programs	2	-	4	7,200			7,200
				13,471			13,156
Accumulated amortization				(4,029		)	(3,150		)
				$	9,442		$	10,006

Schedule of Goodwill

The carrying amount of goodwill by segment was as follows (in thousands):



	Laser Products		Advanced Development		Totals
Balance, December 31, 2019	$	1,387	$	8,484	$	9,872
Purchase price adjustment	—		100		100
Balance, March 31, 2020	$	1,387	$	8,584	$	9,972

Other Assets (Tables)

3 Months Ended

Mar. 31, 2020

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Other Assets

Other assets consisted of the following (in thousands):



	As of
	March 31, 2020		December 31, 2019
Demonstration assets, net	$	2,108	$	1,824
Deferred tax assets, net	72		72
Other	2,538		1,852
	$	4,718	$	3,748

Accrued Liabilities (Tables)

3 Months Ended

Mar. 31, 2020

Payables and Accruals [Abstract]

Summary of Accrued Liabilities

Accrued liabilities consist of the following (in thousands):



	As of
	March 31, 2020		December 31, 2019
Accrued payroll and benefits	$	6,286	$	8,208
Product warranty, current	1,828		1,683
Income tax payable	3		155
Other accrued expenses	1,130		1,559
	$	9,247	$	11,605

Product Warranties (Tables)

3 Months Ended

Mar. 31, 2020

Guarantees and Product Warranties [Abstract]

Reconciliation of the Changes In the Aggregate Product Warranty Liability

Product warranty liability activity for the three months ended March 31, 2020 and 2019 was as follows (in thousands):



	Three Months Ended March 31,
	2020			2019
Product warranty liability, beginning	$	2,984		$	4,555
Warranty charges incurred, net	(766		)	(433		)
Provision for warranty charges, net of adjustments	1,033			(398		)
Acquired warranty	100			—
Product warranty liability, ending	$	3,351		$	3,724
Less: current portion of product warranty liability	(1,828		)	(2,168		)
Non-current portion of product warranty liability	$	1,523		$	1,556

Leases (Tables)

3 Months Ended

Mar. 31, 2020

Leases [Abstract]

Components of Lease Expense

The components of lease expense were as follows (in thousands):



		Three Months Ended March 31, 2020
Lease expense:
	Operating lease expense	$	769
	Short-term lease expense	87
	Variable and other lease expense	146
		$	1,002

Future Minimum Payments Under Non-Cancelable Operating Leases

Future minimum payments under our non-cancelable operating leases were as follows as of March 31, 2020 (in thousands):



Remainder of 2020	$	2,311
2021	2,380
2022	1,381
2023	702
2024	635
Thereafter	172
	$	7,581

Stockholders' Equity and Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2020

Equity [Abstract]

Summary of Restricted Stock Awards And Units

Restricted stock award (RSA) and restricted stock unit (RSU) activity under our equity incentive plan was as follows (in thousands, except weighted average grant date fair values):



		Number of Restricted Stock Awards	Weighted-Average Grant Date Fair Value
RSAs at December 31, 2019		459	$	20.49
	Awards granted	—	—
	Awards vested	—	—
	Awards forfeited and modified	—	—
RSAs at March 31, 2020		459	$	20.49



		Number of Restricted Stock Units		Weighted-Average Grant Date Fair Value
RSUs at December 31, 2019		2,407		$	19.47
	Awards granted	10		18.68
	Awards vested	(2	)	19.46
	Awards forfeited & modified	(13	)	22.18
RSUs at March 31, 2020		2,402		$	19.45

Summary of Stock Option Activity

The following table summarizes the Company’s stock option activity during the three months ended March 31, 2020 (in thousands, except weighted average exercise prices):



	Number of Options		Weighted Average Exercise Price	Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value
Outstanding, December 31, 2019	4,239		$1.54	6.1	$79,443
Options exercised	(373	)	$1.50
Options canceled	(7	)	$1.07
Outstanding, March 31, 2020	3,859		$1.55	6.0	$34,519
Options exercisable at March 31, 2020	2,864		$1.03	5.6	$27,076
Options vested as of March 31, 2020 and expected to vest after March 31, 2020	3,859		$1.55	6.0	$34,519

Schedule of Stock-based Compensation Expense

Total stock-based compensation expense was included in our consolidated statements of operations as follows (in thousands):



	Three Months Ended March 31,
	2020		2019
Cost of revenues	$	345	$	209
Research and development	1,782		558
Sales, general and administrative	1,636		1,142
	$	3,763	$	1,909

Share-based Payment Arrangement, Nonvested Award, Cost

As of March 31, 2020, total unrecognized stock-based compensation related to unvested stock awards was $42.9 million, which will be recognized over the next five years as follows (in thousands):



Remainder of 2020	$	12,767
2021	13,415
2022	10,927
2023	5,742
2024	3
	$	42,854

Segment Information (Tables)

3 Months Ended

Mar. 31, 2020

Segment Reporting [Abstract]

Summary of Operating Results by Reportable Segment

The following table summarizes the operating results by reportable segment for the period presented (dollars in thousands):



	Three Months Ended March 31, 2020
	Laser Products			Advanced Development			Corporate and Other			Totals
Revenue	$	36,930		$	6,285		$	—		$	43,215
Gross profit	$	9,375		$	471		$	(345	)	$	9,501
Gross margin	25.4		%	7.5		%	NM			22.0		%

Net Income (Loss) per Share (Tables)

3 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

Schedule of Basic And Diluted Net Income (Loss) Per Share

The following table sets forth the calculation of basic and diluted net loss per share during the periods presented (in thousands, except per share amounts):



	Three Months Ended March 31,
	2020			2019
Numerator:
Net loss	$	(7,475	)	$	(1,235	)

Denominator:
Weighted-average shares, basic	37,846			36,694
Weighted-average shares, diluted	37,846			36,694
Net loss per share:
Basic	$	(0.20	)	$	(0.03	)
Diluted	$	(0.20	)	$	(0.03	)

Schedule of Potentially Dilutive Shares Not Included In Calculation Of Diluted Shares

The following potentially dilutive shares of restricted stock awards and units, employee stock purchase plan, and stock options were not included in the calculation of diluted shares above as the effect would have been anti‑dilutive (in thousands):



	Three Months Ended March 31,
	2020	2019
Restricted stock units and awards	2,460	681
Employee stock purchase plan	—	44
Common stock options	3,859	4,956
Total	6,319	5,681

Basis of Presentation and New Accounting Pronouncements - New Accounting Pronouncements (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Jan. 01, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use assets	$ 6,834
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use assets		$ 7,600
Operating lease liabilities		$ 7,900

Acquisition - Narrative (Details) - USD ($) $ in Millions		3 Months Ended
Acquisition - Narrative (Details) - USD ($) $ in Millions	Nov. 14, 2019	Mar. 31, 2020
Business Acquisition [Line Items]
Increase in other liabilities		$ 0.1
Nutronics, Inc.
Business Acquisition [Line Items]
Acquisition consideration, cash	$ 17.4

Acquisition - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Goodwill	$ 9,972	$ 9,872
Nutronics, Inc.
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Cash	33
Accounts receivable	635
Contract assets	456
Inventory	255
Other current assets	201
Property, plant and equipment	1,019
Security deposits	46
Tangible assets acquired	2,645
Accounts payable	(278)
Other liabilities	(577)
Deferred revenue	(141)
Liabilities assumed	(996)
Total tangible assets acquired and liabilities assumed	1,649
Intangible assets	7,200
Goodwill	8,584
Net assets acquired	$ 17,433

Acquisition - Intangible Assets (Details) - Nutronics, Inc. - USD ($) $ in Thousands	Nov. 14, 2019	Mar. 31, 2020
Business Acquisition [Line Items]
Amount		$ 7,200
Development programs
Business Acquisition [Line Items]
Amount	$ 7,200
Weighted-Average Useful Life (in years)	3 years 1 month 12 days

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Disaggregation of Revenue [Line Items]
Total revenue	$ 43,215	$ 41,861
Point in time
Disaggregation of Revenue [Line Items]
Total revenue	36,930	40,607
Over time
Disaggregation of Revenue [Line Items]
Total revenue	6,285	1,254
North America
Disaggregation of Revenue [Line Items]
Total revenue	21,046	15,770
China
Disaggregation of Revenue [Line Items]
Total revenue	12,042	13,653
Rest of World
Disaggregation of Revenue [Line Items]
Total revenue	10,127	12,438
Industrial
Disaggregation of Revenue [Line Items]
Total revenue	15,990	18,124
Microfabrication
Disaggregation of Revenue [Line Items]
Total revenue	10,419	14,533
Aerospace and Defense
Disaggregation of Revenue [Line Items]
Total revenue	$ 16,806	$ 9,204

Revenue - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Contract assets	$ 2,100	$ 2,449
Contract liabilities	$ 2,092	$ 881

Revenue - Narrative (Details) $ in Millions	3 Months Ended
Revenue - Narrative (Details) $ in Millions	Mar. 31, 2020 USD ($)
Revenue from Contract with Customer [Abstract]
Revenue recognized, previously included in customer advances and deferred revenue	$ 0.2

Concentrations of Credit and Other Risks (Details) - Customer Concentration Risk	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Sales Revenue \| Raytheon Technologies
Concentration Risk [Line Items]
Concentration risk, percentage	16.00%	11.00%
Sales Revenue \| U.S. Government
Concentration Risk [Line Items]
Concentration risk, percentage	10.00%
Accounts receivable \| One Customer
Concentration Risk [Line Items]
Concentration risk, percentage	24.00%
Accounts receivable \| Two Customers
Concentration Risk [Line Items]
Concentration risk, percentage		48.00%

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents, fair value	$ 76,084	$ 96,661
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents, fair value	76,084	96,661
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents, fair value	0	0
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents, fair value	0	0
Money market securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents, fair value	74,035	94,260
Money market securities \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents, fair value	74,035	94,260
Money market securities \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents, fair value	0	0
Money market securities \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents, fair value	0	0
Commercial paper
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents, fair value	2,049	2,401
Commercial paper \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents, fair value	2,049	2,401
Commercial paper \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents, fair value	0	0
Commercial paper \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents, fair value	$ 0	$ 0

Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Raw materials	$ 18,704	$ 16,643
Work in process and semi-finished goods	18,619	17,723
Finished goods	12,163	11,765
Inventory	$ 49,486	$ 46,131

Property, Plant and Equipment (Details) ft² in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020 USD ($) a ft² building	Dec. 31, 2019 USD ($)
Property, Plant and Equipment, Net [Abstract]
Property and equipment, gross	$ 101,132	$ 86,380
Accumulated depreciation	(60,120)	(58,633)
Property and equipment, net	41,012	27,747
Computer hardware and software
Property, Plant and Equipment, Net [Abstract]
Property and equipment, gross	$ 5,230	4,764
Computer hardware and software \| Minimum
Property, Plant and Equipment [Line Items]
Useful life (years)	3 years
Computer hardware and software \| Maximum
Property, Plant and Equipment [Line Items]
Useful life (years)	5 years
Manufacturing and lab equipment
Property, Plant and Equipment, Net [Abstract]
Property and equipment, gross	$ 61,303	59,395
Manufacturing and lab equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful life (years)	2 years
Manufacturing and lab equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful life (years)	7 years
Office equipment and furniture
Property, Plant and Equipment, Net [Abstract]
Property and equipment, gross	$ 1,318	1,462
Office equipment and furniture \| Minimum
Property, Plant and Equipment [Line Items]
Useful life (years)	5 years
Office equipment and furniture \| Maximum
Property, Plant and Equipment [Line Items]
Useful life (years)	7 years
Leasehold improvements
Property, Plant and Equipment, Net [Abstract]
Property and equipment, gross	$ 20,745	20,759
Leasehold improvements \| Minimum
Property, Plant and Equipment [Line Items]
Useful life (years)	2 years
Leasehold improvements \| Maximum
Property, Plant and Equipment [Line Items]
Useful life (years)	12 years
Land and buildings
Property, Plant and Equipment, Net [Abstract]
Property and equipment, gross	$ 12,536	$ 0
Camas, Washington
Property, Plant and Equipment, Net [Abstract]
Area of Land \| a	21
Number Of Buildings \| building	2
Area Of Office Space \| ft²	165

Intangible Assets and Goodwill - Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 13,471	$ 13,156
Accumulated amortization	(4,029)	(3,150)
Net value	9,442	10,006
Patents
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	6,271	5,956
Development programs
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 7,200	$ 7,200
Minimum \| Patents
Finite-Lived Intangible Assets [Line Items]
Average amortization period	3 years
Minimum \| Development programs
Finite-Lived Intangible Assets [Line Items]
Average amortization period	2 years
Maximum \| Patents
Finite-Lived Intangible Assets [Line Items]
Average amortization period	5 years
Maximum \| Development programs
Finite-Lived Intangible Assets [Line Items]
Average amortization period	4 years

Intangible Assets and Goodwill - Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020 USD ($)
Goodwill [Roll Forward]
Goodwill	$ 9,872
Purchase price adjustment	100
Goodwill	9,972
Laser Products
Goodwill [Roll Forward]
Goodwill	1,387
Purchase price adjustment	0
Goodwill	1,387
Advanced Development
Goodwill [Roll Forward]
Goodwill	8,484
Purchase price adjustment	100
Goodwill	$ 8,584

Other Assets (Details) - USD ($) $ in Thousands	3 Months Ended
Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Other Assets, Noncurrent Disclosure [Abstract]
Demonstration assets, net	$ 2,108		$ 1,824
Deferred tax assets, net	72		72
Other	2,538		1,852
Other assets	$ 4,718		$ 3,748
Useful life of demonstration assets	2 years
Amortization of demonstration assets	$ 500	$ 500

Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Payables and Accruals [Abstract]
Accrued payroll and benefits	$ 6,286	$ 8,208
Product warranty, current	1,828	1,683
Income tax payable	3	155
Other accrued expenses	1,130	1,559
Total accrued liabilities	$ 9,247	$ 11,605

Product Warranties (Details) - USD ($) $ in Thousands	3 Months Ended
Product Warranties (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 31, 2019
Movement in Standard Product Warranty Accrual [Roll Forward]
Product warranty liability, beginning	$ 2,984	$ 4,555
Warranty charges incurred, net	(766)	(433)
Provision for warranty charges, net of adjustments	1,033	(398)
Acquired warranty	100	0
Product warranty liability, ending	3,351	3,724
Less: current portion of product warranty liability	(1,828)	(2,168)
Non-current portion of product warranty liability	$ 1,523	$ 1,556

Commitments and Contingencies - Narrative (Details) - Revolving credit facility - Line of credit	3 Months Ended
	Mar. 31, 2020 USD ($)
Line of Credit Facility [Line Items]
Revolving line of credit, borrowing capacity	$ 40,000,000.0
Unused credit fee (percent)	0.20%
Outstanding	$ 15,000,000
Available borrowing capacity	$ 24,500,000

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Leases - Narrative (Details)	3 Months Ended
Leases - Narrative (Details)	Mar. 31, 2020
Lessee, Lease, Description [Line Items]
Weighted-average remaining lease term for operating leases	3 years 2 months
Weighted-average discount rate for operating leases	3.60%
Operating Leases, Excluding Automobiles
Lessee, Lease, Description [Line Items]
Renewal lease term	15 years
Minimum \| Operating Leases, Excluding Automobiles
Lessee, Lease, Description [Line Items]
Remaining lease term	6 months
Minimum \| Operating Leases, Automobiles
Lessee, Lease, Description [Line Items]
Remaining lease term	2 months
Maximum \| Operating Leases, Excluding Automobiles
Lessee, Lease, Description [Line Items]
Remaining lease term	5 years 3 months 15 days
Maximum \| Operating Leases, Automobiles
Lessee, Lease, Description [Line Items]
Remaining lease term	4 years

Leases - Components of Lease Expense (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020 USD ($)
Leases [Abstract]
Operating lease expense	$ 769
Short-term lease expense	87
Variable and other lease expense	146
Lease expense	$ 1,002

Leases - Future Minimum Payments Under Non-Cancelable Operating Leases (Details) $ in Thousands	Mar. 31, 2020 USD ($)
Leases [Abstract]
Remainder of 2020	$ 2,311
2021	2,380
2022	1,381
2023	702
2024	635
Thereafter	172
Total	$ 7,581

Stockholders' Equity and Stock-Based Compensation - Narrative (Details) - USD ($) shares in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Nov. 14, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized repurchase amount				$ 10,000,000.0
Intrinsic value of options exercised	$ 6,000,000	$ 3,600,000
Proceeds from the exercise of options	558,000	$ 467,000
Unrecognized expense	$ 42,900,000
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards outstanding (in shares)	459		459
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards outstanding (in shares)	2,402		2,407
Restricted Stock Awards And Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested, fair value	$ 100,000
Performance Restricted Stock Awards and Performance Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards outstanding (in shares)	500
Performance-based awards, performance goals not yet established (in shares)	300

Stockholders' Equity and Stock-Based Compensation - Summary of Restricted Stock Award and Restricted Stock Unit Activity (Details) shares in Thousands	3 Months Ended
	Mar. 31, 2020 $ / shares shares
Restricted Stock Awards
Number of restricted shares
Balance, beginning (in shares) \| shares	459
Granted (in shares) \| shares	0
Vested (in shares) \| shares	0
Forfeited & modified (in shares) \| shares	0
Balance, ending (in shares) \| shares	459
Weighted average exercise price
Balance, beginning (in dollars per share) \| $ / shares	$ 20.49
Granted (in dollars per share) \| $ / shares	0.00
Vested (in dollars per share) \| $ / shares	0.00
Forfeited & modified (in dollars per share) \| $ / shares	0.00
Balance, ending (in dollars per share) \| $ / shares	$ 20.49
Restricted Stock Units
Number of restricted shares
Balance, beginning (in shares) \| shares	2,407
Granted (in shares) \| shares	10
Vested (in shares) \| shares	(2)
Forfeited & modified (in shares) \| shares	(13)
Balance, ending (in shares) \| shares	2,402
Weighted average exercise price
Balance, beginning (in dollars per share) \| $ / shares	$ 19.47
Granted (in dollars per share) \| $ / shares	18.68
Vested (in dollars per share) \| $ / shares	19.46
Forfeited & modified (in dollars per share) \| $ / shares	22.18
Balance, ending (in dollars per share) \| $ / shares	$ 19.45

Stockholders' Equity and Stock-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Number of shares
Outstanding, beginning of period (in shares)	4,239
Options exercised (in shares)	(373)
Options canceled (in shares)	(7)
Outstanding, end of period (in shares)	3,859	4,239
Weighted average exercise price
Outstanding, beginning of period (in dollars per share)	$ 1.54
Options exercised (in dollars per share)	1.50
Options canceled (in dollars per share)	1.07
Outstanding, end of period (in dollars per share)	$ 1.55	$ 1.54
Outstanding, Weighted average remaining contractual term (years)	6 years 2 days	6 years 1 month 12 days
Outstanding, Aggregate intrinsic value	$ 34,519	$ 79,443
Options exercisable at end of period
Options exercisable (in shares)	2,864
Weighted average exercise price (in dollars per share)	$ 1.03
Weighted average remaining contractual term (years)	5 years 7 months 2 days
Aggregate intrinsic value	$ 27,076
Options vested as of end of period and expected to vest after end of period
Options vested and expected to vest (in shares)	3,859
Weighted average exercise price (in dollars per share)	$ 1.55
Weighted average remaining contractual term (years)	6 years 2 days
Aggregate intrinsic value	$ 34,519

Stockholders' Equity and Stock-Based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 3,763	$ 1,909
Cost of revenues
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	345	209
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	1,782	558
Sales, general and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 1,636	$ 1,142

Stockholders' Equity and Stock-Based Compensation - Unrecognized Compensation Costs (Details) $ in Thousands	Mar. 31, 2020 USD ($)
Equity [Abstract]
Remainder of 2020	$ 12,767
2021	13,415
2022	10,927
2023	5,742
2024	3
Total compensation cost	$ 42,854

Segment Information - Narrative (Details)	3 Months Ended
Segment Information - Narrative (Details)	Mar. 31, 2020 segment
Segment Reporting [Abstract]
Number of reportable segments	2

Segment Information - Operating Results (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Segment Reporting Information [Line Items]
Total revenue	$ 43,215	$ 41,861
Gross profit	$ 9,501	$ 13,514
Gross Margin	22.00%
Operating segments \| Laser Products
Segment Reporting Information [Line Items]
Total revenue	$ 36,930
Gross profit	$ 9,375
Gross Margin	25.40%
Operating segments \| Advanced Development
Segment Reporting Information [Line Items]
Total revenue	$ 6,285
Gross profit	$ 471
Gross Margin	7.50%
Corporate and Other
Segment Reporting Information [Line Items]
Total revenue	$ 0
Gross profit	$ (345)

Net Income (Loss) per Share - Calculation of Basic and Diluted Net Income (Loss) per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Numerator:
Net loss	$ (7,475)	$ (1,235)
Denominator:
Weighted-average shares, basic (in shares)	37,846	36,694
Weighted-average common shares outstanding, diluted (in shares)	37,846	36,694
Net loss per share:
Basic (in dollars per share)	$ (0.20)	$ (0.03)
Diluted (in dollars per share)	$ (0.20)	$ (0.03)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

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-Name Accounting Standards Codification
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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Net Income (Loss) per Share - Antidilutive Securities Excluded from Dilutive Shares (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	6,319	5,681
Restricted stock units and awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	2,460	681
Employee stock purchase plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	0	44
Common stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	3,859	4,956

Label	Element	Value
Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 161,000
Additional Paid-in Capital [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (161,000)