[LightPath Technologies Q3 Fiscal 2025 Earnings Release](index=1&type=section&id=LightPath%20Technologies%20Reports%20Third%20Quarter%20Fiscal%202025%20Financial%20Results) [Financial and Operational Highlights](index=1&type=section&id=Financial%20and%20Operational%20Highlights) Revenue grew 19.1% driven by the G5 Infrared acquisition, though net loss widened due to increased operating expenses Q3 FY2025 Financial Summary (YoY) | $ in millions | Q3 2025 | Q3 2024 | % Change | | :--- | :--- | :--- | :--- | | **Revenue** | $9.2 | $7.7 | 19.1% | | **Gross Profit** | $2.7 | $1.6 | 65.9% | | **Operating Expenses** | $6.0 | $4.2 | 44.3% | | **Net Income (Loss)** | ($3.6) | ($2.6) | 37.1% | | **Adj. EBITDA* (non-GAAP)** | ($2.0) | ($1.5) | 31.3% | - The acquisition of G5 Infrared is a key part of the strategy to become a leading provider in the **$9 billion infrared imaging market**[4](index=4&type=chunk)[5](index=5&type=chunk) - Significant new orders following the G5 acquisition validate the strategic move, including a **$4.8 million** initial order, a **$4.9 million** follow-on order, and a **$2.2 million** order from L3Harris[5](index=5&type=chunk)[7](index=7&type=chunk) - The company is **emphasizing its Germanium-free BlackDiamond™ infrared solutions** due to China's export ban on Germanium, which impacts competing products[6](index=6&type=chunk) - LightPath is **advancing with key defense programs**, including delivering flightworthy hardware to Lockheed Martin for a major U.S. Army missile program[8](index=8&type=chunk) [Detailed Financial Results (Q3 FY2025)](index=2&type=section&id=Third%20Quarter%20Fiscal%202025%20Financial%20Results) Revenue grew 19.1% and gross margin improved to 29.1%, but higher operating expenses led to a wider net loss of $3.6 million Revenue by Product Group (Q3 FY2025 vs Q3 FY2024) | Product Group Revenue ($ in millions) | Q3 FY2025 | Q3 FY2024 | % Change | | :--- | :--- | :--- | :--- | | Infrared Components | $3.6 | $3.6 | 0% | | Visible Components | $2.8 | $2.7 | 6% | | Assemblies & Modules | $1.9 | $0.8 | 123% | | Engineering Services | $0.8 | $0.5 | 54% | | **Total Revenue** | **$9.2** | **$7.7** | **19.1%** | - **Gross profit increased 65.9% to $2.7 million**, and gross margin improved to 29.1% of revenue from 20.9% in the prior year due to a more favorable product mix[9](index=9&type=chunk) - **Operating expenses rose 42.9% to $6.0 million**, primarily due to higher legal and consulting fees related to the G5 acquisition and increased product development spending[10](index=10&type=chunk) - **Net loss for the quarter was $3.6 million ($0.09 per share)**, an increase from the $2.6 million loss ($0.07 per share) in the prior year's quarter[11](index=11&type=chunk) - **Adjusted EBITDA loss was $2.0 million**, compared to a loss of $1.5 million for the same period of the prior fiscal year[11](index=11&type=chunk) [Non-GAAP Financial Measures](index=3&type=section&id=Use%20of%20Non-GAAP%20Financial%20Measures) The company uses Adjusted EBITDA to clarify core performance, reconciling a Q3 net loss of $3.6 million to an Adjusted EBITDA loss of $2.0 million - The company **uses EBITDA and Adjusted EBITDA to help investors understand period-over-period operating results** by excluding items that could have a disproportionate impact[16](index=16&type=chunk)[17](index=17&type=chunk) Reconciliation of Net Loss to Adjusted EBITDA (unaudited) | | Three Months Ended March 31, | Nine Months Ended March 31, | | :--- | :--- | :--- | | | **2025** | **2024** | **2025** | **2024** | | **Net loss** | **$ (3,560,349)** | **$ (2,597,534)** | **$ (7,795,091)** | **$ (5,653,573)** | | Depreciation and amortization | 1,463,150 | 1,042,850 | 3,356,752 | 2,985,850 | | Income tax provision | 100,031 | 5,798 | 160,192 | 121,402 | | Interest expense | 498,862 | 37,649 | 817,275 | 149,048 | | **EBITDA** | **$ (1,498,306)** | **$ (1,511,237)** | **$ (3,460,872)** | **$ (2,397,273)** | | Loss on extinguishment of debt | 418,502 | - | 418,502 | - | | Change in fair value of warrant liability | (904,694) | - | (904,694) | - | | **Adjusted EBITDA** | **$ (1,984,498)** | **$ (1,511,237)** | **$ (3,947,064)** | **$ (2,397,273)** | [Consolidated Financial Statements](index=4&type=section&id=LIGHTPATH%20TECHNOLOGIES,%20INC.%20Condensed%20Consolidated%20Financial%20Statements) This section presents the condensed consolidated balance sheets, statements of income, changes in equity, and cash flows [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets grew to $81.4 million and liabilities to $31.5 million due to the G5 acquisition, while stockholders' equity decreased Balance Sheet Comparison | Assets & Liabilities ($) | March 31, 2025 | June 30, 2024 | | :--- | :--- | :--- | | **Total current assets** | 28,081,126 | 15,537,335 | | **Total assets** | **81,420,816** | **48,086,964** | | **Total current liabilities** | 12,230,541 | 8,036,348 | | **Total liabilities** | **31,452,128** | **17,887,299** | | **Total stockholders equity** | **15,569,066** | **30,199,665** | - The G5 acquisition significantly impacted the balance sheet, with **Intangible assets increasing to $21.5 million** and **Goodwill increasing to $9.7 million**[24](index=24&type=chunk) - A **new warrant liability of $4.1 million** was recorded on the balance sheet as of March 31, 2025[24](index=24&type=chunk) [Condensed Consolidated Statements of Comprehensive Income (Loss)](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income%20(Loss)) Q3 FY2025 revenue was $9.2 million with a net loss of $3.6 million, while the nine-month net loss reached $7.8 million Statement of Comprehensive Income (Loss) - Three Months Ended March 31 | ($) | 2025 | 2024 | | :--- | :--- | :--- | | **Revenue, net** | 9,167,627 | 7,699,175 | | **Gross profit** | 2,664,101 | 1,606,187 | | **Operating loss** | (3,323,289) | (2,583,196) | | **Net loss** | (3,560,349) | (2,597,534) | | **Loss per common share (basic & diluted)** | (0.09) | (0.07) | Statement of Comprehensive Income (Loss) - Nine Months Ended March 31 | ($) | 2025 | 2024 | | :--- | :--- | :--- | | **Revenue, net** | 24,992,837 | 23,092,060 | | **Gross profit** | 7,439,361 | 6,106,214 | | **Operating loss** | (7,184,436) | (5,617,147) | | **Net loss** | (7,795,091) | (5,653,573) | | **Loss per common share (basic & diluted)** | (0.19) | (0.15) | [Condensed Consolidated Statements of Changes in Stockholders' Equity](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Stockholders'%20Equity) Stockholders' equity declined to $15.6 million, impacted by a net loss and the issuance of $34.4 million in temporary equity - **Total stockholders' equity decreased from $30,199,665** at June 30, 2024, **to $15,569,066** at March 31, 2025[29](index=29&type=chunk)[30](index=30&type=chunk) - The company **issued Series G Convertible Preferred Stock valued at $34,399,622**, which is classified as temporary equity[25](index=25&type=chunk)[30](index=30&type=chunk) - **Common stock shares issued and outstanding increased from 39,254,643 to 42,893,563**, partly due to issuances for the acquisition of G5[29](index=29&type=chunk)[30](index=30&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operations was negative $5.4 million, but financing activities provided $29.3 million, increasing total cash by $3.0 million Cash Flow Summary (Nine Months Ended March 31) | ($) | 2025 | 2024 | | :--- | :--- | :--- | | **Net cash (used in) provided by operating activities** | (5,374,699) | 456,343 | | **Net cash used in investing activities** | (20,820,089) | (2,375,091) | | **Net cash provided by (used in) financing activities** | 29,265,538 | (2,069,670) | | **Change in cash and cash equivalents** | 2,998,617 | (3,985,538) | | **Cash and cash equivalents, end of period** | 6,478,885 | 3,158,952 | - The **acquisition of G5 was the primary use of cash in investing activities, costing $20,250,011**[35](index=35&type=chunk) - **Financing activities were a major source of cash**, driven by proceeds from the issuance of preferred stock ($18.8M), warrants ($4.3M), and new loans ($6.7M)[35](index=35&type=chunk) [Other Information](index=2&type=section&id=Other%20Information) This section contains investor call details and the safe harbor statement regarding forward-looking projections and associated risks - Management **hosted an investor conference call and webcast on May 15, 2025**, to discuss the Q3 FY2025 financial results[12](index=12&type=chunk) - The press release **contains forward-looking statements** concerning future events, which are subject to risks and uncertainties detailed in SEC filings[20](index=20&type=chunk)[21](index=21&type=chunk) - LightPath Technologies **is a vertically integrated provider of optics and imaging systems**, with manufacturing in Florida, Texas, New Hampshire, Latvia, and China[14](index=14&type=chunk)[15](index=15&type=chunk)

Core Viewpoint - LightPath Technologies reported a 19.1% increase in revenue for the third quarter of fiscal 2025, driven by the acquisition of G5 Infrared and significant orders in the defense sector, positioning the company for growth in the infrared imaging market valued at $9 billion [1][4][5]. Financial Performance - Revenue for the third quarter of fiscal 2025 was $9.2 million, up from $7.7 million in the same quarter of the previous year, reflecting a 19.1% increase [2][8]. - Gross profit increased by 65.9% to $2.7 million, representing 29.1% of total revenues, compared to 20.9% in the prior year [10]. - Operating expenses rose 42.9% to $6.0 million, primarily due to higher legal and consulting fees related to business development and the G5 acquisition [11]. - The net loss for the quarter was $3.6 million, or $0.09 per share, compared to a loss of $2.6 million, or $0.07 per share, in the same quarter of the previous year [12][23]. Strategic Developments - The acquisition of G5 Infrared is expected to enhance LightPath's capabilities in the infrared imaging market, with G5's product offerings complementing LightPath's existing portfolio [4][9]. - Significant orders received include a $4.8 million qualification order and a $4.9 million follow-on order from defense customers, along with a $2.2 million order from L3Harris Technologies [5][9]. - The company is focusing on transitioning to its Germanium-free BlackDiamond™ infrared imaging solutions, which are gaining traction due to supply chain issues affecting competitors [6]. Market Positioning - LightPath aims to become a leading vertically-integrated provider in the infrared imaging market, leveraging G5's established contracts and operational synergies [4][5]. - The company is actively participating in key defense programs, including a major missile program for the U.S. Army in collaboration with Lockheed Martin [7]. Product Group Performance - Revenue breakdown for the third quarter of fiscal 2025 shows: - Infrared Components: $3.6 million (0% change) - Visible Components: $2.8 million (6% increase) - Assemblies & Modules: $1.9 million (123% increase) - Engineering Services: $0.8 million (54% increase) [8]. Cash Flow and Financial Position - Cash and cash equivalents at the end of the period were $6.5 million, up from $3.5 million at the end of the previous fiscal year [21][27]. - The company reported a net cash used in operating activities of $5.4 million for the nine months ended March 31, 2025 [27].

Core Viewpoint - LightPath Technologies, Inc. is set to release its financial results for the fiscal third quarter ended March 31, 2025, after market close on May 15, 2025 [1] Financial Results Announcement - The company will host an investor conference call on May 15, 2025, at 5:00 p.m. Eastern time to discuss the financial results, provide a corporate update, and conduct a Q&A session [2] - Participants can join the call using the provided U.S. and international dial-in numbers, with a conference ID for access [2] Playback and Webcast Information - A playback of the conference call will be available until May 29, 2025, with specific numbers for U.S. and international listeners [3] - A webcast replay will also be accessible through the provided link [3] Company Overview - LightPath Technologies is a leading provider of next-generation optics and imaging systems for defense and commercial applications [4] - The company offers a range of custom solutions, including proprietary BlackDiamond™ chalcogenide-based glass materials and complete infrared optical systems [4] - LightPath has manufacturing facilities in Orlando, Florida, as well as locations in Texas, New Hampshire, Latvia, and China [4]

Core Viewpoint - LightPath Technologies, Inc. announced a $4.9 million follow-on order for infrared camera systems from its subsidiary G5 Infrared, expected to be delivered in the 2026 fiscal year [1][2]. Group 1: Company Overview - LightPath Technologies is a leading provider of next-generation optics and imaging systems for defense and commercial applications [4]. - The company operates as a vertically integrated solutions provider, offering proprietary BlackDiamond™ chalcogenide-based glass materials and complete infrared optical systems [4]. - LightPath has manufacturing facilities in Orlando, Florida, Texas, New Hampshire, Latvia, and China [4]. Group 2: Recent Developments - The order from the defense industry customer is part of G5 Infrared's significant order pipeline, which includes opportunities from both new and existing customers [2]. - G5's reputation for long-range imaging and infrared cooled camera solutions has led to order wins for various applications, including shipboard long-range surveillance and border security [3]. - The acquisition of G5 has provided meaningful scale and opportunities for integration with LightPath's proprietary products, positioning the combined company for continued growth [3].

Core Insights - LightPath Technologies has announced a $2.2 million order for infrared cameras from L3Harris Technologies to support the U.S. Navy's Shipboard Panoramic Electro-Optic/Infrared (SPEIR) Program [1] - The SPEIR Program aims to enhance the U.S. Navy's capabilities in anti-ship cruise missile defense and other operational areas [2] - The acquisition of G5 Infrared is expected to significantly enhance LightPath's growth in the $9 billion infrared imaging market [3] Company Overview - LightPath Technologies is a provider of next-generation optics and imaging systems for defense and commercial applications, with a focus on vertically integrated solutions [4] - The company has manufacturing facilities in Orlando, Florida, and additional locations in Texas, New Hampshire, Latvia, and China [4]

Core Viewpoint - LightPath Technologies is set to present on advancements in broadband thermal imaging technology at the Photonics Spectra Infrared Imaging Summit 2025, highlighting the potential of uncooled microbolometers [1][2][3] Group 1: Presentation Details - Jason Liebert, General Manager of LightPath's Plano facility, will present on April 16, 2025, at 11:10 AM EST [1] - The presentation is titled "Broadband Thermal Imaging: The Future is Now" and will address historical challenges in broadband mid-wave infrared sensing [2] - The summit will feature various industry experts discussing innovations in infrared imaging, including topics like polarization imaging and advancements in machine vision [3] Group 2: Company Overview - LightPath Technologies is a leading provider of next-generation optics and imaging systems for defense and commercial applications [5] - The company offers a range of custom solutions, including proprietary BlackDiamond™ chalcogenide-based glass materials and complete infrared optical systems [5] - LightPath has manufacturing facilities in Orlando, Florida, Texas, Latvia, and China, emphasizing its vertically integrated solutions [5]

Core Viewpoint - LightPath Technologies, Inc. is set to showcase its expanded portfolio of infrared imaging solutions at the 2025 Border Security Expo, following its acquisition of G5 Infrared, highlighting its commitment to innovation in the defense and commercial optics market [1][2]. Group 1: 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 that includes in-house engineering support and global production facilities [5]. - The company’s primary manufacturing footprint is located in Orlando, Florida, with additional facilities in Texas, New Hampshire, Latvia, and China [5]. Group 2: Recent Developments - The exhibition at the 2025 Border Security Expo marks LightPath's first major industry event since acquiring G5 Infrared in February 2025, positioning G5 to deliver advanced cooled and uncooled infrared solutions for critical applications [2][3]. - LightPath plans to demonstrate its high-end cooled infrared camera systems, which complement its existing uncooled thermal imaging portfolio, showcasing its integrated technologies for border protection and homeland security [3]. Group 3: Strategic Engagement - The participation in the expo provides a platform for LightPath to engage with potential customers and partners, emphasizing the importance of its integrated technologies in meeting demanding requirements in security [3]. - Attendees will have the opportunity to explore customized design and manufacturing solutions, reinforcing LightPath's commitment to tailored performance, cost, and timeline objectives [3].

Rehovot, Israel, March 31, 2025 (GLOBE NEWSWIRE) -- Maris-Tech Ltd. (NASDAQ:MTEK, MTEKW)) ("Maris-Tech" or the "Company"), a global leader in video and artificial intelligence ("AI")- based edge computing technology, today announced its financial results for the full year ended December 31, 2024. The Company reported record revenues of approximately $6.1 million, an increase of 51% compared to approximately $4 million for the year ended December 31, 2023. Gross profit for the year ended December 31, 2024, g ...

ORLANDO, Fla., March 18, 2025 /PRNewswire/ -- 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 its recently acquired subsidiary G5 Infrared ("G5"), a leading high-end infrared camera systems manufacturer, received an $4.8 million initial qualification order for infrared cameras with a new defense industry customer, for delivery in calendar year 2025 ...

LightPath Technologies A Global Leader in Optics & Infrared Solutions NASDAQ: LPTH | February 2025 Investor Day Presentation A Growing Market Opportunity LightPath Today G5 Infrared Safe Harbor Statement This presentation contains "forward-looking" statements that are based on our beliefs and assumptions and on information currently available to us. Forward-looking statements include information concerning our possible or assumed future results of operations, business strategies, product development plans, ...