LightPath Technologies Reports Fiscal 2026 First Quarter Financial Results
ORLANDO, Fla., Nov. 11, 2025 /PRNewswire/ -- LightPath Technologies, Inc. (NASDAQ:LPTH) ("LightPath," the "Company," "we," or "our"), a leading provider of next-generation optics and imaging systems for both defense and commercial applications, today announced financial results for its fiscal first quarter ended September 30, 2025.
Financial Summary:
Three Months Ended September 30, | |||
$ in millions | 2025 | 2024 | % Change |
Revenue | $15.1 | $8.4 | 79 % |
Gross Profit | $4.5 | $2.8 | 58 % |
Operating Expenses | $7.0 | $4.2 | 66 % |
Net Income (Loss) | ($2.9) | ($1.6) | -78 % |
Adjusted EBITDA* (non-GAAP) | $0.4 | ($0.2) | 315 % |
First Quarter Fiscal 2026 & Subsequent Highlights:
- Received a $4.8 million purchase order from an existing customer related to the supply of advanced infrared ("IR") camera systems for public safety applications, for delivery in the Company's 2026 fiscal year.
- Announced $18.2 million purchase order for IR cameras from a leading global technology customer expected to be delivered in CY 2026, and a follow-on $22.1 million purchase order for a second tranche expected to be delivered in CY 2027.
- Secured $8.0 million strategic investment from Ondas Holdings and Unusual Machines to support LightPath's continued growth and leadership as a provider of IR imaging solutions to the growing drone/UAV sector.
- Appointed former Luminar manufacturing executive Israel Piergiovanni as Vice President of Manufacturing to scale production across LightPath's global footprint.
- Appointed defense industry executive Mark Caylor to the Board of Directors, a former President of Northrop Grumman's Mission Systems Sector bringing Extensive defense industry expertise as LightPath evolves into a mission-critical optics supplier of choice to Allied Militaries.
- Commenced production of two high-end cooled IR camera products, redesigned from G5 Infrared LLC's ("G5") original design to utilize LightPath's Proprietary BlackDiamond™ Glass in place of Germanium.
Management Commentary
Sam Rubin, Chief Executive Officer of LightPath, said: "The first fiscal quarter of 2026 was highlighted by ongoing order momentum, validating our growth strategy as shown in our $90+ million order backlog as of today, which has further grown from $86 million as of the end of the first fiscal quarter. We continue to intentionally shift away from Germanium optics, expanding the adoption of our proprietary BlackDiamond™ glass across critical defense markets, while continuing to move up the value chain into fully integrated IR camera systems. We believe growing supply chain risks and increased defense spending in the U.S. and Europe will further drive growth across all of our infrared imaging solutions.
"Orders over the last several months have demonstrated the growing demand for superior products with secure supply chains amid growing geopolitical uncertainty. Most recently we received a $4.8 million purchase order from an existing customer related to the supply of advanced infrared camera systems for public safety applications. In September we booked an initial $18.2 million IR camera order from a leading global technology customer, with a follow-on $22.1 million purchase order placed two weeks later. These orders reflect a continuous effort by our sales team to convert our prospective customer pipeline into orders, further growing our robust $90 million order backlog and enabling sustainable revenue growth through fiscal 2026 and beyond.
"During the quarter we also took the opportunity to strengthen our leadership with the appointment of veteran defense industry executive Mark Caylor to the Board of Directors. Mark brings over 35 years of experience driving profitable growth and leading large organizations. He recently retired as President of Northrop Grumman's Mission Systems Sector, a supplier of advanced sensing, processing, and communications technologies for defense and intelligence customers, with operations in the U.S. and Europe. His guidance, leveraging an extensive background across government, military, private and public sectors, and relationships on the side of defense primes, will help guide our vision forward.
"Looking ahead, we will continue to execute on our growth strategy, with a near-term laser focus on scaling deliveries against our backlog while concurrently converting our robust sales pipeline. We expect near-term follow-ons and additional program awards that will power sustainable revenue growth through fiscal 2026 and beyond as we strive to generate sustainable, long-term value for my fellow shareholders," concluded Rubin.
First Quarter Fiscal 2026 Financial Results
Revenue for the first quarter of fiscal 2026 increased 79% to $15.1 million, compared to $8.4 million in the same quarter of the prior fiscal year. Revenue was split amongst the Company's product groups in the first quarter of fiscal 2026 and the same quarter of the prior fiscal year as follows:
Product Group Revenue ($ in millions)** | First Quarter of | First Quarter of | % Change |
Infrared ("IR") Components | $4.3 | $2.6 | 63 % |
Visible Components | $3.8 | $3.3 | 16 % |
Assemblies & Modules | $5.9 | $1.1 | 436 % |
Engineering Services | $1.1 | $1.4 | -21 % |
** Numbers may not foot due to rounding
Gross profit increased 58% to $4.5 million, or 30% of total revenues, in the first quarter of 2026, as compared to $2.8 million, or 34% of total revenues, in the same year-ago quarter. The difference in gross margin as a percentage of revenue was primarily due to certain non-recurring or end of life orders in the prior year period that had higher margins.
Operating expenses increased 66% to $7.0 million for the first quarter of fiscal 2026, as compared to $4.2 million in the same year-ago quarter. The increase was primarily due to the integration of G5 following its acquisition earlier this year, as well as increased sales and marketing spend to promote new products. The first quarter of fiscal 2026 also includes the fair value adjustment of $1.2 million related to the G5 earnout liability, which will continue to be adjusted through operating expenses until it is paid out.
Net loss in the first quarter of fiscal 2026 totaled $2.9 million, or $0.07 per basic and diluted share, as compared to $1.6 million, or $0.04 per basic and diluted share, in the same year-ago quarter.
Adjusted EBITDA* for the first quarter of fiscal 2026 was $0.4 million, compared to an adjusted EBITDA loss of $0.2 million for the same period year-ago quarter.
First Quarter Fiscal 2026 Earnings Call
Management will host an investor conference call at 5:00 p.m. Eastern time today, November 11, 2025, to discuss the Company's first quarter fiscal 2026 financial results, provide a corporate update, and conclude with Q&A from telephone participants. To participate, please use the following information:
Q1 FY2026 Earnings Conference Call
Date: Tuesday, November 11, 2025
Time: 5:00 p.m. Eastern time
U.S. Dial-in: 1-877-425-9470
International Dial-in: 1-201-389-0878
Conference ID: 13756885
Webcast: LPTH Q1 FY2026 Earnings Conference Call
Please join at least five minutes before the start of the call to ensure timely participation.
A playback of the call will be available through Tuesday, November 25, 2025. To listen, please call 1-844-512-2921 within the United States and Canada or 1-412-317-6671 when calling internationally, using replay pin number 13756885. A webcast replay will also be available using the webcast link above.
About LightPath Technologies
LightPath Technologies, Inc. (NASDAQ:LPTH) is a leading provider of next-generation optics and imaging systems for both defense and commercial applications. As a vertically integrated solutions provider with in-house engineering design support, LightPath's family of custom solutions range from proprietary BlackDiamond™ chalcogenide-based glass materials – sold under exclusive license from the U.S. Naval Research Laboratory – to complete infrared optical systems and thermal imaging assemblies. The Company's primary manufacturing footprint is located in Orlando, Florida with additional facilities in Texas, New Hampshire, Latvia and China. To learn more, please visit www.lightpath.com.
*Use of Non-GAAP Financial Measures
To provide investors with additional information regarding financial results, this press release includes references to EBITDA and adjusted EBITDA, which are non-GAAP financial measures. The Company calculates EBITDA by adjusting net income to exclude net interest expense, income tax expense or benefit, depreciation, and amortization. We also calculate adjusted EBITDA, which excludes, as applicable: (1) stock compensation expenses; (2) the loss on extinguishment of debt; (3) the effect of the non-cash income or expense associated with the mark-to-market adjustments, related to the warrants; (4) the effect of non-cash income or expenses associated with the fair value adjustments related to the acquisition earnout liabilities; and (5) the effect of foreign exchange gains or losses.
A "non-GAAP financial measure" is generally defined as a numerical measure of a company's historical or future performance that excludes or includes amounts, or is subject to adjustments, so as to be different from the most directly comparable measure calculated and presented in accordance with GAAP. The Company's management believes that these non-GAAP financial measures, when considered together with the GAAP financial measures, provide information that is useful to investors in understanding period-over-period operating results separate and apart from items that may, or could, have a disproportionately positive or negative impact on results in any particular period. Management also believes that these non-GAAP financial measures enhance the ability of investors to analyze underlying business operations and understand performance. In addition, management may utilize these non-GAAP financial measures as guides in forecasting, budgeting, and planning. Non-GAAP financial measures should be considered in addition to, and not as a substitute for, or superior to, financial measures presented in accordance with GAAP. A reconciliation of these non-GAAP financial measures with the most directly comparable financial measures calculated in accordance with GAAP is presented in the table below.
LIGHTPATH TECHNOLOGIES, INC. | ||||||||
Reconciliation of Non-GAAP Financial Measures and Regulation G Disclosure | ||||||||
(unaudited) | ||||||||
Three Months Ended | ||||||||
2025 | 2024 | |||||||
Net loss | $ | (2,893,002) | $ | (1,622,745) | ||||
Depreciation and amortization | 1,218,948 | 989,562 | ||||||
Income tax provision | 81,270 | 15,636 | ||||||
Interest expense | 268,853 | 149,360 | ||||||
EBITDA | $ | (1,323,931) | $ | (468,187) | ||||
Stock-based compensation | 359,661 | 264,475 | ||||||
Change in fair value of acquisition liabilities | 1,282,529 | — | ||||||
Foreign exchange loss | 42,543 | 35,504 | ||||||
Adjusted EBITDA | $ | 360,802 | $ | (168,208) | ||||
% of revenue | 2 | % | (2) | % | ||||
Forward-Looking Statements
This press release includes statements that constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "forecast," "guidance," "plan," "estimate," "will," "would," "project," "maintain," "intend," "expect," "anticipate," "prospect," "strategy," "future," "likely," "may," "should," "believe," "continue," "opportunity," "potential," and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, without limitation, statements regarding: (i) expectations regarding our ability to obtain additional and fulfill existing purchase orders and additional program awards, as well as our ability to achieve sustainable revenue growth; (ii) our ability to execute on our growth strategy, including with respect to our ability to move towards fully integrated IR camera systems; (iii) expectations regarding growing supply chain risks and Chinese export restrictions on critical minerals; (iv) customer demand of our products; and (vi) our ability to scale deliveries against our backlog while concurrently converting our sales pipeline. These forward-looking statements are based on information available at the time the statements are made and/or management's good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or suggested by the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, the impact of varying demand for the Company products; the ability of the Company to obtain needed raw materials and components from its suppliers; general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth; geopolitical tensions, the Russian-Ukraine conflict, and the Hamas/ Israel war; the effects of steps that the Company could take to reduce operating costs; the inability of the Company to sustain profitable sales growth, convert inventory to cash, or reduce its costs to maintain competitive prices for its products; circumstances or developments that may make the Company unable to implement or realize the anticipated benefits, or that may increase the costs, of its current and planned business initiatives; and those factors detailed by the Company in its public filings with the Securities and Exchange Commission (the "SEC"), including its Annual Report on Form 10-K and other filings with the SEC. Should one or more of these risks, uncertainties, or facts materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by the forward-looking statements contained herein. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Except as required under the federal securities laws and the rules and regulations of the SEC, we do not have any intention or obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.
LIGHTPATH TECHNOLOGIES, INC. | ||||||||
Condensed Consolidated Balance Sheets | ||||||||
(unaudited) | ||||||||
September 30, | June 30, | |||||||
Assets | 2025 | 2025 | ||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 11,507,418 | $ | 4,877,036 | ||||
Trade accounts receivable, net of allowance of $30,005 and $24,495 | 9,594,379 | 9,455,310 | ||||||
Inventories, net | 12,862,173 | 12,858,838 | ||||||
Prepaid expenses and deposits | 1,178,776 | 1,142,661 | ||||||
Other current assets | 12,350 | 40,150 | ||||||
Total current assets | 35,155,096 | 28,373,995 | ||||||
Property and equipment, net | 15,016,029 | 15,864,061 | ||||||
Operating lease right-of-use assets | 7,688,839 | 7,429,378 | ||||||
Intangible assets, net | 15,537,398 | 15,987,923 | ||||||
Goodwill | 13,753,921 | 13,753,921 | ||||||
Deferred tax assets, net | 22,241 | 22,571 | ||||||
Other assets | 86,726 | 73,917 | ||||||
Total assets | $ | 87,260,250 | $ | 81,505,766 | ||||
Liabilities and Stockholders' Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 5,499,734 | $ | 7,421,430 | ||||
Accrued liabilities | 8,225,366 | 5,686,396 | ||||||
Accrued payroll and benefits | 2,343,821 | 2,359,152 | ||||||
Operating lease liabilities, current | 1,338,632 | 1,254,062 | ||||||
Loans payable, current portion | 144,143 | 172,567 | ||||||
Finance lease obligation, current portion | 202,328 | 206,518 | ||||||
Total current liabilities | 17,754,024 | 17,100,125 | ||||||
Deferred tax liabilities, net | 152,985 | 152,760 | ||||||
Accrued liabilities, noncurrent | 4,500 | 823,000 | ||||||
Finance lease obligation, less current portion | 370,422 | 421,363 | ||||||
Operating lease liabilities, noncurrent | 8,440,693 | 8,326,250 | ||||||
Loans payable, less current portion | 4,867,298 | 4,804,990 | ||||||
Total liabilities | 31,589,922 | 31,628,488 | ||||||
Commitments and Contingencies | ||||||||
Series G Convertible Preferred Stock; $0.01 par value | $ | 34,232,510 | $ | 34,232,510 | ||||
Stockholders' equity: | ||||||||
Preferred stock: Series D, $.01 par value, voting; 500,000 shares authorized; | — | — | ||||||
Common stock: Class A, $.01 par value, voting; 94,500,000 shares | 446,702 | 429,493 | ||||||
Additional paid-in capital | 253,529,806 | 244,953,346 | ||||||
Accumulated other comprehensive income | 1,071,069 | 978,686 | ||||||
Accumulated deficit | (233,609,759) | (230,716,757) | ||||||
Total stockholders' equity | 21,437,818 | 15,644,768 | ||||||
Total liabilities, convertible preferred stock and stockholders' equity | $ | 87,260,250 | $ | 81,505,766 | ||||
LIGHTPATH TECHNOLOGIES, INC. | ||||||||
Condensed Consolidated Statements of Comprehensive Income (Loss) | ||||||||
(unaudited) | ||||||||
Three Months Ended | ||||||||
September 30, | ||||||||
2025 | 2024 | |||||||
Revenue, net | $ | 15,058,281 | $ | 8,400,381 | ||||
Cost of sales | 10,575,709 | 5,555,952 | ||||||
Gross profit | 4,482,572 | 2,844,429 | ||||||
Operating expenses: | ||||||||
Selling, general and administrative | 4,383,870 | 3,270,583 | ||||||
New product development | 867,428 | 476,441 | ||||||
Amortization of intangible assets | 450,524 | 395,776 | ||||||
Change in fair value of acquisition liabilities | 1,282,529 | — | ||||||
Loss on disposal of property and equipment | 3,999 | 78,437 | ||||||
Total operating expenses | 6,988,350 | 4,221,237 | ||||||
Operating loss | (2,505,778) | (1,376,808) | ||||||
Other expense: | ||||||||
Interest expense, net | (268,853) | (149,360) | ||||||
Other expense, net | (37,101) | (80,941) | ||||||
Total other expense | (305,954) | (230,301) | ||||||
Loss before income taxes | (2,811,732) | (1,607,109) | ||||||
Income tax provision | 81,270 | 15,636 | ||||||
Net loss | $ | (2,893,002) | $ | (1,622,745) | ||||
Foreign currency translation adjustment | 527,619 | (119,009) | ||||||
Comprehensive loss | $ | (2,365,383) | $ | (1,741,754) | ||||
Loss per common share (basic) | $ | (0.07) | $ | (0.04) | ||||
Number of shares used in per share calculation (basic) | 43,287,933 | 39,561,480 | ||||||
Loss per common share (diluted) | $ | (0.07) | $ | (0.04) | ||||
Number of shares used in per share calculation (diluted) | 43,287,933 | 39,561,480 | ||||||
LIGHTPATH TECHNOLOGIES, INC. | ||||||||||||||||||||||||||||||||
Condensed Consolidated Statements of Changes in Stockholders' Equity | ||||||||||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||||||||
Temporary Equity | Accumulated | |||||||||||||||||||||||||||||||
Series G Convertible | Class A | Additional | Other | Total | ||||||||||||||||||||||||||||
Preferred Stock | Common Stock | Paid-in | Comprehensive | Accumulated | Stockholders' | |||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Capital | Income | Deficit | Equity | |||||||||||||||||||||||||
Balances at | 24,956 | $ | 34,232,510 | 42,949,307 | $ | 429,493 | $ | 244,953,346 | $ | 978,686 | $ | (230,716,757) | $ | 15,644,768 | ||||||||||||||||||
Issuance of | — | — | ||||||||||||||||||||||||||||||
Exercise of stock | — | — | 8,583 | 86 | (86) | — | — | — | ||||||||||||||||||||||||
Issuance of common | — | — | 1,600,000 | 16,000 | 7,878,045 | — | — | 7,894,045 | ||||||||||||||||||||||||
Issuance of common | — | — | 112,323 | 1,123 | 348,877 | — | — | 350,000 | ||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 349,624 | — | — | 349,624 | ||||||||||||||||||||||||
Foreign currency translation | — | — | — | — | — | 92,383 | — | 92,383 | ||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (2,893,002) | (2,893,002) | ||||||||||||||||||||||||
Balances at | 24,956 | $ | 34,232,510 | 44,670,213 | $ | 446,702 | $ | 253,529,806 | $ | 1,071,069 | $ | (233,609,759) | $ | 21,437,818 | ||||||||||||||||||
Balances at | — | — | 39,254,643 | $ | 392,546 | $ | 245,140,758 | $ | 509,936 | $ | (215,843,575) | $ | 30,199,665 | |||||||||||||||||||
Issuance of | ||||||||||||||||||||||||||||||||
Employee Stock | — | — | 8,232 | 82 | 10,290 | — | — | 10,372 | ||||||||||||||||||||||||
Exercise of stock | — | — | 70,309 | 703 | (703) | — | — | — | ||||||||||||||||||||||||
Issuance of common | — | — | 279,553 | 2,796 | 318,562 | — | — | 321,358 | ||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 264,475 | — | — | 264,475 | ||||||||||||||||||||||||
Foreign currency translation | — | — | — | — | — | 271,594 | — | 271,594 | ||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (1,622,745) | (1,622,745) | ||||||||||||||||||||||||
Balances at | — | — | 39,612,737 | $ | 396,127 | $ | 245,733,382 | $ | 781,530 | $ | (217,466,320) | $ | 29,444,719 | |||||||||||||||||||
LIGHTPATH TECHNOLOGIES, INC. | ||||||||
Condensed Consolidated Statements of Cash Flows | ||||||||
(unaudited) | ||||||||
Three Months Ended | ||||||||
2025 | 2024 | |||||||
Cash flows from operating activities: | ||||||||
Net loss | $ | (2,893,002) | $ | (1,622,745) | ||||
Adjustments to reconcile net loss to net cash (used in) provided by operating | ||||||||
Depreciation and amortization | 1,218,948 | 989,562 | ||||||
Interest from amortization of loan issuance costs | 38,312 | 45,833 | ||||||
Amortization of fair value of loan | 52,544 | — | ||||||
Change in fair value of acquisition earnout liabilities | 1,282,529 | — | ||||||
Loss on disposal of property and equipment | 3,999 | 78,437 | ||||||
Stock-based compensation on stock options, RSUs & RSAs, net | 359,661 | 264,475 | ||||||
Provision for credit losses | (5,390) | — | ||||||
Change in operating lease assets and liabilities | (60,448) | (25,779) | ||||||
Inventory write-offs to allowance | — | 21,770 | ||||||
Deferred taxes | 555 | 5,558 | ||||||
Changes in operating assets and liabilities, net of acquisitions: | ||||||||
Trade accounts receivable | (133,679) | (267,909) | ||||||
Other current assets | 27,800 | 128,959 | ||||||
Inventories | (3,335) | (260,915) | ||||||
Prepaid expenses and deposits | 127,786 | (91,079) | ||||||
Accounts payable and accrued liabilities | (1,159,122) | (966,368) | ||||||
Net cash used in operating activities | (1,142,842) | (1,700,201) | ||||||
Cash flows from investing activities: | ||||||||
Purchase of property and equipment | (77,014) | (79,732) | ||||||
Proceeds from sale of equipment | — | 10,648 | ||||||
Net cash used in investing activities | (77,014) | (69,084) | ||||||
Cash flows from financing activities: | ||||||||
Proceeds from sale of common stock from Employee Stock Purchase Plan | — | 10,372 | ||||||
Proceeds from issuance of common stock under private equity placement, net | 7,894,045 | — | ||||||
Deferred payment for acquisition of Visimid | — | (125,000) | ||||||
Borrowings on loans payable | — | 3,000,000 | ||||||
Loan issuance costs | — | (300,000) | ||||||
Payments on loans payable | (57,107) | (53,695) | ||||||
Repayment of finance lease obligations | (55,398) | (43,444) | ||||||
Net cash provided by financing activities | 7,781,540 | 2,488,233 | ||||||
Effect of exchange rate on cash and cash equivalents | 68,698 | 81,421 | ||||||
Change in cash, cash equivalents | 6,630,382 | 800,369 | ||||||
Cash, cash equivalents, beginning of period | 4,877,036 | 3,480,268 | ||||||
Cash, cash equivalents, end of period | $ | 11,507,418 | $ | 4,280,637 | ||||
Supplemental disclosure of cash flow information: | ||||||||
Interest paid in cash | $ | 177,963 | $ | 20,990 | ||||
Income taxes paid | $ | 56,282 | $ | 16,903 | ||||
Supplemental disclosure of non-cash investing & financing activities: | ||||||||
Operating right-of-use assets acquired in exchange for operating lease | $ | 435,733 | — | |||||
Issuance of common stock for acquisition of Visimid | $ | 350,000 | $ | 350,000 | ||||
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SOURCE LightPath Technologies