Lightwave Acqsn Financials
This page shows Lightwave Acqsn (LWAC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. All figures are derived from SEC filings (10-K and 10-Q reports).
With no reported revenue, balance-sheet movements rather than operations drove FY2025 results and left negative equity.
Net income of$3.6M arrived alongside negative operating cash flow of-$477K , so the year's reported profit did not convert into cash. That disconnect matters more because the company also posted an operating loss and finished with equity below zero at-$6.7M , pointing to earnings shaped by non-operating items rather than an active revenue base.
Short-term liquidity looked comfortable at 6.0x current coverage, but only
Some figures from recent filings were inconsistent and were omitted from this summary.
Financial Health Signals
We are recalculating Lightwave Acqsn's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.
For every $1 of reported earnings, Lightwave Acqsn generates $-0.13 in operating cash flow (-$477K OCF vs $3.6M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Key Financial Metrics
Earnings & Revenue
Lightwave Acqsn reported $3.6M in net income in fiscal year 2025.
Cash & Balance Sheet
Lightwave Acqsn held $809K in cash against $0 in long-term debt as of fiscal year 2025.
Margins & Returns
Capital Allocation
LWAC Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 |
|---|---|---|---|---|---|
| Revenue | N/A | N/A | N/A | N/A | N/A |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $186K | N/A | $153K+75.5% | $87K+84.7% | $47K |
| Operating Income | -$186K | N/A | -$153K-75.5% | -$87K-84.7% | -$47K |
| Interest Expense | N/A | N/A | N/A | N/A | N/A |
| Income Tax | N/A | N/A | N/A | N/A | N/A |
| Net Income | $1.8M | N/A | $2.1M+684.7% | -$361K-664.4% | -$47K |
| EPS (Diluted) | $0.06 | N/A | N/A | N/A | N/A |
LWAC Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 |
|---|---|---|---|---|---|
| Total Assets | $222.8M+0.8% | $221.0M+0.9% | $219.1M+0.9% | $217.0M+130379.6% | $166K |
| Current Assets | $797K-13.0% | $917K-11.6% | $1.0M-20.7% | $1.3M+8868.3% | $15K |
| Cash & Equivalents | $625K-22.7% | $809K-10.4% | $902K-20.9% | $1.1M+7715.2% | $15K |
| Inventory | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $229.8M+0.9% | $227.8M+0.9% | $225.6M+1.0% | $223.5M+118436.7% | $189K |
| Current Liabilities | $196K+27.5% | $153K+26.2% | $122K-37.8% | $195K+3.6% | $189K |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A |
| Total Equity | -$6.9M-2.7% | -$6.7M-2.6% | -$6.6M-2.2% | -$6.4M-28898.4% | -$22K |
| Retained Earnings | -$6.9M-2.7% | -$6.7M-2.6% | -$6.6M-2.2% | -$6.4M-13536.3% | -$47K |
LWAC Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 |
|---|---|---|---|---|---|
| Operating Cash Flow | -$183K-133.3% | -$79K+76.6% | -$336K-545.4% | -$52K-400.0% | -$10K |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A |
| Investing Cash Flow | N/A | $0 | $0 | N/A | N/A |
| Financing Cash Flow | $25K+265.9% | -$15K-115.4% | $98K-100.0% | $216.8M+867111.1% | $25K |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A |
LWAC Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 |
|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | N/A | N/A | N/A | N/A |
| Net Margin | N/A | N/A | N/A | N/A | N/A |
| Return on Equity | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | 0.8% | N/A | 1.0%+1.1pp | -0.2%+28.2pp | -28.4% |
| Current Ratio | 4.08-1.9 | 5.98-2.6 | 8.53+1.8 | 6.70+6.6 | 0.08 |
| Debt-to-Equity | N/A | N/A | N/A | N/A | N/A |
| FCF Margin | N/A | N/A | N/A | N/A | N/A |
Note: Shareholder equity is negative (-$6.7M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Frequently Asked Questions
Is Lightwave Acqsn profitable?
Yes, Lightwave Acqsn (LWAC) reported a net income of $3.6M in fiscal year 2025.
What is Lightwave Acqsn's operating cash flow?
Lightwave Acqsn (LWAC) generated -$477K in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Lightwave Acqsn's total assets?
Lightwave Acqsn (LWAC) had $221.0M in total assets as of fiscal year 2025, including both current and long-term assets.
What is Lightwave Acqsn's current ratio?
Lightwave Acqsn (LWAC) had a current ratio of 5.98 as of fiscal year 2025, which is generally considered healthy.
What is Lightwave Acqsn's return on assets (ROA)?
Lightwave Acqsn (LWAC) had a return on assets of 1.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Lightwave Acqsn's cash runway?
Based on fiscal year 2025 data, Lightwave Acqsn (LWAC) had $809K in cash against an annual operating cash burn of $477K. This gives an estimated cash runway of approximately 20 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
Why is Lightwave Acqsn's debt-to-equity ratio negative or not reported?
Lightwave Acqsn (LWAC) has negative shareholder equity of -$6.7M as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
Are Lightwave Acqsn's earnings high quality?
Lightwave Acqsn (LWAC) has an earnings quality ratio of -0.13x, considered low quality (accrual-driven). 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.