Laser Photonics Corporation

Greetings and welcome to the Laser Photonics Corp second quarter call and webcast. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Brian Siegel, Investor Relations. Thank you, sir. You may begin.

Thank you, Maria. With me today are Wayne Topola, Laser Photonics CEO, and Jade Barnwell, who just joined the company as CFO. Any forward-looking statements made during this conference call, whether general or specific in nature, are subject to risks and uncertainties that may cause actual results to differ materially from those which a company anticipates. These risks and uncertainties include, but are not limited to, the specific risks and uncertainties discussed in the reports that we file periodically with the SEC. Laser photonics assumes no obligation to either update any forward-looking statements that we have made or may make, or to update the factors that may cause actual results to differ materially from those that they forecast. I will now turn the conference call over to Wayne. Take it away, Wayne.

Thank you, Brian, and good morning, everyone. Thank you for joining Laser Photonics Corp's quarterly earnings call. I'm Wayne Tupole, CEO of Laser Photonics Corp, and I'm thrilled to share some exciting updates with you today. We reported a soft quarter in Q2 reporting revenue of $1 million as compared to $1.35 million for the same period in 2022. The decrease was primarily related to delayed CapEx spending by customers, while this impacted our second quarter results. I'm encouraged by the progress in our sales and marketing efforts in expanding our pipeline which are expected to drive long-term positive sales trends. Given that in our target markets of materials processing, automotive, aerospace, and semiconductor, laser cleaning products fall under CapEx spending. Sales cycles can take six to 12 months and often fluctuate quarter to quarter. In recent quarters, economic conditions including interest rate increases have been putting pressure on sales with respect to interest rates. Higher rates have caused customers to delay capital equipment spending, as many customers, large and small, use leasing companies to purchase our equipment. In Q1, we began increasing R&D investments to maintain our technological superiority. We equipped our application center with state-of-the-art robotic laser blasters and develop new complementary technologies. Moving forward, we intend to make further investments in R&D to innovate and guarantee companies' long-term future, and I will touch on one of these platforms in a minute. Before I go into some of our exciting product innovations that are coming from our R&D investments, I'd like to welcome Jay Barnwell to the team as our newly appointed CFO. Jade has proven success in managing financial growth at all of her companies, and we look forward to leveraging the experience she brings. Now I'd like to introduce our latest product developments, the Titan FX platform for the aerospace industry. This new large platform was designed for laser cutting applications, but we also integrated it into our Cleantech product line to enhance that offering. The platform is designed to provide increased safety as it has fully enclosed frame that meets class one product enclosure standards for the laser industry. This significance of this is twofold. First, we developed this new platform in response to conversations with an existing large aerospace customer. The aerospace industry has held off using laser cutting capabilities for decades due to safety concerns related to creating stress cracks caused by the heat generated from laser applications. To this day, laser cutting is limited to rough cutting and later refers to downstream CNC machining capabilities. The Titan FX platform revolutionizes laser cutting applications with our unique laser cold cutting feature that enables the platform to work with heat sensitive materials without compromising quality or precision. This capability opens up new possibilities for various industries, including aerospace, automotive, and electronics, where materials such as composites and plastics require delicate treatment. Moreover, our turbo piercing technology enables rapid advanced perforations, enhancing production efficiencies, and reducing cycle times for our customers. By streamlining their operations, we are helping customers achieve greater productivity that meets strict deadlines. Second, the newly developed Titan FX large format design can also be used for clean tech class 1 product enclosures. therefore integrating cutting edge laser safety features with our renowned laser blasting capabilities. The Titan FX platform will combine two essential elements for our Cleantech products, unmatched laser blasting power and enhanced laser safety. With our advanced laser technology, we already offer precision and efficiency that sets us apart from the competition. Now, By incorporating laser safety into our product enclosure, we provide our customers with a comprehensive solution that addresses their needs for both performance and safety. In today's manufacturing work environment, most of our customers are safety-conscious. Therefore, Laser-O-Tonics is stepping up to the plate and providing solutions to modern-day problems for the modern-day workforce. Automation is also key to running a smooth and efficient manufacturing facility. The laser photonics focuses on helping its customers achieve this. Looking ahead, we are confident that the Titan FX platform will further strengthen our position as a leader in laser technologies. We anticipate strong demand from industries seeking advanced laser solutions that combine performance, precision, and safety. By expanding our product offering to cater to the needs of cleantech and other sectors, we are well positioned for growth and new market opportunities. In conclusion, Laser Botanics Corp's Titan FX platform for cleantech class 1 product enclosures represents a groundbreaking development as we continue to push the boundaries of innovation in the industry We are excited about the prospects and the positive impact this new development will have on our customers' operations and overall safety. Thank you for your continued support, and we remain committed to delivering cutting-edge solutions that will drive success and growth for Lasertronics Corp. I will now turn the call over to Jade for a detailed financial update.