Segment Information

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment Information

Segment Information

Overview

We operate in two reportable segments consisting of the Laser Products segment and the Advanced Development segment. We organize our business segments based on the nature of products and services offered.

Laser Products

This segment includes high-power semiconductor lasers and fiber lasers that are typically integrated into laser systems or manufacturing tools built by our customers. This segment also includes fiber amplifiers and beam combination and control systems for use in high-energy laser (HEL) systems in directed energy applications, and laser sensing products used in a wide range of defense applications.

Advanced Development

This segment focuses on research, design, and prototyping of next-generation laser technologies for the defense industry, including the development of custom high-power fiber lasers and advanced beam combining technologies.

Selected Financial Data by Business Segment

Our Chief Executive Officer serves as the chief operating decision maker (CODM) and is responsible for reviewing segment performance and making decisions regarding resource allocation. Our CODM uses metrics such as revenue, gross profit, and gross margin to evaluate each segment's performance by comparing the metrics to historical results and previously forecasted financial information. Our CODM does not evaluate operating segments using asset or liability information. The following table summarizes the operating results by reportable segment for the periods presented (dollars in thousands):

	Year Ended December 31, 2024
	Laser Products			Advanced Development			Corporate and Other		Totals
Revenue	$	136,659		$	61,889		$	—	$	198,548
Gross profit	31,094			4,363			(2,438)		33,019
Gross margin	22.8		%	7.0		%	NM*		16.6		%

	Year Ended December 31, 2023
	Laser Products			Advanced Development			Corporate and Other		Totals
Revenue	$	156,666		$	53,255		$	—	$	209,921
Gross profit	44,891			3,628			(2,406)		46,113
Gross margin	28.7		%	6.8		%	NM*		22.0		%

	Year Ended December 31, 2022
	Laser Products			Advanced Development			Corporate and Other		Totals
Revenue	$	192,658		$	49,400		$	—	$	242,058
Gross profit	50,063			3,435			(2,677)		50,821
Gross margin	26.0		%	7.0		%	NM*		21.0		%

*NM = not meaningful

Corporate and Other consists of general and administrative overhead costs and unallocated expenses related to stock-based compensation and purchased intangible amortization, which are not used in evaluating the results of, or in the allocation of resources to, our reportable segments.

The geographic location of our long-lived assets, net, based on location of the assets, was as follows (in thousands):

	As of December 31,
	2024		2023
North America	$	68,637	$	73,070
Asia Pacific	3,983		9,221
EMEA	3,532		3,958
	$	76,152	$	86,249