LASRNLIGHT, INC.

Semiconductors & Related Devices

Revenue: $261M; 32% YoY
Operating margin: -10.2%; 69% YoY
EBITDA: −$14M; 73% YoY
Market cap: $2.1B
Employees: 800; $327K revenue each
Net debt / EBITDA: —; −$296M net debt
AI in 10-K: 0.5; mentions per 10K words

Takeover score 6 of 13

Fixable underperformance 3 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$5M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
13% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
2% of assets
Over 40% of assets
Shareholder dissentYes
39% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$327K · 35th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.5 per 10K words · 21st pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.1B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$72M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$270M	$242M	$210M	$199M	$261M	32%
Operating income	−$30M	−$55M	−$47M	−$66M	−$27M	60%
Net income	−$30M	−$55M	−$42M	−$61M	−$23M	61%
Operating cash flow	−$7M	−$15M	$10M	−$2M	$21M	1004%
Capex	$19M	$21M	$5M	$8M	$9M	14%
Stock-based comp	$38M	$27M	$26M	$25M	$33M	34%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $72M · 93
Net: −$72M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$37M	$89M	115	194
FY2024	$5M	$1M	52	143
FY2023	$4M	$8M	67	130
FY2022	$3M	−$3M	50	110
FY2021	$6M	$3M	118	138