ORLANDO - Laser Photonics Corporation (NASDAQ: LASE), a $71.8 million market cap developer of industrial laser systems whose stock has surged over 370% in the past year, announced a new purchase order from Proman, a global petrochemical producer based in Switzerland. According to InvestingPro data, the company maintains impressive gross profit margins of 55.33%, indicating strong pricing power in its market segment. The order consists of three CleanTech Industrial Roughening Laser Systems to be used at Proman's new facility in Mexico.
The systems, two CleanTech Industrial Roughening Laser 3050 (CTIR-3050) units and one CleanTech Industrial Roughening Laser 3040 (CTIR-3040), will be employed to remove rust and corrosion during the construction of anhydrous ammonia storage tanks. These handheld laser systems are designed for heavy-duty surface treatment applications, providing high speeds and efficiency. With a current ratio of 5.38, InvestingPro analysis shows the company maintains strong liquidity to support its operations and growth initiatives.
Proman, which is committed to safety and environmental sustainability, is engaged in advancing the methanol and hydrogen economies, exploring future uses of ammonia and methanol, and seeking greener fuel solutions.
John Armstrong, Executive Vice President of Laser Photonics, expressed the company's enthusiasm for the partnership, noting the alignment of values between the two firms, especially in terms of safety and environmental sustainability. He emphasized that the CTIR-3040 and CTIR-3050 systems are well-suited for the petrochemical industry's rigorous demands.
Laser Photonics' laser ablation technology offers a safe and efficient method for rust removal in the energy sector, particularly for the oil and gas industry, where maintaining equipment and infrastructure integrity is critical.
This sale is indicative of Laser Photonics' growing international presence. While North America remains its primary market, the company is increasingly recognized globally, which could lead to a broader customer base and further innovation. LPC's focus on sustainability and cutting-edge solutions has been resonating with clients worldwide.
Laser Photonics is known for disrupting traditional surface cleaning markets with its laser technologies and systems, catering to a range of industries, including aerospace, automotive, defense, energy, maritime, nuclear, and space.
The information for this article is based on a press release statement from Laser Photonics Corporation. Analysts expect the company's revenue to grow by 3.82% in FY2024, according to InvestingPro, which offers comprehensive analysis and 13 additional key insights about LASE's financial health and market position through its Pro Research Report, available exclusively to subscribers.
In other recent news, Laser Photonics Corporation reported a wider third-quarter loss per share of $0.13, compared to the same period last year. The company's revenue for the quarter was $800,000, indicating a 22% year-over-year decline but a 21% sequential increase from the previous quarter. Despite the financial setbacks, the company's gross margin improved by 11.40 basis points to 85.8%.
Additionally, Laser Photonics announced substantial gains following its acquisition of Control Micro Systems, Inc. (CMS). The acquisition, costing $1.05 million, generated nearly $600,000 in cash flow and a similar amount in new orders from CMS within a month. This development has led to a revenue backlog exceeding $3.7 million.
Furthermore, Laser Photonics Corporation, along with its subsidiary CMS Laser, has expanded their Printed Circuit Board (PCB) Depaneling technology development project. This initiative aims to enhance their offerings in the PCB manufacturing sector.
These are some of the recent developments in Laser Photonics Corporation.
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