nLIGHT, Inc.

and answer session. If you would like to ask a question, please raise your hand. If you have dialed into today's call, please press star nine to raise your hand and star six to unmute. I will now hand the conference over to John Marchetti, VP, Corporate Development and Investor Relations. John, please go ahead.

Good afternoon, everyone. Thank you for joining us today to discuss Enlight's third quarter 2025 earnings results. I'm John Marchetti, Enlight's VP of Corporate Development and the Head of Investor Relations. With me on the call today are Scott Keeney, Enlight's Chairman and CEO, and Joe Corso, Enlight's CFO. Today's discussion will contain forward-looking statements, including financial projections and plans for our business, some of which are beyond our control, including the risks and uncertainties described from time to time in our SEC filings. Our results may differ materially from those projected on today's call, and we undertake no obligation to update publicly any forward-looking statement except as required by law. During the call, we will be discussing certain non-GAAP financial measures. We have provided reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures in our earnings release and in our earnings presentation, both of which can be found on the investor relations section of our website. I will now turn the call over to Enlight's chairman and CEO, Scott Keeney.

Thank you, John. Q3 represented another solid quarter of execution for Enlight, with total revenue at the high end of our guidance range and both gross margin and adjusted EBITDA beating our expectations. Third quarter revenue of $67 million grew 19% year over year, and we're once again driven by record aerospace and defense revenue of $46 million. with defense product sales growing more than 70% year over year. I am particularly pleased with the expansion of our product gross margin, which came in at a record 41% and increased from 29% in the same quarter a year ago. Our adjusted EBITDA was also above our expectations at more than $7 million in the quarter. The expansion in our gross margin and the subsequent growth in our adjusted EBITDA demonstrate the leverage that is inherent in our operating model. In aerospace and defense, we remain focused on two key markets, directed energy and laser sensing. And revenue from both markets outperformed our expectations in the quarter. In directed energy, we are uniquely positioned with our vertically integrated and industry leading high power laser technology developed over the past two decades and spanning the entire technology stack from chips to components to full laser systems and beam directors. all of which are designed and manufactured in the US, have generated revenue at nearly every level of vertical integration in the directed energy market. And we have established ourselves as one of the most comprehensive suppliers to the US government, other prime contractors, and foreign allies. During the third quarter, we continue to make solid progress on our Health C2 program. As a reminder, This is a $171 million program to develop a one megawatt high energy laser with a completion date expected in 2026. The shipment of critical components towards the Health C2 program was a significant driver of our record defense product revenue in the quarter and is expected to be a substantial contributor to growth through the remainder of the year and into 2026. We continue to transition our latest generation of amplifier products into advanced production by leveraging Enlite's experienced manufacturing teams and implementing quality and control processes. This transition, while not without risks, is progressing well and is critical as we continue to optimize our amplifier production line for higher volumes. Our work on the Army's DEM SureEd short range air defense program is nearing completion, and we look forward to delivering this 50 kilowatt high energy laser and beam director to our partner. Once delivery is completed, the system will begin field testing. Overall interest in U.S. direct and entry programs remains high, particularly for counter UAS applications, and we expect new contracts to be awarded in the coming quarters from different agencies as part of the President's Golden Dome Executive Order, which specifically highlights non-kinetic missile defense capabilities as an area for development. With a mandate to build these systems in the United States, we believe we are well positioned to benefit from these efforts over the coming years, and we are hopeful that the coming quarters will provide additional details on the scope and timing of these initiatives. We've also continued to have success in the international markets for directed energy. We began shipping to a new international customer last quarter, and we have a growing pipeline of new global opportunities as allied nations look to accelerate direct energy programs for cost-effective counter UAS and other threats. Our laser sensing markets are also performing well. Our laser sensing products include missile guidance, proximity detection, range finding, and countermeasures, and we have been incorporated into several significant and long-running defense programs, all of which are poised to grow in 2026. During the third quarter, we signed a new $50 million contract for an existing long-running missile program that incorporates one of our laser sensing products. Enlite has been a long-term supplier into this program, which our customer expects to remain a key priority associated with the nation's munitions restocking efforts. Our historical performance on these programs and our early success on multiple classified programs has increased both the number of prospects and the size of our sensing pipeline. In addition, further opportunities under the Golden Gnome initiatives have emerged and could also become significant contributors to our growth in 2026 and beyond. Commercial revenue was slightly ahead of our expectations at $21.2 million on a sequential increase in microfabrication sales and relatively flat results in our industrial markets. We have been pleased with the stability of our microfabrication markets year to date, and have been encouraged by the growth in our advanced manufacturing products, where we see alignment with our aerospace and defense customers, and our technology remains differentiated. Let me now turn the call over to Joe to discuss our third quarter financial results.