LightPath Technologies (LPTH) investor relations material

Executive summary

• Fiscal 2026 revenue rose 93% to $71.7M, with Q4 revenue up 73% to $21.2M and gross margin expanding from 27% to 36%.

• Adjusted EBITDA swung from a $5.1M loss to a $4.2M profit; Q4 adjusted EBITDA reached $2.1M (10% margin).

• Order backlog grew 197% to $110.9M, with $85.6M scheduled for delivery in the next 12 months.

• Strategic shift to higher-margin assemblies, modules, and cameras, plus divestiture of China operations, drove margin gains and consolidated manufacturing in Western locations.

• Net loss narrowed to $4.1M in Q4 but widened to $20.5M for the year due to non-cash earnout adjustments.

Financial highlights

• Q4 revenue: $21.2M (+73% YoY); full-year revenue: $71.7M (+93% YoY).

• Q4 gross profit: $8.3M (39.4% margin); full-year gross margin: 36%.

• Q4 net loss: $4.1M ($0.06/share); full-year net loss: $20.5M ($0.38/share).

• Adjusted EBITDA positive for fourth consecutive quarter; $2.1M in Q4, $4.2M for the year.

• Cash and cash equivalents at year-end: $93.2M, up from $4.9M a year earlier.

Outlook and guidance

• Backlog continues to grow, with $85.6M scheduled for delivery in the next 12 months.

• Fiscal 2027 CapEx will increase to expand capacity, especially for Black Diamond glass, in the U.S. and Latvia.

• Focus on scaling operations, maintaining margin gains, and converting backlog to revenue.

• Demand for glass and systems expected to outpace current supply, driven by U.S. defense procurement shifts and regulatory changes.