LENSAR Inc 2025年度报告

UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWASHINGTON, D.C. 20549FORM 10-K (Mark One) LENSAR, INC. Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. YesNo Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Actof 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subjectto such filing requirements for the past 90 days.YesNo Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required tosubmit such files).YesNo Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reportingcompany, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and“emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filerNon-accelerated filer Accelerated filerSmaller reporting companyEmerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying withany new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of itsinternal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accountingfirm that prepared or issued its audit report. If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant includedin the filing reflect the correction of an error to previously issued financial statements.Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to § 240.10D-1(b). Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act)YesNo As of June 30, 2025, the last business day of the registrant's most recently completed second quarter, the approximate market value of theregistrant's common stock held by non-affiliates was $113.3 million. As of February 28, 2026, there were 12,095,631 shares of the registrant’scommon stock outstanding. DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s definitive proxy statement for its 2026 annual meeting of stockholders, which the registrant intendsto file pursuant toRegulation 14A with the Securities and Exchange Commission not later than 120 days after the registrant’s fiscal year ended December 31, 2025,are incorporated by reference into Part III of this Annual Report on Form 10-K. Table of Contents PageForward-Looking Statements4Trademarks and Trade Names5Market and Industry Data and Forecasts5Risk Factor Summary6PART I8Item 1.Business8Item 1A.Risk Factors28Item 1B.Unresolved Staff Comments75Item 1C.Cybersecurity76Item 2.Properties77Item 3.Legal Proceedings77Item 4.Mine Safety Disclosures77PART II78Item 5.Market for Registrant’s Common Equity; Related Stockholder Matters and Issuer Purchases ofEquity Securities78Item 6.[Reserved]78Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operation79Item 7A.Quantitative and Qualitative Disclosures About Market Risk92Item 8.Financial Statements and Supplementary Data92Item 9.Changes in and Disagreements With Accountants on Accounting and Financial Disclosure92Item 9A.Controls and Procedures92Item 9B.Other Information93Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections93PART III94Item 10.Directors, Executive Officers and Corporate Governance94Item 11.Executive Compensation94Item 12.Security Ownership of Certain Beneficial Owners and Management and Related StockholderMatters94Item 13.Certain Relationships and Related Transactions, and Director Independence94Item 14.Principal Accounting Fees and Services94PART IV95Item 15.Exhibits, Financial Statement Schedules95Item 16.Form 10-K Summary98 FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K (the “Annual Report”) contains forward-looking statements within the meaningof the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be coveredby the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933,as amended (the “Securi