LightPath Technologies Reports Fiscal 2026 Fourth Quarter and Full Year Financial Results
Revenue, margins and adjusted EBITDA improved sharply in fiscal 2026, supported by acquisitions, a larger backlog and a strengthened balance sheet.
Rhea-AI Summary
LightPath Technologies (LPTH) reported fiscal 2026 Q4 revenue of $21.2 million, up 73% year over year, and full-year revenue of $71.7 million, up 93%.
Q4 gross profit rose to $8.3 million with gross margin of 39.4%, versus 22.0% a year earlier, while adjusted EBITDA reached $2.1 million (10% margin), marking a fourth consecutive positive quarter. Full-year gross profit increased to $25.8 million with 36.0% margin, and adjusted EBITDA improved to $4.2 million from a $5.1 million loss. Net loss widened for the year to $20.5 million, mainly due to $14.1 million in non-cash fair value adjustments to acquisition earnout liabilities.
The company ended fiscal 2026 with cash of $93.2 million after a $50 million primary equity offering and a record backlog of $110.9 million, including $85.6 million requested within twelve months. LightPath also agreed to sell its China subsidiary LPOIZ for $4.5 million over five years.
Positive
- Full-year revenue increased 93% to $71.7 million in fiscal 2026
- Gross profit rose 155% to $25.8 million with margin improving to 36.0%
- Adjusted EBITDA turned to a $4.2 million profit (6% margin) from a $5.1 million loss
- Backlog grew 197% to $110.9 million, with $85.6 million requested within one year
- Q4 adjusted EBITDA reached $2.1 million, 10% of revenue, fourth straight positive quarter
- Cash and cash equivalents increased to $93.2 million from $4.9 million, aided by a $50.0 million equity offering
Negative
- Net loss widened to $20.5 million from $14.9 million year over year
- Operating expenses more than doubled to $45.5 million, including $14.1 million in non-cash earnout revaluation
- Q4 operating expenses rose to $12.6 million from $7.2 million, pressuring profitability
- $50.0 million primary common stock offering at $14.00 per share implies shareholder dilution
News Explained
The financing dilutes existing ownership; a separately accrued acquisition earnout is due in January 2027.
LightPath Technologies completed a
The release also says the final acquisition earnout amount was agreed and accrued in the fourth quarter, with payment scheduled for
Details
Market Reaction – LPTH
Following this news, LPTH has gained 0.84%, reflecting a mild positive market reaction. Our momentum scanner has triggered 18 alerts so far, indicating notable trading interest and price volatility. The stock is currently trading at $9.76.
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Key Figures
- Fourth-quarter revenue
- $21.2 million, +73.8%
- Three months ended June 30, 2026 vs. 2025
- Fiscal-year revenue
- $71.7 million, +92.7%
- Fiscal 2026 vs. fiscal 2025
- Fiscal-year gross margin
- 36.0%
- Fiscal 2026 vs. 27.2% in fiscal 2025
- Fiscal-year net loss
- $20.5 million
- Fiscal 2026 vs. $14.9 million in fiscal 2025
- Fiscal-year adjusted EBITDA
- $4.2 million, 6% of revenue
- Fiscal 2026 vs. a $5.1 million loss in fiscal 2025
- Order backlog
- $110.9 million, +197%
- As of June 30, 2026 vs. $37.4 million at June 30, 2025
- Primary stock offering
- $50.0 million at $14.00 per share
- Completed in June 2026
- China operations divestiture
- $4.5 million
- Payable in installments over five years
Previous Earnings Reports
-
Revenue growth and positive adjusted EBITDA accompanied by higher acquisition-related expenses
-
Revenue growth, positive gross profit, equity financing, and expanded order backlog
-
Revenue growth and positive adjusted EBITDA alongside increased operating expenses
-
Revenue growth and major orders accompanied by wider quarterly and annual net losses
-
Revenue and gross profit growth accompanied by a wider net loss and acquisition costs
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
adjusted ebitda financial
non-gaap financial measure financial
acquisition earnout liabilities financial
chalcogenide-based glass materials technical
counter-unmanned aircraft system technical
AI-generated analysis. How Rhea-AI works. Not financial advice.
Fourth Quarter Revenue Increases
ORLANDO, FL / ACCESS Newswire / September 10, 2026 / 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 2026 fourth quarter and full year ended June 30, 2026.
Financial Summary:
| Three Months Ended | Year Ended | |||||||||||||||||||||||
| June 30, | June 30, | |||||||||||||||||||||||
$ in millions | 2026 | 2025 | % Change | 2026 | 2025 | % Change | ||||||||||||||||||
Revenue | $ | 21.2 | $ | 12.2 | 73.8 | % | $ | 71.7 | $ | 37.2 | 92.7 | % | ||||||||||||
Gross Profit | $ | 8.3 | $ | 2.7 | 207.4 | % | $ | 25.8 | $ | 10.1 | 155.4 | % | ||||||||||||
Operating Expenses* | $ | 12.6 | $ | 7.2 | 75.0 | % | $ | 45.5 | $ | 22.0 | 106.8 | % | ||||||||||||
Net Income (Loss) | $ | (4.1 | ) | $ | (7.1 | ) | -42.3 | % | $ | (20.5 | ) | $ | (14.9 | ) | 37.6 | % | ||||||||
Adjusted EBITDA** (non-GAAP) | $ | 2.1 | $ | (2.0 | ) | -205.0 | % | $ | 4.2 | $ | (5.1 | ) | -182.4 | % | ||||||||||
*Inclusive of
**Reconciliation of this non-GAAP financial measure is provided below. Percentage changes for net loss and adjusted EBITDA are calculated on absolute values.
Fourth Quarter Fiscal 2026 & Subsequent Highlights:
- Ended fiscal 2026 with a record order backlog of approximately
$110.9 million , up197% from$37.4 million at June 30, 2025, of which approximately$85.6 million is scheduled for delivery to customers within the next twelve months. - Completed a
$50.0 million primary offering of common stock at$14.00 per share in June 2026, closing the fiscal year with a strong balance sheet of$93.2 million of cash and cash equivalents. - Received an
$11 million follow-on infrared camera order from a leading global technology customer for counter-unmanned aircraft system (UAS) applications and$13 million in follow-on optical assembly orders from a leading counter-UAS and defense systems supplier. - Signed definitive agreement to divest the Company's subsidiary, LightPath (Zhenjiang) Optical Instrumentation Co., Ltd. ("LPOIZ"), including its manufacturing facility and operations in China, for
$4.5 million , payable in installments over five years, completing LightPath's transition to a fully Western-aligned manufacturing footprint.
Management Commentary
Sam Rubin, President and Chief Executive Officer of LightPath, said: "Fiscal 2026 was a year of transition, rewarding the foundation we've spent years building. As companies continue to onshore their supply chains, and customers increasingly seek to shift away from the China-controlled Germanium market, we believe that we are extremely well positioned to continue our pace of operational execution into fiscal 2027 and beyond.
"The fourth quarter set the high-water mark on every measure that matters to us. Backlog finished the fiscal year at
"LightPath has also been the beneficiary of legislation enacted in December 2025 that directed the Secretary of Defense "to develop and implement a strategy to eliminate the reliance of the Department of Defense on any covered nation" for optical glass or optical systems. The deadline imposed by such legislation for the implementation of the strategy is January 1, 2030. Accordingly, defense programs are expected to replace optical glass and optical systems sourced from covered nations with other alternatives. Although the deadline for such actions is not until January 1, 2030, the supplier qualification cycles run two to three years, so the sourcing decisions that determine who supplies those programs are being considered and made now. We spent the last five years developing our glass portfolio and working with our customers to reduce Germanium content, which has prepared us for the opportunities that are now being accelerated by this legislation. Our BlackDiamond™ glass portfolio - including compositions licensed exclusively from the U.S. Naval Research Laboratory - was designed, melted and manufactured to those requirements from the outset, and with the addition of Amorphous Materials Inc. ("AML") we now operate two domestic glass production sites and roughly 20 proprietary infrared compositions.
"Fiscal 2027 is now about capacity and conversion. We roughly doubled our glass melting capacity with AML and expect that we will need to continue to increase capacity based on projected demand. We are adding melting capability in both our Orlando and Texas facilities, expanding downstream optical and assembly capacity across our U.S. and Latvian sites, and working to finalize the redesign of G5 Infrared LLC's ("G5 Infrared") cooled camera family to use BlackDiamond™ glass. With a strong balance sheet with low leverage and a backlog that has grown for five consecutive quarters to a record high, we have both the mandate and the means to scale," concluded Rubin.
Fourth Quarter Fiscal 2026 Financial Results
Revenue for the fourth quarter of fiscal 2026 increased
Product Group Revenue | Fourth Quarter of | Fourth Quarter of | ||||||||||
($ in millions)** | Fiscal 2026 | Fiscal 2025 | % Change | |||||||||
Infrared ("IR") Components | $ | 7.1 | $ | 4.9 | 45 | % | ||||||
Visible Components | $ | 4.2 | $ | 2.8 | 50 | % | ||||||
Assemblies & Modules | $ | 9.1 | $ | 4.2 | 117 | % | ||||||
Engineering Services | $ | 0.8 | $ | 0.3 | 167 | % | ||||||
*** Numbers may not foot due to rounding. Certain fiscal 2025 amounts have been reclassified from infrared components to assemblies and modules to conform to the current classification.
Growth in infrared components was driven by
Gross profit increased
Operating expenses for the fourth quarter of fiscal 2026 were
Net loss in the fourth quarter of fiscal 2026 improved to
Adjusted EBITDA** for the fourth quarter of fiscal 2026 grew to
Cash and cash equivalents as of June 30, 2026 totaled
Fiscal Year 2026 Financial Results
Revenue for fiscal 2026 increased
Product Group Revenue | ||||||||||||
($ in millions)** | Fiscal 2026 | Fiscal 2025 | % Change | |||||||||
IR Components | $ | 21.2 | $ | 14.3 | 48 | % | ||||||
Visible Components | $ | 15.5 | $ | 11.7 | 32 | % | ||||||
Assemblies & Modules | $ | 31.9 | $ | 8.0 | 299 | % | ||||||
Engineering Services | $ | 3.2 | $ | 3.2 | 0 | % | ||||||
*** Numbers may not foot due to rounding. Certain fiscal 2025 amounts have been reclassified from infrared components to assemblies and modules to conform to the current classification.
Gross profit increased
Operating expenses for fiscal 2026 were
Net loss for fiscal 2026 totaled
Adjusted EBITDA for fiscal 2026 grew to
Fourth Quarter and Fiscal 2026 Earnings Call
Management will host an investor conference call at 5:00 p.m. Eastern time today, Thursday, September 10, 2026 to discuss the Company's fiscal 2026 fourth quarter and full year financial results, provide a corporate update, and conclude with Q&A from telephone participants. To participate, please use the following information:
Q4 FY2026 Earnings Conference Call
Date: Thursday, September 10, 2026
Time: 5:00 p.m. Eastern time
U.S. Dial-in: 1-800-267-6316
International Dial-in: 1-203-518-9783
Conference ID: LIGHT
Webcast: LPTH Q4 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 Thursday, September 24, 2026. 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 11162512. 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 and Latvia. 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; (5) acquisition costs, including legal fees and due diligence; and (6) 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 June 30, | Year Ended June 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
Net loss | $ | (4,140,865 | ) | $ | (7,055,980 | ) | $ | (20,545,563 | ) | $ | (14,873,182 | ) | ||||
Depreciation and amortization | 1,320,375 | 792,488 | 5,038,066 | 4,149,240 | ||||||||||||
Income tax provision | 111,497 | (122,402 | ) | 314,713 | 37,790 | |||||||||||
Interest (income) expense | (298,238 | ) | 312,967 | (16,003 | ) | 1,118,213 | ||||||||||
EBITDA | $ | (3,007,231 | ) | $ | (6,072,927 | ) | $ | (15,208,787 | ) | $ | (9,567,939 | ) | ||||
Stock-based compensation | 1,600,218 | 298,309 | 2,861,795 | 1,043,464 | ||||||||||||
Loss on extinguishment of debt | - | - | 506,280 | 418,502 | ||||||||||||
Change in fair value of warrant liability | - | 2,224,270 | - | 1,353,716 | ||||||||||||
Change in fair value of acquisition liabilities | 3,401,807 | 1,430,000 | 15,636,336 | 1,560,445 | ||||||||||||
Acquisition costs | 70,273 | 290,448 | - | |||||||||||||
Foreign exchange loss | 30,796 | 141,583 | 146,060 | 129,882 | ||||||||||||
Adjusted EBITDA | $ | 2,095,863 | $ | (1,978,765 | ) | $ | 4,232,132 | $ | (5,061,930 | ) | ||||||
% of revenue | 10 | % | -16 | % | 6 | % | -14 | % | ||||||||
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) the Company's ability to convert its backlog into revenue and the timing of such conversion; (ii) expectations regarding demand for germanium alternatives and the effect of U.S. and allied procurement requirements on the Company's markets; (iii) the Company's plans to expand glass melting, optical and assembly capacity in the U.S. and Latvia and the anticipated level of capital expenditures in fiscal 2027; (iv) the expected progress and benefits of the redesign of G5 Infrared's camera products onto BlackDiamond™ materials; (v) the anticipated effects and timing of the divestiture of LPOIZ and its manufacturing facility, including the deconsolidation of revenue attributable to the China operation and the continuity of third-party supply; (vi) expectations regarding future revenue growth, gross margins and adjusted EBITDA; and (vii) the Company's ability to pursue and integrate additional acquisitions. 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's products; the U.S. government's initiatives to move away from using optical systems from certain foreign nations and the timing of related procurement decisions; 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; the Company's reliance on a few key customers; the risk that the purchaser of LPOIZ does not perform its payment or supply obligations; the ability of the Company to obtain needed raw materials and components from its suppliers; the impact that international tariffs may have on our business and results of operations; the impact of political and other risks as a result of our sales to international customers and/or our sourcing of materials from international suppliers; general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth; geopolitical tensions and conflicts; the effects of steps that the Company could take to reduce operating costs; 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.
Investor Relations Contact
Lucas A. Zimmerman
Managing Director
MZ Group - MZ North America
LPTH@mzgroup.us
+1 (949) 259-4987
LIGHTPATH TECHNOLOGIES, INC.
Consolidated Balance Sheets
(unaudited)
| June 30, | June 30, | |||||||
Assets | 2026 | 2025 | ||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 93,204,655 | $ | 4,877,036 | ||||
Trade accounts receivable, net of allowance of | 15,112,908 | 9,455,310 | ||||||
Inventories, net | 18,005,559 | 12,858,838 | ||||||
Prepaid expenses and deposits | 3,457,300 | 1,142,661 | ||||||
Other current assets | 116,028 | 40,150 | ||||||
Total current assets | 129,896,450 | 28,373,995 | ||||||
Property and equipment, net | 19,363,026 | 15,864,061 | ||||||
Operating lease right-of-use assets | 8,115,887 | 7,429,378 | ||||||
Intangible assets, net | 17,134,601 | 15,987,923 | ||||||
Goodwill | 19,315,177 | 13,753,921 | ||||||
Deferred tax assets, net | 85,902 | 22,571 | ||||||
Other assets | 96,578 | 73,917 | ||||||
Total assets | $ | 194,007,621 | $ | 81,505,766 | ||||
Liabilities and Stockholders' Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 7,686,144 | $ | 7,421,430 | ||||
Accrued liabilities | 12,779,784 | 5,686,396 | ||||||
Accrued payroll and benefits | 4,139,586 | 2,359,152 | ||||||
Operating lease liabilities, current | 1,189,908 | 1,254,062 | ||||||
Loans payable, current portion | 112,317 | 172,567 | ||||||
Finance lease obligation, current portion | 269,414 | 206,518 | ||||||
Total current liabilities | 26,177,153 | 17,100,125 | ||||||
Deferred tax liabilities, net | 95,084 | 152,760 | ||||||
Accrued liabilities, noncurrent | - | 823,000 | ||||||
Finance lease obligation, less current portion | 392,796 | 421,363 | ||||||
Operating lease liabilities, noncurrent | 8,888,227 | 8,326,250 | ||||||
Loans payable, less current portion | 74,878 | 4,804,990 | ||||||
Total liabilities | 35,628,138 | 31,628,488 | ||||||
Commitments and Contingencies | ||||||||
Series G Convertible Preferred Stock; | 8,906,686 | 34,232,510 | ||||||
Stockholders' equity: | ||||||||
Preferred stock: Series D, | - | - | ||||||
Common stock: Class A, | 699,630 | 429,493 | ||||||
Additional paid-in capital | 398,726,619 | 244,953,346 | ||||||
Accumulated other comprehensive income | 1,308,868 | 978,686 | ||||||
Accumulated deficit | (251,262,320 | ) | (230,716,757 | ) | ||||
Total stockholders' equity | 149,472,797 | 15,644,768 | ||||||
Total liabilities, convertible preferred stock and stockholders' equity | $ | 194,007,621 | $ | 81,505,766 | ||||
LIGHTPATH TECHNOLOGIES, INC.
Consolidated Statements of Comprehensive Income (Loss)
(unaudited)
| Three Months Ended | Year Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
Revenue, net | $ | 21,162,352 | $ | 12,209,793 | $ | 71,722,099 | $ | 37,202,630 | ||||||||
Cost of sales | 12,816,746 | 9,519,040 | 45,917,308 | 27,072,516 | ||||||||||||
Gross profit | 8,345,606 | 2,690,753 | 25,804,791 | 10,130,114 | ||||||||||||
Operating expenses: | ||||||||||||||||
Selling, general and administrative | 8,120,886 | 4,739,622 | 24,660,503 | 15,814,627 | ||||||||||||
New product development | 1,125,978 | 1,064,997 | 3,784,029 | 3,063,772 | ||||||||||||
Amortization of intangible assets | 455,025 | (54,695 | ) | 1,833,320 | 1,414,817 | |||||||||||
Change in fair value of acquisition liabilities | 3,401,807 | 1,430,000 | 15,636,336 | 1,560,445 | ||||||||||||
(Gain) loss on disposal of property and equipment | (459,108 | ) | 18,829 | (455,092 | ) | 99,334 | ||||||||||
Total operating expenses | 12,644,588 | 7,198,753 | 45,459,096 | 21,952,995 | ||||||||||||
Operating loss | (4,298,982 | ) | (4,508,000 | ) | (19,654,305 | ) | (11,822,881 | ) | ||||||||
Other income (expense): | ||||||||||||||||
Interest income (expense), net | 298,238 | (312,967 | ) | 16,003 | (1,118,213 | ) | ||||||||||
Loss on extinguishment of debt | - | - | (506,280 | ) | (418,502 | ) | ||||||||||
Change in fair value of warrant liability | - | (2,224,270 | ) | - | (1,353,716 | ) | ||||||||||
Other expense, net | (28,624 | ) | (133,145 | ) | (86,268 | ) | (122,080 | ) | ||||||||
Total other income (expense), net | 269,614 | (2,670,382 | ) | (576,545 | ) | (3,012,511 | ) | |||||||||
Loss before income taxes | (4,029,368 | ) | (7,178,382 | ) | (20,230,850 | ) | (14,835,392 | ) | ||||||||
Income tax provision | 111,497 | (122,402 | ) | 314,713 | 37,790 | |||||||||||
Net loss | $ | (4,140,865 | ) | $ | (7,055,980 | ) | $ | (20,545,563 | ) | $ | (14,873,182 | ) | ||||
Foreign currency translation adjustment | - | 527,619 | 330,182 | 468,750 | ||||||||||||
Comprehensive loss | $ | (4,140,865 | ) | $ | (6,528,361 | ) | $ | (20,215,381 | ) | $ | (14,404,432 | ) | ||||
Loss per common share (basic) | $ | (0.06 | ) | $ | (0.16 | ) | $ | (0.38 | ) | $ | (0.36 | ) | ||||
Number of shares used in per share calculation (basic) | 64,820,263 | 42,874,607 | 53,374,275 | 40,874,068 | ||||||||||||
Loss per common share (diluted) | $ | (0.06 | ) | $ | (0.16 | ) | $ | (0.38 | ) | $ | (0.36 | ) | ||||
Number of shares used in per share calculation (diluted) | 64,820,263 | 42,874,607 | 53,374,275 | 40,874,068 | ||||||||||||
LIGHTPATH TECHNOLOGIES, INC.
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 June 30, 2024 | - | - | 39,254,643 | $ | 392,546 | $ | 245,140,758 | $ | 509,936 | $ | (215,843,575 | ) | $ | 30,199,665 | ||||||||||
Issuance of preferred stock under private equity placement, net of fees | 24,956 | 19,481,376 | - | - | - | - | - | - | ||||||||||||||||
Issuance of common stock for: | ||||||||||||||||||||||||
Employee Stock Purchase Plan | - | - | 9,369 | 93 | 14,292 | - | - | 14,385 | ||||||||||||||||
Exercise of stock options, RSUs & RSAs, net | - | - | 593,791 | 5,938 | (2,763 | ) | - | - | 3,175 | |||||||||||||||
Shares issued as compensation | - | - | 49,000 | 490 | 89,180 | - | - | 89,670 | ||||||||||||||||
Issuance of common stock for acquisition of Visimid | - | - | 382,253 | 3,823 | 710,123 | - | - | 713,946 | ||||||||||||||||
Issuance of common stock for acquisition of G5 | - | - | 1,972,501 | 19,725 | 4,852,343 | - | - | 4,872,068 | ||||||||||||||||
Issuance of common stock under private equity placement, net of fees | - | - | 687,750 | 6,878 | 1,584,014 | - | - | 1,590,892 | ||||||||||||||||
Issuance of warrants under private equity placement, net of fees | - | - | - | - | 177,445 | - | - | 177,445 | ||||||||||||||||
Preferred cumulative dividends plus accretion | - | 14,751,134 | - | - | (14,751,134 | ) | - | - | (14,751,134 | ) | ||||||||||||||
Stock-based compensation on stock options, RSUs & RSAs | - | - | - | - | 953,795 | - | - | 953,795 | ||||||||||||||||
Reclassification of warrant liability | - | - | - | - | 6,185,293 | - | - | 6,185,293 | ||||||||||||||||
Foreign currency translation adjustment | - | - | - | - | - | 468,750 | 468,750 | |||||||||||||||||
Net loss | - | - | - | - | - | - | (14,873,182 | ) | (14,873,182 | ) | ||||||||||||||
Balances at June 30, 2025 | 24,956 | 34,232,510 | 42,949,307 | 429,493 | 244,953,346 | 978,686 | (230,716,757 | ) | 15,644,768 | |||||||||||||||
Issuance of preferred stock under private equity placement, net of fees | - | - | - | - | - | - | - | - | ||||||||||||||||
Issuance of common stock for: | ||||||||||||||||||||||||
Employee Stock Purchase Plan | - | - | 2,302 | 23 | 24,839 | - | - | 24,862 | ||||||||||||||||
Exercise of stock options, RSUs & RSAs, net | - | - | 242,617 | 2,427 | 10,076 | - | - | 12,503 | ||||||||||||||||
Exercise of warrants | - | - | 3,468,698 | 34,687 | (34,687 | ) | - | - | - | |||||||||||||||
Issuance of common stock under private equity placement, net of fees | - | - | 1,600,000 | 16,000 | 7,878,045 | - | - | 7,894,045 | ||||||||||||||||
Issuance of common stock under public equity placements, net of fees | - | - | 12,483,900 | 124,839 | 112,212,283 | - | - | 112,337,122 | ||||||||||||||||
Issuance of common stock for acquisition of Visimid | - | - | 112,323 | 1,123 | 348,877 | - | - | 350,000 | ||||||||||||||||
Issuance of common stock for acquisition of Amorphous | - | - | 114,356 | 1,143 | 1,569,302 | - | - | 1,570,445 | ||||||||||||||||
Issuance of common stock for acquisition of G5 | - | - | 297,445 | 2,974 | 3,569,340 | - | - | 3,572,314 | ||||||||||||||||
Conversion of Series G Preferred to Common | (18,464 | ) | (25,325,824 | ) | 8,692,097 | 86,921 | 25,238,903 | - | - | 25,325,824 | ||||||||||||||
Stock-based compensation on stock options, RSUs & RSAs | - | - | - | - | 2,956,295 | - | - | 2,956,295 | ||||||||||||||||
Foreign currency translation adjustment | - | - | - | - | - | 330,182 | - | 330,182 | ||||||||||||||||
Net loss | - | - | - | - | - | - | (20,545,563 | ) | (20,545,563 | ) | ||||||||||||||
Balances at June 30, 2026 | 6,492 | $ | 8,906,686 | 69,963,045 | $ | 699,630 | $ | 398,726,619 | $ | 1,308,868 | $ | (251,262,320 | ) | $ | 149,472,797 | |||||||||
LIGHTPATH TECHNOLOGIES, INC.
Condensed Consolidated Statements of Cash Flows
(unaudited)
| Year Ended June 30, | ||||||||
| 2026 | 2025 | |||||||
Cash flows from operating activities: | ||||||||
Net loss | $ | (20,545,563 | ) | $ | (14,873,182 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Depreciation and amortization | 5,038,066 | 4,149,240 | ||||||
Interest from amortization of loan issuance costs | 90,124 | 213,829 | ||||||
Loss on extinguishment of debt | 90,321 | 71,215 | ||||||
Warrant issuance costs | 506,280 | 418,502 | ||||||
Change in fair value of warrant liability | - | 1,353,716 | ||||||
Change in fair value of acquisition earnout liabilities | 15,636,336 | 1,560,445 | ||||||
Earnout payment for acquisition of G5, net of financing portion | (3,813,587 | ) | - | |||||
(Gain) loss on disposal of property and equipment | (455,092 | ) | 99,334 | |||||
Stock-based compensation on stock options, RSUs & RSAs, net | 2,861,795 | 1,043,464 | ||||||
Provision for credit losses | (44,090 | ) | (3,014 | ) | ||||
Change in operating lease assets and liabilities | (188,686 | ) | (273,624 | ) | ||||
Inventory write-offs to allowance | 368,891 | 143,362 | ||||||
Deferred taxes | (121,007 | ) | (221,977 | ) | ||||
Changes in operating assets and liabilities, net of acquisitions: | ||||||||
Trade accounts receivable | (5,578,692 | ) | (2,626,267 | ) | ||||
Other current assets | (75,878 | ) | 91,027 | |||||
Inventories | (5,062,213 | ) | (1,385,690 | ) | ||||
Prepaid expenses and deposits | (2,242,800 | ) | (325,915 | ) | ||||
Accounts payable and accrued liabilities | 3,310,607 | 2,234,145 | ||||||
Net cash used in operating activities | (10,225,188 | ) | (8,331,390 | ) | ||||
Cash flows from investing activities: | ||||||||
Purchase of property and equipment | (6,268,334 | ) | (1,262,302 | ) | ||||
Proceeds from sale of equipment | 475,000 | 10,648 | ||||||
Acquisition of Amorphous | (7,000,111 | ) | - | |||||
Acquisition of G5 Infrared | - | (18,486,669 | ) | |||||
Net cash used in investing activities | (12,793,445 | ) | (19,738,323 | ) | ||||
Cash flows from financing activities: | ||||||||
Proceeds from exercise of stock options | 12,503 | 3,175 | ||||||
Proceeds from sale of common stock from Employee Stock Purchase Plan | 24,862 | 14,385 | ||||||
Proceeds from issuance of common stock under public equity placement, net of fees | 112,337,122 | - | ||||||
Proceeds from issuance of common stock under private equity placement, net of fees | 7,894,045 | 437,725 | ||||||
Proceeds from issuance of preferred stock under private equity placement, net of fees | - | 18,675,026 | ||||||
Proceeds from issuance of warrants under private equity placement, net of fees | - | 4,620,561 | ||||||
Earnout payment for acquisition of G5, net of operating portion | (3,536,471 | ) | - | |||||
Deferred payment for acquisition of Visimid | - | (125,000 | ) | |||||
Borrowings on loans payable | - | 6,659,596 | ||||||
Loan issuance costs | - | (597,465 | ) | |||||
Payments on loans payable | (5,471,522 | ) | (204,100 | ) | ||||
Repayment of finance lease obligations | (236,240 | ) | (187,626 | ) | ||||
Net cash provided by financing activities | 111,024,299 | 29,296,277 | ||||||
Effect of exchange rate on cash and cash equivalents | 321,953 | 170,204 | ||||||
Change in cash, cash equivalents and restricted cash | 88,327,619 | 1,396,768 | ||||||
Cash and cash equivalents, beginning of period | 4,877,036 | 3,480,268 | ||||||
Cash and cash equivalents, end of period | $ | 93,204,655 | $ | 4,877,036 | ||||
Supplemental disclosure of cash flow information: | ||||||||
Interest paid in cash | $ | 409,637 | $ | 273,476 | ||||
Income taxes paid | $ | 325,636 | $ | 206,121 | ||||
Supplemental disclosure of non-cash investing & financing activities: | ||||||||
Purchase of equipment through finance lease arrangements | $ | 275,471 | $ | 93,048 | ||||
Operating right-of-use assets acquired in exchange for operating lease liabilities | $ | 1,956,911 | $ | - | ||||
Issuance of common stock for acquisition of Visimid | $ | 350,000 | $ | 713,946 | ||||
Issuance of common stock for acquisition of G5, including earnouts | $ | 3,572,314 | $ | 4,872,068 | ||||
Issuance of common stock for acquisition of AML, including earnouts | $ | 1,570,445 | $ | - | ||||
Accrual of earnout consideration for acquisition of G5 | $ | - | $ | 3,536,471 | ||||
Accrual of earnout consideration for acquisition of AML | $ | 1,780,000 | $ | - | ||||
Extinguishment of debt in exchange for common stock, preferred stock, warrants and a note | $ | - | $ | 3,057,110 | ||||
SOURCE: LightPath Technologies, Inc.
View the original press release on ACCESS Newswire
FAQ
How did revenue by product group change in fiscal 2026 compared to 2025?
In fiscal 2026, IR components revenue was $21.2 million, up 48% from $14.3 million. Visible components reached $15.5 million, up 32% from $11.7 million. Assemblies and modules grew to $31.9 million, up 299% from $8.0 million, becoming 44% of total revenue versus 23% previously. Engineering services were flat at $3.2 million.
What are the key details of the LPOIZ divestiture?
LightPath signed a definitive agreement to divest its subsidiary LightPath (Zhenjiang) Optical Instrumentation Co., Ltd. (LPOIZ), including its manufacturing facility and operations in China, for $4.5 million. The consideration is payable in installments over five years and is described by the company as completing its transition to a fully Western-aligned manufacturing footprint.
What notable new or follow-on orders did LightPath receive during or after Q4 2026?
The company received an $11 million follow-on infrared camera order from a leading global technology customer for counter‑UAS applications and $13 million in follow-on optical assembly orders from a leading counter‑UAS and defense systems supplier. Management also highlighted that backlog has increased for five consecutive quarters.
How can investors access the fiscal 2026 Q4 and full-year earnings call and replay?
The live conference call is scheduled for Thursday, September 10, 2026 at 5:00 p.m. Eastern. U.S. participants can dial 1-800-267-6316, and international participants can dial 1-203-518-9783, using conference ID LIGHT. A webcast is available via the “LPTH Q4 FY2026 Earnings Conference Call” link. The replay is accessible through September 24, 2026 by dialing 1-844-512-2921 (U.S. and Canada) or 1-412-317-6671 (international) with replay PIN 11162512, and also via webcast replay.