Laser Photonics (LASE) unveiled its financial results for the fourth quarter and full year of 2023, revealing a notable surge in revenue and laying out strategic initiatives for the year ahead. Specializing in CleanTech product lines, the company reported a remarkable 673% increase in quarterly revenue, reaching $0.8 million compared to the restated $0.1 million recorded in the previous year.
This growth was primarily driven by robust sales in CleanTech products, which accounted for a substantial 80% of total unit sales. Despite the delayed filing and impending restatement for 2022, Laser Photonics is actively working to bolster transparency and financial reporting standards, with the appointment of Carlos Sardinas as the Vice President of Finance. Additionally, the company is gearing up for a restructuring phase, with plans for Laser Photonics to transition into a publicly traded majority-owned subsidiary of Fonon Corporation.