LightPath Technologies Reports Fiscal 2026 Third Quarter Financial Results
Rhea-AI Summary
LightPath (NASDAQ: LPTH) reported fiscal Q3 2026 revenue of $19.1M (up 109% YoY) and gross profit of $7.0M (36% margin, +161% YoY). Adjusted EBITDA was $1.1M vs a loss of $1.6M a year prior. Cash totaled $55.2M and backlog was $110.6M (up 196% since June 30, 2025). The company acquired assets of Amorphous Materials in Jan 2026, added a second U.S. BlackDiamond glass site, outlined a >$300M five‑year revenue target, and noted increased operating expenses including a $3.4M earnout fair value adjustment.
Positive
- Revenue +109% YoY to $19.1M in Q3 FY2026
- Gross profit +161% YoY to $7.0M (36% margin)
- Adjusted EBITDA positive at $1.1M vs a $1.6M loss prior-year
- Record backlog of $110.6M (196% increase since June 30, 2025)
- Cash and equivalents of $55.2M as of March 31, 2026
- Acquisition of Amorphous Materials adds a second U.S. BlackDiamond glass site
Negative
- Net loss widened to $4.1M in Q3 FY2026 (vs $3.6M prior-year)
- Operating expenses include a $3.4M fair value adjustment to earnout liabilities
- Excluding fair value adjustment, operating expenses rose 30% to $7.8M
- Integration and SG&A increases could pressure near-term margins
Key Figures
Market Reality Check
Peers on Argus
LPTH gained 6.36% while momentum-screened peers ELTK and KULR each moved down, and broader peers like MEI, RELL, MPTI, and LINK showed modest single-digit to mid-teens gains. With scanner peers moving opposite LPTH, the action appears stock-specific around its earnings.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Feb 11 | Quarterly earnings | Positive | +21.5% | Q2 FY2026 revenue $16.4M, strong YoY growth and higher gross profit. |
| Nov 11 | Quarterly earnings | Positive | -8.3% | Q1 FY2026 revenue $15.1M and positive adjusted EBITDA with backlog >$90M. |
| Sep 25 | Annual & Q4 earnings | Positive | +21.5% | FY2025 and Q4 results with 41.4% Q4 revenue growth and major IR orders. |
| May 15 | Quarterly earnings | Positive | +1.6% | Q3 FY2025 revenue up 19.1% and new defense contracts including SPEIR order. |
| Feb 13 | Quarterly earnings | Negative | -18.8% | Q2 FY2025 margin compression and wider net loss despite modest revenue growth. |
Earnings releases have often produced strong moves, with most prior reports showing price reactions that align with the underlying earnings tone, except for one quarter where solid growth drew a negative reaction.
Over the past year, LightPath’s earnings reports have highlighted rapid revenue growth and an expanding backlog tied to BlackDiamond™-enabled infrared camera and defense programs. Q1 and Q2 FY2026 showed revenue of $15.1M and $16.4M, with improving adjusted EBITDA but volatile net losses driven by G5 earnout revaluations. Earlier FY2025 results emphasized growing IR camera orders and the transition from Germanium to proprietary glass. Today’s Q3 FY2026 results continue that trajectory with higher revenue, margins, and backlog.
Historical Comparison
In the last five earnings releases, LPTH’s average move was about 3.5%. Today’s 6.36% pre-news gain represents a stronger-than-typical reaction versus past earnings days.
Across FY2025–FY2026 earnings, LightPath has moved from modest growth and widening losses to faster revenue expansion, larger IR camera and defense orders, and higher backlog, reinforced by acquisitions and its BlackDiamond™ strategy.
Regulatory & Risk Context
LightPath has an active Form S-3 shelf filed on 2025-11-21, allowing up to $200,000,000 of Class A common stock, warrants, and/or units to be offered in one or more transactions. The company indicates proceeds may be used for general corporate purposes such as working capital, debt reduction, investments, and acquisitions.
Market Pulse Summary
This announcement detailed strong Q3 FY2026 growth, with revenue of $19.1M, gross profit of $7.0M, positive adjusted EBITDA of $1.1M, and backlog reaching $110.6M. Management highlighted a strategy targeting over $300M in annual revenue within five years, supported by acquisitions and expanded BlackDiamond™-based offerings. Investors may track how efficiently the company converts backlog into revenue, manages earnout liabilities, and utilizes its $200,000,000 Form S-3 shelf for future capital needs.
Key Terms
adjusted EBITDA financial
chalcogenide technical
earnout liability financial
Series G Convertible Preferred Stock financial
Form S-3 regulatory
shelf registration statement regulatory
Regulation FD regulatory
non-GAAP financial
AI-generated analysis. Not financial advice.
Financial Summary:
Three Months Ended March 31, | ||||||||||||
$ in millions | 2026 | 2025 | % Change | |||||||||
Revenue | $ | 19.1 | $ | 9.2 | 109 | % | ||||||
Gross Profit | $ | 7.0 | $ | 2.7 | 161 | % | ||||||
Operating Expenses* | $ | 11.2 | $ | 6.1 | 83 | % | ||||||
Net Loss | $ | (4.1) | $ | (3.6) | 15 | % | ||||||
Adjusted EBITDA** (non-GAAP) | $ | 1.1 | $ | (1.6) | 170 | % | ||||||
*Inclusive of |
**Reconciliation of this non-GAAP financial measure is provided below. |
Third Quarter Fiscal 2026 & Subsequent Highlights:
- Ended the third quarter of fiscal 2026 with a record order backlog of approximately
$110.6 million 196% from$37.4 million - Acquired the assets of Amorphous Materials, Inc. ("AM") in January 2026, an industrial manufacturer with complementary Chalcogenide glass melting technologies for large diameter optics, adding a second
U.S. manufacturing location for BlackDiamond™ glass. - Hosted an Investor Day in February 2026, during which management outlined the Company's updated three pillar growth strategy targeting in excess of
$300 million - Appointed Doug Schoen as Senior Vice President of Global Sales and Ryan Workman as Vice President, Business Development & Product Management in April 2026, adding more than 40 combined years of defense, aerospace, and Electro-Optical/Infrared business development experience to accelerate conversion of pipeline into contracted revenue.
Management Commentary
Sam Rubin, President and Chief Executive Officer of LightPath, said: "The third quarter of fiscal 2026 demonstrated continued execution against our vertically integrated strategy, with revenue growing
"The strategic thesis we have been executing against for the past several years continues to be reinforced by customer behavior and
"Our February Investor Day laid out where we go from here. We are organizing the business around three pillars of growth: optical assemblies, infrared camera systems, and large defense programs of record. Each pillar has an addressable market measured in hundreds of millions to billions of dollars, and each is enabled by the same underlying BlackDiamond™, molding, coating, and camera technologies. Programs such as NGSRI, SPEIR, Apache, border surveillance, and counter UAS are no longer theoretical; they are in production or nearing it, and they increasingly carry BlackDiamond™ content. We are on track to complete the redesign of G5's cooled infrared camera family onto BlackDiamond™ by the end of summer 2026, and beleive that this will position LightPath to meet long range camera demand at scale while competitors continue to work through the Germanium supply constraint.
"With a strong balance sheet, two operating glass manufacturing facilities, an expanded camera portfolio, and a deeper senior commercial leadership team following the appointments of Doug Schoen and Ryan Workman, we believe LightPath is well positioned to continue converting our record backlog into revenue, expand margins as volume scales, and pursue further accretive M&A that accelerates our transition into a platform provider of mission critical optical and imaging solutions," concluded Rubin.
Third Quarter Fiscal 2026 Financial Results
Revenue for the third quarter of fiscal 2026 increased
Product Group Revenue ($ in millions)*** | Third Quarter of | Third Quarter of | % Change | |||||||||
Infrared ("IR") Components | $ | 6.1 | $ | 3.6 | 69 % | |||||||
Visible Components | $ | 4.0 | $ | 2.8 | 40 % | |||||||
Assemblies & Modules | $ | 8.4 | $ | 1.9 | 355 % | |||||||
Engineering Services | $ | 0.6 | $ | 0.8 | (29) % | |||||||
*** Numbers may not foot due to rounding |
Gross profit increased
Operating expenses for the third quarter of fiscal 2026 include a fair value adjustment of
Net loss in the third quarter of fiscal 2026 totaled
Adjusted EBITDA** for the third quarter of fiscal 2026 was
Cash and cash equivalents as of March 31, 2026 totaled
Third Quarter Fiscal 2026 Earnings Call
Management will host an investor conference call at 5:00 p.m. Eastern time today, Thursday, May 7, 2026, to discuss the Company's third quarter fiscal 2026 financial results, provide a corporate update, and conclude with Q&A from telephone participants. To participate, please use the following information:
Q3 FY2026 Earnings Conference Call
Date: Thursday, May 7, 2026
Time: 5:00 p.m. Eastern time
International Dial-in: 1-785-838-9310
Conference ID: LIGHT
Webcast: LPTH Q3 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, May 21, 2026. To listen, please call 1-844-512-2921 within
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
**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. | ||||||||||||||||
(unaudited) | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2026 | 2025 | 2026 | 2025 | |||||||||||||
Net loss | $ | (4,106,287) | $ | (3,582,460) | $ | (16,404,698) | $ | (7,817,202) | ||||||||
Depreciation and amortization | 1,263,005 | 1,463,150 | 3,717,691 | 3,356,752 | ||||||||||||
Income tax provision | 91,390 | 100,031 | 203,216 | 160,192 | ||||||||||||
Interest (income) expense | (271,641) | 486,833 | 282,235 | 805,246 | ||||||||||||
EBITDA | $ | (3,023,533) | $ | (1,532,446) | $ | (12,201,556) | $ | (3,495,012) | ||||||||
Stock-based compensation | 562,966 | 239,134 | 1,261,577 | 745,155 | ||||||||||||
Loss on extinguishment of debt | — | 418,502 | 506,280 | 418,502 | ||||||||||||
Change in fair value of warrant liability | — | (870,554) | — | (870,554) | ||||||||||||
Change in fair value of acquisition earnout liabilities | 3,393,000 | 130,445 | 12,234,529 | 130,445 | ||||||||||||
Acquisition costs | 145,539 | — | 220,175 | — | ||||||||||||
Foreign exchange loss (gain) | 59,195 | (7,627) | 115,264 | (11,701) | ||||||||||||
Adjusted EBITDA | $ | 1,137,167 | $ | (1,622,546) | $ | 2,136,269 | $ | (3,083,165) | ||||||||
% of revenue | 6 | % | -18 | % | 4 | % | -12 | % | ||||||||
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 expectations, beliefs, hopes, intentions or strategies regarding, among other things, the Company's ability to execute on its growth strategy to deliver revenue growth and value to its shareholders; the Company's belief that it has established itself as a mission critical supplier for programs in the
LIGHTPATH TECHNOLOGIES, INC. | ||||||||
March 31, | June 30, | |||||||
2026 | 2025 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 55,235,181 | $ | 4,877,036 | ||||
Trade accounts receivable, net of allowance of | 10,797,645 | 9,455,310 | ||||||
Inventories, net | 13,344,705 | 12,858,838 | ||||||
Prepaid expenses and deposits | 3,440,598 | 1,142,661 | ||||||
Other current assets | 185,503 | 40,150 | ||||||
Total current assets | 83,003,632 | 28,373,995 | ||||||
Property and equipment, net | 15,828,239 | 15,864,061 | ||||||
Operating lease right-of-use assets | 8,406,283 | 7,429,378 | ||||||
Intangible assets, net | 17,589,628 | 15,987,923 | ||||||
Goodwill | 19,315,177 | 13,753,921 | ||||||
Deferred tax assets, net | 22,233 | 22,571 | ||||||
Other assets | 99,987 | 73,917 | ||||||
Total assets | $ | 144,265,179 | $ | 81,505,766 | ||||
Liabilities and Stockholders' Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 6,030,975 | $ | 7,421,430 | ||||
Accrued liabilities | 10,813,017 | 5,686,396 | ||||||
Accrued payroll and benefits | 3,125,747 | 2,359,152 | ||||||
Operating lease liabilities, current | 1,177,423 | 1,254,062 | ||||||
Loans payable, current portion | 113,085 | 172,567 | ||||||
Finance lease obligation, current portion | 271,015 | 206,518 | ||||||
Total current liabilities | 21,531,262 | 17,100,125 | ||||||
Deferred tax liabilities, net | 88,099 | 152,760 | ||||||
Accrued liabilities, noncurrent | — | 823,000 | ||||||
Finance lease obligation, less current portion | 460,316 | 421,363 | ||||||
Operating lease liabilities, noncurrent | 9,197,980 | 8,326,250 | ||||||
Loans payable, less current portion | 103,661 | 4,804,990 | ||||||
Total liabilities | 31,381,318 | 31,628,488 | ||||||
Commitments and Contingencies | ||||||||
Series G Convertible Preferred Stock; | $ | 23,794,184 | $ | 34,232,510 | ||||
Stockholders' equity: | ||||||||
Preferred stock: Series D, | — | — | ||||||
Common stock: Class A, | 612,070 | 429,493 | ||||||
Additional paid-in capital | 334,313,395 | 244,953,346 | ||||||
Accumulated other comprehensive income | 1,285,667 | 978,686 | ||||||
Accumulated deficit | (247,121,455) | (230,716,757) | ||||||
Total stockholders' equity | 89,089,677 | 15,644,768 | ||||||
Total liabilities, convertible preferred stock and stockholders' equity | $ | 144,265,179 | $ | 81,505,766 | ||||
LIGHTPATH TECHNOLOGIES, INC. | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2026 | 2025 | 2026 | 2025 | |||||||||||||
Revenue, net | $ | 19,149,814 | $ | 9,167,627 | $ | 50,559,747 | $ | 24,992,837 | ||||||||
Cost of sales | 12,193,531 | 6,503,526 | 33,100,562 | 17,553,476 | ||||||||||||
Gross profit | 6,956,283 | 2,664,101 | 17,459,185 | 7,439,361 | ||||||||||||
Operating expenses: | ||||||||||||||||
Selling, general and administrative | 6,296,286 | 4,448,359 | 16,539,617 | 11,075,005 | ||||||||||||
New product development | 1,041,794 | 757,938 | 2,658,051 | 1,998,775 | ||||||||||||
Amortization of intangible assets | 477,245 | 779,025 | 1,378,295 | 1,469,512 | ||||||||||||
Change in fair value of acquisition earnout liabilities | 3,393,000 | 130,445 | 12,234,529 | 130,445 | ||||||||||||
Loss on disposal of property and equipment | — | 2,068 | 4,016 | 80,505 | ||||||||||||
Total operating expenses | 11,208,325 | 6,117,835 | 32,814,508 | 14,754,242 | ||||||||||||
Operating loss | (4,252,042) | (3,453,734) | (15,355,323) | (7,314,881) | ||||||||||||
Other income (expense): | ||||||||||||||||
Interest income (expense), net | 271,641 | (486,833) | (282,235) | (805,246) | ||||||||||||
Loss on extinguishment of debt | — | (418,502) | (506,280) | (418,502) | ||||||||||||
Change in fair value of warrant liability | — | 870,554 | — | 870,554 | ||||||||||||
Other expense (income), net | (34,496) | 6,086 | (57,644) | 11,065 | ||||||||||||
Total other income (expense) | 237,145 | (28,695) | (846,159) | (342,129) | ||||||||||||
Loss before income taxes | (4,014,897) | (3,482,429) | (16,201,482) | (7,657,010) | ||||||||||||
Income tax provision | 91,390 | 100,031 | 203,216 | 160,192 | ||||||||||||
Net loss | $ | (4,106,287) | $ | (3,582,460) | $ | (16,404,698) | $ | (7,817,202) | ||||||||
Foreign currency translation adjustment | 1,739 | 120,572 | 306,981 | (58,869) | ||||||||||||
Comprehensive loss | $ | (4,104,548) | $ | (3,461,888) | $ | (16,097,717) | $ | (7,876,071) | ||||||||
Loss per common share (basic) | $ | (0.07) | $ | (0.09) | $ | (0.33) | $ | (0.19) | ||||||||
Number of shares used in per share calculation (basic) | 58,628,741 | 41,363,643 | 49,572,872 | 40,209,657 | ||||||||||||
Loss per common share (diluted) | $ | (0.07) | $ | (0.09) | $ | (0.33) | $ | (0.19) | ||||||||
Number of shares used in per share calculation (diluted) | 58,628,741 | 41,363,643 | 49,572,872 | 40,209,657 | ||||||||||||
LIGHTPATH TECHNOLOGIES, INC. | ||||||||||||||||||||||||||||||||
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, 2025 | 24,956 | $ | 34,232,510 | 42,949,307 | $ | 429,493 | $ | 244,953,346 | $ | 978,686 | $ | (230,716,757) | $ | 15,644,768 | ||||||||||||||||||
Issuance of common stock for: | ||||||||||||||||||||||||||||||||
Exercise of stock options, RSUs &RSAs, net | — | — | 8,583 | 86 | (86) | — | — | — | ||||||||||||||||||||||||
Issuance of common stock under private equity placement | — | — | 1,600,000 | 16,000 | 7,878,045 | — | — | 7,894,045 | ||||||||||||||||||||||||
Issuance of common stock for acquisition of Visimid | — | — | 112,323 | 1,123 | 348,877 | — | — | 350,000 | ||||||||||||||||||||||||
Stock-based compensation on stock options, RSUs &RSAs | — | — | — | — | 349,624 | — | — | 349,624 | ||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | 92,383 | — | 92,383 | ||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (2,893,002) | (2,893,002) | ||||||||||||||||||||||||
Balances at September 30, 2025 | 24,956 | $ | 34,232,510 | 44,670,213 | $ | 446,702 | $ | 253,529,806 | $ | 1,071,069 | $ | (233,609,759) | $ | 21,437,818 | ||||||||||||||||||
Issuance of common stock for: | ||||||||||||||||||||||||||||||||
Exercise of stock options, RSUs &RSAs, net | — | — | 120,234 | 1,203 | (1,203) | — | — | — | ||||||||||||||||||||||||
Exercise of warrants | — | — | 739,730 | 7,397 | (7,397) | — | — | — | ||||||||||||||||||||||||
Issuance of common stock under public equity placement | — | — | 8,912,500 | 89,125 | 65,251,709 | — | — | 65,340,834 | ||||||||||||||||||||||||
Stock-based compensation on stock options, RSUs & RSAs | — | — | — | — | 348,986 | — | — | 348,986 | ||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | 212,859 | — | 212,859 | ||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (9,405,409) | (9,405,409) | ||||||||||||||||||||||||
Balances at December 31, 2025 | 24,956 | $ | 34,232,510 | 54,442,677 | $ | 544,427 | $ | 319,121,901 | $ | 1,283,928 | $ | (243,015,168) | $ | 77,935,088 | ||||||||||||||||||
Issuance of common stock for: | ||||||||||||||||||||||||||||||||
Employee Stock Purchase Plan | — | — | 2,302 | 23 | 24,839 | — | — | 24,862 | ||||||||||||||||||||||||
Exercise of stock options, RSUs & RSAs, net | — | — | 112,723 | 1,127 | 11,376 | — | — | 12,503 | ||||||||||||||||||||||||
Exercise of warrants | — | — | 2,728,968 | 27,290 | (27,290) | — | — | — | ||||||||||||||||||||||||
Fees for issuance of common stock under public equity placement | — | — | — | — | (98,293) | — | — | (98,293) | ||||||||||||||||||||||||
Issuance of common stock for acquisition of Amorphous | — | — | 83,518 | 835 | 1,026,245 | — | — | 1,027,080 | ||||||||||||||||||||||||
Issuance of common stock for acquisition of G5 | — | — | 297,445 | 2,974 | 3,146,968 | — | — | 3,149,942 | ||||||||||||||||||||||||
Conversion of Series G Preferred to Common | (7,610) | (10,438,326) | 3,539,379 | 35,394 | 10,402,932 | — | — | 10,438,326 | ||||||||||||||||||||||||
Stock-based compensation on stock options, RSUs & RSAs | — | — | — | — | 704,717 | — | — | 704,717 | ||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | 1,739 | — | 1,739 | ||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (4,106,287) | (4,106,287) | ||||||||||||||||||||||||
Balances at March 31, 2026 | 17,346 | $ | 23,794,184 | 61,207,012 | $ | 612,070 | $ | 334,313,395 | $ | 1,285,667 | $ | (247,121,455) | $ | 89,089,677 | ||||||||||||||||||
Balances at June 30, 2024 | — | $ | — | 39,254,643 | $ | 392,546 | $ | 245,140,758 | $ | 509,936 | $ | (215,843,575) | $ | 30,199,665 | ||||||||||||||||||
Issuance of common stock for: | ||||||||||||||||||||||||||||||||
Employee Stock Purchase Plan | — | — | 8,232 | 82 | 10,290 | — | — | 10,372 | ||||||||||||||||||||||||
Exercise of Stock Options, RSUs & RSAs, net | — | — | 70,309 | 703 | (703) | — | — | — | ||||||||||||||||||||||||
Issuance of common stock for acquisition of Visimid | — | — | 279,553 | 2,796 | 318,562 | — | — | 321,358 | ||||||||||||||||||||||||
Stock-based compensation on stock options, RSUs & RSAs | — | — | — | — | 264,475 | — | — | 264,475 | ||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | 271,594 | — | 271,594 | ||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (1,622,745) | (1,622,745) | ||||||||||||||||||||||||
Balances at September 30, 2024 | — | $ | — | 39,612,737 | $ | 396,127 | $ | 245,733,382 | $ | 781,530 | $ | (217,466,320) | $ | 29,444,719 | ||||||||||||||||||
Issuance of common stock for: | ||||||||||||||||||||||||||||||||
Exercise of Stock Options, RSUs & RSAs, net | — | — | 229,097 | 2,291 | (2,291) | — | — | — | ||||||||||||||||||||||||
Shares issued as compensation | — | — | 49,000 | 490 | 89,180 | — | — | 89,670 | ||||||||||||||||||||||||
Stock-based compensation on stock options, RSUs & RSAs | — | — | — | — | 231,581 | — | — | 231,581 | ||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | (451,035) | — | (451,035) | ||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (2,611,997) | (2,611,997) | ||||||||||||||||||||||||
Balances at December 31, 2024 | — | $ | — | 39,890,834 | $ | 398,908 | $ | 246,051,852 | $ | 330,495 | $ | (220,078,317) | $ | 26,702,938 | ||||||||||||||||||
Issuance of preferred stock under private equity placement, net of fees | 24,956 | 19,648,488 | — | — | — | — | — | — | ||||||||||||||||||||||||
Issuance of common stock for: | ||||||||||||||||||||||||||||||||
Employee Stock Purchase Plan | — | — | 1,137 | 11 | 4,002 | — | — | 4,013 | ||||||||||||||||||||||||
Exercise of Stock Options, RSUs & RSAs, net | — | — | 238,641 | 2,387 | 788 | — | — | 3,175 | ||||||||||||||||||||||||
Issuance of common stock for acquisition of Visimid | — | — | 102,700 | 1,027 | 391,561 | — | — | 392,588 | ||||||||||||||||||||||||
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 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 | — | — | — | — | 194,303 | — | — | 194,303 | ||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | 120,572 | — | 120,572 | ||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (3,582,460) | (3,582,460) | ||||||||||||||||||||||||
Balances at March 31, 2025 | 24,956 | $ | 34,399,622 | 42,893,563 | $ | 428,936 | $ | 238,505,174 | $ | 451,067 | $ | (223,660,777) | $ | 15,724,400 | ||||||||||||||||||
LIGHTPATH TECHNOLOGIES, INC. | ||||||||
Nine Months Ended | ||||||||
March 31, | ||||||||
2026 | 2025 | |||||||
Cash flows from operating activities: | ||||||||
Net loss | $ | (16,404,698) | $ | (7,817,202) | ||||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Depreciation and amortization | 3,717,691 | 3,356,752 | ||||||
Interest from amortization of loan issuance costs | 90,124 | 161,905 | ||||||
Amortization of fair value of loan | 90,321 | — | ||||||
Loss on extinguishment of debt | 506,280 | 418,502 | ||||||
Change in fair value of warrant liability | — | (870,554) | ||||||
Change in fair value of acquisition earnout liabilities | 12,234,529 | 130,445 | ||||||
Earnout payment for acquisition of G5, net of financing portion | (3,813,587) | — | ||||||
Loss on disposal of property and equipment | 4,016 | 80,505 | ||||||
Stock-based compensation on stock options, RSUs & RSAs, net | 1,261,577 | 745,155 | ||||||
Provision for credit losses | (26,034) | (3,014) | ||||||
Change in operating lease assets and liabilities | (181,814) | (91,582) | ||||||
Inventory write-offs to allowance | 215,129 | 135,625 | ||||||
Deferred taxes | (64,323) | (2,368) | ||||||
Changes in operating assets and liabilities, net of acquisitions: | ||||||||
Trade accounts receivable | (1,200,965) | (822,043) | ||||||
Other current assets | (145,353) | 73,362 | ||||||
Inventories | (247,597) | (1,206,340) | ||||||
Prepaid expenses and deposits | (2,182,257) | (360,439) | ||||||
Accounts payable and accrued liabilities | 1,030,382 | 389,844 | ||||||
Net cash used in operating activities | (5,116,579) | (5,681,447) | ||||||
Cash flows from investing activities: | ||||||||
Purchase of property and equipment | (1,844,395) | (580,726) | ||||||
Proceeds from sale of equipment | — | 10,648 | ||||||
Acquisition of Amorphous | (7,000,111) | — | ||||||
Acquisition of G5 | — | (20,250,011) | ||||||
Net cash used in investing activities | (8,844,506) | (20,820,089) | ||||||
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 | 65,242,541 | — | ||||||
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 | — | 18,842,138 | ||||||
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 | (5,442,930) | (149,118) | ||||||
Repayment of finance lease obligations | (168,089) | (133,711) | ||||||
Net cash provided by financing activities | 64,026,461 | 29,572,286 | ||||||
Effect of exchange rate on cash and cash equivalents | 292,769 | (72,133) | ||||||
Change in cash and cash equivalents | 50,358,145 | 2,998,617 | ||||||
Cash and cash equivalents, beginning of period | 4,877,036 | 3,480,268 | ||||||
Cash and cash equivalents, end of period | $ | 55,235,181 | $ | 6,478,885 | ||||
Supplemental disclosure of cash flow information: | ||||||||
Interest paid in cash | $ | 390,457 | $ | 66,136 | ||||
Income taxes paid | $ | 194,527 | $ | 118,016 | ||||
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 | $ | 3,149,942 | $ | 4,872,068 | ||||
Issuance of common stock for acquisition of AML, including earnouts | $ | 1,027,080 | $ | — | ||||
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 | ||||
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SOURCE LightPath Technologies