Financial Data and Key Metrics Changes - Revenue for Q3 2025 increased by 19.1% to $9.2 million compared to $7.7 million in the same quarter last year [28] - Gross profit rose by 66% to $2.7 million, representing 29.1% of total revenues, up from 20.9% in the prior year [29] - Operating expenses increased by 44% to $6 million, primarily due to higher legal consulting fees and costs associated with the G5 acquisition [29] - Net loss for the quarter totaled $3.6 million, compared to a loss of $2.6 million in the same quarter last year [30] - Cash and cash equivalents as of March 31, 2025, totaled $6.5 million, up from $3.5 million as of June 30, 2024 [30] Business Line Data and Key Metrics Changes - Revenue from infrared components was $3.6 million (40% of total revenue), visible components at $2.8 million (31%), assemblies and modules at $1.9 million (20%), and engineering services at $800,000 (9%) [28] - The new direction of the company, including optical assemblies and cameras, now constitutes roughly 50% of total revenue, with the other half from optical components [7] Market Data and Key Metrics Changes - The company has seen significant growth in demand for its proprietary Black Diamond materials, leading to the need for increased manufacturing capacity [15] - The company has reduced its exposure to risks associated with tariffs and recessions in China, with 45% of headcount and 56% of footprint now in the U.S. [18][19] Company Strategy and Development Direction - The company is transitioning from a pure component supplier to a vertically integrated global solution provider for infrared imaging technologies [4] - Recent acquisitions, including G5 infrared, are expected to enhance the company's capabilities in high-margin, high-ASP products, particularly in defense [35] - The company aims to achieve long-term goals of 15% EBITDA margins and sustained growth [35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, citing geopolitical tensions and new product launches as key drivers [4] - The company is focused on optimizing internal supply chains and engaging with customers regarding supply chain resilience [20] - Management acknowledged potential challenges related to the supply of germanium but noted that redesigns using Black Diamond materials are progressing well [22][23] Other Important Information - The G5 acquisition is expected to generate $51 million in revenue over the twelve months following the acquisition [33] - The company has booked over $19 million in new orders in the 90 days following the G5 acquisition [16] Q&A Session Summary Question: Can you discuss the delays related to the Apache program? - Management indicated that delays were due to taking on a challenging project and capacity issues, but they do not foresee any permanent problems [40][41] Question: What is the outlook for gross margins in the next quarter? - Management expects gross margins to increase due to a full quarter of higher-margin assemblies and modules from G5 [49] Question: What is the current backlog number? - The backlog as of March was reported at $27.4 million [28] Question: Is the $51 million revenue expectation for G5 a downshift from previous estimates? - Management clarified that the $51 million figure pertains to a different timeframe than previously discussed [53] Question: What is the status of the Navy and border security contracts? - The Navy contract has been awarded, while the border security contract is more complex and involves multiple suppliers [95][96] Question: How is the integration of sales teams progressing post-acquisition? - Management confirmed that the sales teams are working closely together, despite a recent resignation in the sales leadership [80][82]

Financial Data and Key Metrics Changes - Revenue for Q3 2025 increased by 19.1% to $9.2 million compared to $7.7 million in the same quarter of the previous year [31] - Gross profit rose by 66% to $2.7 million, representing 29.1% of total revenues, up from 20.9% in the same quarter last year [32] - Operating expenses increased by 44% to $6 million, primarily due to higher legal consulting fees and costs associated with the G5 acquisition [32] - Net loss for the quarter totaled $3.6 million, compared to a loss of $2.6 million in the same quarter last year [33] - Cash and cash equivalents as of March 31, 2025, totaled $6.5 million, up from $3.5 million as of June 30, 2024 [33] Business Line Data and Key Metrics Changes - Revenue from infrared components was $3.6 million (40% of total revenue), visible components at $2.8 million (31%), assemblies and modules at $1.9 million (20%), and engineering services at $800,000 (9%) [31] - The new direction of the company, including optical assemblies and cameras, now accounts for roughly 50% of revenue, with the other half from optical components [7][8] Market Data and Key Metrics Changes - The company has seen strong growth in demand for its proprietary Black Diamond materials, leading to the need for increased manufacturing capacity [16] - The company has reduced its exposure to risks associated with tariffs and recession in China, with 45% of headcount and 56% of footprint now in the U.S. [20][21] Company Strategy and Development Direction - The company is transitioning from a pure component supplier to a vertically integrated global solution provider for infrared imaging technologies [5] - Recent acquisitions, including G5 infrared, are expected to enhance the company's product offerings and revenue potential, particularly in defense applications [35] - The company aims to achieve long-term goals of 15% EBITDA margins and sustained growth [37] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, driven by geopolitical tensions and new product launches [5][39] - The company is focused on optimizing internal supply chains and engaging with customers regarding supply chain resilience [22] - Management acknowledged potential challenges related to supply chain and material availability but remains optimistic about the company's positioning [23][24] Other Important Information - The G5 acquisition is expected to generate $51 million in revenue in the twelve months following the acquisition, with new bookings of $13 million since the acquisition [35] - The company is integrating G5 and leveraging its expertise to maximize revenues and earnings [34] Q&A Session Summary Question: Can you discuss the delays related to the Apache program? - Delays were due to the complexity of the project and unexpected demand in other areas, not due to customer issues [41][42] Question: What is the status of the new fast-paced project related to BD glass? - The project is progressing quickly with government support, and it is expected to generate significant revenue once in production [44][45] Question: What is the outlook for gross margins in the next quarter? - Gross margins are expected to increase due to a full quarter of higher-margin products from G5 [48][49] Question: What is the backlog number as of March? - The backlog totaled $27.4 million [52] Question: What is the status of the Navy and border security contracts? - The Navy contract has been awarded, while the border security contract is more complex and involves multiple suppliers [99][100] Question: How is G5 tracking towards its revenue targets? - G5 is on course to meet its revenue targets, with no red flags observed so far [111][112]

[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 ...