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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.
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Q4 2025 earnings summary25 Sep, 2025

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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Frequently asked questions

LightPath Technologies Inc designs and manufactures optical and infrared components for industrial, defense, medical, and telecommunications markets. The company’s products include lenses, collimators, and fiber-optic devices. It serves customers worldwide with precision optical solutions. The company is headquartered in Orlando, Florida, and its shares are listed on the NASDAQ.

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