Laser Photonics Corp, a company specializing in miscellaneous electrical machinery, equipment, and supplies, announced the appointment of a new independent registered public accounting firm. Following the resignation of its former accountant, Fruci & Associates II, PLLC, on June 5, 2024, the company has now appointed Kreit & Chiu CPA LLP to oversee its financial auditing for the year ending December 31, 2024.
The change in the company's certifying accountant was reported in a recent 8-K filing with the Securities and Exchange Commission (SEC). The decision to engage Kreit & Chiu CPA LLP was made by the Audit Committee of the Board of Directors on June 21, 2024, and was formalized with the SEC filing today.
Laser Photonics Corp, with its principal executive offices in Orlando, Florida, operates under the jurisdiction of Delaware. The company's common stock is traded on The Nasdaq Stock Market LLC under the ticker symbol LASE.
The information in this article is based on the statements provided in the SEC filing.
In other recent news, Laser Photonics Corp reported a significant 673% growth in its fourth-quarter revenue for 2023, reaching $0.8 million, largely driven by strong sales in CleanTech products. The company also managed to reduce its net losses from $3 million to $0.4 million.
Laser Photonics has also returned to compliance with Nasdaq's Listing Rules following the timely filing of its Form 10-K for the fiscal year ended December 31, 2023. This development effectively resolved a previous non-compliance issue. In addition, the company is set to become a publicly traded majority-owned subsidiary of Fonon Corporation as part of its strategic restructuring plans.
The company has built an estimated $70 million pipeline of opportunities for the next 12 months and plans to introduce new products and upgrades, including next-generation CleanTech systems. Laser Photonics has positioned its laser cleaning and material processing solutions as eco-friendly alternatives to traditional surface processing methods, aiming to reduce the environmental footprint of manufacturing and maintenance processes.
These are among the recent developments in the company's operations.
InvestingPro Insights
As Laser Photonics Corp (LASE) welcomes Kreit & Chiu CPA LLP to navigate its financial auditing landscape, it's important to consider the company's current financial health and market position. With a market capitalization of $15.72 million and a notable revenue growth of 19.27% in the last twelve months as of Q1 2024, Laser Photonics is showing signs of expansion in its sector. The gross profit margin stands impressively at 60.64%, highlighting the company's efficiency in managing its cost of goods sold relative to its sales.
InvestingPro Tips indicate that despite not being profitable over the last twelve months, Laser Photonics holds more cash than debt on its balance sheet, which is a positive indicator of financial stability. Additionally, the company's high shareholder yield and anticipation of sales growth in the current year suggest that investors may have optimistic expectations for its future performance.
However, it's worth noting that the stock has experienced significant price volatility, with a large price uptick over the last six months and yet a substantial year-to-date price total return of 43.22%. This volatility could be of interest to investors looking for dynamic trading opportunities. For those considering investing in Laser Photonics Corp, more detailed analysis and additional InvestingPro Tips can be found at: https://www.investing.com/pro/LASE. Use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, and discover the full array of 12 additional tips available on InvestingPro to inform your investment decisions.
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