LPTH

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LightPath Technologies, Inc.

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Key Metrics

Previous Close: $13.24
52-Week Range: $3.40 – $18.94
Market Cap: $817.52M
P/E (TTM): —
EPS (TTM): -0.50
Dividend Yield: —

Advanced Metrics

Price/Book: 8.94
PEG Ratio: 1.54
Return on Equity: -28.79%
Return on Assets: -2.81%
Gross Margin: 32.10%
Operating Margin: -4.49%
Profit Margin: -37.38%
Current Ratio: 3.85
Debt/Equity: 0.10
Total Debt: $11.32M
Free Cash Flow: $3.23M
Revenue Growth: 108.90%
Earnings Growth: —
Enterprise Value: $811.21M

LPTH Income statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Revenue	$35.56M	$32.93M	$31.73M	$37.20M
Cost of Revenue	$23.74M	$21.86M	$23.09M	$27.07M
Gross Profit	$11.81M	$11.07M	$8.63M	$10.13M
Research & Development	$2.09M	$2.15M	$2.40M	$3.06M
Selling, General & Admin	$11.22M	$11.44M	$12.30M	$15.81M
Operating Expenses	$14.43M	$14.71M	$16.33M	$20.29M
Operating Income	-$2.62M	-$3.63M	-$7.70M	-$10.16M
EBITDA	$1.17M	-$355.00K	-$3.70M	-$9.57M
Pretax Income	-$2.68M	-$3.81M	-$7.94M	-$14.84M
Income Tax	$862.91K	$234.03K	$67.49K	$37.79K
Net Income	-$3.54M	-$4.05M	-$8.01M	-$14.87M
Diluted EPS	-0.13	-0.13	-0.21	-0.36
Diluted Shares	27.02M	31.64M	37.94M	40.87M

LPTH Balance Sheet statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$5.51M	$4.69M	$3.48M	$4.88M
Receivables	$5.21M	$6.63M	$4.93M	$9.46M
Inventory	$6.99M	$7.41M	$6.55M	$12.86M
Current Assets	$18.17M	$21.76M	$15.54M	$28.37M
Total Assets	$50.71M	$53.54M	$48.09M	$81.51M
Current Liabilities	$7.73M	$6.83M	$8.04M	$17.10M
Long-Term Debt	$3.22M	$1.55M	$325.88K	$4.80M
Total Debt	$14.73M	$12.38M	$10.36M	$15.19M
Total Liabilities	$20.98M	$17.58M	$17.89M	$65.86M
Retained Earnings	-$203.79M	-$207.84M	-$215.84M	-$230.72M
Shareholders' Equity	$29.73M	$35.95M	$30.20M	$15.64M
Working Capital	$10.44M	$14.93M	$7.50M	$11.27M
Net Debt	—	—	—	$100.52K

LPTH Cash Flow statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	$1.46M	-$2.81M	$521.04K	-$8.33M
Capital Expenditure	-$1.63M	-$3.08M	-$2.18M	-$1.26M
Free Cash Flow	-$162.49K	-$5.89M	-$1.66M	-$9.59M
Depreciation & Amortisation	$3.62M	$3.17M	$4.05M	$4.15M
Stock-Based Compensation	$825.25K	$1.31M	$1.02M	$1.04M
Investing Cash Flow	-$1.63M	-$2.87M	-$2.67M	-$19.74M
Financing Cash Flow	-$636.17K	$7.46M	-$1.47M	$29.30M
Net Change in Cash	-$798.66K	$1.78M	-$3.61M	$1.23M

LPTH Income statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Revenue	$9.17M	$12.21M	$15.06M	$16.35M	$19.15M
Cost of Revenue	$6.50M	$9.52M	$10.58M	$10.33M	$12.19M
Gross Profit	$2.66M	$2.69M	$4.48M	$6.02M	$6.96M
Research & Development	$757.94K	$1.06M	$867.43K	$748.83K	$1.04M
Selling, General & Admin	$4.45M	$4.74M	$4.38M	$5.86M	$6.30M
Operating Expenses	$5.99M	$5.75M	$5.70M	$7.06M	$7.82M
Operating Income	-$3.32M	-$3.06M	-$1.22M	-$1.04M	-$859.04K
EBITDA	-$1.53M	-$6.07M	-$1.32M	-$7.85M	$403.96K
Pretax Income	-$3.48M	-$7.18M	-$2.81M	-$9.37M	-$4.01M
Income Tax	$100.03K	-$122.40K	$81.27K	$30.56K	$91.39K
Net Income	-$3.58M	-$7.06M	-$2.89M	-$9.41M	-$4.11M
Diluted EPS	-0.09	-0.16	-0.07	-0.20	-0.07
Diluted Shares	41.36M	42.87M	43.29M	47.00M	58.63M

LPTH Balance Sheet statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Cash & Equivalents	$6.48M	$4.88M	$11.51M	$73.57M	$55.24M
Receivables	$7.65M	$9.46M	$9.59M	$8.58M	$10.80M
Inventory	$12.69M	$12.86M	$12.86M	$13.49M	$13.34M
Current Assets	$28.08M	$28.37M	$35.16M	$97.00M	$83.00M
Total Assets	$81.42M	$81.51M	$87.26M	$148.56M	$144.27M
Current Liabilities	$12.23M	$17.10M	$17.75M	$24.42M	$21.53M
Long-Term Debt	$4.69M	$4.80M	$4.87M	$135.07K	$103.66K
Total Debt	$14.33M	$15.19M	$15.36M	$10.27M	$11.32M
Total Liabilities	$65.70M	$65.86M	$65.82M	$70.62M	$55.18M
Retained Earnings	-$223.66M	-$230.72M	-$233.61M	-$243.02M	-$247.12M
Shareholders' Equity	$15.72M	$15.64M	$21.44M	$77.94M	$89.09M
Working Capital	$15.85M	$11.27M	$17.40M	$72.58M	$61.47M
Net Debt	—	$100.52K	—	—	—

LPTH Cash Flow statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Operating Cash Flow	-$3.24M	-$2.65M	-$1.14M	$2.82M	-$6.80M
Capital Expenditure	-$420.57K	-$681.58K	-$77.01K	-$867.89K	-$899.49K
Free Cash Flow	-$3.66M	-$3.33M	-$1.22M	$1.96M	-$7.70M
Depreciation & Amortisation	$1.46M	$792.49K	$1.22M	$1.24M	$1.26M
Stock-Based Compensation	$239.13K	$298.31K	$359.66K	$338.95K	$562.97K
Investing Cash Flow	-$20.67M	$1.08M	-$77.01K	-$867.89K	-$7.90M
Financing Cash Flow	$27.18M	-$276.01K	$7.78M	$59.93M	-$3.69M
Net Change in Cash	$3.27M	-$1.84M	$6.56M	$61.89M	-$18.38M

Market Snapshot

About

LightPath Technologies, Inc. is a vertically integrated optical components and materials manufacturer serving the industrial, defense, telecommunications, and medical sectors. The company designs and produces precision molded glass aspheric lenses, infrared lenses, and optical assemblies used in thermal imaging, laser systems, sensors, and other photonics applications. LightPath's proprietary Black Diamond glass material enables high-performance infrared optical components. The company operates manufacturing facilities in the United States, Latvia, and China, serving OEM customers globally with both standard catalog products and custom optical solutions.