nLIGHT, Inc. (LASR) as of March 31, 2026 presents a materially improved liquidation posture relative to the prior annual filing (December 31, 2025), driven almost entirely by the February 2026 underwritten public offering that generated $191.3M net proceeds. Total assets are $515.7M against total liabilities of $86.5M, yielding GAAP book equity of $429.2M. Under liquidation haircuts, the recovery picture is as follows: Cash and cash equivalents of $298.2M recover at par; marketable securities (U.S. Treasuries) of $34.4M recover at effectively par under orderly liquidation; accounts receivable of $48.1M (gross $48.6M, allowance $0.5M) recovers at 90-95%, or roughly $43-46M; inventory of $43.9M recovers at 60%, or approximately $26M; PP&E net book value of $40.9M (gross $144.3M, accumulated depreciation $103.4M) recovers at 50-70% of net, or roughly $20-29M; goodwill of $12.4M and intangibles recover at zero under the liquidation lens. Operating lease ROU asset of $14.3M has negligible standalone recovery. Against these haircut assets, liabilities remain at face: accounts payable $19.1M, accrued liabilities $16.9M, current portion of lease liabilities $2.9M, LOC drawn $20.0M (matures September 2027, secured by all assets), operating lease liability long-term $12.7M, deferred revenue $7.5M, accrued income taxes noncurrent $6.0M, other long-term liabilities $4.7M, total liabilities $86.5M. Approximate liquidation recovery to equity: cash/securities ~$333M + AR ~$44M + inventory ~$26M + PP&E ~$25M (midpoint) minus total liabilities $86.5M yields roughly $340M positive recovery to equity, a significant improvement from the prior period when the equity base was approximately $237M smaller pre-offering. The primary driver of the improved recovery posture is the equity raise, not operational balance sheet improvement. The LOC draw of $20M (new since December 31, 2025 when it was undrawn) is secured by all company assets and ranks ahead of equity in liquidation. Inventory at $43.9M has not changed materially. PP&E net continues to decline as depreciation ($103.4M accumulated vs. $100.3M at year-end) outpaces capex ($2.1M in Q1 2026). Goodwill of $12.4M is zero-recovery. Operating lease obligations of $18.3M undiscounted ($15.6M present value) do not extinguish on windup. The filing discusses $72.2M in unrecognized stock-based compensation over 2.2 years; this is an off-balance-sheet obligation that does not affect liquidation math but signals ongoing cash dilution through share issuance if the company continues operating.
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