What is Lightpath Technologies Inc's earnings per share (EPS)?

Lightpath Technologies Inc (LPTH) reported diluted earnings per share of -$0.36 for fiscal year 2025. This represents a -71.4% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Lightpath Technologies Inc (LPTH) Financials

LPTH

Trailing 12 months to March 31, 2026

Revenue $62.8M +86.7% YoY

Net Income -$23.5M -130.7% YoY

EPS (Diluted) -$0.14 YoY not available

Free Cash Flow -$10.3M -58.6% YoY

Market Cap $636.7M as of Sep 9, 2026

Price / Sales 10.1x on $62.8M revenue, trailing 12 months to March 31, 2026

Price / Earnings n/m net loss, so no earnings multiple, trailing 12 months to March 31, 2026

Price / Book 7.1x on $89.1M equity, Q3 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 9, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q3 FY2026, ended Mar 31, 2026 Reported May 7, 2026 Currency USD FYE June

Newest figures come from the 10-Q for Q3 FY2026, filed May 7, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the LPTH SEC filings page.

Lightpath Technologies Inc (LPTH) reported $62.8M in revenue over the twelve months to Mar 31, 2026, up 86.7% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI LPTH FY2025 2026-08-29

Revenue recovery is being absorbed by heavier operating costs, while external financing supports a balance sheet under growing liquidity pressure.

Revenue recovered 17.3% in FY2025, but gross margin remained 27.2%, showing that higher sales did not improve the product-level economics. Operating margin deteriorated from -24.7% to -31.8%, so incremental sales failed to cover the enlarged operating-cost base.

Cash conversion reversed: operating cash flow moved from $521K in FY2024 to -$8.3M in FY2025. Free cash flow of -$9.6M shows that operations and investment together consumed cash rather than funding growth internally.

Balance-sheet leverage increased as liabilities reached $65.9M and debt-to-equity rose to 0.3x in FY2025. A $29.3M financing inflow alongside a 1.7x current ratio indicates that expansion depended on outside funding while short-term coverage narrowed.

Financial Health Signals

Financial Health Score 29/100

Scored as: Emerging companies peer group

Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Lightpath Technologies Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Cash Runway

Lightpath Technologies Inc held $4.9M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations used $8.3M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and Lightpath Technologies Inc scores 23/100 among other emerging companies.

Dilution

Lightpath Technologies Inc had 45M shares outstanding at the end of fiscal year 2025, against 40M in fiscal year 2024. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and Lightpath Technologies Inc scores 49/100 among other emerging companies.

R&D Intensity

Lightpath Technologies Inc spent $3.1M on research and development in fiscal year 2025, which was 6.2% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and Lightpath Technologies Inc scores 26/100 among other emerging companies.

Revenue Progress

Lightpath Technologies Inc reported revenue of $37.2M in fiscal year 2025, against $31.7M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and Lightpath Technologies Inc scores 51/100 among other emerging companies.

Burn Trend

Lightpath Technologies Inc's operations used $8.3M of cash in fiscal year 2025, against $521K generated in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and Lightpath Technologies Inc scores 11/100 among other emerging companies.

Balance Sheet

Lightpath Technologies Inc's cash, cash equivalents and investments came to $4.9M at the end of fiscal year 2025, against $65.9M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and Lightpath Technologies Inc scores 13/100 among other emerging companies.

Altman Z-Score Grey Zone

1.98

Lightpath Technologies Inc scores 1.98, placing it in the grey zone between 1.81 and 2.99. The score is driven primarily by a large market capitalization ($636.7M) relative to total liabilities ($65.9M). This signals moderate financial risk that warrants monitoring.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Weak

2/9

Lightpath Technologies Inc passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.

Earnings Quality No Cash Backing

N/A

Lightpath Technologies Inc reported a net loss of $14.9M while operations used $8.3M of cash. With neither figure positive, the ratio between the two carries no quality signal.

Interest Coverage At Risk

N/A

Lightpath Technologies Inc reported an operating loss of $11.8M against $1.1M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.

Key Financial Metrics

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Earnings & Revenue

Revenue

$19.1M

YoY+108.9%

QoQ+17.1%

5Y CAGR+12.3%

10Y CAGR+16.6%

Lightpath Technologies Inc generated $19.1M in revenue in Q3 2026. This represents an increase of 108.9% from the same quarter a year earlier. Against the prior quarter it is up 17.1%.

EBITDA

-$2.9M

YoY-51.5%

QoQ+60.0%

Lightpath Technologies Inc's EBITDA was -$2.9M in Q3 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 51.5% from the same quarter a year earlier. Against the prior quarter it is up 60.0%.

Net Income

-$4.1M

YoY-14.6%

QoQ+56.3%

Lightpath Technologies Inc reported -$4.1M in net income in Q3 2026. This represents a decrease of 14.6% from the same quarter a year earlier. Against the prior quarter it is up 56.3%.

EPS (Diluted)

-$0.07

YoY+22.2%

QoQ+65.0%

Lightpath Technologies Inc earned -$0.07 per diluted share (EPS) in Q3 2026. This represents an increase of 22.2% from the same quarter a year earlier. Against the prior quarter it is up 65.0%.

Cash & Balance Sheet

Free Cash Flow

-$7.7M

YoY-110.0%

QoQ-493.5%

Lightpath Technologies Inc recorded an outflow of $7.7M in free cash flow in Q3 2026, representing a cash shortfall after capex. This represents a decrease of 110.0% from the same quarter a year earlier. Against the prior quarter it is down 493.5%.

Cash & Debt

$55.2M

YoY+752.5%

QoQ-24.9%

5Y CAGR+56.2%

10Y CAGR+36.3%

Lightpath Technologies Inc held $55.2M in cash as of Q3 2026; long-term debt is not reported for that period.

Shares Outstanding

63M

YoY+46.4%

QoQ+8.8%

5Y CAGR+18.8%

10Y CAGR+14.9%

Lightpath Technologies Inc had 63M shares outstanding in Q3 2026. This represents an increase of 46.4% from the same quarter a year earlier. Against the prior quarter it is up 8.8%.

Dividends Per Share

Not reported for Q3 2026.

Margins & Returns

Gross Margin

36.3%

YoY+7.3pp

QoQ-0.5pp

5Y CAGR-0.2pp

10Y CAGR-17.8pp

Lightpath Technologies Inc's gross margin was 36.3% in Q3 2026, indicating the percentage of revenue retained after direct costs. This is up 7.3 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.5 percentage points.

Operating Margin

-22.2%

YoY+15.5pp

QoQ+30.4pp

5Y CAGR-23.8pp

10Y CAGR-27.4pp

Lightpath Technologies Inc's operating margin was -22.2% in Q3 2026, reflecting core business profitability. This is up 15.5 percentage points from the same quarter a year earlier. Against the prior quarter it is up 30.4 percentage points.

Net Margin

-21.4%

YoY+17.6pp

QoQ+36.1pp

5Y CAGR-19.4pp

10Y CAGR-40.3pp

Lightpath Technologies Inc's net profit margin was -21.4% in Q3 2026, showing the share of revenue converted to profit. This is up 17.6 percentage points from the same quarter a year earlier. Against the prior quarter it is up 36.1 percentage points.

Return on Equity

-4.6%

YoY+18.2pp

QoQ+7.5pp

5Y CAGR-4.0pp

10Y CAGR-12.0pp

Lightpath Technologies Inc's ROE was -4.6% in Q3 2026, measuring profit generated per dollar of shareholder equity. This is up 18.2 percentage points from the same quarter a year earlier. Against the prior quarter it is up 7.5 percentage points.

Capital Allocation

R&D Spending

$1.0M

YoY+37.5%

QoQ+39.1%

5Y CAGR+10.2%

10Y CAGR+20.2%

Lightpath Technologies Inc invested $1.0M in research and development in Q3 2026. This represents an increase of 37.5% from the same quarter a year earlier. Against the prior quarter it is up 39.1%.

Capital Expenditures

$899K

YoY+113.9%

QoQ+3.6%

5Y CAGR+9.9%

10Y CAGR+18.9%

Lightpath Technologies Inc invested $899K in capex in Q3 2026, funding long-term assets and infrastructure. This represents an increase of 113.9% from the same quarter a year earlier. Against the prior quarter it is up 3.6%.

Share Buybacks

Not reported for Q3 2026.

LPTH Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

LPTH quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	$62.8M	$37.2M+17.3%	$31.7M-3.7%	$32.9M-7.4%	$35.6M-7.6%	$38.5M+10.0%	$35.0M+3.6%	$33.7M+3.8%	$32.5M+14.7%	$28.4M+64.2%	$17.3M+26.4%	$13.7M+15.4%	$11.8M+0.4%	$11.8M+4.4%	$11.3M+12.8%	$10.0M
Cost of Revenue	$42.6M	$27.1M+17.2%	$23.1M+5.7%	$21.9M-7.9%	$23.7M-5.1%	$25.0M+18.4%	$21.1M-0.5%	$21.2M+6.2%	$20.0M+46.5%	$13.6M+71.3%	$8.0M+3.7%	$7.7M+19.2%	$6.4M-2.5%	$6.6M-8.9%	$7.3M+19.3%	$6.1M
Gross Profit	$20.1M	$10.1M+17.4%	$8.6M-22.1%	$11.1M-6.3%	$11.8M-12.1%	$13.4M-2.9%	$13.8M+10.6%	$12.5M-0.1%	$12.5M-14.9%	$14.7M+58.2%	$9.3M+55.6%	$6.0M+10.9%	$5.4M+4.1%	$5.2M+28.3%	$4.0M+2.9%	$3.9M
R&D Expenses	$3.7M	$3.1M+27.6%	$2.4M+11.9%	$2.1M+2.9%	$2.1M-3.7%	$2.2M+26.4%	$1.7M-15.0%	$2.0M+24.6%	$1.6M+31.0%	$1.2M+84.8%	$669K-39.7%	$1.1M-8.8%	$1.2M+29.4%	$939K-10.2%	$1.0M+5.1%	$995K
SG&A Expenses	$21.3M	$15.8M+28.6%	$12.3M+7.5%	$11.4M+1.9%	$11.2M-6.4%	$12.0M+33.8%	$9.0M-14.6%	$10.5M+13.9%	$9.2M+6.6%	$8.7M+31.5%	$6.6M+28.3%	$5.1M+13.6%	$4.5M+13.1%	$4.0M+2.8%	$3.9M+2.9%	$3.8M
Operating Income	-$19.9M	-$11.8M-51.1%	-$7.8M-120.2%	-$3.6M-35.3%	-$2.6M-42.6%	-$1.8M-185.9%	$2.1M+288.2%	-$1.1M-405.2%	$374K-91.0%	$4.1M+105.9%	$2.0M+876.9%	-$259K+31.3%	-$376K-279.1%	$210K+122.7%	-$924K-7.8%	-$857K
EBITDA	N/A	-$7.7M-103.1%	-$3.8M-894.4%	-$380K-138.4%	$991K-40.6%	$1.7M-70.1%	$5.6M+139.6%	$2.3M-38.5%	$3.8M-39.3%	$6.2M+117.6%	$2.9M+926.0%	$278K-3.9%	$290K-71.7%	$1.0M+412.4%	$200K+259.3%	$56K
Interest Expense	N/A	$1.1M+482.8%	$192K-32.3%	$283K+23.4%	$229K+6.6%	$215K-36.6%	$339K-51.3%	$697K+272.9%	$187K-54.8%	$413K+998.8%	$38K+105.8%	$18K+1261.1%	$1K-98.6%	$96K+8.7%	$89K-48.0%	$171K
Income Tax	$81K	$38K-44.0%	$67K-71.2%	$234K-72.9%	$863K-7.6%	$934K+22.2%	$764K+67.8%	$455K+155.0%	-$827K+80.9%	-$4.3M-2278.5%	$199K+8504.3%	$2K	N/A	N/A	N/A	N/A
Net Income	-$23.5M	-$14.9M-85.7%	-$8.0M-97.9%	-$4.0M-14.2%	-$3.5M-11.2%	-$3.2M-467.4%	$867K+132.3%	-$2.7M-352.8%	$1.1M-86.2%	$7.7M+444.5%	$1.4M+297.8%	-$715K-128.3%	-$313K-245.5%	$215K+124.9%	-$865K+46.0%	-$1.6M
EPS (Basic)	N/A	-$0.36-71.4%	-$0.21-61.5%	-$0.130.0%	-$0.13-8.3%	-$0.12-500.0%	$0.03+130.0%	-$0.10-350.0%	$0.04-89.7%	$0.39+333.3%	$0.09+280.0%	-$0.05-150.0%	-$0.02-200.0%	$0.02+122.2%	-$0.09	N/A
EPS (Diluted)	-$0.14	-$0.36-71.4%	-$0.21-61.5%	-$0.130.0%	-$0.13-8.3%	-$0.12-500.0%	$0.03+130.0%	-$0.10-350.0%	$0.04-88.9%	$0.36+350.0%	$0.08+260.0%	-$0.05-150.0%	-$0.02-200.0%	$0.02+122.2%	-$0.09	N/A
Diluted Shares (Avg)	N/A	41M+7.7%	38M+19.9%	32M+17.1%	27M+2.7%	26M-4.2%	27M+6.5%	26M-3.8%	27M+23.7%	22M+28.4%	17M+14.7%	15M+5.1%	14M+8.0%	13M+31.4%	10M	N/A

Metric	Q3'2610-Q	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K
Revenue	$19.1M+108.9%	$16.4M+120.2%	$15.1M+79.3%	$12.2M+41.4%	$9.2M+19.1%	$7.4M+1.5%	$8.4M+4.0%	$8.6M-10.8%
Cost of Revenue	$12.2M+87.5%	$10.3M+88.0%	$10.6M+90.3%	$9.5M+55.8%	$6.5M+6.7%	$5.5M+6.7%	$5.6M-3.3%	$6.1M-7.5%
Gross Profit	$7.0M+161.1%	$6.0M+211.8%	$4.5M+57.6%	$2.7M+6.6%	$2.7M+65.9%	$1.9M-11.0%	$2.8M+22.0%	$2.5M-18.0%
R&D Expenses	$1.0M+37.5%	$749K-2.0%	$867K+82.1%	$1.1M+82.7%	$758K+33.0%	$764K+25.8%	$476K-25.5%	$583K-5.3%
SG&A Expenses	$6.3M+41.5%	$5.9M+74.6%	$4.4M+34.0%	$4.7M+31.4%	$4.4M+40.2%	$3.4M+17.4%	$3.3M+22.9%	$3.6M+19.8%
Operating Income	-$4.3M-23.1%	-$8.6M-246.1%	-$2.5M-82.0%	-$4.5M-104.0%	-$3.5M-33.7%	-$2.5M-39.3%	-$1.4M-10.1%	-$2.2M-175.4%
EBITDA	-$2.9M-51.5%	-$7.3M-372.1%	-$1.3M-232.3%	-$3.8M-232.2%	-$1.9M-25.2%	-$1.5M-136.5%	-$387K+11.4%	-$1.1M-9210.8%
Interest Expense	N/A	$285K+68.6%	$269K+80.0%	$313K+631.0%	$487K+1193.1%	$169K+214.3%	$149K+159.3%	$43K-21.5%
Income Tax	$91K-8.6%	$31K-31.4%	$81K+419.8%	-$122K-127.0%	$100K+1625.3%	$45K-41.5%	$16K-60.5%	-$54K-564.0%
Net Income	-$4.1M-14.6%	-$9.4M-260.1%	-$2.9M-78.3%	-$7.1M-199.8%	-$3.6M-37.9%	-$2.6M-52.4%	-$1.6M-20.9%	-$2.4M-191.0%
EPS (Basic)	-$0.07+22.2%	-$0.20-185.7%	-$0.07-75.0%	$0.20+433.3%	-$0.09-28.6%	-$0.07-240.0%	-$0.040.0%	-$0.06-200.0%
EPS (Diluted)	-$0.07+22.2%	-$0.20-185.7%	-$0.07-75.0%	$0.20+433.3%	-$0.09-28.6%	-$0.07-240.0%	-$0.040.0%	-$0.06-200.0%
Diluted Shares (Avg)	59M+41.7%	47M+18.3%	43M+9.4%	N/A	41M+8.9%	40M+5.9%	40M+5.7%	N/A

LPTH Balance Sheet

LPTH quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$81.5M+69.5%	$48.1M-10.2%	$53.5M+5.6%	$50.7M-7.1%	$54.6M+14.8%	$47.6M+3.5%	$46.0M-2.4%	$47.1M+1.0%	$46.7M+199.4%	$15.6M+22.6%	$12.7M+18.9%	$10.7M+27.6%	$8.4M+1.3%	$8.3M+16.1%	$7.1M
Current Assets	$28.4M+82.6%	$15.5M-28.6%	$21.8M+19.8%	$18.2M-12.2%	$20.7M-2.6%	$21.3M+8.4%	$19.6M+1.1%	$19.4M-1.7%	$19.7M+76.8%	$11.2M+33.2%	$8.4M+11.8%	$7.5M+23.2%	$6.1M-2.7%	$6.3M+35.5%	$4.6M
Cash & Equivalents	$4.9M+40.1%	$3.5M-25.7%	$4.7M-14.9%	$5.5M-18.7%	$6.8M+25.8%	$5.4M+17.0%	$4.6M-16.4%	$5.5M-31.9%	$8.1M+178.0%	$2.9M+76.9%	$1.6M+37.3%	$1.2M-23.5%	$1.6M-33.5%	$2.4M+153.4%	$929K
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	$12.9M+96.3%	$6.6M-11.6%	$7.4M+6.1%	$7.0M-19.3%	$8.7M-3.6%	$9.0M+16.9%	$7.7M+20.0%	$6.4M+26.2%	$5.1M+32.3%	$3.8M+20.6%	$3.2M-4.3%	$3.3M+87.7%	$1.8M+17.0%	$1.5M-6.7%	$1.6M
Accounts Receivable	$9.5M+91.8%	$4.9M-25.7%	$6.6M+27.3%	$5.2M+11.9%	$4.7M-24.8%	$6.2M-0.4%	$6.2M+15.6%	$5.4M-8.8%	$5.9M+66.1%	$3.5M+16.3%	$3.0M+23.3%	$2.5M+16.3%	$2.1M-0.3%	$2.1M+16.4%	$1.8M
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$13.8M+103.3%	$6.8M+15.5%	$5.9M0.0%	$5.9M0.0%	$5.9M0.0%	$5.9M0.0%	$5.9M0.0%	$5.9M0.0%	$5.9M	$0	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$65.9M+268.2%	$17.9M+1.7%	$17.6M-16.2%	$21.0M-0.2%	$21.0M+61.7%	$13.0M+3.9%	$12.5M+6.4%	$11.8M-30.6%	$17.0M+264.0%	$4.7M-1.2%	$4.7M+38.8%	$3.4M+15.2%	$2.9M-30.9%	$4.3M+38.3%	$3.1M
Current Liabilities	$17.1M+112.8%	$8.0M+17.6%	$6.8M-11.6%	$7.7M-8.5%	$8.4M+14.1%	$7.4M+16.5%	$6.4M+9.6%	$5.8M+0.8%	$5.8M+79.0%	$3.2M+19.1%	$2.7M+9.0%	$2.5M+52.4%	$1.6M-6.8%	$1.7M+13.5%	$1.5M
Non-Current Liabilities	$48.8M+395.0%	$9.9M-8.4%	$10.8M-18.9%	$13.2M+5.3%	$12.6M+124.6%	$5.6M-9.0%	$6.2M+3.3%	$6.0M-46.8%	$11.2M+675.4%	$1.4M-28.4%	$2.0M+118.4%	$924K-30.3%	$1.3M-47.6%	$2.5M+62.9%	$1.6M
Long-Term Debt	$4.8M+1374.5%	$326K-79.0%	$1.6M-51.8%	$3.2M-20.7%	$4.1M-8.6%	$4.4M-11.3%	$5.0M-2.3%	$5.1M-48.4%	$9.9M	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$15.6M-48.2%	$30.2M-16.0%	$36.0M+20.9%	$29.7M-11.5%	$33.6M-2.9%	$34.6M+3.3%	$33.5M-5.4%	$35.4M+19.0%	$29.7M+171.9%	$10.9M+36.7%	$8.0M+9.6%	$7.3M+34.4%	$5.4M+35.7%	$4.0M-0.8%	$4.0M
Retained Earnings	-$230.7M-6.9%	-$215.8M-3.9%	-$207.8M-2.0%	-$203.8M-1.8%	-$200.2M-1.6%	-$197.1M+0.4%	-$197.9M-1.4%	-$195.2M+0.5%	-$196.3M+3.8%	-$204.0M+0.7%	-$205.4M-0.3%	-$204.7M-0.2%	-$204.4M+0.1%	-$204.6M-0.4%	-$203.7M

Metric	Q3'2610-Q	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K
Total Assets	$144.3M+77.2%	$148.6M+224.2%	$87.3M+80.1%	$81.5M+69.5%	$81.4M+63.8%	$45.8M-15.2%	$48.4M-12.4%	$48.1M-10.2%
Current Assets	$83.0M+195.6%	$97.0M+519.9%	$35.2M+109.2%	$28.4M+82.6%	$28.1M+80.6%	$15.6M-16.7%	$16.8M-15.8%	$15.5M-28.6%
Cash & Equivalents	$55.2M+752.5%	$73.6M+2198.4%	$11.5M+168.8%	$4.9M+40.1%	$6.5M+105.1%	$3.2M-9.5%	$4.3M-0.8%	$3.5M-25.7%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	$13.3M+5.2%	$13.5M+109.9%	$12.9M+89.4%	$12.9M+96.3%	$12.7M+85.8%	$6.4M-14.5%	$6.8M-9.5%	$6.6M-11.6%
Accounts Receivable	$10.8M+41.1%	$8.6M+62.6%	$9.6M+84.6%	$9.5M+91.8%	$7.7M+64.2%	$5.3M+12.1%	$5.2M+3.4%	$4.9M-25.7%
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$19.3M+98.3%	$13.8M+103.3%	$13.8M+103.3%	$13.8M+103.3%	$9.7M+44.0%	$6.8M0.0%	$6.8M-24.1%	$6.8M+15.5%
Total Liabilities	$31.4M-52.2%	$70.6M+269.3%	$65.8M+246.4%	$65.9M+268.2%	$65.7M+265.0%	$19.1M-6.1%	$19.0M-6.9%	$17.9M+1.7%
Current Liabilities	$21.5M+76.0%	$24.4M+138.8%	$17.8M+82.3%	$17.1M+112.8%	$12.2M+57.9%	$10.2M+5.2%	$9.7M+14.3%	$8.0M+17.6%
Non-Current Liabilities	$9.9M-81.6%	$46.2M+419.3%	$48.1M+419.1%	$48.8M+395.0%	$53.5M+421.7%	$8.9M-16.4%	$9.3M-22.1%	$9.9M-8.4%
Long-Term Debt	N/A	N/A	$4.9M+1608.5%	$4.8M+1374.5%	$4.7M+1602.1%	$223K-31.8%	$285K-77.0%	$326K-79.0%
Total Equity	$89.1M+466.6%	$77.9M+191.9%	$21.4M-27.2%	$15.6M-48.2%	$15.7M-50.4%	$26.7M-20.8%	$29.4M-15.6%	$30.2M-16.0%
Retained Earnings	-$247.1M-10.5%	-$243.0M-10.4%	-$233.6M-7.4%	-$230.7M-6.9%	-$223.7M-4.8%	-$220.1M-4.4%	-$217.5M-4.0%	-$215.8M-3.9%

LPTH Cash Flow Statement

LPTH quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	-$7.8M	-$8.3M-1699.0%	$521K+118.5%	-$2.8M-291.9%	$1.5M-69.1%	$4.7M+26.8%	$3.7M+807.8%	$411K-84.3%	$2.6M-47.6%	$5.0M+227.7%	$1.5M+1756.5%	$82K+192.6%	-$89K-116.0%	$556K+37.1%	$406K+327.1%	$95K
Depreciation & Amortization	N/A	$4.1M+2.5%	$4.0M+27.5%	$3.2M-12.3%	$3.6M+3.1%	$3.5M+2.5%	$3.4M-1.1%	$3.5M+1.8%	$3.4M+63.6%	$2.1M+145.3%	$848K+57.9%	$537K-19.4%	$666K-18.1%	$813K-27.7%	$1.1M+23.1%	$913K
Stock-Based Compensation	N/A	$1.0M+2.4%	$1.0M-22.3%	$1.3M+58.9%	$825K+28.4%	$643K+156.4%	$251K-36.5%	$395K+5.7%	$374K-5.4%	$395K+13.2%	$349K+22.4%	$285K-20.1%	$357K+33.0%	$268K-1.4%	$272K+10.5%	$246K
Capital Expenditures	$2.5M	$1.3M-42.2%	$2.2M-29.1%	$3.1M+89.2%	$1.6M-48.5%	$3.2M+29.3%	$2.4M+26.4%	$1.9M-23.3%	$2.5M+13.2%	$2.2M+96.5%	$1.1M+64.2%	$689K-65.3%	$2.0M+80.6%	$1.1M+74.6%	$629K-30.8%	$908K
Free Cash Flow	-$10.3M	-$9.6M-477.3%	-$1.7M+71.8%	-$5.9M-3522.9%	-$162K-110.3%	$1.6M+22.0%	$1.3M+184.8%	-$1.5M-1601.1%	$101K-96.4%	$2.8M+603.4%	$395K+165.1%	-$607K+70.7%	-$2.1M-282.6%	-$541K-142.9%	-$223K+72.6%	-$813K
Investing Cash Flow	-$7.8M	-$19.7M-640.6%	-$2.7M+7.1%	-$2.9M-76.3%	-$1.6M+48.5%	-$3.2M-40.0%	-$2.3M-80.7%	-$1.2M+50.4%	-$2.5M+82.0%	-$14.0M-1144.3%	-$1.1M-63.4%	-$689K+65.3%	-$2.0M-80.6%	-$1.1M-74.6%	-$629K+29.2%	-$888K
Financing Cash Flow	$63.8M	$29.3M+2097.8%	-$1.5M-119.7%	$7.5M+1272.0%	-$636K+24.6%	-$843K-35.7%	-$622K+55.6%	-$1.4M-6.7%	-$1.3M-109.2%	$14.2M+5897.5%	$237K-75.4%	$962K-43.5%	$1.7M+903.6%	-$212K-113.2%	$1.6M+598.9%	$230K
Dividends Paid	N/A	$1.1M-21.4%	$1.4M-26.3%	$1.9M-32.1%	$2.8M-30.0%	$4.0M	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$582	N/A	N/A	N/A	N/A	N/A

Metric	Q3'2610-Q	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K
Operating Cash Flow	-$6.8M-109.6%	$2.8M+482.9%	-$1.1M+32.8%	-$2.6M-4196.1%	-$3.2M-722.8%	-$737K-154.8%	-$1.7M-249.1%	$65K+103.4%
Depreciation & Amortization	$1.3M-12.8%	$1.3M+38.1%	$1.2M+23.2%	$698K-34.4%	$1.5M+46.2%	$938K-17.0%	$990K+21.6%	$1.1M+30.4%
Stock-Based Compensation	$563K+135.4%	$342K+41.6%	$360K+36.0%	N/A	$239K-9.6%	$242K-6.6%	$264K+10.2%	N/A
Capital Expenditures	$899K+113.9%	$868K+979.2%	$77K-3.4%	$682K+134.9%	$421K+3.0%	$80K-84.8%	$80K-91.7%	$290K-61.4%
Free Cash Flow	-$7.7M-110.0%	$2.0M+339.2%	-$1.2M+31.5%	-$3.3M-1377.7%	-$3.7M-356.6%	-$818K+0.1%	-$1.8M-1062.2%	-$225K+91.5%
Investing Cash Flow	-$7.9M+61.8%	-$868K-979.2%	-$77K-11.5%	$1.1M+472.8%	-$20.7M-3776.3%	-$80K+88.2%	-$69K+94.1%	-$290K+52.3%
Financing Cash Flow	-$3.7M-113.6%	$59.9M+60605.4%	$7.8M+212.7%	-$276K-145.8%	$27.2M+1639.3%	-$99K-10.2%	$2.5M+1263.5%	$603K+885.8%

Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.

LPTH Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

LPTH quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Gross Margin	27.2%0.0pp	27.2%-6.4pp	33.6%+0.4pp	33.2%-1.7pp	35.0%-4.6pp	39.6%+2.5pp	37.1%-1.4pp	38.5%-13.4pp	51.9%-2.0pp	53.9%+10.1pp	43.8%-1.8pp	45.5%+1.6pp	43.9%+8.2pp	35.8%-3.5pp	39.2%
Operating Margin	-31.8%-7.1pp	-24.7%-13.9pp	-10.8%-3.4pp	-7.4%-2.6pp	-4.8%-10.9pp	6.1%+9.5pp	-3.4%-4.5pp	1.1%-13.4pp	14.6%+3.0pp	11.6%+13.5pp	-1.9%+1.3pp	-3.2%-5.0pp	1.8%+10.0pp	-8.2%+0.4pp	-8.6%
Net Margin	-40.0%-14.7pp	-25.2%-13.0pp	-12.3%-2.3pp	-10.0%-1.7pp	-8.3%-10.8pp	2.5%+10.4pp	-7.9%-11.2pp	3.3%-23.9pp	27.2%+19.0pp	8.2%+13.4pp	-5.2%-2.6pp	-2.6%-4.5pp	1.8%+9.5pp	-7.7%+8.4pp	-16.0%
Return on Equity	-95.1%-68.6pp	-26.5%-15.3pp	-11.3%+0.6pp	-11.9%-2.4pp	-9.5%-12.0pp	2.5%+10.5pp	-8.0%-11.0pp	3.0%-22.9pp	25.9%+13.0pp	12.9%+21.9pp	-8.9%-4.6pp	-4.3%-8.3pp	4.0%+25.6pp	-21.6%+18.1pp	-39.7%
Return on Assets	-18.3%-1.6pp	-16.7%-9.1pp	-7.6%-0.6pp	-7.0%-1.2pp	-5.8%-7.6pp	1.8%+7.6pp	-5.8%-8.1pp	2.3%-14.3pp	16.5%+7.4pp	9.1%+14.7pp	-5.6%-2.7pp	-2.9%-5.5pp	2.6%+13.0pp	-10.5%+12.0pp	-22.5%
Current Ratio	1.66-0.3x	1.93-1.3x	3.18+0.8x	2.35-0.1x	2.45-0.4x	2.87-0.2x	3.09-0.3x	3.34-0.1x	3.430.0x	3.47+0.4x	3.10+0.1x	3.03-0.7x	3.75+0.2x	3.59+0.6x	3.01
Debt-to-Equity	0.31+0.3x	0.010.0x	0.04-0.1x	0.110.0x	0.120.0x	0.130.0x	0.150.0x	0.14-0.2x	0.33-0.1x	0.43-0.2x	0.59+0.1x	0.47-0.1x	0.54-0.5x	1.07+0.3x	0.76
Asset Turnover	0.46-0.2x	0.660.0x	0.62-0.1x	0.700.0x	0.700.0x	0.730.0x	0.730.0x	0.69+0.1x	0.61-0.5x	1.110.0x	1.070.0x	1.11-0.3x	1.410.0x	1.360.0x	1.40
FCF Margin	-25.8%-20.6pp	-5.2%+12.6pp	-17.9%-17.4pp	-0.5%-4.5pp	4.1%+0.4pp	3.7%+8.2pp	-4.5%-4.8pp	0.3%-9.5pp	9.8%+7.5pp	2.3%+6.7pp	-4.4%+13.1pp	-17.5%-12.9pp	-4.6%-2.6pp	-2.0%+6.2pp	-8.1%

Metric	Q3'2610-Q	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K
Gross Margin	36.3%+7.3pp	36.8%+10.8pp	29.8%-4.1pp	22.0%-7.2pp	29.1%+8.2pp	26.0%-3.6pp	33.9%+5.0pp	29.2%-2.6pp
Operating Margin	-22.2%+15.5pp	-52.6%-19.1pp	-16.6%-0.3pp	-36.9%-11.3pp	-37.7%-4.1pp	-33.5%-9.1pp	-16.4%-0.9pp	-25.6%-17.3pp
Net Margin	-21.4%+17.6pp	-57.5%-22.3pp	-19.2%+0.1pp	-57.8%-30.5pp	-39.1%-5.3pp	-35.2%-11.8pp	-19.3%-2.7pp	-27.3%-18.9pp
Return on Equity	-4.6%+18.2pp	-12.1%-2.3pp	-13.5%-8.0pp	-45.1%-37.3pp	-22.8%-14.6pp	-9.8%-4.7pp	-5.5%-1.7pp	-7.8%-5.5pp
Return on Assets	-2.9%+1.5pp	-6.3%-0.6pp	-3.3%0.0pp	-8.7%-3.8pp	-4.4%+0.8pp	-5.7%-2.5pp	-3.4%-0.9pp	-4.9%-3.4pp
Current Ratio	3.85+1.6x	3.97+2.4x	1.98+0.3x	1.66-0.3x	2.30+0.3x	1.53-0.4x	1.73-0.6x	1.93-1.3x
Debt-to-Equity	0.35+0.1x	0.91+0.9x	0.23+0.2x	0.31+0.3x	0.30+0.3x	0.010.0x	0.010.0x	0.010.0x
Asset Turnover	0.130.0x	0.11-0.1x	0.170.0x	0.150.0x	0.110.0x	0.160.0x	0.170.0x	0.180.0x
FCF Margin	-40.2%-0.2pp	12.0%+23.0pp	-8.1%+13.1pp	-27.3%-24.7pp	-40.0%-29.5pp	-11.0%+0.2pp	-21.2%-23.5pp	-2.6%+24.7pp

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Lightpath Technologies Inc LPTH	FY2025	$37.2M	-$14.9M	-40.0%	$636.7M	29/100
Methode Ele MEI	FY2026	$1.0B	-$35.7M	-3.5%	$559.3M	30/100
Kulr Technology KULR	FY2025	$16.2M	-$61.9M	N/A	$118.0M	50/100
Richardson Electrs Ltd RELL	FY2026	$228.6M	$6.4M	2.8%	$257.6M	53/100
M Tron Ind MPTI	FY2025	$54.4M	$8.4M	15.5%	$324.1M	81/100
Interlink Electrs Inc LINK	FY2025	$11.9M	-$1.6M	-13.6%	$85.1M	51/100

Where Lightpath Technologies Inc Ranks

Frequently Asked Questions

What is Lightpath Technologies Inc's annual revenue?

Lightpath Technologies Inc (LPTH) reported $37.2M in total revenue for fiscal year 2025. This represents a 17.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Lightpath Technologies Inc's revenue growing?

Lightpath Technologies Inc (LPTH) revenue grew by 17.3% year-over-year, from $31.7M to $37.2M in fiscal year 2025.

Is Lightpath Technologies Inc profitable?

No, Lightpath Technologies Inc (LPTH) reported a net income of -$14.9M in fiscal year 2025, with a net profit margin of -40.0%.

What is Lightpath Technologies Inc's EBITDA?

Lightpath Technologies Inc (LPTH) had EBITDA of -$7.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Lightpath Technologies Inc have?

As of fiscal year 2025, Lightpath Technologies Inc (LPTH) had $4.9M in cash and equivalents against $4.8M in long-term debt.

What is Lightpath Technologies Inc's gross margin?

Lightpath Technologies Inc (LPTH) had a gross margin of 27.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Lightpath Technologies Inc's operating margin?

Lightpath Technologies Inc (LPTH) had an operating margin of -31.8% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Lightpath Technologies Inc's net profit margin?

Lightpath Technologies Inc (LPTH) had a net profit margin of -40.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Lightpath Technologies Inc's return on equity (ROE)?

Lightpath Technologies Inc (LPTH) has a return on equity of -95.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Lightpath Technologies Inc's free cash flow?

Lightpath Technologies Inc (LPTH) recorded an outflow of $9.6M in free cash flow during fiscal year 2025. This represents a -477.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Lightpath Technologies Inc's operating cash flow?

Lightpath Technologies Inc (LPTH) recorded an outflow of $8.3M in operating cash flow during fiscal year 2025, representing cash used by core business activities.

What are Lightpath Technologies Inc's total assets?

Lightpath Technologies Inc (LPTH) had $81.5M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Lightpath Technologies Inc's capital expenditures?

Lightpath Technologies Inc (LPTH) invested $1.3M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Lightpath Technologies Inc spend on research and development?

Lightpath Technologies Inc (LPTH) invested $3.1M in research and development during fiscal year 2025.

How many shares does Lightpath Technologies Inc have outstanding?

Lightpath Technologies Inc (LPTH) had 45M shares outstanding as of fiscal year 2025.

What is Lightpath Technologies Inc's current ratio?

Lightpath Technologies Inc (LPTH) had a current ratio of 1.66 as of fiscal year 2025, which is generally considered healthy.

What is Lightpath Technologies Inc's debt-to-equity ratio?

Lightpath Technologies Inc (LPTH) had a debt-to-equity ratio of 0.31 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Lightpath Technologies Inc's return on assets (ROA)?

Lightpath Technologies Inc (LPTH) had a return on assets of -18.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Lightpath Technologies Inc's P/E ratio?

Lightpath Technologies Inc (LPTH) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to March 31, 2026). The market capitalization is $636.7M as of Sep 9, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Lightpath Technologies Inc's price-to-sales ratio?

Lightpath Technologies Inc (LPTH) trades at 10.1x sales, its market capitalization divided by revenue of $62.8M revenue, trailing 12 months to March 31, 2026. The market capitalization is $636.7M as of Sep 9, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

How does Lightpath Technologies Inc's liquidity compare with its operating cash outflow?

At the end of fiscal year 2025, Lightpath Technologies Inc (LPTH) held $4.9M in cash, cash equivalents and investments, and reported an operating cash outflow of $8.3M over that year. Dividing the one by the other, the reported balance equals about 7 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.

What is Lightpath Technologies Inc's Altman Z-Score?

Lightpath Technologies Inc (LPTH) has an Altman Z-Score of 1.98, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Lightpath Technologies Inc's Piotroski F-Score?

Lightpath Technologies Inc (LPTH) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Lightpath Technologies Inc's earnings high quality?

Lightpath Technologies Inc (LPTH) reported a net loss of $14.9M while operations used $8.3M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Lightpath Technologies Inc cover its interest payments?

Lightpath Technologies Inc (LPTH) reported an operating loss of $11.8M against $1.1M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Lightpath Technologies Inc?

Lightpath Technologies Inc (LPTH) scores 29 out of 100 on our Financial Health Score, indicating weak standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.