NASDAQ • USA
Infrared optical components for defense
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Annual Overview
| Metric | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | 38.46M | 35.56M▼ | 32.93M▼ | 31.73M▼ | 37.2M▲ |
| Net Income | -3.19M | -3.54M▼ | -4.05M▼ | -8.01M▼ | -14.87M▼ |
| EPS | -$0.12 | -$0.13▼ | -$0.13 | -$0.21▼ | -$0.36▼ |
| Free Cash Flow | 1.57M | -162.49K▼ | -5.89M▼ | -1.66M▲ | -9.59M▼ |
| Capex | 3.16M | 1.63M▼ | 3.08M▲ | 2.18M▼ | 1.26M▼ |
| Diluted Shares | 26.31M | 27.02M▲ | 31.64M▲ | 37.94M▲ | 40.87M▲ |
| Net Debt Issuance | 550.75K | -414.45K▼ | -1.71M▼ | -2.18M▼ | 6.66M▲ |
| Net Equity Issuance | — | — | — | — | — |
| SBC | 642.87K | 825.25K▲ | 1.31M▲ | 1.02M▼ | 1.04M▲ |
Analyst Consensus
Estimate Revisions
Estimates trending upward
Earnings Track Record
Beat estimates 1 of last 8 quarters
Avg surprise: -45.8%
Growth
Ownership
Data from SEC 13F filings · Reported September 30, 2023
Earnings Calendar
Next earnings
September 24, 2026
Last earnings
May 7, 2026
AI Summary
LightPath Technologies plays a crucial role in the defense photonics stack, focusing specifically on infrared optical components. These components are integral in the development of directed energy weapons and various defense applications, providing essential technology for thermal imaging and targeting systems used in modern warfare. The company’s products address a niche yet vital need within the defense sector's cutting-edge technology landscape.
LightPath Technologies has a potentially lucrative runway due to increasing defense budgets worldwide and the rising demand for advanced photonics in military applications. As defense strategies pivot towards smarter warfare, incorporating thermal imaging and infrared technologies becomes mission-critical. LightPath, with its onshore manufacturing capabilities, is well-positioned to benefit from supply chain security preferences in U.S. defense contracts. If government spending in directed energy weapons continues to surge, LightPath could see a significant uptick in demand for its specialized components, driving revenue growth substantially.
Despite the promising demand in the defense sector, LightPath faces significant structural weaknesses. The company’s mounting losses, with net income descending from negative $4.0 million in FY2023 to negative $14.9 million in FY2025, raise red flags about operational inefficiencies. Consistently negative cash flow and stagnant gross margins at around 27% suggest difficulties in achieving profitability. Competitive pressures from established giants like Lockheed Martin and General Atomics also present notable risks, as these players are deeply entrenched and have more diversified offerings.
From a financial perspective, LightPath is experiencing an unsettling trajectory. Revenue increased from $31.7 million in FY2024 to $37.2 million in FY2025, yet the net income showed a deeper negative trend, ballooning losses from $8.0 million to $14.9 million. EPS reflects this struggle, dropping further into the red. Gross margins declined from 33.6% in FY2023 to 27.2% in recent years, reflecting cost pressures or pricing challenges. Consequently, the company's free cash flow sharply deteriorated, suggesting a challenging path to financial health.
LightPath Technologies appears expensive relative to peers, with a P/S ratio of 12.8 and an astronomical P/FCF of 164.6, reflective of its current financial distress and growth anticipation possibly being priced in already. The negative EV/EBITDA ratio further highlights its precarious state relative to more stable peers like Lockheed Martin, making it a risky bet unless there are clear signs of turnaround.
LightPath is exposed to several specific downside scenarios. Customer concentration is a risk if major defense contracts are lost or reduced. There's also a threat from technology disruption; should breakthroughs in photonics or semiconductor technologies disadvantage LightPath's offerings, the impact could be severe. Geopolitical tensions influencing defense budgets or sourcing practices could alter demand unpredictably. Furthermore, any supply chain snags in procuring specialized materials could impair its production capabilities.
In the upcoming quarters, watch for the potential increase in U.S. defense contracts specific to photonic systems or the introduction of substantial government security initiatives mandating onshore production. Any strategic partnerships or endorsements by key defense bodies could also act as a substantial catalyst, potentially offsetting current financial challenges. Additionally, monitor quarterly earnings for signs of turnaround in margins or cash flow improvements as signals of operational health.
Last updated: March 26, 2026
LightPath Technologies plays a crucial role in the defense photonics stack, focusing specifically on infrared optical components. These components are integral in the development of directed energy weapons and various defense applications, providing essential technology for thermal imaging and targeting systems used in modern warfare. The company’s products address a niche yet vital need within the defense sector's cutting-edge technology landscape.
LightPath Technologies has a potentially lucrative runway due to increasing defense budgets worldwide and the rising demand for advanced photonics in military applications. As defense strategies pivot towards smarter warfare, incorporating thermal imaging and infrared technologies becomes mission-critical. LightPath, with its onshore manufacturing capabilities, is well-positioned to benefit from supply chain security preferences in U.S. defense contracts. If government spending in directed energy weapons continues to surge, LightPath could see a significant uptick in demand for its specialized components, driving revenue growth substantially.
Despite the promising demand in the defense sector, LightPath faces significant structural weaknesses. The company’s mounting losses, with net income descending from negative $4.0 million in FY2023 to negative $14.9 million in FY2025, raise red flags about operational inefficiencies. Consistently negative cash flow and stagnant gross margins at around 27% suggest difficulties in achieving profitability. Competitive pressures from established giants like Lockheed Martin and General Atomics also present notable risks, as these players are deeply entrenched and have more diversified offerings.
From a financial perspective, LightPath is experiencing an unsettling trajectory. Revenue increased from $31.7 million in FY2024 to $37.2 million in FY2025, yet the net income showed a deeper negative trend, ballooning losses from $8.0 million to $14.9 million. EPS reflects this struggle, dropping further into the red. Gross margins declined from 33.6% in FY2023 to 27.2% in recent years, reflecting cost pressures or pricing challenges. Consequently, the company's free cash flow sharply deteriorated, suggesting a challenging path to financial health.
LightPath Technologies appears expensive relative to peers, with a P/S ratio of 12.8 and an astronomical P/FCF of 164.6, reflective of its current financial distress and growth anticipation possibly being priced in already. The negative EV/EBITDA ratio further highlights its precarious state relative to more stable peers like Lockheed Martin, making it a risky bet unless there are clear signs of turnaround.
LightPath is exposed to several specific downside scenarios. Customer concentration is a risk if major defense contracts are lost or reduced. There's also a threat from technology disruption; should breakthroughs in photonics or semiconductor technologies disadvantage LightPath's offerings, the impact could be severe. Geopolitical tensions influencing defense budgets or sourcing practices could alter demand unpredictably. Furthermore, any supply chain snags in procuring specialized materials could impair its production capabilities.
In the upcoming quarters, watch for the potential increase in U.S. defense contracts specific to photonic systems or the introduction of substantial government security initiatives mandating onshore production. Any strategic partnerships or endorsements by key defense bodies could also act as a substantial catalyst, potentially offsetting current financial challenges. Additionally, monitor quarterly earnings for signs of turnaround in margins or cash flow improvements as signals of operational health.
LightPath Technologies plays a crucial role in the defense photonics stack, focusing specifically on infrared optical components. These components are integral in the development of directed energy weapons and various defense applications, providing essential technology for thermal imaging and targeting systems used in modern warfare.
LightPath Technologies is in the Defense layer of the photonics supply chain. Directed energy weapons and defense photonics applications
In FY2025, LightPath Technologies reported a net loss of $14.87M.
Companies in the same supply chain layer as LightPath Technologies include AeroVironment, Inc., AgEagle Aerial Systems, Inc., Astronics Corporation, BAE Systems plc, and CACI International Inc.
LightPath Technologies is expected to report around September 24, 2026.
Analysis updated March 2026
LightPath Technologies (LPTH) has drawn fresh investor interest after announcing an $11 million follow on purchase order for its infrared cameras, focused on counter UAS uses with a global technology customer. See our latest analysis for LightPath Technologies. The $11 million order has come as momentum in LightPath Technologies' stock is picking up again, with a 1 day share price return of 1.98% and a 7 day share price return of 17.47%. The 1 year total shareholder return is very large,...
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 it has signed a definitive agreement to sell its wholly owned subsidiary, LightPath (Zhenjiang) Optical Instrumentation Co., Ltd. ("LPOIZ"), including its manufacturing facility and its operations in China. The purchaser is an entity owned by certain of the facility's incumbent mana
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 it has received $13 million in follow-on purchase orders from a leading C-UAS and defense systems supplier for optical assemblies. Under the order, LightPath will provide optical assembly work, with delivery completion expected in CY 2027.
LightPath Technologies (NASDAQ:LPTH) shares gained 9% after the company announced it had secured an 11 million dollar follow-on order for infrared camera systems from a major global technology customer supporting counter-unmanned aircraft system (counter-UAS) applications. Repeat order strengthens customer relationshipThe latest contract represents another order from one of LightPath’s key customers and reinforces ongoing demand for the company’s infrared imaging technology across defence and pu
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 it has received a $11 million follow-on purchase order for infrared ("IR") cameras from a leading global technology customer for use in counter-UAS ("C-UAS") applications. The purchase order is subject to the customer's standard terms and conditions and the terms of an agreement bet
In late June 2026, LightPath Technologies, Inc. (NasdaqCM: LPTH) was added to multiple Russell indexes, including the Russell 2000, Russell 2500 and Russell 3000 families, as well as several associated growth and small‑cap benchmarks. This broad index inclusion can increase LightPath’s visibility with institutional investors and index-tracking funds, potentially influencing trading activity and liquidity in the stock. We’ll now examine how LightPath’s broad inclusion across the Russell index...
LightPath Technologies, Inc. (NASDAQ: LPTH) ("LightPath," the "Company," or "we"), a leading provider of next-generation optics and imaging systems for both defense and commercial applications, today announced that it has joined the small-cap Russell 2000® Index and the broad-market Russell 3000® Index, effective with the opening of US equity markets today, Monday, June 29, 2026, marking the conclusion of the 2026 Russell indexes reconstitution.
LightPath Technologies is back in focus as analysts revisit their price targets, with at least one research update pointing to a US$1 adjustment and others reassessing where the stock could reasonably trade against refreshed models. The change in target levels is closely tied to updated views on how well LightPath Technologies might execute on its roadmap and how much of the potential growth story is already reflected in the current valuation. In the sections that follow, you will see how...
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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 that the Company and North Run Strategic Opportunities Fund I, LP (the "Selling Stockholder") have entered into a securities purchase agreement with certain institutional investors for the purchase and sale of 7,142,800 shares of the Company's Class A common stock, of which 3,571,40
LightPath is up 503% in a year as defense programs, BlackDiamond glass and the G5 Infrared deal lift backlog and revenue momentum.
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Sam Rubin: Thank you, operator. A strategy that leverages our core technologies, coupled with carefully curated acquisitions that allowed us to shift to a vertically integrated provider of high-value infrared optics and camera systems, a shift built around higher revenue and higher gross margins. The third quarter carried that momentum with record revenue, broader customer adoption, a deeper system backlog and just as importantly, stronger margins and cash flow.
Moby summary of LightPath Technologies, Inc.'s Q3 2026 earnings call
LightPath Technologies (NASDAQ:LPTH) reported fiscal third-quarter 2026 results on May 7, highlighting what management described as continued momentum in revenue growth, backlog expansion, and improving profitability as the company executes a multi-year shift from components to vertically integrated
LightPath Technologies (LPTH) delivered earnings and revenue surprises of 0.00% and +10.12%, respectively, for the quarter ended March 2026. Do the numbers hold clues to what lies ahead for the stock?
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 third quarter ended March 31, 2026.
LightPath Technologies, Inc. (NASDAQ: LPTH) ("LightPath," the "Company," or "we"), a leading provider of next-generation optics and imaging systems for both defense and commercial applications, today announced it will release financial results for the fiscal third quarter ended March 31, 2026 after market close on May 7, 2026.
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 the appointments of Doug Schoen as Senior Vice President of Global Sales and Ryan Workman as Vice President, Business Development & Product Management, effective April 6, 2026. Both executives bring extensive defense industry leadership experience and will play key roles in accelera
LightPath Technologies is back in focus as analysts adjust their price targets, including a move to around $14, a separate increase of $5, and a smaller 50c lift that collectively shape a tighter range of expectations around the stock. These changes are tied to growing attention on the company’s role in the drone supply chain and differing views on how much of that potential is already reflected in current targets. Read on to see how to track this evolving analyst narrative and what it could...
LightPath Technologies, Inc. (NASDAQ: LPTH) ("LightPath," the "Company," or "we"), a leading provider of next-generation optics and imaging systems for both defense and commercial applications, today announced that it has been awarded the Highly Innovative Design Award in the 2026 Sterling Manufacturing Business Excellence (SMBE) Award evaluation process conducted by The Sterling Council.
LightPath Technologies is back in focus as analysts update their models, with some price targets now set at levels such as US$14 while the Fair Value anchor in one framework holds at US$15.10. Those higher targets are closely tied to research commentary around LightPath’s role in the drone supply chain and the potential revenue mix that could come from that exposure. Read on to see what is driving this evolving narrative and how you can keep track of the key assumptions behind it. Stay...
LightPath Technologies (NASDAQ:LPTH) used its investor day presentation to outline a multi-year shift from selling optical components to providing higher-value infrared (IR) assemblies, camera systems, and participation in larger defense programs, while emphasizing its BlackDiamond chalcogenide glas
LightPath Technologies, Inc. (NASDAQ: LPTH) ("LightPath," the "Company," or "we"), a leading provider of next-generation optics and imaging systems for both defense and commercial applications, today announced that management will host a virtual investor day presentation at 12:30 p.m. Eastern time on Wednesday, February 25, 2026.
Moby summary of LightPath Technologies, Inc.'s Q2 2026 earnings call
LightPath Technologies Inc (LPTH) reports a 120% revenue increase and strategic acquisitions, despite rising expenses and integration challenges.
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 second quarter ended December 31, 2025.
LightPath Technologies (LPTH) delivered earnings and revenue surprises of +25.00% and +23.22%, respectively, for the quarter ended December 2025. Do the numbers hold clues to what lies ahead for the stock?
Today, LightPath Technologies, Inc. is a fundamentally different company. The past several years, we have transformed from a precision optical component company into a vertically integrated provider of high-value infrared optics and camera systems, with offerings that range from proprietary materials all the way through complete imaging solutions.
LightPath Technologies (NASDAQ:LPTH) reported fiscal second-quarter 2026 results that management said reflect a completed “first step” in its shift from a component supplier to a vertically integrated provider of infrared optics and camera systems. CEO Sam Rubin said the quarter showed “measurable c
LightPath Technologies, Inc. (NASDAQ: LPTH) ("LightPath," the "Company," or "we"), a leading provider of next-generation optics and imaging systems for both defense and commercial applications, today announced that it has secured a $9.6 million purchase order for cooled infrared cameras from an existing defense customer for use in defense and security applications, with deliveries expected throughout calendar year 2026.
LightPath Technologies, Inc. (NASDAQ: LPTH) ("LightPath," the "Company," or "we"), a leading provider of next-generation optics and imaging systems for both defense and commercial applications, today announced it will release financial results for the fiscal second quarter ended December 31, 2025 after market close on February 11, 2026.
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