News Release
Laser Photonics (NASDAQ: LASE) H1 Milestones Update: Expanded And Upgraded Product Offering, Deepened Partnerships, Successful Anti-Drone Laser Tech Testing And More
Benzinga
By Meg Flippin, Benzinga From product launches to partnerships, it’s been a busy first half of the year for Laser Photonics (NASDAQ: LASE), a developer of cutting-edge laser technology that’s turning the centuries-old sand and abrasives blasting markets on their head. “In the first half of this year, Laser Photonics has made some remarkable accomplishments that have positioned us for continued success,” said Wayne Tupuola, CEO of Laser Photonics, in an update for shareholders. “We have expanded and upgraded our product offerings, deepened our partnership with key market players, and successfully concluded proof of concept testing for advanced laser-based anti-drone technology. These milestones underscore our commitment to long-term growth and innovation as a company." Innovating On The Product Front Take product launches for starters. So far in 2024, LPC has rolled out advanced lasers for cleaning, cutting and even shooting down drones. On the cleaning front, LPC recently launched its CleanTech next-generation laser system. Aimed at on-the-go applications, the new lasers include mobile connectivity for remote monitoring and control, a new compact form factor and a smart overheat protection feature for increased safety. LPC said the CleanTech Next-Generation Laser Systems are the world’s most compact and portable Class I and Class IV systems in the market. Compact and portable lasers can be useful in many industries – including aviation, manufacturing and shipbuilding – to remove rust, grease, mold and other contaminants. For cutting, LPC also rolled out the SaberTech next-generation laser system, which incorporates turbo piercing and cold-cutting technology alongside the company’s existing laser-cutting technology to achieve what LPC says is precise, high-quality cuts during manufacturing and fabrication. The new technology minimizes the heat-affected zone on materials during cutting, making it ideal for several critical applications in aerospace, automotive, maritime and defense industries. Rounding out the product launches in the first half of 2024, LPC enhanced its offering for the defense market and can now offer laser cleaning, marking and welding solutions customized for that market. Inking Deals And Partnerships Developing and rolling out new laser tech isn’t the only thing LPC has been focused on – it's also forging partnerships to build its business and gain recognition. A big one was its recent deal with Brokk, a manufacturer of demolition robots and other remote-controlled machines for mining, construction, metalworking, nuclear decommissioning and other high-stakes operations in hazardous environments. Through the partnership, LPC and Brokk are aiming to overhaul the way contractors work. Integrating LPC laser cleaning and cutting technology with Brokk’s remote-controlled robots allows operators to handle heavy jobs in dangerous settings more effectively and safely, whether it's decommissioning a nuclear plant or tunneling in a mine. It's a new market for LPC and one the company says is perfectly suited for its laser technology. The company also recently partnered with Echelon 1 Solutions (E1S), a storage and logistics solutions provider for the military, to bring laser cleaning and cutting technology to the defense industry. E1S is a Service-Disabled Veteran-Owned Small Business (SDVOSB) based in Tampa, Florida, which aims to fill a critical gap in Department of Defense operations, reports Laser Photonics. As for distribution, LPC has multiple deals to boast of. Its deal with Fastenal Company (NASDAQ: FAST), the largest fastener distributor in North America and a leading distributor and provider of industrial technology and products, is one of them. It gives it access to what LPC says is one of the most robust and well-equipped distribution networks in the world. As part of the distribution deal for LPC’s CleanTech line of lasers, LPC gets access to Fastenal’s global distribution network and will benefit from the company’s service model, which centers on approximately 3,300 locations – each supporting its local customer base. Meanwhile, LPC also recently teamed up with Incredible Supply & Logistics (ISL), an award-winning product distribution, mission kitting and third-party logistics company specializing in supporting federal government customers and defense contractors as well as serving the maritime and space communities. The two are involved in a distribution deal and working to get the word out about LPC’s laser products. Building Name Recognition But that’s not all LPC is doing to get the word out. The company has been diligently working on its marketing efforts to build name recognition and boost sales. Toward that end, the company recently completed construction of its state-of-the-art customer experience center, which is now open to visitors. This new center, located in Maitland, Florida, features LPC’s latest products and offers a hands-on experience for customers looking to learn about how laser technology can benefit their business. The facility has already hosted a number of potential customers and continues to help facilitate sales. LPC also launched a new website, which it expects to help build its digital presence and underscores its efforts to enhance user engagement. LPC also actively participates in trade shows to showcase its products and spread the word. So far in 2024, LPC has taken part in the Offshore Technology Conference in Houston, Texas; MegaRust 2024 in San Diego, California; 2024 Government Fleet Expo & Conference in Louisville, Kentucky; NCMS Industry Day at AMC Modernization Symposium in Huntsville, Alabama; and Waste Management Symposia 2024 in Phoenix, Arizona. More events are slated for later this year. Let’s Not Forget R&D Another key component of LPC’s future growth is research and development efforts, which, too, have been on display throughout the first half of the year. LPC expanded into a bigger facility to keep up with the pace of growth this year. The new facility will house the company's growing sales and R&D teams – allowing it to increase its R&D and sales efforts while it continues to streamline quality control and logistics. The products and solutions already coming out of its research and development lab go beyond cutting and cleaning, giving LPC access to new markets. Take the Laser Shield Anti-Drone System (LSAD) which is testing with parent company Fonon Corporation. The two successfully tested a laser prototype that can destroy small-scale unmanned aerial systems (UAS) in conflict zones and expeditionary locations. The prototype was tested at LPC’s new state-of-the-art facility, which features an internal laser range. This enabled Laser Photonics and Fonon to evaluate the proof of concept under controlled conditions. The range served to test the lasers’ capabilities in terms of precision and effectiveness when it came to targeting and destroying distant objects. LPC said the facility will play a crucial role in developing LSAD. LPC is also working on developing Class I systems and its robotic cell, maintaining its competitive edge and meeting the increasing demand for this technology, driven by heightened regulations and restrictions. LPC is on a mission to overhaul the industry and branch into new markets, and milestones achieved in the first half of the year highlight its focus and commitments. With six more months to go before we close out 2024, LPC may very well have more to share. Photo by Ant Rozetsky on Unsplash Benzinga is a leading financial media and data provider, known for delivering accurate, timely, and actionable financial information to empower investors and traders. This post contains sponsored content. This content is for informational purposes only and is not intended to be investing advice. Contact Details Benzinga +1 877-440-9464 info@benzinga.com Company Website http://www.benzinga.com
July 11, 2024 08:45 AM Eastern Daylight Time
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