The efficiency of metal based additive manufacturing processes, particularly with direct energy deposition (DED) machines using powder feedstock, can vary from 2-10% depending on build parameters. While reuse of the remaining powder is common in industry, the specific effects on build quality resulting from possible morphological, microstructural, and chemical changes of the particles due to repeated interactions with the laser are not yet fully understood. However, preliminary results have shown that the physical properties of the powder can be maintained for multiple deposition cycles if properly processed. In this study, we investigate various stages of the lifecycle of the powder in the Laser Engineered Net Shaping (LENS) machine, and its usability. The effects of reusing powder for multiple deposition cycles, including the particle morphology, flowability, agglomeration, chemical composition, and microstructure, are examined through scanning electron microscopy, particle size analysis, and mechanical testing of deposited parts from select reuse cycles.