ORLANDO, Fla., Nov. 11, 2025 /PRNewswire/ -- LightPath Technologies, Inc. (NASDAQ: LPTH) ("LightPath," the "Company," "we," or "our"), a leading provider of next-generation optics and imaging systems for both defense and commercial applications, today announced financial results for its fiscal first quarter ended September 30, 2025.
Financial Summary:
Three Months Ended
September 30,
$ in millions 2025 2024 % Change
Revenue $15.1 $8.4 79 %
Gross Profit $4.5 $2.8 58 %
Operating Expenses $7.0 $4.2 66 %
Net Income (Loss) ($2.9) ($1.6) -78 %
Adjusted EBITDA* (non-GAAP) $0.4 ($0.2) 315 %
First Quarter Fiscal 2026 & Subsequent Highlights:
-- Received a $4.8 million purchase order from an existing customer related
to the supply of advanced infrared ("IR") camera systems for public
safety applications, for delivery in the Company's 2026 fiscal year.
-- Announced $18.2 million purchase order for IR cameras from a leading
global technology customer expected to be delivered in CY 2026, and a
follow-on $22.1 million purchase order for a second tranche expected to
be delivered in CY 2027.
-- Secured $8.0 million strategic investment from Ondas Holdings and Unusual
Machines to support LightPath's continued growth and leadership as a
provider of IR imaging solutions to the growing drone/UAV sector.
-- Appointed former Luminar manufacturing executive Israel Piergiovanni as
Vice President of Manufacturing to scale production across LightPath's
global footprint.
-- Appointed defense industry executive Mark Caylor to the Board of
Directors, a former President of Northrop Grumman's Mission Systems
Sector bringing Extensive defense industry expertise as LightPath evolves
into a mission-critical optics supplier of choice to Allied Militaries.
-- Commenced production of two high-end cooled IR camera products,
redesigned from G5 Infrared LLC's ("G5") original design to utilize
LightPath's Proprietary BlackDiamond$(TM)$ Glass in place of Germanium.
Management Commentary
Sam Rubin, Chief Executive Officer of LightPath, said: "The first fiscal quarter of 2026 was highlighted by ongoing order momentum, validating our growth strategy as shown in our $90+ million order backlog as of today, which has further grown from $86 million as of the end of the first fiscal quarter. We continue to intentionally shift away from Germanium optics, expanding the adoption of our proprietary BlackDiamond(TM) glass across critical defense markets, while continuing to move up the value chain into fully integrated IR camera systems. We believe growing supply chain risks and increased defense spending in the U.S. and Europe will further drive growth across all of our infrared imaging solutions.
"Orders over the last several months have demonstrated the growing demand for superior products with secure supply chains amid growing geopolitical uncertainty. Most recently we received a $4.8 million purchase order from an existing customer related to the supply of advanced infrared camera systems for public safety applications. In September we booked an initial $18.2 million IR camera order from a leading global technology customer, with a follow-on $22.1 million purchase order placed two weeks later. These orders reflect a continuous effort by our sales team to convert our prospective customer pipeline into orders, further growing our robust $90 million order backlog and enabling sustainable revenue growth through fiscal 2026 and beyond.
"During the quarter we also took the opportunity to strengthen our leadership with the appointment of veteran defense industry executive Mark Caylor to the Board of Directors. Mark brings over 35 years of experience driving profitable growth and leading large organizations. He recently retired as President of Northrop Grumman's Mission Systems Sector, a supplier of advanced sensing, processing, and communications technologies for defense and intelligence customers, with operations in the U.S. and Europe. His guidance, leveraging an extensive background across government, military, private and public sectors, and relationships on the side of defense primes, will help guide our vision forward.
"Looking ahead, we will continue to execute on our growth strategy, with a near-term laser focus on scaling deliveries against our backlog while concurrently converting our robust sales pipeline. We expect near-term follow-ons and additional program awards that will power sustainable revenue growth through fiscal 2026 and beyond as we strive to generate sustainable, long-term value for my fellow shareholders," concluded Rubin.
First Quarter Fiscal 2026 Financial Results
Revenue for the first quarter of fiscal 2026 increased 79% to $15.1 million, compared to $8.4 million in the same quarter of the prior fiscal year. Revenue was split amongst the Company's product groups in the first quarter of fiscal 2026 and the same quarter of the prior fiscal year as follows:
Product Group Revenue First Quarter of First Quarter of
($ in millions)** Fiscal 2026 Fiscal 2025 % Change
--------------------------- ---------------- ---------------- --------
Infrared ("IR") Components $4.3 $2.6 63 %
--------------------------- ---------------- ---------------- --------
Visible Components $3.8 $3.3 16 %
--------------------------- ---------------- ---------------- --------
Assemblies & Modules $5.9 $1.1 436 %
--------------------------- ---------------- ---------------- --------
Engineering Services $1.1 $1.4 -21 %
--------------------------- ---------------- ---------------- --------
** Numbers may not foot due to rounding
Gross profit increased 58% to $4.5 million, or 30% of total revenues, in the first quarter of 2026, as compared to $2.8 million, or 34% of total revenues, in the same year-ago quarter. The difference in gross margin as a percentage of revenue was primarily due to certain non-recurring or end of life orders in the prior year period that had higher margins.
Operating expenses increased 66% to $7.0 million for the first quarter of fiscal 2026, as compared to $4.2 million in the same year-ago quarter. The increase was primarily due to the integration of G5 following its acquisition earlier this year, as well as increased sales and marketing spend to promote new products. The first quarter of fiscal 2026 also includes the fair value adjustment of $1.2 million related to the G5 earnout liability, which will continue to be adjusted through operating expenses until it is paid out.
Net loss in the first quarter of fiscal 2026 totaled $2.9 million, or $0.07 per basic and diluted share, as compared to $1.6 million, or $0.04 per basic and diluted share, in the same year-ago quarter.
Adjusted EBITDA* for the first quarter of fiscal 2026 was $0.4 million, compared to an adjusted EBITDA loss of $0.2 million for the same period year-ago quarter.
First Quarter Fiscal 2026 Earnings Call
Management will host an investor conference call at 5:00 p.m. Eastern time today, November 11, 2025, to discuss the Company's first quarter fiscal 2026 financial results, provide a corporate update, and conclude with Q&A from telephone participants. To participate, please use the following information:
Q1 FY2026 Earnings Conference Call
Date: Tuesday, November 11, 2025
Time: 5:00 p.m. Eastern time
U.S. Dial-in: 1-877-425-9470
International Dial-in: 1-201-389-0878
Conference ID: 13756885
Webcast: LPTH Q1 FY2026 Earnings Conference Call
Please join at least five minutes before the start of the call to ensure timely participation.
A playback of the call will be available through Tuesday, November 25, 2025. To listen, please call 1-844-512-2921 within the United States and Canada or 1-412-317-6671 when calling internationally, using replay pin number 13756885. A webcast replay will also be available using the webcast link above.
About LightPath Technologies
LightPath Technologies, Inc. (NASDAQ: LPTH) is a leading provider of next-generation optics and imaging systems for both defense and commercial applications. As a vertically integrated solutions provider with in-house engineering design support, LightPath's family of custom solutions range from proprietary BlackDiamond(TM) chalcogenide-based glass materials -- sold under exclusive license from the U.S. Naval Research Laboratory -- to complete infrared optical systems and thermal imaging assemblies. The Company's primary manufacturing footprint is located in Orlando, Florida with additional facilities in Texas, New Hampshire, Latvia and China. To learn more, please visit www.lightpath.com.
*Use of Non-GAAP Financial Measures
To provide investors with additional information regarding financial results, this press release includes references to EBITDA and adjusted EBITDA, which are non-GAAP financial measures. The Company calculates EBITDA by adjusting net income to exclude net interest expense, income tax expense or benefit, depreciation, and amortization. We also calculate adjusted EBITDA, which excludes, as applicable: (1) stock compensation expenses; (2) the loss on extinguishment of debt; (3) the effect of the non-cash income or expense associated with the mark-to-market adjustments, related to the warrants; (4) the effect of non-cash income or expenses associated with the fair value adjustments related to the acquisition earnout liabilities; and (5) the effect of foreign exchange gains or losses.
(MORE TO FOLLOW) Dow Jones Newswires
November 11, 2025 16:05 ET (21:05 GMT)