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LightPath (LPTH) investor relations material
LightPath Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved record $90 million backlog, over four times higher than a few months ago, driven by large orders in border surveillance and counter-UAS systems.
Strategic transformation from component manufacturing to subsystems and systems, leveraging proprietary BlackDiamond glass to address supply chain risks and margin erosion.
Integration of G5 Infrared and investments from Ondas and Unusual Machines support expansion in drone and defense markets.
Financial highlights
Q4 2025 revenue rose 41.4% year-over-year to $12.2 million; gross profit increased 6.6% to $2.7 million.
Gross margin declined to 22% from 29.2% due to a $0.5 million inventory reserve charge and other one-time items.
Operating expenses increased 52% to $7.2 million, mainly from G5 integration, higher sales/marketing, and acquisition-related costs.
Net loss widened to $7.1 million ($0.16/share) from $2.4 million ($0.06/share) year-over-year, driven by non-cash and acquisition expenses.
Adjusted EBITDA loss was $1.9 million, compared to $1.1 million loss in the prior year.
Cash and equivalents at $4.9 million; total debt at $5 million as of June 30, 2025.
Outlook and guidance
Expect continued significant growth, with margin expansion anticipated in fiscal 2026 as product mix shifts to higher-value systems.
Gross margin targeted to rise from current ~30% (adjusted) to 35% in the next few quarters, and potentially 40% mid-term.
EBITDA profitability expected at higher revenue levels, with margin improvements likely in the second half of fiscal 2026.
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