LightPath revenue rises 38% to $20.8M in Q1 FY2027
Assemblies and modules supplied the largest product-group contribution as revenue rose, while operating cash use increased compared with the prior-year quarter.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
LightPath Technologies (LPTH) reported revenue of $20.76 million for the three months ended September 30, 2026, up 38% from $15.06 million a year earlier. Assemblies and modules contributed $10.52 million, up from $5.99 million, and drove most of the increase; management cited demand from defense customers, particularly for surveillance and counter-UAS systems.
Gross profit was $8.60 million, versus $4.48 million, and gross margin was 41%, compared with 30%. Net loss narrowed to $1.70 million from $2.89 million, while loss per common share was $0.02, compared with $0.07.
Operating cash used was $8.33 million, versus $1.14 million a year earlier, including a $13.53 million cash outflow from inventory changes. Cash and equivalents were $82.93 million at September 30, 2026, and net inventory was $31.49 million, compared with $18.01 million at June 30, 2026. After quarter-end, LightPath completed the sale of its China subsidiary LPOIZ on October 30, 2026.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointLPTH revenue grew 38% in the three months ended September 30, 2026.
- Moderate pointGross profit rose to $8.60 million from $4.48 million year over year.
- Moderate pointNet loss narrowed to $1.70 million from $2.89 million.
Negative
- Moderate pointOperating cash use was $8.33 million, versus $1.14 million a year earlier.
Filing Explained
The scheduled G5 earnout combines $6.3 million in cash with $2.7 million in shares due by January 15, 2027.
The filing reports that the AML earnout was fully settled by September 30, while G5’s year-two earnout is fixed at
The G5 payment comprises
Key Figures
Key Terms
counter-UAS technical
Contingent Consideration financial
Level 3 fair value measurements financial
cashless exercise financial
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much revenue did LPTH report for Q1 fiscal 2027?
Which LPTH product group generated the most revenue in Q1 fiscal 2027?
Who bought LPTH's LPOIZ subsidiary, and what supply arrangement followed?
AI-generated analysis. How Rhea-AI works. Not financial advice.
Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
(Mark One)
For the quarterly period ended
OR
For the transition period from ___________ to ____________
Commission file number
LIGHTPATH TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of | (I.R.S. Employer | |||
| incorporation or organization) | Identification No.) |
(Address of principal executive offices)
(ZIP Code)
(
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
| Class A Common Stock, par value $0.01 | | The |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or such shorter period that the registrant was required to submit such files).
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| Large accelerated filer | ☐ | Accelerated filer | ☐ | |
| ☒ | Smaller reporting company | |||
| Emerging growth company |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:
LIGHTPATH TECHNOLOGIES, INC.
Form 10-Q
Index
| Item | Page | |
| Cautionary Note Concerning Forward-Looking Statements | 3 | |
| Part I | Financial Information | |
| Item 1 | Financial Statements | 4 |
| Unaudited Condensed Consolidated Balance Sheets | 4 | |
| Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) | 5 | |
| Unaudited Condensed Consolidated Statement of Changes in Stockholders’ Equity | 6 | |
| Unaudited Condensed Consolidated Statements of Cash Flows | 7 | |
| Notes to Unaudited Condensed Consolidated Financial Statements | 8 | |
| Item 2 | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 25 |
| Results of Operations | 28 | |
| Liquidity and Capital Resources | 30 | |
| Critical Accounting Policies and Estimates | 31 | |
| How We Operate | 31 | |
| Non-GAAP Financial Measures | 34 | |
| Item 3 | Quantitative and Qualitative Disclosures about Market Risk | 35 |
| Item 4 | Controls and Procedures | 35 |
| Part II | Other Information | |
| Item 1 | Legal Proceedings | 36 |
| Item 1A | Risk Factors | 36 |
| Item 2 | Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities | 36 |
| Item 3 | Defaults Upon Senior Securities | 36 |
| Item 4 | Mine Safety Disclosures | 36 |
| Item 5 | Other Information | 36 |
| Item 6 | Exhibits | 37 |
| Signatures | 38 | |
CAUTIONARY NOTE CONCERNING FORWARD-LOOKING STATEMENTS
Certain statements and information in this Quarterly Report on Form 10-Q for the quarter ended September 30, 2026 (the “Quarterly Report”) may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” or “continue,” or other comparable terminology. These forward-looking statements include, without limitation, statements regarding:
| ● |
expectations regarding our ability to scale as a vertically-integrated supplier of infrared products and imaging systems; |
| ● |
our ability to convert backlog into revenue and the timing of such conversion; |
| ● |
our intentions regarding the use of our earnings generated by our subsidiaries; |
| ● |
our belief that our acquisitions will align with our overall strategy; |
| ● |
our expectations regarding market growth potential and market conditions, including in international markets; |
| ● |
our belief that our product groups are aligned with our strategic direction, as well as our ability to focus on higher margin products; |
| ● |
our ability to remain competitive through differentiating technology; |
| ● |
the impact of trade actions on our operations and financial condition; |
| ● |
our ability to successfully create a sustainable annuity revenue stream; |
| ● |
our expectation that our existing contracts will be renewed in future quarters; |
| ● |
our expectations regarding the performance and demand of our products; |
| ● |
our anticipated timing for our ability to deliver hardware during fiscal 2027; and |
| ● |
any other statements regarding our plans, opinions, expectations, beliefs, objectives, assumptions or projections regarding future events or future results and underlying assumptions and other statements, which are not statements of historical facts. |
These forward-looking statements are based largely on our current expectations and assumptions and are subject to a number of risks and uncertainties, many of which are beyond our control. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate. These statements are subject to many risks, uncertainties, and other important factors that could cause actual future results to differ materially from those expressed in the forward-looking statements including, but not limited to, the impact of tariffs and other governmental trade restrictions, our ability to obtain needed raw materials and components from our suppliers; general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth; geopolitical tensions, the Russian-Ukraine conflict, and the Hamas/Israel war; the effects of steps that we could take to reduce operating costs; rising inflation and increased interest rates, which diminish capital market cash flow and borrowing power; our inability to sustain profitable sales growth, convert inventory to cash, or reduce our costs to maintain competitive prices for our products; circumstances or developments that may make us unable to implement or realize the anticipated benefits, or that may increase the costs, of our current and planned business initiatives; and those factors detailed by us in our public filings with the Securities and Exchange Commission (the “SEC”), including in Item 1A, Risk Factors, in our Annual Report on Form 10-K for the year ended June 30, 2026. In light of these risks and uncertainties, all of the forward-looking statements made herein are qualified by these cautionary statements and there can be no assurance that the actual results or developments anticipated by us will be realized. We undertake no obligation to update or revise any of the forward-looking statements contained herein.
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
LIGHTPATH TECHNOLOGIES, INC.
Condensed Consolidated Balance Sheets
(unaudited)
| September 30, | June 30, | |||||||
| 2026 | 2026 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | $ | ||||||
| Trade accounts receivable, net of allowance of $112,025 and $63,162 | ||||||||
| Inventories, net | ||||||||
| Prepaid expenses and deposits | ||||||||
| Other current assets | ||||||||
| Total current assets | ||||||||
| Property and equipment, net | ||||||||
| Operating lease right-of-use assets | ||||||||
| Intangible assets, net | ||||||||
| Goodwill | ||||||||
| Deferred tax assets, net | ||||||||
| Other assets | ||||||||
| Total assets | $ | $ | ||||||
| Liabilities and Stockholders’ Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | $ | ||||||
| Accrued liabilities | ||||||||
| Accrued payroll and benefits | ||||||||
| Operating lease liabilities, current | ||||||||
| Loans payable, current portion | ||||||||
| Finance lease obligation, current portion | ||||||||
| Total current liabilities | ||||||||
| Deferred tax liabilities, net | ||||||||
| Finance lease obligation, less current portion | ||||||||
| Operating lease liabilities, noncurrent | ||||||||
| Loans payable, less current portion | ||||||||
| Total liabilities | ||||||||
| Commitments and Contingencies | ||||||||
| Series G Convertible Preferred Stock; $0.01 par value; 44,000 shares authorized; 6,492 and 6,492 shares issued and outstanding | $ | $ | ||||||
| Stockholders’ equity: | ||||||||
| Preferred stock: Series D, $0.01 par value, voting; 500,000 shares authorized; none issued and outstanding | ||||||||
| Common stock: Class A, $0.01 par value, voting; 94,500,000 shares authorized; 70,087,678 and 69,963,045 shares issued and outstanding | ||||||||
| Additional paid-in capital | ||||||||
| Accumulated other comprehensive income | ||||||||
| Accumulated deficit | ( | ) | ( | ) | ||||
| Total stockholders’ equity | ||||||||
| Total liabilities, convertible preferred stock and stockholders’ equity | $ | $ | ||||||
The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements.
LIGHTPATH TECHNOLOGIES, INC.
Condensed Consolidated Statements of Comprehensive Income (Loss)
(unaudited)
| Three Months Ended | ||||||||
| September 30, | ||||||||
| 2026 | 2025 | |||||||
| Revenue, net | $ | $ | ||||||
| Cost of sales | ||||||||
| Gross profit | ||||||||
| Operating expenses: | ||||||||
| Selling, general and administrative | ||||||||
| New product development | ||||||||
| Amortization of intangible assets | ||||||||
| Change in fair value of acquisition earnout liabilities | ||||||||
| Loss on disposal of property and equipment | ||||||||
| Total operating expenses | ||||||||
| Operating loss | ( | ) | ( | ) | ||||
| Other income (expense): | ||||||||
| Interest income (expense), net | ( | ) | ||||||
| Other expense, net | ( | ) | ( | ) | ||||
| Total other income (expense) | ( | ) | ||||||
| Loss before income taxes | ( | ) | ( | ) | ||||
| Income tax provision | ||||||||
| Net loss | $ | ( | ) | $ | ( | ) | ||
| Foreign currency translation adjustment | ||||||||
| Comprehensive loss | $ | ( | ) | $ | ( | ) | ||
| Loss per common share (basic) | $ | ( | ) | $ | ( | ) | ||
| Number of shares used in per share calculation (basic) | ||||||||
| Loss per common share (diluted) | $ | ( | ) | $ | ( | ) | ||
| Number of shares used in per share calculation (diluted) | ||||||||
The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements.
LIGHTPATH TECHNOLOGIES, INC.
Condensed 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, 2026 | $ | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||||||||||
| Issuance of common stock for: | ||||||||||||||||||||||||||||||||
| Employee Stock Purchase Plan | ||||||||||||||||||||||||||||||||
| Exercise of stock options, RSUs & RSAs, net | ( | ) | ||||||||||||||||||||||||||||||
| Issuance of common stock for acquisition of Amorphous | ||||||||||||||||||||||||||||||||
| Stock-based compensation on stock options, RSUs & RSAs | — | — | ||||||||||||||||||||||||||||||
| Foreign currency translation adjustment | — | — | ||||||||||||||||||||||||||||||
| Net loss | — | — | ( | ) | ( | ) | ||||||||||||||||||||||||||
| Balances at September 30, 2026 | $ | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||||||||||
| Balances at June 30, 2025 | $ | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||||||||||
| Issuance of common stock for: | ||||||||||||||||||||||||||||||||
| Exercise of stock options, RSUs & RSAs, net | ( | ) | ||||||||||||||||||||||||||||||
| Issuance of common stock under private equity placement | — | — | ||||||||||||||||||||||||||||||
| Issuance of common stock for acquisition of Visimid | ||||||||||||||||||||||||||||||||
| Stock-based compensation on stock options, RSUs & RSAs | — | — | ||||||||||||||||||||||||||||||
| Foreign currency translation adjustment | — | — | ||||||||||||||||||||||||||||||
| Net loss | — | — | ( | ) | ( | ) | ||||||||||||||||||||||||||
| Balances at September 30, 2025 | $ | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||||||||||
The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements.
LIGHTPATH TECHNOLOGIES, INC.
Condensed Consolidated Statements of Cash Flows
(unaudited)
| Three Months Ended | ||||||||
| September 30, | ||||||||
| 2026 | 2025 | |||||||
| Cash flows from operating activities: | ||||||||
| Net loss | $ | ( | ) | $ | ( | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Depreciation and amortization | ||||||||
| Interest from amortization of loan issuance costs | ||||||||
| Amortization of fair value of loan | ||||||||
| Change in fair value of acquisition earnout liabilities | ||||||||
| Loss on disposal of property and equipment | ||||||||
| Stock-based compensation on stock options, RSUs & RSAs, net | ||||||||
| Provision for credit losses | ( | ) | ||||||
| Change in operating lease assets and liabilities | ( | ) | ( | ) | ||||
| Inventory write-offs to allowance | ||||||||
| Deferred taxes | ||||||||
| Changes in operating assets and liabilities, net of acquisitions: | ||||||||
| Trade accounts receivable | ( | ) | ( | ) | ||||
| Other current assets | ( | ) | ||||||
| Inventories | ( | ) | ( | ) | ||||
| Prepaid expenses and deposits | ||||||||
| Accounts payable and accrued liabilities | ( | ) | ||||||
| Net cash used in operating activities | ( | ) | ( | ) | ||||
| Cash flows from investing activities: | ||||||||
| Purchase of property and equipment | ( | ) | ( | ) | ||||
| Net cash used in investing activities | ( | ) | ( | ) | ||||
| Cash flows from financing activities: | ||||||||
| Proceeds from sale of common stock from Employee Stock Purchase Plan | ||||||||
| Proceeds from issuance of common stock under private equity placement, net of fees | ||||||||
| Proceeds from sale-leaseback of equipment | ||||||||
| Payments on loans payable | ( | ) | ( | ) | ||||
| Repayment of finance lease obligations | ( | ) | ( | ) | ||||
| Net cash provided by financing activities | ||||||||
| Effect of exchange rate on cash and cash equivalents | ||||||||
| Change in cash and cash equivalents | ( | ) | ||||||
| Cash and cash equivalents, beginning of period | ||||||||
| Cash and cash equivalents, end of period | $ | $ | ||||||
| Supplemental disclosure of cash flow information: | ||||||||
| Interest paid in cash | $ | $ | ||||||
| Income taxes paid | $ | $ | ||||||
| Supplemental disclosure of non-cash investing & financing activities: | ||||||||
| Issuance of common stock for acquisition of AML, including earnouts | $ | |||||||
| Operating right-of-use assets acquired in exchange for operating lease liabilities | $ | |||||||
| Issuance of common stock for acquisition of Visimid | $ | |||||||
The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements.
LIGHTPATH TECHNOLOGIES, INC.
Notes to Unaudited Condensed Consolidated Financial Statements
1. Basis of Presentation
References in this document to the “Company,” “LightPath,” “we,” “us,” or “our” are intended to mean LightPath Technologies, Inc., individually, or as the context requires, collectively with its subsidiaries on a consolidated basis.
These unaudited Condensed Consolidated Financial Statements have been prepared in accordance with the requirements of Article 8 of Regulation S-X promulgated under the Exchange Act and, therefore, do not include all information and footnotes necessary for a fair presentation of financial position, results of operations, and cash flows in conformity with accounting principles generally accepted in the United States of America (“GAAP”). These unaudited Condensed Consolidated Financial Statements should be read in conjunction with our Consolidated Financial Statements and related notes, included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2026, filed with the SEC. Unless otherwise stated, references to particular years or quarters refer to our fiscal years ended June 30 and the associated quarters of those fiscal years.
These Condensed Consolidated Financial Statements are unaudited, but include all adjustments, including normal recurring adjustments, which, in the opinion of management, are necessary to present fairly our financial position, results of operations and cash flows for the interim periods presented. The Condensed Consolidated Balance Sheet as of June 30, 2026 has been derived from the audited financial statements at that date but does not include all of the information and notes required by generally accepted accounting principles for complete financial statements. Results of operations for interim periods are not necessarily indicative of the results that may be expected for the year as a whole. The unaudited Condensed Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.
2. Significant Accounting Policies
Our significant accounting policies are provided in Note 2, Summary of Significant Accounting Policies, in the Consolidated Financial Statements in our Annual Report on Form 10-K for the fiscal year ended June 30, 2026. There have been no material changes to our significant accounting policies during the three months ended September 30, 2026, from those disclosed in our Annual Report on Form 10-K for the fiscal year ended June 30, 2026.
Use of Estimates
Management makes estimates and assumptions during the preparation of our unaudited Condensed Consolidated Financial Statements that affect amounts reported in the unaudited Condensed Consolidated Financial Statements and accompanying notes. Such estimates and assumptions could change in the future as more information becomes available, which, in turn, could impact the amounts reported and disclosed herein.
Fair Value of Financial Instruments
We account for financial instruments in accordance with the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification Topic 820, “Fair Value Measurements and Disclosures” (“ASC 820”), which provides a framework for measuring fair value and disclosure requirements for fair value measurements of assets and liabilities. ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value:
Level 1 - Quoted prices in active markets for identical assets or liabilities.
Level 2 - Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable.
Level 3 - Unobservable inputs that are supported by little or no market activity, therefore requiring an entity to develop its own assumptions about the assumptions that market participants would use in pricing.
Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management.
We valued certain financial instruments issued in connection with the acquisition of G5 Infrared (as defined below) using Level 3 fair value measurements, including warrants, Series G Convertible Preferred Stock (as defined below) and the Acquisition Notes (as defined below). As of June 30, 2026 and September 30, 2026, only the Series G Convertible Preferred Stock remained outstanding.
In connection with the acquisitions of AML (as defined below) and G5 Infrared, the Company also valued the earnout liabilities and the intangible assets acquired using Level 3 fair value methods. See Note 3, Acquisition of Amorphous Materials, and Note 4, Acquisition of G5 Infrared, to these unaudited Condensed Consolidated Financial Statements for additional information.
Other than as disclosed above, the Company does not have any other financial or non-financial assets or liabilities that would be characterized as Level 1, Level 2 or Level 3 instruments.
3. Acquisition of Amorphous Materials
On January 20, 2026, we entered into an Asset Purchase Agreement (the “Asset Purchase Agreement”), by and among the Company, Amorphous Materials, LLC (“AML”), a Delaware limited liability company and wholly-owned subsidiary of the Company, Amorphous Materials, Inc., a Texas corporation (“Seller”) and other parties thereto, pursuant to which, subject to the terms and conditions set forth in the Asset Purchase Agreement, AML agreed to acquire substantially all of the assets (collectively, the “Assets”) and assume and acquire certain of the rights and liabilities of Seller (collectively, the “Liabilities” and such acquisition of Assets and assumption of the Liabilities together, the “AML Transaction”) relating to Seller’s business of compounding and melting a broad range of Chalcogenide glasses for third-party manufacturers. The AML Transaction closed on January 21, 2026 (the "AML Acquisition Date").
Aggregate consideration payable by the Company to Seller under the Asset Purchase Agreement in connection with the AML Transaction will not exceed $
We accounted for the acquisition of AML using the acquisition method of accounting, which required us to measure identifiable assets acquired and liabilities assumed in the acquiree at their fair values as of the AML Acquisition Date, with the excess of the consideration transferred over those fair values recorded as goodwill. The remaining estimated potential earnout was accrued based on a third-party valuation and was recorded in Accrued liabilities based on its fair value as of the AML Acquisition Date. Additional milestones were achieved on March 10, 2026, June 4, 2026, July 1, 2026 (two milestones) and September 25, 2026; accordingly, an additional
As of the AML Acquisition Date, the preliminary fair value of the aggregate consideration was approximately $
| January 21, | ||||
| Description | 2026 | |||
| Cash consideration | $ | |||
| Net working capital adjustment | ( | ) | ||
| Equity portion of consideration | ||||
| Earnout portion of consideration | ||||
| Selling expense at closing | ||||
| Fair value of consideration transferred | $ | |||
We determined the fair value of assets acquired and liabilities assumed by using available market information and various valuation methods that require judgement related to estimates. The following table summarizes the allocation of the fair value of consideration transferred to assets acquired and liabilities assumed as of the AML Acquisition Date:
| Final as of | ||||
| June 30, | ||||
| Description | 2026 | |||
| Assets: | ||||
| Accounts receivable | $ | |||
| Inventory | ||||
| Property and equipment | ||||
| Goodwill | ||||
| Other intangible assets | ||||
| Total assets acquired | $ | |||
| Liabilities: | ||||
| Accounts payable | ||||
| Accrued liabilities | ||||
| Current deposits | ||||
| Total liabilities assumed | $ | |||
| Net assets acquired | $ | |||
Intangible assets – All intangible assets acquired in the acquisition of AML are subject to amortization. The fair value of identifiable intangible assets acquired as of the AML Acquisition Date is as follows:
| Useful Lives | ||||||||
| Intangible Asset | Total | (Years) | ||||||
| Backlog | $ | |||||||
| Know-how | ||||||||
| Tradename | ||||||||
| Customer relationships | ||||||||
| Total | $ | |||||||
Goodwill – The $
The Company’s unaudited Condensed Consolidated Financial Statements reflect the financial results of AML beginning on the AML Acquisition Date. Revenue generated by AML is included in our infrared components product group.
The following table presents unaudited pro forma financial results of the operations acquired from AML. The pro forma results were prepared as if the acquisition of AML was completed on the first day of our fiscal year 2026, July 1, 2025. The pro forma results do not include any integration synergies and are not necessarily indicative of our results of operations that actually would have been obtained had the acquisition of AML been completed for the period presented, or which may be realized in the future.
| Three Months Ended September 30, | ||||
| 2025 | ||||
| Revenue | $ | |||
| Net loss | $ | ( | ) | |
4. Acquisition of G5 Infrared
In February 2025, the Company acquired G5 Infrared LLC, a New Hampshire limited liability company (“G5 Infrared”), pursuant to a Membership Interest Purchase Agreement (the “G5 MIPA”) by and among the Company, G5 Infrared, the members of G5 Infrared (collectively, the “G5 Sellers”), and Kenneth R. Greenslade, solely in his capacity as G5 Sellers’ Representative. The Company has acquired from the G5 Sellers all of the issued and outstanding membership interests of G5 Infrared, which closed on February 18, 2025 (the “G5 Acquisition Date”).
Net assets and results of operations of G5 Infrared are reflected in our financial results commencing on the G5 Acquisition Date. Revenue generated by G5 Infrared is included in our infrared components and assemblies and modules product groups.
We accounted for the acquisition of G5 Infrared using the acquisition method of accounting, which required us to measure identifiable assets acquired and liabilities assumed in the acquiree at their fair values as of the G5 Acquisition Date, with the excess of the consideration transferred over those fair values recorded as goodwill.
The fair value of the aggregate consideration was approximately $
Earnout payments of an aggregate of up to $
5. Acquisition of Visimid Technologies
In July 2023, the Company acquired Liebert Consulting LLC, dba Visimid Technologies (“Visimid”), pursuant to a Membership Interest Purchase Agreement dated as of July 25, 2023. The purchase price included certain installment payments of restricted stock, of which
6. Revenue
Product Revenue
We are a manufacturer of infrared imaging cameras, optical assemblies, optical components and infrared materials. Optical components include precision molded glass aspheric optics, molded and diamond-turned infrared aspheric lenses, and other optical elements produced using other fabrication techniques. We design, develop, manufacture, and distribute optical systems, assemblies and components utilizing advanced optical manufacturing processes, multidisciplinary engineering and manufacturing technologies, and assembly and integration services. We also provide engineering services and perform research and development for optical solutions for a wide range of optics markets.
Revenue Recognition
Revenue is generally recognized upon transfer of control, including the risks and rewards of ownership, of products or services to customers in an amount that reflects the consideration we expect to receive in exchange for those products or services. We generally bear all costs, risk of loss, or damage and retain title to the goods up to the point of transfer of control of products to customers. Shipping and handling costs are included in the cost of goods sold. We present revenue net of sales taxes and any similar assessments.
Customary payment terms are granted to customers, based on credit evaluations. We currently do not have any contracts where revenue is recognized, but the customer payment is contingent on a future event. We record deferred revenue when cash payments are received or due in advance of revenue recognition. Deferred revenue was $
Nature of Products
Revenue from the sale of infrared cameras, optical components and assemblies is recognized upon transfer of control, including the risks and rewards of ownership, to the customer. The performance obligations for the sale of optical components and assemblies are satisfied at a point in time, generally upon shipment. Product development agreements for engineering services are generally short-term in nature, with revenue recognized upon satisfaction of the performance obligation, and transfer of control of the agreed-upon deliverable. Visimid has one longer-term order with a defense customer which includes both product development and hardware deliverables where similar revenue recognition criteria are applied.
We categorize our products into four product groups: (i) infrared components, (ii) visible components, (iii) assemblies and modules, and (iv) engineering services.
Revenue by product group for the three months ended September 30, 2026 and 2025 was as follows, with certain fiscal year 2026 amounts reclassified from infrared components to assemblies and modules to conform to current classification:
| Three Months Ended | ||||||||
| September 30, | ||||||||
| 2026 | 2025 | |||||||
| Infrared components | $ | $ | ||||||
| Visible components | ||||||||
| Assemblies and modules | ||||||||
| Engineering services | ||||||||
| Total revenue | $ | $ | ||||||
7. Inventories
The components of inventories include the following:
| September 30, | June 30, | |||||||
| 2026 | 2026 | |||||||
| Raw materials | $ | $ | ||||||
| Work in process | ||||||||
| Finished goods | ||||||||
| Allowance for obsolescence | ( | ) | ( | ) | ||||
| Total inventories, net | $ | $ | ||||||
During the three months ended September 30, 2026, the Company evaluated all allowed items and disposed of approximately $
The value of tooling in raw materials, net of the related allowance for obsolescence, was approximately $
8. Property and Equipment
Property and equipment are summarized as follows:
| Estimated Lives | September 30, | June 30, | ||||||||||
| (Years) | 2026 | 2026 | ||||||||||
| Manufacturing equipment | $ | $ | ||||||||||
| Computer equipment and software | ||||||||||||
| Furniture and fixtures | ||||||||||||
| Leasehold improvements | ||||||||||||
| Construction in progress | ||||||||||||
| Total property and equipment | ||||||||||||
| Less accumulated depreciation and amortization | ( | ) | ( | ) | ||||||||
| Total property and equipment, net | $ | $ | ||||||||||
Depreciation expense was $
9. Goodwill and Intangible Assets
There were no changes in the goodwill balance of $
Amortizable intangible assets were comprised of:
| September 30, 2026 | June 30, 2026 | |||||||||||||||||||||||||||
| Useful Lives (Years) | Gross | Accumulated Amortization | Net | Gross | Accumulated Amortization | Net | ||||||||||||||||||||||
| Customer relationships | $ | $ | ( | ) | $ | $ | $ | ( | ) | $ | ||||||||||||||||||
| Know-how | ( | ) | ( | ) | ||||||||||||||||||||||||
| Tradenames | ( | ) | ( | ) | ||||||||||||||||||||||||
| Backlog | ( | ) | ( | ) | ||||||||||||||||||||||||
| Total intangible assets, net | $ | $ | ( | ) | $ | $ | $ | ( | ) | $ | ||||||||||||||||||
Future amortization of intangible assets is as follows:
| Fiscal year ending: | ||||
| June 30, 2027 (remaining nine months) | $ | |||
| June 30, 2028 | ||||
| June 30, 2029 | ||||
| June 30, 2030 | ||||
| June 30, 2031 | ||||
| After June 30, 2031 | ||||
| $ |
10. Income Taxes
A summary of our total income tax expense and effective income tax rate for the three months ended September 30, 2026 and 2025 is as follows:
| Three Months Ended | ||||||||
| September 30, | ||||||||
| 2026 | 2025 | |||||||
| Loss before income taxes | $ | ( | ) | $ | ( | ) | ||
| Income tax provision | $ | $ | ||||||
| Effective income tax rate | - | % | - | % | ||||
The difference between our effective tax rates in the periods presented above and the federal statutory rate is due to the mix of taxable income and losses generated in our various tax jurisdictions, which include the United States (the “U.S.”), the People’s Republic of China, and the Republic of Latvia. For the three months ended September 30, 2026 and 2025, income tax expense was primarily related to income taxes from our operations in China and Chinese withholding taxes on payments from our wholly-owned subsidiary, LightPath Optical Instrumentation (Zhenjiang) Co., Ltd. (“LPOIZ”), to LightPath for administrative services rendered.
We record net deferred tax assets to the extent we believe it is more likely than not that some portion or all of these assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income. We consider the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. As of September 30, 2026 and June 30, 2026, our net deferred tax assets are related to the U.S. jurisdiction and we have provided a valuation allowance to reduce the deferred tax assets to the net amount we estimate is more-likely-than-not to be realized. Our net deferred tax assets as of September 30, 2026 and June 30, 2026 consist primarily of federal and state tax credits with indefinite carryover periods. The net deferred tax liabilities as of September 30, 2026 and June 30, 2026 are related to LPOIZ, primarily resulting from timing differences related to accelerated depreciation on fixed assets.
U.S. Federal and State Income Taxes
Our U.S. federal and state statutory income tax rate is estimated to be
On July 4, 2025, the One Big Beautiful Bill Act was enacted (“OBBBA”), introducing significant and wide-ranging changes to the U.S. federal tax system. Significant components include restoration of 100% accelerated tax depreciation on qualifying property including expansion to cover qualified production property. Another major aspect includes the return to immediate expensing of domestic research and experimental expenditures (“R&E”) which in some cases may include retroactive application back to 2021 for businesses with gross receipts of less than $31 million or accelerated tax deductions of R&E that was previously capitalized for larger businesses. The legislation also reinstates EBITDA-based interest deductions for tax purposes and makes several business tax incentives permanent. Less favorable business provisions include limitations on tax deductions for charitable contributions.
The OBBBA modified the U.S. International Tax provisions for Global Intangible Low-Taxed Income (“GILTI”), Foreign-Derived Intangible Income (“FDII”), and the Base-erosion Anti-abuse Tax (“BEAT”) effective for tax years starting after December 31, 2025. The tax rate on GILTI, now renamed to Net CFC Tested Income (“NCTI”), is now 12.6%. The FDII rules, now renamed to Foreign Derived Deduction Eligible Income (“FDDEI”), now carry a 14% tax rate on FDDEI eligible income. The OBBBA increases the BEAT rate from 10% to 10.5%.
The Company continues to assess the potential impact of this legislation on its future financial position, results of operations, and cash flows. In accordance with GAAP, the effects will be recognized in the period of enactment. While we do not currently anticipate that the provisions of OBBBA will have a material impact, we are currently evaluating any such impacts on a go-forward basis.
Income Tax Law of the People’s Republic of China
Our Chinese subsidiary, LPOIZ, is governed by the Income Tax Law of the People’s Republic of China. As of September 30, 2026, LPOIZ was subject to a statutory income tax rate of
In July 2026, we announced that we entered into an equity transfer agreement to sell and transfer
Law of Corporate Income Tax of Latvia
Our Latvian subsidiary, ISP Optics Latvia, SIA (“ISP Latvia”), is governed by the Law of Corporate Income Tax of Latvia. Effective January 1, 2018, the Republic of Latvia enacted tax reform with the following key provisions: (i) corporations are not subject to income tax, but are instead subject to a distribution tax on distributed profits (or deemed distributions, as defined) and (ii) the rate of tax was changed to 20%; however, distribution amounts are first divided by 0.8 to arrive at the profit before tax amount, resulting in an effective tax rate of 25%. As a transitional measure, distributions of earnings prior to January 1, 2018 were not subject to tax if declared prior to December 31, 2019. ISP Latvia declared an intercompany dividend to be paid to ISP Optics Corporation (“ISP”), its U.S. parent company, for the full amount of earnings accumulated prior to January 1, 2018. Distributions of this dividend have been fully settled and we currently do not intend to distribute any earnings generated after January 1, 2018. If, in the future, we change such intention, we will accrue distribution taxes, if any, as profits are generated.
11. Stock-Based Compensation
Our directors, officers, and key employees are granted stock-based compensation through our 2002 Amended and Restated Omnibus Incentive Plan, as amended (the “2002 Omnibus Plan”), through October 2018 and after that date, through our 2018 Stock and Incentive Compensation Plan (the “2018 SICP”). Such stock-based compensation may include, among other things, incentive stock options, non-qualified stock options, restricted stock awards (“RSAs”) and restricted stock units (“RSUs”). The 2018 SICP is administered by the Compensation Committee of the Company's Board of Directors. To date, our stockholders approved an aggregate of
Stock-based compensation expense is based primarily on the fair value of the award as of the grant date and is recognized as an expense over the requisite service period.
The following table shows total stock-based compensation expense for the three months ended September 30, 2026 and 2025, which is included in selling, general and administrative (“SG&A”) expenses in these unaudited Condensed Consolidated Statements of Comprehensive Income (Loss):
| Three Months Ended | ||||||||
| September 30, | ||||||||
| 2026 | 2025 | |||||||
| Stock options | $ | $ | ||||||
| RSAs | ||||||||
| RSUs | ||||||||
| Total | $ | $ | ||||||
The LightPath Technologies, Inc. Employee Stock Purchase Plan (the “2014 ESPP”) was adopted by the Company’s Board of Directors on October 30, 2014 and approved by the Company’s stockholders on January 29, 2015. The 2014 ESPP expired on January 29, 2025. A new Employee Stock Purchase Plan (the “2025 ESPP”) was approved by the stockholders on June 16, 2025 with the first offering period beginning July 1, 2025. The 2025 ESPP permits employees to purchase Class A Common Stock through payroll deductions, which may not exceed
Grant Date Fair Values and Underlying Assumptions; Contractual Terms
We estimate the fair value of each stock option as of the date of grant, using the Black-Scholes-Merton pricing model. The fair value of 2025 ESPP shares is the amount of the discount the employee obtains at the date of the purchase transaction.
Most stock options granted vest ratably over two to four years and are generally exercisable for ten years. The assumed forfeiture rates used in calculating the fair value of RSA and RSU grants was
The Company estimated the fair value of each stock option award as of the date of grant using the following assumptions:
| Three Months Ended September 30, | ||||||||
| 2026 | 2025 | |||||||
| Weighted-average expected volatility | % | % | ||||||
| Dividend yields | % | % | ||||||
| Weighted-average risk-free interest rate | % | % | ||||||
| Weighted-average expected term, in years | ||||||||
Beginning in March 2026, we granted stock options to certain executives with vesting criteria linked to the Company's financial performance. The stock compensation expense related to these grants reflects the application of estimated probability assumptions related to the achievement of those financial targets. These assumptions will be evaluated for adjustment each fiscal quarter.
Restricted Stock Awards
RSAs are granted primarily to our executive officers, employees and consultants, and typically vest over a one to three year period from the date of grant, although some may vest immediately upon grant. The stock underlying RSAs is issued upon vesting.
Restricted Stock Units
RSUs are granted primarily to our directors, although RSU awards may also be made to executive officers, employees and consultants. RSUs typically vest over a one to four year period from the date of grant, although some may vest immediately upon grant.
The Company issues new shares of Class A Common Stock upon the exercise of stock options and upon vesting of RSUs and RSAs, unless the recipient has elected to defer receipt of shares under the applicable Internal Revenue Service rules.
Information Regarding Current Share-Based Compensation Awards
A summary of the activity for share-based compensation awards in the three months ended September 30, 2026 is presented below:
| Stock Options | Restricted Stock Units (RSUs) | Restricted Stock Awards (RSAs) | ||||||||||||||||||||||||||||||||||
| Weighted- | Weighted- | Weighted- | Weighted- | Weighted- | Weighted- | |||||||||||||||||||||||||||||||
| Average | Average | Average | Average | Average | Average | |||||||||||||||||||||||||||||||
| Exercise | Remaining | Grant Date | Remaining | Grant Date | Remaining | |||||||||||||||||||||||||||||||
| Shares | Price | Contract | Shares | Fair Value | Contract | Shares | Fair Value | Contract | ||||||||||||||||||||||||||||
| June 30, 2026 | $ | |||||||||||||||||||||||||||||||||||
| Granted | $ | $ | ||||||||||||||||||||||||||||||||||
| Exercised | ||||||||||||||||||||||||||||||||||||
| Cancelled/Forfeited | ||||||||||||||||||||||||||||||||||||
| September 30, 2026 | $ | |||||||||||||||||||||||||||||||||||
| Awards exercisable/vested as of | ||||||||||||||||||||||||||||||||||||
| September 30, 2026 | $ | — | — | |||||||||||||||||||||||||||||||||
| Awards unexercisable/vested as of | ||||||||||||||||||||||||||||||||||||
| September 30, 2026 | $ | |||||||||||||||||||||||||||||||||||
As of September 30, 2026, there was approximately $
| Fiscal Year Ending: | Stock Options | RSAs | RSUs | Total | ||||||||||||
| June 30, 2027 (remaining nine months) | $ | $ | $ | $ | ||||||||||||
| June 30, 2028 | ||||||||||||||||
| June 30, 2029 | ||||||||||||||||
| June 30, 2030 | ||||||||||||||||
| June 30, 2031 | ||||||||||||||||
| $ | $ | $ | $ | |||||||||||||
12. Earnings (Loss) Per Share
Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted-average number of shares of Class A Common Stock outstanding during each period presented. The computation of diluted earnings (loss) per share further assumes the potential dilutive effect of potential Class A Common Stock using the treasury-stock method and if-converted method, as applicable. During periods in which the average market price of the Class A Common Stock is above the applicable conversion price of the Company's convertible notes, the impact of conversion would be dilutive and such dilutive effect is reflected in diluted EPS. As a result, in periods where the average market price of the Class A Common Stock is above the conversion price, under the if-converted method, the Company calculates the number of shares issuable under the terms of the convertible notes based on the average market price of the stock during the period, and includes that number in the total diluted shares outstanding for the period. The Series G Convertible Preferred Stock are participating securities as the holders of such instruments participate in the event a dividend is paid on the Class A Common Stock, however the holders do not have a contractual obligation to share in the Company’s losses. As such, losses are attributed entirely to common stockholders. The computations for basic and diluted earnings (loss) per share of Class A Common Stock are described in the following table:
| Three Months Ended | ||||||||
| September 30, | ||||||||
| 2026 | 2025 | |||||||
| Net loss | $ | ( | ) | $ | ( | ) | ||
| Weighted-average common shares outstanding: | ||||||||
| Basic number of shares | ||||||||
| Diluted number of shares | ||||||||
| Loss per common share: | ||||||||
| Basic | $ | ( | ) | $ | ( | ) | ||
| Diluted | $ | ( | ) | $ | ( | ) | ||
The following weighted-average potential dilutive shares were not included in the computation of diluted earnings (loss) per share of Class A Common Stock, as their effects would be anti-dilutive:
| Three Months Ended | ||||||||
| September 30, | ||||||||
| 2026 | 2025 | |||||||
| Options to purchase Class A Common Stock | ||||||||
| RSUs and RSAs | ||||||||
| Series G convertible preferred & warrants | ||||||||
We also accrued for certain acquisition liabilities related to the G5 Infrared and AML acquisitions during the periods presented, a portion of which is expected to be settled in shares of Class A Common Stock, however the number of shares to be issued is dependent upon the stock price at or near the date of settlement. As the number of shares is not known, they have not been included in the above potential dilutive shares. See Note 3, Acquisition of Amorphous Materials and Note 4, Acquisition of G5 Infrared, to these unaudited Condensed Consolidated Financial Statements, for more information.
During the fiscal year ended June 30, 2026, the remaining warrants issued in conjunction with the acquisition of G5 Infrared were exercised by means of "cashless exercise" as defined in the respective warrant agreements.
During the fiscal year ended June 30, 2026, certain holders of Series G Convertible Preferred Stock elected "optional conversion," as defined in the certificate of designations. Following the conversions,
13. Leases
Our leases primarily consist of operating leases related to our facilities located in Orlando, Florida; Plano, Texas; Hudson, New Hampshire; Riga, Latvia; and Zhenjiang, China, and finance leases related to certain equipment located in Orlando, Florida and Riga, Latvia. The operating leases for facilities are non-cancelable operating leases, with terms ending at various times through 2034. We typically include options to renew (or terminate) in our lease term, and as part of our right-of-use (“ROU”) assets and lease liabilities, when it is reasonably certain that we will exercise such options. We currently have eighteen finance lease agreements entered into during fiscal years 2024 thru 2027 with terms ranging from three to five years. The finance leases are for computer and manufacturing equipment.
Our operating lease ROU assets and the related lease liabilities are initially measured at the present value of future lease payments over the lease term. One of our operating leases includes renewal options, which were not included in the measurement of the operating lease ROU assets and related lease liabilities. The Orlando Facility lease was amended in April 2021, and again in September 2021, to expand the space. The lease term was extended and will expire on March 31, 2034.
Our wholly-owned subsidiary, G5 Infrared, has a lease agreement for a manufacturing and office facility in Hudson, New Hampshire, which expires December 31, 2031. The Company’s wholly-owned subsidiary, Visimid, has a lease agreement for a manufacturing and office facility in Plano, Texas, which commenced September 1, 2025 for a five-year term. The prior facility was relocated to this larger facility, and the lease of the prior facility, which was set to expire October 31, 2026, was terminated in March 2026 pursuant to a mutual agreement with the lessor.
Our wholly-owned subsidiary, LPOIZ, the sale of which occurred as of October 30, 2026, has a lease agreement for a manufacturing and office facility in Zhenjiang, China, which expires December 31, 2027. ISP’s wholly-owned subsidiary, ISP Latvia, has two lease agreements for a manufacturing and office facility in Riga, Latvia, which leases expire December 31, 2030.
The components of lease expense for the three months ended September 30, 2026 and 2025 were as follows:
| Three Months Ended | ||||||||
| September 30, | ||||||||
| 2026 | 2025 | |||||||
| Operating lease cost | $ | $ | ||||||
| Finance lease cost: | ||||||||
| Depreciation of lease assets | ||||||||
| Interest on lease liabilities | ||||||||
| Total finance lease cost | ||||||||
| Total lease cost | $ | $ | ||||||
Supplemental balance sheet information related to the leases as of September 30, 2026 and June 30, 2026 was as follows:
| September 30, | June 30, | ||||||||
| Classification | 2026 | 2026 | |||||||
| Assets: | |||||||||
| Operating lease assets | Operating lease assets | $ | $ | ||||||
| Finance lease assets | Property and equipment, net(1) | ||||||||
| Total lease assets | $ | $ | |||||||
| Liabilities: | |||||||||
| Current: | |||||||||
| Operating leases | Operating lease liabilities, current | $ | $ | ||||||
| Finance leases | Finance lease liabilities, current | ||||||||
| Noncurrent: | |||||||||
| Operating leases | Operating lease liabilities, less current portion | ||||||||
| Finance leases | Finance lease liabilities, less current portion | ||||||||
| Total lease liabilities | $ | $ | |||||||
| (1) | Finance lease assets were recorded net of accumulated depreciation of approximately $ |
Lease term and discount rate information related to leases was as follows:
| September 30, | ||||
| Lease Term and Discount Rate | 2026 | |||
| Weighted Average Remaining Lease Term (in years) | ||||
| Operating leases | ||||
| Finance leases | ||||
| Weighted Average Discount Rate | ||||
| Operating leases | % | |||
| Finance leases | % | |||
Supplemental cash flow information was as follows for the three months ended September 30, 2026 and 2025:
| Three Months Ended | ||||||||
| September 30, | ||||||||
| 2026 | 2025 | |||||||
| Cash paid for amounts included in the measurement of lease liabilities: | ||||||||
| Operating cash used for operating leases | $ | $ | ||||||
| Operating cash used for finance leases | $ | $ | ||||||
| Financing cash used for finance leases | $ | $ | ||||||
Future maturities of lease liabilities were as follows as of September 30, 2026:
| Finance | Operating | |||||||
| Fiscal year ending: | Leases | Leases | ||||||
| June 30, 2027 (remaining nine months) | $ | $ | ||||||
| June 30, 2028 | ||||||||
| June 30, 2029 | ||||||||
| June 30, 2030 | ||||||||
| June 30, 2031 | ||||||||
| Thereafter | ||||||||
| Total future minimum payments | ||||||||
| Less imputed interest | ( | ) | ( | ) | ||||
| Present value of lease liabilities | $ | $ | ||||||
14. Loans Payable
As of September 30, 2026, loans payable consisted of one equipment loan. The Acquisition Notes (as defined below) were redeemed during the year ended June 30, 2026.
Acquisition Notes
On
The Acquisition Notes were automatically convertible into shares of Series G Convertible Preferred Stock, which were in turn convertible into shares of Class A Common Stock, if the EBITDA reported by the Company for the calendar year ending December 31, 2025, was less than approximately $
Equipment Loans
In December 2020, ISP Latvia received an equipment loan from a third party (the “2020 Equipment Loan”), which party is also a significant customer. The 2020 Equipment Loan was collateralized by certain equipment. The initial advance under the 2020 Equipment Loan was 225,000 EUR (or approximately USD $
In May 2023, ISP Latvia entered into an equipment loan with a third party financial institution (the “2023 Equipment Loan”). The 2023 Equipment Loan is collateralized by certain equipment. The initial advances under the 2023 Equipment Loan was 260,258 EUR (or approximately USD $
Future maturities of loans payable are as follows:
| Equipment | ||||
| Loan | ||||
| Fiscal year ending: | ||||
| June 30, 2027 (remaining nine months) | $ | |||
| June 30, 2028 | ||||
| Total payments | $ | |||
| Less current portion | ( | ) | ||
| Non-current portion | $ | |||
15. Foreign Operations
Assets and liabilities denominated in non-U.S. currencies are translated at rates of exchange prevailing on the balance sheet date, and revenues and expenses are translated at average rates of exchange for the period. Gains or losses on the translation of the financial statements of a non-U.S. operation, where the functional currency is other than the U.S. dollar, are reflected as a separate component of equity, which was a cumulative gain of approximately $
Our cash and cash equivalents totaled approximately $
Revenues from foreign countries for the three months ended September 30, 2026 and 2025 are as follows:
| Three Months Ended | ||||||||
| September 30, | ||||||||
| 2026 | 2025 | |||||||
| Revenues: | ||||||||
| United States | $ | $ | ||||||
| United Kingdom (1) | ||||||||
| Israel | ||||||||
| China | ||||||||
| Other European countries | ||||||||
| Other Asian countries | ||||||||
| Rest of world | ||||||||
| $ | $ | |||||||
(1) The majority of shipments to the United Kingdom are for a customer that integrates products in the United Kingdom and returns them to their customers in the U.S.
Long-lived assets located in foreign countries as of September 30, 2026 and June 30, 2026 are as follows:
| September 30, | June 30, | |||||||
| 2026 | 2026 | |||||||
| Long-lived assets: | ||||||||
| United States | $ | $ | ||||||
| Latvia | ||||||||
| China | ||||||||
| $ | $ | |||||||
16. Segment Reporting
The Company has one reportable operating segment, the optics segment that is managed on a consolidated basis. The optics segment designs and manufactures products at locations in the U.S., Europe and Asia and manages the business activities on a consolidated basis. Our Chief Operating Decision Maker (“CODM”) is the chief executive officer. The CODM assesses performance for the optics segment and decides how to allocate resources based on consolidated net loss that also is reported on the consolidated statements of comprehensive income (loss) as consolidated net loss. The types of products and services from which the optics segment derives its revenues is described in Note 6, Revenue. The accounting policies of the optics segment are the same as those described in Note 2, Significant Accounting Policies, to these unaudited Condensed Consolidated Financial Statements. The measure of segment assets is reported on the consolidated balance sheet as total assets. See Note 6, Revenue, for detail about revenue by product and service group, and Note 15, Foreign Operations, for geographic information.
The CODM uses consolidated net loss to evaluate income generated from segment assets, and to determine whether to invest in new capabilities related to this segment. The CODM monitors budget to actual results for revenue, gross profit, operating expenses and net loss on a consolidated basis. The CODM reporting package includes non-operating items to reconcile to net income. The following table represents the financial information regularly reviewed by the CODM, in addition to the Consolidated Financial Statements. Interest expense is reported on consolidated statements of comprehensive income (loss) as interest expense, net; depreciation and amortization expense, stock-based compensation expense, and total expenditures for long-lived assets are reported on the consolidated statement of cash flows.
| Optics Segment | ||||||||
| Three Months Ended | ||||||||
| September 30, | ||||||||
| 2026 | 2025 | |||||||
| Revenue | $ | $ | ||||||
| Cost of goods sold | ||||||||
| Segment gross profit | ||||||||
| Less: | ||||||||
| Sales & marketing | ||||||||
| General & administrative | ||||||||
| Corporate | ||||||||
| New product development | ||||||||
| Loss on disposal of equipment | ||||||||
| Amortization of intangible assets | ||||||||
| Change in fair value of acquisition liabilities | ||||||||
| Interest (income) expense, net | ( | ) | ||||||
| Other non-operating income (expense), net | ||||||||
| Provision for income taxes | ||||||||
| Segment net loss | ( | ) | ( | ) | ||||
| Reconciliation of profit or loss | ||||||||
| Adjustments and reconciling items | ||||||||
| Consolidated net loss | $ | ( | ) | $ | ( | ) | ||
17. Contingencies
Legal
The Company, from time to time, is involved in various legal actions arising in the normal course of business. Management, after reviewing with legal counsel all of these actions and proceedings, believes that the aggregate losses, if any, will not have a material adverse effect on the Company’s financial position or results of operations.
Potential Impact of Economic Conditions in and Trade Relations with China
Prior to divesting our subsidiary in China effective October 30, 2026, a portion of our business, results of operations, financial condition and prospects could have been influenced to a significant degree by economic, political, legal and social conditions in China. China’s economy differs from the economies of other countries in many respects, including with respect to the level of development, growth rate, amount of government involvement, control of foreign exchange and allocation of resources. Deteriorating economic conditions in China generally have led to lower demand for our products in China and thus lower revenues and net income for our subsidiary in China and the Company overall. A continuation of China’s current economic conditions or a further slowdown in the economic growth, an economic downturn, a recession, or other adverse economic conditions in China could impact our ongoing supply agreement with our former subsidiary, but is not expected to have a material adverse effect on our business and results of operations in future quarters.
In addition, China’s export limitations on Germanium and Gallium, two materials that are commonly used in infrared optical components, are becoming increasingly disruptive to our business with adverse impacts. The initial restrictions imposed in July 2023 required all international customers to provide an end user statement for approval before receiving an export license. Following that announcement, supply of Germanium was disrupted, though not completely stopped. This also resulted in significant price increases in the cost of Germanium material. Following these restrictions we proactively canceled a number of customer orders for Germanium, to reduce our exposure in case of a supply disruption.
Then, in December 2024, China imposed additional restrictions applicable to exports to the United States, including a prohibition on exports of dual-use items to U.S. military users or for military uses and a policy under which exports of specified gallium- and germanium-related dual-use items to the United States would generally not be licensed. In November 2025, China suspended the latter U.S.-specific restriction through November 27, 2026. However, the underlying export-license requirements remain in effect, the restrictions applicable to U.S. military users and military end uses remain in place, and China may reinstate, extend, or modify its U.S.-specific restrictions.
As a purchaser of Germanium, we cannot provide any assurance that we will be able to obtain adequate supplies of Germanium, or that the timing or costs of obtaining such raw materials will be acceptable to us. We have taken proactive steps to minimize the orders we accept for Germanium products and therefore minimize our exposure to this risk, and are actively working with our customers to redesign their systems to use our BlackDiamond materials instead of Germanium-based materials. Additionally, we are actively collaborating with our customers to ensure those redesigned systems are tested and qualified as replacements for legacy Germanium-based systems. In some cases, such as complex defense and airborne systems, the re-qualification of such redesigned systems is a lengthy process that can take up to two years. In other systems such as commercial systems and also some specific defense systems, this is a faster process, that takes several months.
Beginning in February 2025, the U.S. imposed additional tariffs on imports from China, and China imposed retaliatory tariffs and other measures on certain goods imported from the U.S. Since that time, the United States and China have increased, reduced, suspended, replaced, and otherwise modified various tariff and non-tariff measures, including through bilateral negotiations. We utilize a number of strategies intended to mitigate the impact of tariffs and other trade restrictions. However, given the uncertainty regarding the current tariffs, as well as the potential for additional trade actions by the U.S. or other countries in the future, any future impact on our operations and financial results is uncertain and these impacts could be more significant than those we have experienced in the past. Further, we can provide no assurance that the strategies we implemented to mitigate the impact of such tariffs or other trade actions will continue to be successful. To the extent that our supply chain, costs, sales, or profitability are negatively affected by the tariffs or other trade actions, our business, financial condition, and results of operations may be materially adversely affected.
Impact of Ongoing Wars
In February 2022, Russian military forces invaded Ukraine. This war has led to ongoing sanctions on Russia, which have had continuing impacts on our supply chain of raw materials, particularly Germanium. Separately, Israel declared war on Hamas in October 2023. Initially, this resulted in a temporary increase in our sales, as Israel worked to replace electro-optical systems that in some cases use our materials. Our sales to customers in this region have since stabilized, however, it is still possible that this war could have a negative impact on our business as a result of the overall economic impact in Israel. In addition to the significant defense related market in Israel, we also serve many commercial related applications and work with commercial companies in Israel, and the business of those customers may be negatively impacted by the war over time. Given the dynamic nature of this situation, we cannot reasonably estimate the impact of either the Russian-Ukraine conflict or the Israel-Hamas war on our financial condition, results of operations or cash flows into the foreseeable future.
In February 2026, the U.S. and Israel launched coordinated military strikes against Iran, which retaliated with missile attacks across the region. Although we do not have material operations in the Middle East, the ongoing conflict and any further escalation, including additional military actions, retaliatory measures, sanctions, disruptions to trade or transportation routes, cyberattacks, or other governmental or market responses, could lead to significant disruption of global energy supplies and increases in global energy prices, heighten inflationary pressures on our input costs and supply chain, adversely affect global supply chains, energy markets, commodity prices, currency exchange rates, financial markets and overall macroeconomic conditions, and adversely impact customer spending patterns in markets in which we operate. While we do not expect the impacts of conflict between the United States, Israel, and Iran to have a significant effect on our business, financial condition and results of operations, we are unable to predict the extent or nature of potential future impacts at this time.
18. Offerings of Common Stock
On September 15, 2025, the Company entered into a Securities Purchase Agreement (the “Private Placement SPA”) with Unusual Machines, Inc., a Nevada corporation (“Unusual Machines”), and Ondas Holdings Inc., a Nevada corporation (“Ondas,” together with Unusual Machines, the "Private Placement Buyers”), pursuant to which the Private Placement Buyers agreed to purchase from the Company an aggregate of
On December 12, 2025, we entered into an underwriting agreement (the “Underwriting Agreement”) with Canaccord Genuity LLC and Craig-Hallum Capital Group LLC, as representatives of the several underwriters named therein (the “Underwriters”), relating to an underwritten public offering (the “December Offering”) of
On June 1, 2026, we entered into a securities purchase agreement with a selling stockholder, North Run Strategic Opportunities Fund I, LP (“North Run”) and certain institutional investors for the purchase and sale of an aggregate of
19. Subsequent Event
Effective on October 30, 2026, we closed the previously announced transaction under which LightPath sold and transferred one hundred percent (
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Management’s Discussion and Analysis of Financial Condition and Results of Operations is designed to provide a reader of the financial statements with a narrative report on our financial condition, results of operations, and liquidity. This discussion and analysis should be read in conjunction with the attached unaudited Condensed Consolidated Financial Statements and notes thereto and our Annual Report on Form 10-K for the year ended June 30, 2026, including the audited Consolidated Financial Statements and notes thereto. The following discussion contains forward-looking statements that involve risks and uncertainties, such as statements of our plans, objectives, expectations, and intentions. Our actual results could differ materially from those discussed in the forward-looking statements. Please also see the cautionary language at the beginning of this Quarterly Report on Form 10-Q regarding forward-looking statements.
Introduction
We were incorporated in Delaware in 1992 as the successor to LightPath Technologies Limited Partnership, a New Mexico limited partnership, formed in 1989, and its predecessor, Integrated Solar Technologies Corporation, a New Mexico corporation, formed in 1985. Today, LightPath is a global company with major facilities in the U.S., the People’s Republic of China, and the Republic of Latvia.
Historically, we operated with a focus on optical component manufacturing, and specifically on our leadership position as a precision molded lens manufacturer for visual light applications. We expanded our addressable market with the acquisition of ISP, a manufacturer of infrared optical components, in December 2016. Since 2020, our strategy has been to move up the value chain by producing optical assemblies, modules and simple cameras. The acquisition of Visimid in 2023 and the acquisition of G5 Infrared in 2025 were completed to enhance our abilities on cameras and sensors and speed our movement up the value chain in line with our strategy of value-add infrared systems.
Subsidiaries
ISP and ISP Latvia
In December 2016, we acquired ISP, and its wholly-owned subsidiary, ISP Latvia. ISP is a vertically-integrated manufacturer offering a full range of infrared products from custom infrared optical elements to catalog and high-performance lens assemblies. ISP’s manufacturing operation is located at our corporate headquarters facility in Orlando, Florida (the “Orlando Facility”). ISP Latvia is a manufacturer of high precision optics and offers a full range of infrared products, including catalog and custom infrared optics. ISP Latvia’s manufacturing facility is located in Riga, Latvia.
Visimid
In July 2023, we acquired Visimid. Visimid is an engineering and design firm specializing in thermal imaging, night vision and internet of things applications. Visimid provides design and consulting services for U.S. Department of Defense contractors, commercial and industrial customers, and original equipment manufacturers for original new products. Visimid’s core competency is developing and producing custom thermal and night vision cores. Visimid’s facility is located in Plano, Texas.
G5 Infrared
In February 2025, we acquired G5 Infrared. G5 Infrared is a leading vertically-integrated manufacturer of high-performance infrared camera systems and imaging solutions, specializing in advanced thermal imaging technology and long-range mission-critical detection solutions. G5 Infrared’s existing revenue and future growth pipeline are driven by established multi-year contracts and multiple defense programs of record in shipboard long-range surveillance, border security, and counter unmanned aerial systems (“C-UAS”) systems, as well as recurring federal, naval, and law enforcement programs. Additionally, G5 Infrared is an industry-leading provider of cutting-edge advanced infrared coatings, including for materials such as LightPath’s BlackDiamond (“BlackDiamond”) glass. G5 Infrared operates from a state-of-the-art manufacturing facility in Hudson, New Hampshire. We believe that this acquisition strengthens LightPath’s position as a leader in infrared imaging by expanding the Company’s portfolio to include cooled infrared cameras. The combination of LightPath and G5 Infrared creates a more robust, vertically-integrated solutions provider.
Amorphous Materials
In January 2026, we acquired the assets of Amorphous Materials, Inc. through our newly-formed, wholly-owned subsidiary, AML. AML specializes in infrared glass fabrication, and operates from a manufacturing facility in Garland, Texas. We believe that this acquisition further strengthens LightPath's position as a leader in infrared imaging by expanding our materials portfolio and glass fabrication capabilities.
LPOIZ
In February 2023, we combined the operations of our two wholly owned China subsidiaries, LightPath Optical Instrumentation (Shanghai) Co., Ltd (“LPOI”) and LightPath Optical Instrumentation (Zhenjiang) Co., Ltd. (“LPOIZ”), with LPOIZ as the surviving company. LPOIZ’s manufacturing facility (the “Zhenjiang Facility”) provided a lower cost structure for production of larger volumes of optical components and assemblies. In July 2026, we announced that we had entered into an equity transfer agreement to sell and transfer 100% of our equity interest in LPOIZ, including the Zhenjiang Facility and its operations in China, to Hengtu Optical Technology Co., Ltd., which is owned by members of LPOIZ's incumbent management team. The transaction closed on October 30, 2026. As a condition to the sale, LPOIZ agreed to continue to supply products to LightPath as a third-party vendor.
For additional information, please refer to our Annual Report on Form 10-K for the year ended June 30, 2026.
Product Groups
We categorize our products into four product groups: (i) infrared components, (ii) visible components, (iii) assemblies and modules, and (iv) engineering services. G5 Infrared’s revenue is generally derived from infrared components (including coating services) and assemblies and modules.
Our infrared product group is comprised of both molded and turned infrared lenses using a variety of infrared glass materials. This product group also includes revenue from sales of our BlackDiamond glass materials, AML's infrared glass materials, and G5 Infrared’s coating services. This product group includes both conventional and CNC ground and polished lenses. Advances in chalcogenide materials have enabled compression molding for mid-wave (“MWIR”) and long-wave (“LWIR”) optics in a process similar to precision molded lenses. Our molded infrared optics technology enables high performance, cost-effective infrared aspheric lenses that do not rely on traditional diamond turning or lengthy polishing methods. Utilizing precision molded aspheric optics significantly reduces the number of lenses required for typical thermal imaging systems and the cost to manufacture these lenses. Molding is an excellent alternative to traditional lens processing methods particularly where volume and repeatability is required.
Our visible components product group consists of visible precision molded optics with varying applications. Aspheric lenses are known for their optimal performance. Aspheric lenses simplify and shrink optical systems by replacing several conventional lenses. However, aspheric lenses can be difficult and costly to machine. Our glass molding technology enables the production of both low and high volumes of aspheric optics, while still maintaining the highest quality at an affordable price. Molding is the most consistent and economical way to produce aspheres and we have perfected this method to offer the most precise molded aspheric lenses available.
Between these two component product groups, we have the capability to manufacture lenses from very small (with diameters of a sub-millimeter) to over 300 millimeters, and with focal lengths from approximately 0.4 millimeters to over 2,000 millimeters. In addition, both product groups offer both catalog and custom designed optics.
Our assemblies and modules product group is comprised of both optical assemblies such as lens systems, and cameras, both in the form of camera modules and complete camera systems. Historically this product group also included optical fiber collimators and some visible lens assemblies, however those are now a very small part of our activity, making infrared cameras and assemblies the most dominant part of this group. Today, the majority of the revenue of this group is derived from cameras made in our Texas facility (uncooled camera systems and modules), cameras made in our New Hampshire facility (cooled cameras for long range surveillance and detection), and optical assemblies such as standard off the shelf lens assemblies, and custom lens assemblies, the latter of which are produced mainly in Orlando. This product group also includes revenue from camera repair services, primarily from G5 Infrared.
Our engineering services product group represents services we provide pursuant to product development agreements that we enter into with customers. Typically, customers approach us and request that we develop new products or applications utilizing our existing products to fit their particular needs or specifications. The purpose of those engineering services that we offer is not only to provide purely engineering services for a customer, but also to engineer new products which we later manufacture for the customer. The timing and extent of any such product development requests are unpredictable and outside of our control.
Growth Strategy
Since our Chief Executive Officer, Mr. Sam Rubin, joined the Company in 2020, we have been developing and implementing a strategy that will transition the Company from a pure component manufacturer to a supplier of imaging subsystems and systems. Our strategic direction, which is based on our core technological differentiators such as our BlackDiamond glass and proprietary molding technologies, significantly increases our value add to customers. Management believes this transition, which is occurring both organically and through acquisitions, such as the July 2023 acquisition of Visimid, the February 2025 acquisition of G5 Infrared, and the January 2026 acquisition of the assets of AML, will position the Company for significant growth and higher profitability in coming years. These acquisitions have also added to our technological differentiators.
Understanding the shifts that are happening in the marketplace and the changes that come when a technology, like photonics, moves from being a specialty to being integrated into mainstream industries and applications, we redefined our strategic direction to provide our wide customer base with domain expertise in optics, and became their partner for the optical engine of their systems. In our view, as the use of photonics evolves, so do customer needs. The industry is transforming from a fragmented industry with a component oriented supply chain, into a solution-focused industry with the potential for partnerships for solution development and production. Over the last couple of years we have worked to align our organization to this strategy, and leverage our in-house domain expertise in photonics, knowledge and experience in advanced optical technologies, and the necessary manufacturing techniques and capabilities. We have been developing these partnerships by working closely with our customers throughout their design process, designing optical solutions that are tailored to their needs, often times using unique technologies that we own, and supplying the customer with a complete optical subsystem to be integrated into their product. Such an approach builds on our unique, value-added technologies that we currently own, such as infrared materials, optical molding, fabrication, system design, and proprietary manufacturing technologies, along with technologies that we acquired through the Visimid acquisition, such as video processing, and technologies from the G5 Infrared acquisition, such as long range imaging using cooled midwave cameras. The acquisition of AML further expanded our portfolio of infrared materials. Continually adding differentiating technologies is key to our strategy and we expect to continue to do so both organically and through acquisitions.
Examples of this strategic approach can be found in many of our recent new product lines. We refer to these as LightPath 2.0 and 3.0, as that symbolizes the evolution of the Company. LightPath 2.0 refers to our assemblies and LightPath 3.0 refers to our cameras and related subsystems and systems. Like any company, a successful implementation of a strategy depends heavily on differentiators. In our case, those differentiators mostly tend to be technologies and capabilities. Over the last few years we have worked to, and will continue to work to, add and evolve our differentiators. Some of our differentiators currently include our unique BlackDiamond materials, optical system design capabilities, glass molding technology, processing of thermal images, and long range imaging technologies. Examples of how those differentiators translate into revenue include our multispectral Mantis camera, our missile program with Lockheed Martin, our long range cameras for border patrol and C-UAS applications, and a number of other system and subsystem level products and programs that are enabled by these technologies. We continue to re-design products, including G5 Infrared cameras, to eliminate Germanium from the bill of materials, leveraging the advantages of our BlackDiamond materials as alternative to Germanium.
The shift in strategy and product offerings also shifts the price range of our product portfolio and indirectly drives growth in and of itself. Historically, as a pure component Company, the average selling prices (“ASPs”) of those products were measured in single dollars or tens of dollars, whereas with the development of our assemblies product line (i.e. LightPath 2.0), ASPs for those products are measured in hundreds of dollars. When we added cameras, subsystems and systems (LightPath 3.0), ASPs for those products are measured in tens of thousands, and sometimes hundreds of thousands of dollars.
Further information about our strategic direction can be found in our Annual Report on Form 10-K for the fiscal year ended June 30, 2026.
Results of Operations
Revenue
Three Months ended September 30, 2026, compared to three months ended September 30, 2025
Revenue for the first quarter of fiscal 2027 was approximately $20.8 million, an increase of approximately $5.7 million, or 38%, as compared to approximately $15.1 million in the same quarter of the prior fiscal year, led by an increase in assemblies and modules of approximately $4.5 million, coupled with smaller increases in infrared components and visible components. Revenue from assemblies and modules continues to grow with strong demand from customers in the defense industry, particularly suppliers of surveillance and counter-UAS assemblies and systems. Refer to "Revenue by Product Group" below for further information.
Gross Profit
In the first quarter of fiscal 2027, gross profit was approximately $8.6 million, an increase of $4.1 million, or 92%, as compared to the same quarter of the prior fiscal year. Total cost of sales was approximately $12.2 million for the first quarter of fiscal 2027, compared to approximately $10.6 million for the same quarter of the prior fiscal year. Gross margin as a percentage of revenue was 41% for the first quarter of fiscal 2027, compared to 30% for the same quarter of the prior fiscal year. The increase in gross margin as a percentage of revenue is primarily driven by the increase in revenue from assemblies and modules, which generally have higher margins.
Selling, General and Administrative
In the first quarter of fiscal 2027, SG&A costs were approximately $8.0 million, an increase of approximately $3.7 million, or 84%, as compared to the same quarter of the prior fiscal year. The increase in SG&A costs is partially due to the addition of $0.2 million in SG&A costs associated with AML during the first quarter of fiscal 2027. In addition, we have increased our sales and marketing spend to promote new products, including personnel costs, travel and tradeshows. We have also increased our spend on information technology to meet heightened security standards as required by our customers. Our SG&A personnel costs have also increased due to filling certain vacant executive roles and accruing for incentive compensation plans for employees, including stock-based compensation.
New Product Development
In the first quarter of fiscal 2027, new product development costs were approximately $2.0 million, an increase of $1.2 million, or 135%, as compared to the same quarter of the prior fiscal year. The increase in new product development costs is primarily driven by additional engineering personnel to support the continued development of cameras and infrared assemblies, and to continue the development and commercialization of additional BlackDiamond glass types.
Change in Fair Value of Acquisition Liabilities.
Change in fair value of acquisition liabilities decreased by $1.1 million for the first quarter of fiscal 2027, as compared to the same period of the prior fiscal year, related to different acquisitions. The $0.2 million for the first quarter of fiscal 2027 related to the earnouts associated with the AML acquisition, whereas the $1.3 million in the first quarter of fiscal 2026 primarily related to the earnouts associated with the G5 Infrared acquisition, where the amounts earned or estimated were greater than the fair values estimated and recorded at the date of acquisition. See Note 3, Acquisition of Amorphous Materials, and Note 4, Acquisition of G5 Infrared, in the unaudited Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q, for further information.
Amortization of Intangibles
Amortization of intangibles was nearly flat for the first quarter of fiscal 2027, as compared to the same quarter of the prior fiscal year. The small increase is driven by the amortization of identifiable intangible assets associated with the acquisitions of G5 Infrared and AML, partially offset by a reduction in amortization of intangible assets associated with prior acquisitions as certain intangible assets become fully amortized.
Other Income (Expense)
Interest income, net, was approximately $0.7 million for the first quarter of fiscal 2027, as compared to interest expense, net, of $0.3 million for the same quarter of the prior fiscal year. The prior periods included interest and amortization of loan issuance costs associated with the Acquisition Notes, executed in February 2025. The Acquisition Notes were paid in full on December 31, 2025, following the December Offering (as defined below) which generated net proceeds of $65.2 million. The June Offering (as defined below) generated net proceeds of $47.1 million, further increasing our cash balance. Much of our cash balance is now generating interest income, which is partially offset by the interest expense on equipment loans and finance leases.
Other expense, net, was approximately $0.1 million for the first quarter of fiscal 2027, as compared to other expense, net, of $0.04 million for the same quarter of the prior fiscal year. Other expense or income, net, includes net gains and losses on foreign exchange transactions. We execute all foreign sales from our U.S. facilities and inter-company transactions in U.S. dollars, partially mitigating the impact of foreign currency fluctuations. Assets and liabilities denominated in non-U.S. currencies, primarily the Chinese Yuan and Euro, are translated at rates of exchange prevailing on the balance sheet date, and revenues and expenses are translated at average rates of exchange for the year.
Income Taxes
Income tax expense was approximately $0.1 million for both the first quarter of fiscal 2027 and 2026. Income tax expense for these periods is primarily related to income taxes from our operations in China, including withholding taxes on payments from LPOIZ to LightPath for administrative services rendered.
Net Loss
Net loss for the first quarter of fiscal 2027 was approximately $1.7 million, or $0.02 basic and diluted loss per share, compared to a net loss of $2.9 million, or $0.07 basic and diluted loss per share, for the same quarter of the prior fiscal year. The decrease in net loss of approximately $1.2 million for the first quarter of fiscal 2027, as compared to the same quarter of the prior fiscal year, was attributable to increased operating income and interest income.
Weighted-average common shares outstanding for the first quarter of fiscal 2027 were 70,010,938, basic and diluted, compared to 43,287,933, basic and diluted, in the same quarter of fiscal 2026. The increase in weighted-average basic common shares was due to: (i) the Class A Common Stock issued upon conversion of Series G Convertible Preferred Stock; (ii) the December Offering (as defined below) of 8,912,500 shares of Class A Common Stock which closed in December 2025; (iii) the June Offering (as defined below) of 3,571,400 shares of Class A Common Stock which closed in June 2026 (iv) the shares of Class A Common Stock issued in conjunction with the acquisitions of G5 Infrared, AML and Visimid; and (v) the issuance of shares of Class A Common Stock underlying vested RSUs and RSAs. Potential dilutive common stock equivalents were excluded from the calculation of diluted shares for all periods presented, as their effects would have been anti-dilutive due to net losses in those periods.
Liquidity and Capital Resources
As of September 30, 2026, we had working capital of approximately $104.8 million and total cash and cash equivalents of approximately $82.9 million, of which, approximately 6% of our cash and cash equivalents was held by our foreign subsidiaries.
Cash and cash equivalents held by our foreign subsidiaries in China and Latvia were generated in-country as a result of foreign earnings. We previously declared intercompany dividends to remit a portion of the earnings of LPOIZ to LightPath. The final dividend payment pursuant to the equity transfer agreement was made during the quarter ended September 30, 2026. We currently do not intend for our Latvian subsidiary to declare intercompany dividends, as it is our intent to reinvest those earnings.
As of September 30, 2026, loans payable consists of one third-party equipment loan. The Acquisition Notes and one third-party equipment loan were paid in full in December 2025. See Note 14, Loans Payable, in the unaudited Condensed Consolidated Financial Statements, for further information.
On February 18, 2025, we announced the closing of the acquisition of G5 Infrared and the related financing, including the issuance of shares of Series G Convertible Preferred Stock. For additional information, refer to Note 4, Acquisition of G5 Infrared, in the accompanying unaudited Condensed Consolidated Financial Statements.
On September 15, 2025, we entered into a Securities Purchase Agreement (the “Private Placement SPA”) with Unusual Machines, Inc., a Nevada corporation (“Unusual Machines”), and Ondas Holdings Inc., a Nevada corporation (“Ondas,” together with Unusual Machines, the “Private Placement Buyers”), pursuant to which the Private Placement Buyers agreed to purchase from the Company an aggregate of 1,600,000 shares of Class A Common Stock (the “Private Placement Securities”) at a purchase price of $5.00 per share (the “Private Placement”). The Private Placement closed on September 16, 2025 and the Company received aggregate proceeds from the Private Placement of $8.0 million, before deducting offering expenses of approximately $0.1 million payable by the Company. The Company intends to use the proceeds from the Private Placement to fund working capital and other general corporate purposes. The Private Placement SPA contains customary representations, warranties, covenants, conditions and indemnification obligations of the parties.
On December 12, 2025, we entered into an underwriting agreement (the “Underwriting Agreement”) with Canaccord Genuity LLC and Craig-Hallum Capital Group LLC, as representatives of the several underwriters named therein (the “Underwriters”), relating to an underwritten public offering (the “December Offering”) of 7,750,000 shares of Class A Common Stock, at a public offering price of $7.75 per share. Pursuant to the terms of the Underwriting Agreement, the Company granted to the Underwriters a 30-day option to purchase up to an additional 1,162,500 shares of Class A Common Stock in the December Offering at the public offering price, which the Underwriters exercised in full concurrent with the closing of the December Offering on December 15, 2025.
On June 1, 2026, we entered into a securities purchase agreement with a selling stockholder, North Run Strategic Opportunities Fund I, LP (“North Run”) and certain institutional investors for the purchase and sale of an aggregate of 7,142,800 shares of Class A Common Stock at an offering price of $14.00 per share, consisting of 3,571,400 shares of Class A Common Stock sold by the Company and 3,571,400 shares of Class A Common Stock sold by North Run (the "June Offering"), resulting in gross proceeds to us of approximately $50.0 million. The June Offering closed on June 3, 2026.
In the short term, we have sufficient capital to fund the continued expansion of our operations. In the longer term, we may identify opportunities for additional acquisitions and other strategic transactions to expand and further enhance our business that may require that we raise additional capital should we elect to pursue any of such transactions.
Cash Flows – Operating:
Cash used in operations was approximately $8.3 million for the first quarter of fiscal 2027, compared to approximately $1.1 million for the same period of the prior fiscal year. Cash used in operations for the first quarter of fiscal 2027 was primarily due to investments in working capital of $10.1 million, largely driven by advance purchases of critical materials to support increasing customer demand and order backlog.
Cash Flows – Investing:
During the first quarter of fiscal 2027, we expended approximately $2.5 million in investments in capital equipment, compared to approximately $0.1 million in the same period of the prior fiscal year. Our investments in capital equipment were primarily related to expansion of manufacturing capacity, including glass fabrication, and metrology.
Cash Flows – Financings:
Net cash provided by financing activities was approximately $0.5 million for the first quarter of fiscal 2027, compared to $7.8 million in the same period of the prior fiscal year. Cash provided by financing activities for the first quarter of fiscal 2027 reflects $0.6 million in proceeds from the sale-leaseback of equipment under a finance lease and proceeds from the 2025 ESPP, partially offset by $0.1 million in principal payments on our loans and finance leases. Cash provided by financing activities for the first quarter of fiscal 2026 primarily reflects the proceeds of $7.9 million from the Private Placement, offset by approximately $0.1 million in principal payments on our loans and finance leases.
Critical Accounting Policies and Estimates
There have been no material changes to our critical accounting policies and estimates during the three months ended September 30, 2026 from those disclosed in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, of our Annual Report on Form 10-K for the year ended June 30, 2026.
How We Operate
We have continuing sales of two basic types: (i) sales of standard product configurations and (ii) sales of customized products or products developed specifically for a certain customer. In this latter type of business, we work with customers to help them determine optical specifications and then create certain optical designs for them, including complex multi-component, optical system or sub-system designs that we call “engineered solutions.” This is followed by “sampling” or prototyping small numbers of the product for the customers’ test and evaluation. Thereafter, should a customer conclude that our specification or design is the best solution to their product need; we negotiate and “win” a contract (sometimes called a “design win”) – whether of a “blanket purchase order” type or a supply agreement. The strategy is to create an annuity revenue stream that makes the best use of our production capacity and longer-term revenue planning, as compared to the turns business, which is unpredictable and uneven. A key business objective is to convert as much of our business to the design win and annuity model as is possible. We face several challenges in doing so:
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Maintaining the design and new product development capability, including a high-quality and responsive optical design engineering staff, opto-mechanical engineering, and all related disciplines; |
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The fact that as our customers take products of this nature into higher volume, commercial production they begin to work seriously to reduce costs – which may lead them to turn to larger producers, domestic or overseas, even if sacrificing quality; and |
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Our small business mass means that we can only offer a moderate amount of total productive capacity before we reach financial constraints imposed by the need to make additional capital expenditures – in other words, because of our limited cash resources and cash flow, we may not be able to service every opportunity that presents itself in our markets without arranging for such additional capital expenditures. |
Despite these challenges to winning more “annuity” business, we nevertheless believe we can be successful in procuring this business because of our unique capabilities in optical design engineering that we make available on the market to our current and potential customers looking for specific solutions to their needs. Additionally, we believe that we offer value to some customers as a source of supply in the U.S. should they be unwilling to commit to purchase their supply of critical component(s) from foreign sources. For information regarding revenue recognition related to our various revenue streams, refer to Critical Accounting Policies and Estimates in our Annual Report on Form 10-K dated June 30, 2026.
Our Key Performance Indicators:
Usually on a weekly basis, management reviews several performance indicators. Some of these indicators are qualitative and others are quantitative. These indicators change from time to time as the opportunities and challenges in the business change. They are mostly non-financial indicators, such as units of shippable output by product line, production yield rates by major product line, and the output and yield data from significant intermediary manufacturing processes that support the production of the finished shippable product. These indicators can be used to calculate such other related indicators as fully yielded unit production per-shift, which varies by the product and our state of automation in production of that product at any given time. Higher unit production per shift means lower unit cost, and, therefore, improved margins or improved ability to compete, where desirable, for price sensitive customer applications. The data from these reports is used to determine tactical operating actions and changes. We believe that our non-financial production indicators, such as those noted, are proprietary information.
Financial indicators that are considered key and reviewed regularly are as follows:
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Sales backlog; |
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Revenue by product group; |
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EBITDA and Adjusted EBITDA; and |
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Other key indicators. |
These indicators are similarly used to determine tactical operating actions and changes and are discussed in more detail below. Management will evaluate these key indicators as we transition to our strategic plan to determine whether any changes or updates to our key indicators are warranted.
Sales Backlog
We believe sales growth has been and continues to be a key indicator of success. Our best view into the efficacy of our sales efforts is in our “order book.” Our order book equates to sales “backlog.” It has a quantitative and a qualitative aspect: quantitatively, our backlog’s prospective dollar value and qualitatively, what percent of the backlog is scheduled by the customer for date-certain delivery. We monitor and evaluate our total backlog, which includes all firm orders requested by a customer that are reasonably believed to remain in the backlog and be converted into revenues. This includes customer purchase orders and may include amounts under supply contracts if they meet the aforementioned criteria.
Our total backlog at September 30, 2026 was approximately $132.9 million, an increase of 20%, as compared to $110.9 million as of June 30, 2026. Backlog change rates for the last five fiscal quarters are:
| Total Backlog |
Change From |
Change From |
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(in thousands) |
Prior Year End |
Prior Quarter End |
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| Q1 2026 |
$ | 86,043 | 130 | % | 130 | % | ||||||
| Q2 2026 |
$ | 97,837 | 162 | % | 14 | % | ||||||
| Q3 2026 |
$ | 110,557 | 196 | % | 13 | % | ||||||
| Q4 2026 |
$ | 110,943 | 197 | % | 0 | % | ||||||
| Q1 2027 |
$ | 132,900 | 20 | % | 20 | % | ||||||
Of the total backlog of $132.9 million as of September 30, 2026, approximately $110.8 million is requested by the customer for delivery within one year, which is expected to be converted into revenues during the next four fiscal quarters.
The increase in total backlog during the first quarter of fiscal 2027 includes approximately $11 million in follow-on orders from a leading global technology customer for advanced infrared camera systems, as well as $13 million in follow-on orders for optical assemblies from a leading C-UAS and defense systems supplier and several other multi-million dollar orders from other customers. The timing of multi-year contract renewals are not always consistent and, thus, backlog levels may increase substantially when annual and multi-year orders are received, and decrease as shipments are made against these orders. We anticipate that our existing annual and multi-year contracts will be renewed in future quarters.
Markets continue to experience growing demand for infrared products used in the defense, security, industrial and first responder sectors. Demand for infrared products, including assemblies and cameras, continues to be fueled by interest in lenses made with our BD6 glass and our new BDNL materials. With the global supply of germanium concentrated in Russia and China, recent global events and increases in restrictions on the sourcing of these materials are generating high levels of interest in germanium alternatives such as our proprietary BlackDiamond materials, AML's AMTIR materials and other materials we are currently developing under an exclusive license with the Naval Research Lab.
Revenue by Product Group
The following table sets forth revenue for our four product groups for the three-month periods ended September 30, 2026 and 2025:
| (unaudited) |
||||||||||||
| Three Months Ended |
||||||||||||
| September 30, |
Quarter |
|||||||||||
| 2026 |
2025 |
% Change |
||||||||||
| Revenue |
||||||||||||
| Infrared components |
$ | 4,749,097 | $ | 4,125,046 | 15 | % | ||||||
| Visible components |
4,580,290 | 3,838,306 | 19 | % | ||||||||
| Assemblies and modules |
10,524,026 | 5,992,407 | 76 | % | ||||||||
| Engineering services |
909,241 | 1,102,522 | (18 | )% | ||||||||
| Total revenue |
$ | 20,762,654 | $ | 15,058,281 | 38 | % | ||||||
Three months ended September 30, 2026
Our revenue increased by approximately $5.7 million, or 38%, in the first quarter of fiscal 2027 compared to the same quarter of the prior fiscal year, primarily driven by increases in assemblies and modules, and to a lesser extent, increases in infrared components and visible components. AML was included in our revenue for the first quarter of fiscal 2027, but was not included for the first quarter of fiscal 2026, as the acquisition closed in the third quarter of fiscal 2026.
Revenue generated by the infrared components product group for the first quarter of fiscal year 2027 was $4.7 million, an increase of $0.6 million or 15%, as compared to the same quarter of the prior fiscal year. AML contributed approximately $1.1 million to the increase in sales of infrared components. This increase was partially offset by a decrease in sales to defense customers in Europe due to timing of orders.
Revenue from the visible components product group for the first quarter of fiscal year 2027 was $4.6 million, an increase of $0.7 million, or 19%, as compared to the same quarter of the prior fiscal year. The increase was primarily driven by increases in sales to industrial customers in Europe, as well as U.S. defense customers and distributors. Although we do not expect significant growth in visible components revenue over the long term, demand has trended up since fiscal 2026.
Revenue from assemblies and modules for the first quarter of fiscal year 2027 was $10.5 million, an increase of $4.5 million, or 76%, as compared to the same quarter of the prior fiscal year. This increase is primarily due to an increase in G5 Infrared sales of cameras and modules, including the previously announced programs with global technology and defense customers for use in surveillance and C-UAS applications.
Revenue from engineering services decreased by $0.2 million for the first quarter of fiscal 2027, as compared to the same quarter of the prior fiscal year. The timing and dollar value of deliverables is not always consistent, which causes revenue for this product group to fluctuate from period to period. For the first quarter of fiscal 2027, the revenue recognized against Visimid's contract with Lockheed Martin was more than in the first quarter of fiscal 2026, however this increase was offset by a decrease in revenue from another development project with a defense customer, where the revenue was less in the first quarter of fiscal 2027 than in the first quarter of fiscal 2026.
Other Key Indicators
Other key indicators include various qualitative and quantitative operating metrics. These indicators change from time to time as the opportunities and challenges in the business change. They are mostly non-financial indicators, such as evaluating the pipeline of sales opportunities, on time delivery trends, production yield rates by major product line, and the output and yield data from significant intermediary manufacturing processes that support the production of the finished shippable product. The data from these reports is used to determine tactical operating actions and changes. Management also assesses business performance and makes business decisions regarding our operations using certain non-GAAP measures. These non-GAAP measures are described in more detail below under the heading “Non-GAAP Financial Measures.”
Non-GAAP Financial Measures
We report our historical results in accordance with GAAP; however, our management also assesses business performance and makes business decisions regarding our operations using certain non-GAAP financial measures. We believe these non-GAAP financial measures provide useful information to management and investors that is supplementary to our financial condition and results of operations computed in accordance with GAAP; however, we acknowledge that our non-GAAP financial measures have a number of limitations. As such, you should not view these disclosures as a substitute for results determined in accordance with GAAP, and they are not necessarily comparable to non-GAAP financial measures that other companies use.
EBITDA and Adjusted EBITDA
EBITDA and Adjusted EBITDA are non-GAAP financial measures used by management, lenders, and certain investors as a supplemental measure in the evaluation of some aspects of a corporation’s financial position and core operating performance. Investors sometimes use EBITDA, as it allows for some level of comparability of profitability trends between those businesses differing as to capital structure and capital intensity by removing the impacts of depreciation and amortization. EBITDA also does not include changes in major working capital items, such as receivables, inventory and payables, which can also indicate a significant need for, or source of, cash. Since decisions regarding capital investment and financing and changes in working capital components can have a significant impact on cash flow, EBITDA is not necessarily a good indicator of a business’s cash flows. We use EBITDA for evaluating the relative underlying performance of our core operations and for planning purposes. We calculate EBITDA by adjusting net income to exclude net interest expense, income tax expense or benefit, depreciation and amortization, thus the term “Earnings Before Interest, Taxes, Depreciation and Amortization” and the acronym “EBITDA.”
We also calculate an adjusted EBITDA, which excludes, as applicable: (1) stock compensation expenses; (2) the loss on extinguishment of debt; (3) the effect of non-cash income or expenses associated with the fair value adjustments related to the acquisition earnout liabilities; (4) acquisition costs, including legal fees and due diligence; and (5) the effect of foreign exchange gains or losses. Management uses adjusted EBITDA to evaluate our underlying operating performance and for planning and forecasting future business operations.
We believe EBITDA and Adjusted EBITDA are helpful for investors to better understand our underlying business operations. The following table adjusts net loss to EBITDA and Adjusted EBITDA for the three months ended September 30, 2026 and 2025:
| (unaudited) |
||||||||
| Three Months Ended |
||||||||
| September 30, |
||||||||
| 2026 |
2025 |
|||||||
| Net loss |
$ | (1,700,754 | ) | $ | (2,893,002 | ) | ||
| Depreciation and amortization |
1,479,568 | 1,218,948 | ||||||
| Income tax provision |
123,492 | 81,270 | ||||||
| Interest (income) expense |
(670,652 | ) | 268,853 | |||||
| EBITDA |
$ | (768,346 | ) | $ | (1,323,931 | ) | ||
| Stock-based compensation |
1,801,199 | 359,661 | ||||||
| Change in fair value of acquisition earnout liabilities |
196,633 | 1,282,529 | ||||||
| Foreign exchange loss |
40,848 | 42,543 | ||||||
| Adjusted EBITDA |
$ | 1,270,334 | $ | 360,802 | ||||
| % of revenue |
6 | % | 2 | % | ||||
Our adjusted EBITDA for the quarter ended September 30, 2026 was approximately $1.3 million, compared to $0.4 million for the same quarter of the prior fiscal year. The increase in adjusted EBITDA in the first quarter of fiscal 2027 was primarily attributable to the increase in gross profit, driven by higher sales, partially offset by increased SG&A and new product development costs.
Item 3. Quantitative and Qualitative Disclosures about Market Risk
Because we are allowed to comply with the disclosure obligations applicable to a “smaller reporting company,” as defined by Rule 12b-2 of the Exchange Act, with respect to this Quarterly Report on Form 10-Q, we are not required to provide the information required by this Item.
Item 4. Controls and Procedures
Under the supervision and with the participation of our management, including our Chief Executive Officer and our Chief Financial Officer, we evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) as of September 30, 2026, the end of the period covered by this Quarterly Report. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of September 30, 2026 in reporting on a timely basis information required to be disclosed by us in the reports we file or submit under the Exchange Act.
There have not been any significant changes in our internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) during the three months ended September 30, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
PART II OTHER INFORMATION
Item 1. Legal Proceedings
The Company is subject, from time to time, to various legal proceedings that are incidental to the conduct of its business. The Company is not involved in any pending legal proceeding that it believes would reasonably be expected to have a material adverse effect on its financial condition or results of operations.
Item 1A. Risk Factors
Our business, operations, and financial condition are subject to various risks and uncertainties. The risk factors described in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K, for the year ended June 30, 2026, should be carefully considered, together with the other information contained or incorporated by reference in this Quarterly Report on Form 10-Q and in our other filings with the SEC in connection with evaluating us, our business, and the forward-looking statements contained in this Quarterly Report on Form 10-Q. During the three months ended September 30, 2026, there have been no material changes from the risk factors previously disclosed under Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K, for the year ended June 30, 2026.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Other than as set forth below, information required by Item 701 of Regulation S-K as to all unregistered sales of equity securities of the Company during the period covered by this Quarterly Report has previously been included in Current Reports on Form 8-K filed with the SEC.
On or about July 1, 2026, the Company awarded 661 shares of restricted stock to a consultant for services rendered with respect to investor relations services. Such shares of restricted stock vested immediately. The Company relied upon the exemption from the registration requirements of the Securities Act, provided by Rule 506(b) of Regulation D and/or Section 4(a)(2) under the Securities Act for such issuance.
Item 3. Defaults Upon Senior Securities
None
Item 4. Mine Safety Disclosures
Not applicable
Item 5. Other Information
None
Item 6. Exhibits
The following exhibits are filed herewith as a part of this report.
| Exhibit Number |
Description |
|
| 10.1** |
Equity Transfer Agreement, dated as of July 23, 2026, by and among LightPath Technologies, Inc., LightPath (Zhenjiang) Optical Instrumentation Co., Ltd., Hengtu Optical Technology (Nanjing) Co., Ltd. and Mr. Leo Zheng filed with the Securities and Exchange Commission on June 3, 2026 and is incorporated herein by reference thereto. | |
| 31.1* |
Certification of Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934 |
|
| 31.2* |
Certification of Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934 |
|
| 32.1** |
Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350 of Chapter 63 of Title 18 of the United States Code |
|
|
|
|
|
| 32.2** |
Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350 of Chapter 63 of Title 18 of the United States Code |
|
| 101.INS | Inline XBRL Instance Document * | |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document * | |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document * | |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document * | |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document * | |
| 101.PRE | Inline XBRL Taxonomy Presentation Linkbase Document * | |
| 104 | Cover Page Interactive Data File – formatted in Inline XBRL and contained in Exhibit 101 * |
*filed herewith
**furnished, not filed
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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LIGHTPATH TECHNOLOGIES, INC. |
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| Date: November 10, 2026 |
By: |
/s/ Shmuel Rubin |
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Shmuel Rubin |
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President and Chief Executive Officer |
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| Date: November 10, 2026 | By: | /s/ Albert Miranda | |
| Albert Miranda | |||
| Chief Financial Officer | |||