Thank you Joe.
the Revenue business of than driven represents reflects continuing XX% to $XXX in million now our Our evolution declined a to in business. revenue model. XX% decline customers less of by revenue in our XX% which performance China, XXXX
We timing government also experienced a programs key of due our research funded programs. XX% decline in to
industrial year, us revenues $XXX growth revenue XX% in China during growth these China markets this in Microfabrication achieved to saw more enabled In of strategic product than initiatives strong a which to execution our achieve continued $XXX particular, record growth in we outside grew XX% of of record that to the outside grew our and million, double revenue However, in XXXX, million. XXXX.
and to There further are two highlight our describe call fundamental like would I on today. themes
of of focus key initiatives. will our I Our China, on our operations key outside markets begin focus and on markets progress outside on growth with China.
XX% QX our in of our China our just of total X% China XXXX, revenue, the represented revenue IPO, QX in quarter from of revenue. represented of XXXX, while customers of over In
XX% increased our from products XXXX. revenue outside to by in have we our markets China customers exposure of more since decreased, China than has As
through decline XX% due $XX.X impact China macroeconomic In in approximately declined lockdowns in year in the year. XX% the on QX. approximately soft a full-year market, end began to to revenue China middle and the year-over-year COVID significant our Microfabrication million the during that remained related and of XXXX revenue softness and
market unlike in market But light. attractive Chinese end for Microfabrication market cutting an China, remains the the industrial
We wide power a design strong activity lasers in diverse range a China. continue see to brightness to China, in supply semiconductor high of we high of set continue to and customers and
the We throughout We record to expect as revenue China environment quarter. revenue the customer growth lingering in Outside China, effects grew the improves. saw that and strong inventories year culminated COVID over-year. third year- increase XX% dissipate of revenue XXXX in decline macro approximately quarterly
semiconductor benefit We and nLIGHT’s micro lasers markets. believe medical will business consumer, a be that of communications, range auto, electronics, continue adopted as display, manufacturing processes to fabrication in the in to continue wider end
of the light We XXXX. customers, are with to products laser traction end our during gain of which to for be particularly by and expect significant encouraged contributor medical to more course applications, adoption the revenue continue we
decreased by total low. As a XX% in demand to on year- Total is during or revenue a revenue XX% of soft quarter. environment anticipated record was we of the the Microfabrication over-year which QX, percentage million $XX.X basis Microfabrication in revenue,
to year- doubled than China, however, industrial declined over-year of revenue year- Outside industrial million XX% more the and X% versus over-year million, XX% XXXX. full-year the $XX.X XXXX market, to record Turning to end representing sales. a revenue in $XX.X of industrial approximately increased
XX% XXXX revenue to In customers nearly On to of in from quarter, a increased revenue outside million. year- increased percentage XX% basis, over-year industrial industrial the in fourth from XXXX. X% China $XX
million high. $XX.X increased to customers approximately from revenue XX% industrial importantly, China More of a record outside
to as China-based by we sales period, XX%. power, transformed went industrial the public categorize market. revenue driven XXXX, in powerful in of XX-month metal primarily we delivering was When nLIGHT’s years. that customers, our to lasers the proportion high business an last XX% several than the And more from increasingly significantly cutting over over more doubled
to engage customers in as invest deeply and our their laser we the non-China At marketplace. reliable, to the strategic and field lasers our technology to programmable with time, they our in leverage serviceable products further same differentiate continue programmable sought
We for in additive have these release development we in products and of markets serve prioritized technology manufacturing. welding, XXXX and product cutting, each end
to that to range of our optimized continue programmable for leverage are a enable applications. offer we shaping customers metal cutting, tools to beam technology In our wide machine
significant and For offers shaping fiber XXXX, new beam performance, improvements example, in we introduced power, XX flexibility. kilowatt laser programmable in that a
focus the for we battery welding, e-mobility growing tailored to In continue rapidly on market. delivering solutions
our product process being expanded market sensor-based currently globally. opportunity evaluated by monitoring proprietary used New introductions and are that or have solutions customers incorporate
additive several strategic our to portfolio. we add important In manufacturing, during continue customers year and new added products new the to
power laser tools. a (Ph) AFX] received released productivity X.X we plus been will that Specifically, the in our mode [Krona X.X programmable of offers customers XX% kilowatt kilowatt increase single laser. their by of well multiple our The increase and version further has
towards legacy the to to improvements that productivity, customers we manufacturing tools, As on gain drive share enable to will shift believe subtracted and manufacturing our to multi-laser we enable continues market technologies. traditional additive other positioned are uniquely
year-over-year revenue in driver was representing a XXXX The lower XXXX Finally, XX% declined approximately year-over-year in revenue. our of million, project-based primary in in to revenue Aerospace sales. of and XX% total Defense, $XX.X XX% decline
revenue execution fluctuate the As of we past, programs. can in timing our with project-based and have mentioned
HELSI, energy will formally to kilowatt continue believe Last laser that key early a directed long-term energy program friendly. quarter, We progress an QX. driver expect conclude excellent growth we we XXX reported to our which be high in
track energy integrated beam to government. chip us control for and products our us vertically additional which We develop enables business from to well record work believe U.S. model, the that very with positions directed
In offers capitalize at vertical our energy vertical opportunity to levels fact, of integration. direct integration multiple activity on us
year increase billion this in approved the We to XX% players, last combined U.S. and a fourth are approximately from supplier X.X of budget diodes, the quarter, directed approximately In energy year. fiber X billion lasers. Congress
for offers further in The significant us increase that the key directed significant effort DoD’s energy our long-term a perspective is budget growth. and modernization part opportunities of U.S. solidifies
Our business, approximately X% proximity fluctuate sold and products XXXX, and related contracts systems. run core includes years which or quarter-over-quarter. are down through defense guidance detection, long-term for These countermeasures, decades, typically can can year-over-year finding, range products to was but even in
related quarter, Development due the fourth approximately directed approximately projects. which XX% to of the primarily all our projects timing decreased approximately million, to of revenue XX% In total of defense XX% representing year-over-year declined year-over-year revenue is the energy revenue. to $XX.X nearly
quarter approximately increased XXXX. but business declined year-over-year, versus by Our core defense X% third approximately XX% of
several to continue we are and supplier existing positioned work programs. on critical well a is defense nLIGHT to customers, our Today,
We and leverage several new are and capabilities. classified semiconductor laser also technology programs under that fiber manufacturing broad contract on our
While programs relatively in present XXXX today, revenue and recurring revenue opportunities long-term production is could these these of from of programs funded us. small to transfer each significant are for to each expected
core support We know-how, market. well opportunities design, us and additional pursue in to capabilities to engineering the believe our laser defense manufacturing and process continue secure U.S. positions
made While we in China, XX-months. to last of continue changes also to transition the growth significant outside we operations to markets have
investments capabilities First, in XXXX. made outside during China significant manufacturing of our automating we
directed laser manufacturing our output. commercial domestic Particularly regions control these our investments and align customers a and our strengthen energy manufacturing strategic the our for growth, better market trusted will that of believe defense the better provider in as position We market. key
Although, made completed progress critical as qualified for quarter the this the not our and easy, great equipment we installation been during transition the fourth has required automation. we
serve strategy. shocks, able our we better as will mitigate growth a that manufacturing we be will As to supply grow, have enhance and footprint our execute chain long-term profitability, strategy and customers we
significantly semiconductor is of in range end lasers utilized Moreover, across each better improved much the flexible markets. manufacturing flow we our our to so that and our processes more of be a wider manufacture equipment
to equipment to the capacity, of decision this flexible However, from made we build volume order more evolving our not manufacturing suited but to the enough that and in to production, manufacturing the was development customers. demand certain high meet flexible diversified abandon well
long-term decided future needs needs business. we can suited January new to years support changed and live our implement and growth of that order today was last and needed went we ERP XXXX. over better The has that the several ERP our of with system our to the scale system objectives, support on we diversity in to significantly an our XX, business business Second, a
Enhanced And although and forward. business operations, finance well ERP engineering new as sales, manage better functionality will are easy, going across our enable our expected. could never us went implementations to as be invitation initial
areas we in a the of our plan better Third, embarked strategic and critical our all long-term align with near business most quarter, fourth objectives. to also on
made result, decisions. we important several As strategic a
our facilities, as natural hiring at headcount attrition, First, XXXX in reduction reduction June force from and to approximately we in a implemented total X,XXX Combined of decreased total of number resulted employees. that targeted more with X,XXX balancing a December. load of approximately employees approximately our X% of end of the targeted
performed each We of a growth also impact opportunities profitability. and to rigorous believe markets the end in will driving we and projects of have on that focus long-term order on review biggest our
certain What focus. didn’t our elected to others. pursue strategic we change to While in not elected we projects, is invest
require We a of Aerospace continue and number continue lasers. greater to believe that, manufacturing and Defense will advancements in to
to as comment results, financial over would Joe we our what seeing I XXXX. call the turning we enter discuss to Before quarter are and to fourth like on full-year
what long-term fourth we growth are trends demand the consistent in overall place. While strategies our be with firmly seem to saw quarter, in
design strong end with activity in see Industrial markets. our to customers and continue We Microfabrication
as Although through our the well-positioned not macro growth progress conditions, global business we is are for we immune from year.
Aerospace which remain is lasers of expect particularly we each markets, to and rapidly across proliferate continue in Defense, our our and to transitioning. optimistic about We positioning end
over turn now will I Joe. to the call
