What is Lightwave Logic Inc's earnings per share (EPS)?

Lightwave Logic Inc (LWLG) reported diluted earnings per share of $-0.16 for fiscal year 2025. This represents a 15.8% 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.

Lightwave Logic Inc Financials

LWLG

Source SEC Filings (10-K/10-Q) Updated Mar 20, 2026 Currency USD FYE March

This page shows Lightwave Logic Inc (LWLG) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 14 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).

Financial Health Signals

Earnings Quality Low Quality

0.68x

For every $1 of reported earnings, Lightwave Logic Inc generates $0.68 in operating cash flow (-$13.7M OCF vs -$20.3M 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

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Earnings & Revenue

Revenue

$237K

YoY+147.7%

Lightwave Logic Inc generated $237K in revenue in fiscal year 2025. This represents an increase of 147.7% from the prior year.

EBITDA

-$18.9M

YoY+11.9%

Lightwave Logic Inc's EBITDA was -$18.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 11.9% from the prior year.

Net Income

-$20.3M

YoY+9.9%

Lightwave Logic Inc reported -$20.3M in net income in fiscal year 2025. This represents an increase of 9.9% from the prior year.

EPS (Diluted)

$-0.16

YoY+15.8%

Lightwave Logic Inc earned $-0.16 per diluted share (EPS) in fiscal year 2025. This represents an increase of 15.8% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$15.1M

YoY+15.4%

Lightwave Logic Inc generated -$15.1M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 15.4% from the prior year.

Cash & Debt

N/A

Dividends Per Share

N/A

Shares Outstanding

149M

YoY+20.7%

5Y CAGR+8.8%

10Y CAGR+8.6%

Lightwave Logic Inc had 149M shares outstanding in fiscal year 2025. This represents an increase of 20.7% from the prior year.

Margins & Returns

Gross Margin

97.1%

YoY+4.8pp

Lightwave Logic Inc's gross margin was 97.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 4.8 percentage points from the prior year.

Operating Margin

-8765.5%

YoY+15385.1pp

Lightwave Logic Inc's operating margin was -8765.5% in fiscal year 2025, reflecting core business profitability. This is up 15385.1 percentage points from the prior year.

Net Margin

-8576.5%

YoY+14994.5pp

Lightwave Logic Inc's net profit margin was -8576.5% in fiscal year 2025, showing the share of revenue converted to profit. This is up 14994.5 percentage points from the prior year.

Return on Equity

N/A

Capital Allocation

R&D Spending

$11.5M

YoY-31.6%

5Y CAGR+20.1%

10Y CAGR+15.1%

Lightwave Logic Inc invested $11.5M in research and development in fiscal year 2025. This represents a decrease of 31.6% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$1.3M

YoY-41.3%

5Y CAGR+53.2%

10Y CAGR+16.9%

Lightwave Logic Inc invested $1.3M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 41.3% from the prior year.

LWLG Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$237K+147.7%	$96K+136.1%	$41K	N/A	N/A	N/A
Cost of Revenue	$7K-7.7%	$7K+194.3%	$3K	N/A	N/A	N/A
Gross Profit	$230K+160.8%	$88K+132.2%	$38K	N/A	N/A	N/A
R&D Expenses	$11.5M-31.6%	$16.8M+5.7%	$15.9M+24.2%	$12.8M+2.6%	$12.5M+171.8%	$4.6M
SG&A Expenses	$9.5M+49.1%	$6.4M+18.9%	$5.4M+23.7%	$4.3M-4.1%	$4.5M+125.0%	$2.0M
Operating Income	-$20.8M+10.1%	-$23.1M-8.8%	-$21.2M-23.8%	-$17.1M-0.8%	-$17.0M-157.5%	-$6.6M
Interest Expense	N/A	N/A	$674K+221.2%	$210K-89.8%	$2.1M+1669.8%	$116K
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$20.3M+9.9%	-$22.5M-7.1%	-$21.0M-22.1%	-$17.2M+7.5%	-$18.6M-177.4%	-$6.7M
EPS (Diluted)	$-0.16+15.8%	$-0.19-5.6%	$-0.18-20.0%	$-0.15+16.7%	$-0.18-157.1%	$-0.07

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Revenue	$29K+13.9%	$26K+11.7%	$23K0.0%	$23K0.0%	$23K+18.4%	$19K-36.4%	$30K	N/A
Cost of Revenue	N/A	$3K+70.8%	$2K	N/A	$1K	N/A	$5K	N/A
Gross Profit	N/A	$22K+6.0%	$21K	N/A	$22K	N/A	$25K	N/A
R&D Expenses	$2.9M+11.3%	$2.6M-15.1%	$3.1M-22.7%	$4.0M+4.4%	$3.8M-12.2%	$4.4M-5.6%	$4.6M	N/A
SG&A Expenses	$2.3M-0.4%	$2.3M+25.2%	$1.8M+6.3%	$1.7M+15.9%	$1.5M-21.4%	$1.9M+51.1%	$1.3M	N/A
Operating Income	-$5.2M-5.7%	-$4.9M+0.1%	-$4.9M+14.0%	-$5.7M-7.6%	-$5.3M+15.1%	-$6.2M-6.6%	-$5.9M	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$0	$0	$0	N/A	$0	$0	$0	N/A
Net Income	-$5.1M-2.7%	-$5.0M-5.7%	-$4.7M+15.1%	-$5.5M-4.4%	-$5.3M+11.9%	-$6.0M-6.0%	-$5.7M	N/A
EPS (Diluted)	$-0.040.0%	$-0.040.0%	$-0.04	N/A	$-0.04+20.0%	$-0.050.0%	$-0.05	N/A

LWLG Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	N/A	$37.8M-9.5%	$41.8M+42.8%	$29.3M+7.5%	$27.2M+269.6%	$7.4M
Current Assets	N/A	$28.1M-14.0%	$32.7M+29.0%	$25.4M+7.1%	$23.7M+510.9%	$3.9M
Cash & Equivalents	N/A	$27.7M-12.0%	$31.4M+30.4%	$24.1M+2.9%	$23.4M+608.7%	$3.3M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	$46K+50.0%	$30K	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	N/A	$4.4M-18.1%	$5.3M+212.8%	$1.7M-15.5%	$2.0M+27.2%	$1.6M
Current Liabilities	N/A	$1.8M-30.9%	$2.6M+71.7%	$1.5M-5.2%	$1.6M+70.0%	$933K
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	N/A	$33.4M-8.3%	$36.4M+32.2%	$27.6M+9.3%	$25.2M+336.4%	$5.8M
Retained Earnings	N/A	-$147.0M-15.0%	-$127.9M-19.7%	-$106.8M-19.2%	-$89.6M-26.3%	-$71.0M

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Total Assets	$44.8M+38.1%	$32.4M-9.0%	$35.6M-5.7%	$37.8M+1.5%	$37.2M-6.4%	$39.8M-4.6%	$41.7M-0.1%	$41.8M
Current Assets	$35.5M+55.8%	$22.8M-10.9%	$25.6M-9.1%	$28.1M+2.3%	$27.5M-8.3%	$30.0M-7.1%	$32.3M-1.3%	$32.7M
Cash & Equivalents	$34.9M+58.1%	$22.1M-11.7%	$25.0M-9.5%	$27.7M+2.9%	$26.9M-7.9%	$29.2M-7.3%	$31.5M+0.2%	$31.4M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$36K+232.5%	$11K-42.7%	$19K-58.8%	$46K+69.9%	$27K+232.5%	$8K-85.8%	$57K+86.9%	$30K
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$3.6M-0.2%	$3.6M-11.9%	$4.1M-6.7%	$4.4M+16.5%	$3.8M-9.9%	$4.2M-8.0%	$4.5M-15.2%	$5.3M
Current Liabilities	$1.1M+4.0%	$1.1M-28.6%	$1.5M-13.9%	$1.8M+59.1%	$1.1M-24.8%	$1.5M-17.7%	$1.8M-29.9%	$2.6M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$41.2M+42.9%	$28.8M-8.6%	$31.5M-5.6%	$33.4M-0.1%	$33.5M-6.0%	$35.6M-4.2%	$37.2M+2.1%	$36.4M
Retained Earnings	-$165.9M-5.9%	-$156.7M-1.0%	-$155.1M-5.5%	-$147.0M-1.5%	-$144.9M-3.8%	-$139.6M-4.5%	-$133.6M-4.4%	-$127.9M

LWLG Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$13.7M+11.6%	-$15.6M-27.1%	-$12.2M-16.2%	-$10.5M-2.2%	-$10.3M-111.4%	-$4.9M
Capital Expenditures	$1.3M-41.3%	$2.3M-31.1%	$3.3M+151.9%	$1.3M+19.1%	$1.1M+594.4%	$158K
Free Cash Flow	-$15.1M+15.4%	-$17.8M-14.7%	-$15.5M-31.2%	-$11.8M-3.8%	-$11.4M-126.6%	-$5.0M
Investing Cash Flow	-$1.8M+32.6%	-$2.7M+8.8%	-$3.0M-33.8%	-$2.2M-98.0%	-$1.1M-412.0%	-$218K
Financing Cash Flow	$56.9M+292.9%	$14.5M-35.7%	$22.5M+67.9%	$13.4M-57.5%	$31.5M+411.9%	$6.2M
Dividends Paid	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

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Cash Flow	-$3.2M+15.8%	-$3.8M-8.0%	-$3.5M-11.3%	-$3.1M+12.6%	-$3.6M+11.4%	-$4.1M+15.1%	-$4.8M-105.5%	-$2.3M
Capital Expenditures	$59K+46.9%	$40K-95.3%	$854K+157.1%	$332K-5.1%	$350K-56.9%	$810K+4.5%	$775K-47.6%	$1.5M
Free Cash Flow	-$3.2M+15.1%	-$3.8M+12.3%	-$4.3M-25.2%	-$3.5M+12.0%	-$3.9M+19.0%	-$4.9M+12.4%	-$5.5M-46.0%	-$3.8M
Investing Cash Flow	-$224K-118.0%	-$103K+88.6%	-$899K-114.5%	-$419K+33.0%	-$625K+24.2%	-$825K+0.5%	-$828K+47.3%	-$1.6M
Financing Cash Flow	$16.2M+1637.3%	$935K-47.1%	$1.8M-59.3%	$4.3M+128.2%	$1.9M-25.8%	$2.6M-54.9%	$5.7M+27.6%	$4.4M
Dividends Paid	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

LWLG Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	97.1%+4.8pp	92.3%-1.5pp	93.8%	N/A	N/A	N/A
Operating Margin	-8765.5%+15385.1pp	-24150.6%+28254.9pp	-52405.5%	N/A	N/A	N/A
Net Margin	-8576.5%+14994.5pp	-23571.0%+28372.2pp	-51943.2%	N/A	N/A	N/A
Return on Equity	N/A	-67.4%-9.7pp	-57.7%+4.8pp	-62.5%+11.4pp	-73.9%+42.4pp	-116.3%
Return on Assets	N/A	-59.6%-9.3pp	-50.3%+8.5pp	-58.9%+9.6pp	-68.4%+22.7pp	-91.2%
Current Ratio	N/A	15.75+3.1	12.66-4.2	16.86+1.9	14.92+10.8	4.15
Debt-to-Equity	N/A	0.13-0.0	0.15+0.1	0.06-0.0	0.08-0.2	0.28
FCF Margin	-6367.2%+12269.8pp	-18637.0%+19702.5pp	-38339.5%	N/A	N/A	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Gross Margin	N/A	86.5%-4.7pp	91.1%	N/A	94.6%	N/A	83.0%	N/A
Operating Margin	-17757.5%+1380.1pp	-19137.6%+2267.4pp	-21405.0%+3474.3pp	-24879.3%-1764.0pp	-23115.3%+9122.2pp	-32237.5%-13002.0pp	-19235.5%	N/A
Net Margin	-17488.0%+1909.1pp	-19397.1%+1098.7pp	-20495.8%+3654.5pp	-24150.3%-1018.4pp	-23131.9%+7969.5pp	-31101.4%-12428.0pp	-18673.5%	N/A
Return on Equity	-12.4%+4.8pp	-17.2%-2.3pp	-14.9%+1.7pp	-16.6%-0.7pp	-15.8%+1.1pp	-16.9%-1.6pp	-15.3%	N/A
Return on Assets	-11.4%+3.9pp	-15.3%-2.1pp	-13.2%+1.5pp	-14.6%-0.4pp	-14.2%+0.9pp	-15.1%-1.5pp	-13.6%	N/A
Current Ratio	31.06+10.3	20.72+4.1	16.62+0.9	15.75-8.7	24.48+4.4	20.08+2.3	17.81+5.1	12.66
Debt-to-Equity	0.09-0.0	0.120.0	0.130.0	0.13+0.0	0.110.0	0.120.0	0.12-0.0	0.15
FCF Margin	-11093.4%+3788.3pp	-14881.6%+4072.3pp	-18953.9%-3819.9pp	-15134.1%+2059.5pp	-17193.6%+7926.4pp	-25120.0%-6881.6pp	-18238.4%	N/A

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Frequently Asked Questions

What is Lightwave Logic Inc's annual revenue?

Lightwave Logic Inc (LWLG) reported $237K in total revenue for fiscal year 2025. This represents a 147.7% 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 Lightwave Logic Inc's revenue growing?

Lightwave Logic Inc (LWLG) revenue grew by 147.7% year-over-year, from $96K to $237K in fiscal year 2025.

Is Lightwave Logic Inc profitable?

No, Lightwave Logic Inc (LWLG) reported a net income of -$20.3M in fiscal year 2025, with a net profit margin of -8576.5%.

What is Lightwave Logic Inc's EBITDA?

Lightwave Logic Inc (LWLG) had EBITDA of -$18.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Lightwave Logic Inc's gross margin?

Lightwave Logic Inc (LWLG) had a gross margin of 97.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Lightwave Logic Inc's operating margin?

Lightwave Logic Inc (LWLG) had an operating margin of -8765.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Lightwave Logic Inc's net profit margin?

Lightwave Logic Inc (LWLG) had a net profit margin of -8576.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Lightwave Logic Inc's free cash flow?

Lightwave Logic Inc (LWLG) generated -$15.1M in free cash flow during fiscal year 2025. This represents a 15.4% 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 Lightwave Logic Inc's operating cash flow?

Lightwave Logic Inc (LWLG) generated -$13.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Lightwave Logic Inc's capital expenditures?

Lightwave Logic Inc (LWLG) invested $1.3M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Lightwave Logic Inc spend on research and development?

Lightwave Logic Inc (LWLG) invested $11.5M in research and development during fiscal year 2025.

How many shares does Lightwave Logic Inc have outstanding?

Lightwave Logic Inc (LWLG) had 149M shares outstanding as of fiscal year 2025.

Are Lightwave Logic Inc's earnings high quality?

Lightwave Logic Inc (LWLG) has an earnings quality ratio of 0.68x, 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.