U.S. stock futures were mixed this morning, with the Dow futures gaining around 100 points on Friday.Shares of Broadcom Inc (NASDAQ:AVGO) fell sharply in pre-market trading even after the semiconductor giant delivered fourth-quarter earnings beat and reported record artificial intelligence (AI) revenue.Despite a 74% surge in AI sales, investors focused heavily on disappointing guidance regarding shrinking gross margins and a sharply higher tax rate for fiscal 2026.Broadcom shares dipped 5% to $386.28 in pre ...

Core Viewpoint - LightPath Technologies, Inc. has announced a public offering of 7,750,000 shares of its Class A common stock at a price of $7.75 per share, aiming for gross proceeds of approximately $60 million before expenses [1][2]. Group 1: Offering Details - The offering includes a 30-day option for underwriters to purchase an additional 1,162,500 shares at the public offering price [1]. - The offering is expected to close on or about December 15, 2025, pending customary closing conditions [1]. Group 2: Use of Proceeds - The net proceeds from the offering will be utilized for working capital, investments, acquisitions, and general corporate purposes [2]. Group 3: Underwriters - Canaccord Genuity and Craig-Hallum are serving as joint bookrunners for the offering, with Lake Street acting as co-manager [2]. Group 4: Company Overview - LightPath Technologies is a leading provider of next-generation optics and imaging systems for defense and commercial applications, with a vertically integrated approach and in-house engineering design support [5]. - The company’s manufacturing facilities are located in Orlando, Florida, with additional sites in Texas, New Hampshire, Latvia, and China [5].

Core Viewpoint - LightPath Technologies, Inc. has announced an underwritten public offering of its Class A common stock, with a potential additional 15% of shares available for underwriters [1][2]. Group 1: Offering Details - The public offering is subject to market conditions and there is no assurance regarding its completion or the actual size and terms [1]. - Canaccord Genuity and Craig-Hallum are acting as joint bookrunners for the offering [2]. - The offering is made under a shelf registration statement that was declared effective by the SEC on December 10, 2025 [3]. Group 2: Use of Proceeds - The net proceeds from the offering are intended for working capital, investments, acquisitions, and general corporate purposes [2]. Group 3: Company Overview - LightPath Technologies is a leading provider of next-generation optics and imaging systems for defense and commercial applications, with a vertically integrated approach and in-house engineering support [5]. - The company’s manufacturing facilities are located in Orlando, Florida, with additional sites in Texas, New Hampshire, Latvia, and China [5].

Core Insights - LightPath's share price has experienced a significant increase over the past year, prompting an analysis of whether this rise is justified and if it remains a good investment opportunity [1] Company Analysis - The analysis focuses on LightPath (LPTH) and its stock performance, particularly over the last year [1] - The investor profile indicates a long-term investment strategy, typically with a 5-10 year horizon, emphasizing a preference for a balanced portfolio that includes growth, value, and dividend-paying stocks [1] Investment Strategy - The investor's approach leans towards value investing, with occasional options trading to enhance returns [1]

Revenue and Profitability - Revenue for the three months ended September 30, 2025, was $15,058,281, a 79.5% increase from $8,400,381 in the same period last year[17] - Gross profit for the quarter was $4,482,572, compared to $2,844,429 in the prior year, reflecting a gross margin improvement[17] - Revenue for the three months ended September 30, 2024, from operations acquired with G5 Infrared was reported at $14.49 million[47] - Revenue from infrared components reached $4,257,955, up 63% from $2,610,884 in the prior year[58] - Revenue from assemblies and modules surged to $5,859,498, compared to $1,093,668 in the same quarter of 2024, marking a 434% increase[58] - Revenue for Q1 fiscal 2026 was approximately $15.1 million, an increase of approximately $6.7 million, or 79%, compared to $8.4 million in the same quarter of the prior fiscal year[140] - Revenue from infrared components was approximately $4.3 million, an increase of $1.6 million, or 63%, compared to the same quarter of the prior fiscal year, including $0.7 million from G5 Infrared sales[141] - Revenue from assemblies and modules was approximately $5.9 million, an increase of approximately $4.8 million, or 436%, compared to the same quarter of the prior fiscal year, including $4.7 million from G5 Infrared sales[143] Losses and Expenses - Operating loss for the quarter was $(2,505,778), compared to $(1,376,808) in the same quarter of the previous year, indicating increased operating expenses[17] - The company reported a net loss of $(2,893,002) for the quarter, compared to $(1,622,745) in the same quarter last year[18] - For the three months ended September 30, 2025, the net loss was $2,893,002, compared to a net loss of $1,622,745 for the same period in 2024, indicating an increase in losses of approximately 78.3%[23] - The company incurred a segment net loss of $2,893,002 for the three months ended September 30, 2025, compared to a net loss of $1,622,745 for the same period in 2024, reflecting increased operational costs[111] - Net loss for Q1 fiscal 2026 was approximately $2.9 million, compared to $1.6 million in the same quarter of the prior fiscal year, reflecting an increase of approximately 81%[153] Cash and Liquidity - Cash and cash equivalents rose significantly to $11,507,418 from $4,877,036, indicating improved liquidity[13] - Cash and cash equivalents at the end of the period were $11,507,418, up from $4,280,637 at the end of the same period in 2024, representing a 168.5% increase[24] - Net cash used in operating activities was $1,142,842 for the three months ended September 30, 2025, compared to $1,700,201 for the same period in 2024, showing a decrease of approximately 32.7%[24] - Cash used in operations was approximately $1.1 million for Q1 fiscal 2026, a decrease from $1.7 million in the same period of the prior fiscal year[162] - Net cash provided by financing activities was approximately $7.8 million in Q1 fiscal 2026, compared to $2.5 million in the same period of the prior fiscal year[164] Assets and Liabilities - Total current assets increased to $35,155,096 as of September 30, 2025, up from $28,373,995 as of June 30, 2025[13] - Total liabilities decreased slightly to $31,589,922 from $31,628,488, showing stable financial leverage[15] - Total stockholders' equity increased to $21,437,818 from $15,644,768, indicating growth in shareholder value[15] - The total lease liabilities amounted to $10,352,075, compared to $10,208,193 as of June 30, 2025[90] - The company has a total loan payable of $5,011,441 as of the latest reporting period, with future maturities including $5,195,205 due in June 2027[104] Acquisitions and Investments - The company acquired G5 Infrared for approximately $27.1 million, consisting of $20.3 million in cash, 1,972,501 shares of Class A common stock valued at $2.47 per share, and potential earnout consideration[39] - The company also acquired Visimid Technologies for approximately $2.7 million, which included $1 million in cash and $1.55 million in restricted stock[52] - The acquisition of G5 Infrared is expected to strengthen the company's position in infrared imaging and expand its portfolio to include cooled infrared cameras[127] - The company utilized a new series of preferred stock and promissory notes to finance the acquisition of G5 Infrared, raising approximately $32.2 million[49] Stock and Shareholder Information - The number of shares used in the basic loss per share calculation was 43,287,933, compared to 39,561,480 in the prior year[18] - The basic loss per common share for the three months ended September 30, 2025, was $(0.07), compared to $(0.04) for the same period in 2024[83] - The company granted 27,717 Restricted Stock Units (RSUs) during the three months ended September 30, 2025[82] - As of September 30, 2025, there were approximately $1.0 million of total unrecognized compensation costs related to non-vested share-based compensation arrangements[82] Foreign Currency and Market Conditions - The company experienced a foreign currency translation adjustment of $92,383 during the three months ended September 30, 2025[24] - The Company recognized a cumulative foreign currency translation gain of approximately $1.1 million as of September 30, 2025[105] - The Company has taken proactive steps to minimize orders for Germanium products due to supply disruptions and price increases resulting from export restrictions imposed by China[115] - The Company is actively collaborating with customers to redesign systems to use alternative materials instead of Germanium, which may take up to two years for re-qualification in complex systems[117]

Revenue and Profitability - Revenue for Q1 fiscal 2026 increased by 79% to $15.1 million, compared to $8.4 million in Q1 fiscal 2025[3] - Gross profit rose 58% to $4.5 million, representing 30% of total revenues, down from 34% in the prior year[10] - The net loss for Q1 fiscal 2026 was $2.9 million, or $0.07 per share, compared to a net loss of $1.6 million, or $0.04 per share, in the same quarter last year[13] - Adjusted EBITDA for Q1 fiscal 2026 was $0.4 million, a significant improvement from an adjusted EBITDA loss of $0.2 million in the prior year[14] - Operating loss increased to $(2,505,778) compared to $(1,376,808) in the prior year, reflecting higher operating expenses[30] - Net loss for the three months ended September 30, 2025, was $2,893,002, compared to a net loss of $1,622,745 for the same period in 2024, representing an increase in loss of approximately 78.4%[36] Operating Expenses and Investments - Operating expenses increased by 66% to $7.0 million, primarily due to the integration of G5 and increased sales and marketing efforts[11] - New product development expenses were $867,428, up from $476,441, indicating increased investment in innovation[30] - A strategic investment of $8.0 million was secured from Ondas Holdings and Unusual Machines to support growth in the drone/UAV sector[8] Assets and Liabilities - Total current assets rose to $35,155,096 from $28,373,995, a 24.5% increase[27] - Total assets increased to $87,260,250 from $81,505,766, marking a growth of 7.0%[27] - Total liabilities decreased slightly to $31,589,922 from $31,628,488, a reduction of 0.1%[28] - Stockholders' equity improved to $21,437,818 from $15,644,768, an increase of 37.0%[28] Cash Flow and Financing - Cash used in operating activities decreased to $1,142,842 from $1,700,201 year-over-year, indicating an improvement of about 32.7%[36] - Cash provided by financing activities significantly increased to $7,781,540, up from $2,488,233 in the previous year, marking a growth of approximately 212.2%[36] - The company ended the period with cash and cash equivalents of $11,507,418, compared to $4,280,637 at the end of the same period last year, reflecting an increase of about 168.5%[36] Orders and Backlog - The company has a backlog of over $90 million, up from $86 million at the end of the previous quarter[5] - Recent orders include an $18.2 million IR camera order and a follow-on $22.1 million order, reflecting strong demand for products[6] Changes in Management and Governance - The company appointed Mark Caylor to the Board of Directors, bringing over 35 years of defense industry experience[7] Depreciation and Other Expenses - Depreciation and amortization expenses rose to $1,218,948 from $989,562, an increase of approximately 23.2%[36] - Interest paid in cash for the period was $177,963, compared to $20,990 in the same period last year, indicating a significant increase[37] - Income taxes paid increased to $56,282 from $16,903, representing a rise of approximately 232.5%[37] - The company recorded a change in fair value of acquisition earnout liabilities amounting to $1,282,529, which was not present in the previous year[36] - The company acquired operating right-of-use assets valued at $435,733 in exchange for operating lease liabilities, which was not recorded in the previous year[37] - The issuance of common stock for the acquisition of Visimid was valued at $350,000, consistent with the previous year[37]

Group 1: LightPath Technologies Inc - LightPath Technologies Inc (NASDAQ:LPTH) reported better-than-expected first-quarter financial results, leading to a sharp rise in its shares during pre-market trading [1] - The company reported a quarterly loss of 7 cents per share, which was better than the analyst estimate of a 9-cent loss [1] - Quarterly revenue for LightPath Technologies was $15.05 million, surpassing the consensus estimate of $12.66 million [1] - Following the financial results, shares of LightPath Technologies jumped 6.8% to $8.58 in pre-market trading [1] Group 2: Other Stocks in Pre-Market Trading - Salarius Pharmaceuticals, Inc. (NASDAQ:SLRX) surged 170% to $2.65 after releasing pricing details for its underwritten public offering [6] - Kandal M Venture Limited (NASDAQ:FMFC) gained 70.4% to $0.9490 after previously falling 8% [6] - Amaze Holdings, Inc. (NYSE:AMZE) rose 68.4% to $0.8934 after extending its partnership with Adobe Express [6] - VCI Global Limited (NASDAQ:VCIG) surged 44.4% to $1.88 after a 27% dip on Tuesday [6] - Clearmind Medicine Inc. (NASDAQ:CMND) gained 27% to $0.5830 after a 32% decline on Tuesday [6] - Lucyd, Inc (NASDAQ:LUCY) surged 23.3% to $1.90 [6] - BILL Holdings, Inc (NYSE:BILL) gained 14.8% to $53.49 [6] - Cuprina Holdings (Cayman) Limited (NASDAQ:CUPR) gained 11.7% to $0.8160 after a 5% decline [6] - DBV Technologies SA – ADR (NASDAQ:DBVT) rose 8.7% to $14.50, confirming completion of Phase 3 treatment phase for VIASKIN peanut patch [6] Group 3: Decliners in Pre-Market Trading - MSP Recovery Inc (NASDAQ:MSPR) tumbled 18.2% to $0.46 after a 75% jump on Tuesday [6] - Aspire Biopharma Holdings Inc (NASDAQ:ASBP) declined 16.5% to $0.097 after a 25% dip [6] - Rain Enhancement Technologies Holdco Inc (NASDAQ:RAIN) fell 14.3% to $4.66 after a 10% gain [6] - IRIDEX Corp (NASDAQ:IRIX) shares dipped 13.4% to $1.03 following the announcement of quarterly results [6] - Leifras Co Ltd (NASDAQ:LFS) fell 13.4% to $9.82 after a significant 577% jump on Tuesday [6] - Graphjet Technology (NASDAQ:GTI) fell 12.3% to $3.40 after an 8% decline [6] - ICZOOM Group Inc (NASDAQ:IZM) fell 10.1% to $1.25 after a 34% gain [6] - Biohaven Ltd (NYSE:BHVN) dipped 7.7% to $7.86 after announcing a $150 million offering [6] - Stitch Fix Inc (NASDAQ:SFIX) dipped 4% to $4.21 [6] - Daqo New Energy Corp (NYSE:DQ) fell 3.7% to $34.29 [6]

分组1 - LightPath Technologies reported a quarterly loss of $0.05 per share, better than the Zacks Consensus Estimate of a loss of $0.06, but worse than a loss of $0.04 per share a year ago, resulting in an earnings surprise of +16.67% [1] - The company posted revenues of $15.06 million for the quarter ended September 2025, exceeding the Zacks Consensus Estimate by 26.75%, compared to year-ago revenues of $8.4 million [2] - LightPath Technologies shares have increased approximately 120.4% since the beginning of the year, significantly outperforming the S&P 500's gain of 16.2% [3] 分组2 - The current consensus EPS estimate for the upcoming quarter is -$0.05 on revenues of $12.5 million, and for the current fiscal year, it is -$0.13 on revenues of $57.72 million [7] - The Zacks Industry Rank for Electronics - Miscellaneous Components is in the top 17% of over 250 Zacks industries, indicating a favorable outlook for the industry [8]

Financial Data and Key Metrics Changes - Revenue for Q1 fiscal 2026 increased by 79% to $15.1 million compared to $8.4 million in the same quarter of the previous year [19] - Gross profit rose by 58% to $4.5 million, representing 30% of total revenues, down from 34% in the prior year due to non-recurring orders with higher margins [20] - Operating expenses increased by 66% to $7 million, primarily due to the integration of G5 Infrared and increased sales and marketing spending [20] - Net loss for Q1 fiscal 2026 totaled $2.9 million, or $0.07 per share, compared to a loss of $1.6 million, or $0.04 per share, in the same quarter last year [21] - Adjusted EBITDA was positive at $0.4 million, compared to a loss of $0.2 million in the prior year [21] - Cash and cash equivalents as of September 30, 2025, totaled $11.5 million, up from $4.9 million as of June 30, 2025 [21] Business Line Data and Key Metrics Changes - Revenue from infrared components was $4.3 million (28% of total revenue), visible components generated $3.8 million (25%), assemblies/modules accounted for $5.9 million (39%), and engineering services brought in $1.1 million (7%) [19] - The backlog reached approximately $90 million, with over two-thirds in systems and subsystems, indicating a successful shift up the value chain [11] Market Data and Key Metrics Changes - The company is experiencing strong demand in border surveillance and Counter-UAS applications, with over $15 million of the backlog dedicated to Counter-UAS [12] - Anticipation of over 1,000 new border surveillance towers, with expected placements priced between $150,000 and $250,000 per camera [12] Company Strategy and Development Direction - The company is transitioning from a component supplier to a vertically integrated provider of high-value infrared optics and camera systems, focusing on engineered solutions [3][4] - Strategic investments from Ondas Holdings and Unusual Machines aim to accelerate commercialization, particularly in uncooled infrared solutions for drone applications [11] - The proprietary Black Diamond Chalcogenite glass is central to the strategy, providing a domestic alternative to germanium and enhancing supply chain resilience [5][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, citing a record backlog and the successful integration of G5 Infrared [18] - The focus for fiscal year 2026 includes expanding Germanium-free product variants, hardening the supply chain, and converting backlog into revenue at healthy margins [25] - The company is optimistic about sustaining growth and expanding profitability through strategic investments and operational scaling [18][25] Other Important Information - The company is moving its Texas team to a larger facility to support production needs for the Lockheed NG SRI program [16] - Mark Kahlo has been appointed to the Board of Directors, bringing extensive experience in the defense industry [17] Q&A Session Summary Question: About the availability of germanium and the transition to Black Diamond glass - Management noted that while China may open up germanium availability, customers are cautious due to past supply chain disruptions and are transitioning to Black Diamond glass for better performance [28][29] Question: Supply chain resiliency and capacity improvements - Management indicated that capacity needs to be added across various operations, particularly in glass manufacturing and camera systems, with ongoing investments to meet demand [33][35] Question: Sales progression and EBITDA expectations for the December quarter - Management refrained from providing specific guidance but expressed a desire to maintain the positive sales momentum seen in Q1 [39] Question: Status of the NGSRI program and facility upgrades - Management confirmed that the timeline for the NGSRI program remains uncertain due to government delays, but investments are being made to prepare for potential scaling [44] Question: Gross margin expectations and capacity expansion impact - Management expects gross margins to improve despite fluctuations in sales mix, with a goal of reaching 35% by the end of the fiscal year [46] Question: Pipeline of $10 million plus annual revenue opportunities - Management indicated there are approximately seven to eight programs in the pipeline that could generate significant revenue [62] Question: Integration of systems and technology for counter-UAS applications - Management confirmed that systems are integrated for tracking and validation, emphasizing the importance of visual confirmation in defense applications [84]

Core Insights - Medios AG reported solid growth with record revenues for both the third quarter and the first nine months of 2025, driven by both organic and inorganic growth [4]. Group 1: Financial Performance - The company achieved record revenues for the third quarter and the first nine months of 2025 [4]. - The growth was attributed to a combination of organic and inorganic factors [4]. Group 2: Leadership Changes - Medios AG announced the appointment of Thomas Meier as the new CEO, effective February 2026 [4].