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LPTH

LightPath Technologies, Inc.

LPTH

LightPath Technologies, Inc. • NASDAQ
$7.35 ▲ 6.21% (+0.43)
Market Cap $333.89 M
52w High $10.69
52w Low $1.60
Dividend Yield 0%
P/E -18.85
Volume 330.40K
Outstanding Shares 45.43M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q1-2026 $15.058B ▲ $6.988B ▲ $-2.893B ▼ -19.212% ▲ $-0.07 ▲ $-1.324B ▼
Q4-2025 $12.21M ▲ $7.329M ▲ $-7.056M ▼ -57.79% ▼ $-0.16 ▼ $-1.167M ▲
Q3-2025 $9.168M ▲ $5.987M ▲ $-3.582M ▼ -39.077% ▼ $-0.09 ▼ $-1.858M ▼
Q2-2025 $7.425M ▼ $4.415M ▲ $-2.612M ▼ -35.179% ▼ $-0.066 ▼ $-1.494M ▼
Q1-2025 $8.4M $4.221M $-1.623M -19.318% $-0.04 $-308.809K

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q1-2026 $11.507M ▲ $87.26M ▲ $31.59M ▼ $55.67M ▲
Q4-2025 $4.877M ▼ $81.506M ▲ $65.861M ▲ $15.645M ▼
Q3-2025 $6.479M ▲ $81.421M ▲ $65.696M ▲ $15.724M ▼
Q2-2025 $3.201M ▼ $45.828M ▼ $19.125M ▲ $26.703M ▼
Q1-2025 $4.281M $48.444M $19M $29.445M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q1-2026 $-2.893M ▲ $-1.143M ▲ $-77.014K ▼ $7.782M ▲ $6.63M ▲ $-1.22M ▲
Q4-2025 $-7.056M ▼ $-2.65M ▲ $1.082M ▲ $-276.009K ▼ $-1.602M ▼ $-3.332M ▲
Q3-2025 $-3.582M ▼ $-3.244M ▼ $-20.671M ▼ $27.183M ▲ $3.278M ▲ $-3.664M ▼
Q2-2025 $-2.612M ▼ $-737.415K ▲ $44.577K ▲ $-224.052K ▼ $-1.08M ▼ $-817.838K ▲
Q1-2025 $-1.623M $-1.7M $-194.084K $2.613M $800.369K $-1.78M

Revenue by Products

Product Q2-2025Q3-2025Q4-2025Q1-2026
Engineering services
Engineering services
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement LightPath’s revenue has been relatively steady over the past few years rather than rapidly growing. Gross profit has been positive but modest, and the company has recently slipped from roughly breakeven into small operating and net losses. This suggests a business that covers most of its costs but not yet consistently all of them, likely reflecting heavier spending on growth, acquisitions, and product development. Earnings per share have trended more negative, which points to pressure on profitability even as the company builds out its solutions and systems strategy.

Balance Sheet

Balance Sheet The balance sheet shows a small company with a limited financial cushion. Total assets have stepped up recently, which likely reflects acquisitions and investment in technology and systems capabilities. At the same time, shareholder equity has edged down, indicating accumulated losses and leaving less of a buffer to absorb future setbacks. Debt levels appear modest in absolute terms, but cash on hand looks very thin, which raises questions about funding flexibility and resilience if the business faces delays or disruptions in expected contracts.

Cash Flow

Cash Flow Cash generation has hovered around breakeven and recently moved into slightly negative territory. Operating cash flow turning negative means the core business is currently consuming cash rather than generating it. Free cash flow has also dipped below zero, even though capital spending appears very light, implying that most outlays are for people, R&D, and integration efforts rather than big factories or equipment. This pattern is typical of a company investing heavily for future growth, but it also means there is less room for error until incoming orders translate into stronger cash inflows.

Competitive Edge

Competitive Edge LightPath occupies a focused niche in optics and infrared imaging, differentiating itself through proprietary glass materials, precision molding, and the ability to deliver custom, high-performance components and systems. Its vertical integration—from making its own chalcogenide glass to building full camera systems—gives it control over quality, cost, and supply chain security, which is especially valuable in defense and other sensitive markets. The company is moving up the value chain from components to complete solutions, supported by acquisitions like Visimid and G5 Infrared and by a growing order backlog. However, it still competes in a sector with much larger players, and its small scale, dependence on key contracts, and ongoing integration work leave it exposed if execution slips or customer demand shifts.

Innovation and R&D

Innovation and R&D Innovation is clearly at the core of LightPath’s strategy. The company’s proprietary Black Diamond glass family, its newly licensed materials from the U.S. Naval Research Lab, and its GRADIUM and freeform optics platforms all point to meaningful depth in materials science and optical design. LightPath is trying to turn this know‑how into higher-value products such as advanced infrared cameras and integrated imaging systems, tapping into markets like defense, industrial sensing, and potentially AR/VR. This innovation focus likely drives a significant part of its operating expenses and recent losses. The main opportunity is that successful commercialization of these technologies could support stronger margins and growth; the main risk is that adoption takes longer or competitors narrow the technological gap.

Summary

Overall, LightPath looks like a small, technology‑rich company in transition. On the positive side, it has distinctive optical materials, strong engineering capabilities, and a strategy aimed at moving from components to full infrared and optical solutions, supported by recent acquisitions and a reported buildup of longer‑term orders. On the cautious side, profitability remains weak, cash flow has turned slightly negative, and the balance sheet shows limited cash and a thinner equity cushion, which heightens sensitivity to execution risk. The company’s future will largely depend on how effectively it converts its technical advantages and backlog into sustained, profitable growth while managing integration, funding, and competitive pressures.

NEWS

November 11, 2025 · 4:05 PM UTC

LightPath Technologies Reports Fiscal 2026 First Quarter Financial Results

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November 10, 2025 · 4:05 PM UTC

LightPath Appoints Israel Piergiovanni as Vice President of Manufacturing to Support Near-Term Growth Initiatives

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November 4, 2025 · 8:31 AM UTC

LightPath Technologies to Host First Quarter Fiscal 2026 Earnings Call on November 11 at 5:00 p.m. Eastern Time

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October 20, 2025 · 8:31 AM UTC

LightPath Technologies Receives $4.8 Million Purchase Order for Advanced Infrared Camera Systems

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October 13, 2025 · 8:31 AM UTC

LightPath Technologies Appoints Defense Industry Executive Mark Caylor to Board of Directors

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