Financial Data and Key Metrics - Revenue for the fiscal third quarter was $7.7 million, compared to $7.4 million in the year-ago period [52] - Sales of infrared components were $3.6 million, or 47% of the company's revenue in the fiscal third quarter [52] - Visible component sales decreased approximately $0.4 million, or 13%, primarily due to a decrease in sales to customers in the defense and medical industries, and sales to customers in the telecom industry in China [53] - Gross margin in the third quarter of fiscal 2024 was approximately $1.6 million, a decrease of $0.9 million, or 37%, as compared to the same quarter of the prior fiscal year [54] - EBITDA for the quarter ended March 31, 2024 was a loss of approximately $1.5 million, compared to $242,000 for the same quarter of the prior fiscal year [55] Business Line Data and Key Metrics - Revenue from visible components was $2.7 million, or 35% of revenue [43] - Revenue from assemblies and modules was $0.8 million, or 10% of total company revenue [43] - Revenue from engineering services was $0.6 million, or 8% of total company revenue [43] - Infrared component sales increased approximately $0.5 million, or 16%, primarily due to an increase in shipment against an annual contract for an international military program [44] - Engineering services increased approximately $0.4 million or 211%, primarily driven by Visimid's contract with Lockheed Martin [46] Market Data and Key Metrics - The company has been working with customers to convert their systems to use BlackDiamond materials instead of Germanium, which has lower supply chain risk and better margins [38] - The company has received a European Defense Manufacturing License, allowing participation in European defense projects that are required to be designed and produced within the EU [148] - The EU defense market grew at 12.5% to a record of $295 billion last year, and the European Union published its first-ever European defense industrial strategy, encouraging cooperation and purchases in defense technology among EU members [143] Company Strategy and Industry Competition - The company is transitioning from a component manufacturer to a provider of engineered solutions based on proprietary technologies, with a focus on three pillars of growth: Imaging Solutions, new markets such as automotive, and the defense business [24] - The company has developed unique materials like BDNL-4, which offer alternatives to Germanium and improved performance in many applications [37] - The company is collaborating with Ursinus College and University of Central Florida to develop a recycling process for BlackDiamond glass, which is expected to drive down long-term costs of adopting thermal imaging in mass market applications such as automotive [39] Management Commentary on Operating Environment and Future Outlook - The company is on a recovery trajectory and on track to return to profitability during the next fiscal year [116] - The company expects to see some of the fruit of its efforts start to come to fruition and deliver results in the coming quarters [17] - The company is making good progress and is at a turning point, with the next few quarters being critical [17] Other Important Information - The company has a backlog of approximately $22 million as of March 31, 2024, a decrease of 17% compared to $26.6 million as of March 31, 2023 [72] - The company has working capital of approximately $7.8 million and total cash and cash equivalents of approximately $3.0 million as of March 31, 2024 [71] - The company has begun the realignment process to shift resources towards LightPath 2.0 and 3.0, with the goal of reducing overhead and manufacturing costs and increasing expenses for product development and marketing [75] Q&A Session Summary Question: Details on the defense program for the new BDNL material - The program involves 150,000 lenses for an existing program of record, with prototypes expected in a year, followed by low-rate production and full rollout over a five to eight-year period [78][79] Question: Update on automotive customers and the impact of the DOT mandate - Communication with automotive customers has picked up, and some companies may start rolling out systems earlier than the mandated timeframe to gather data and fine-tune the systems [80][81][82] Question: Gross margin outlook and impact of inventory write-down - Gross margin would have been around 30% without the inventory write-down, and margins are expected to be in the low 30s for the next couple of quarters, with an increase expected as the company shifts towards LightPath 2.0 and 3.0 [103] Question: Impact of the European Defense Manufacturing License - The license is expected to have a quick impact, with at least two large defense companies in Europe already working with the company in anticipation of receiving the license [109] Question: Update on the Lockheed Martin missile program and space communications - The company has delivered on the first milestone in the Lockheed Martin missile program and is working on additional programs within Lockheed [112][113] - The company's prime customer in space communications has increased their order, and the company is involved in a small development project related to quantum encryption of optical communication [132]

[Press Release Summary](index=1&type=section&id=Press%20Release%20Summary) [Fiscal 2024 Third Quarter & Subsequent Highlights](index=1&type=section&id=Fiscal%202024%20Third%20Quarter%20%26%20Subsequent%20Highlights) LightPath Technologies reported third-quarter fiscal 2024 revenue of $7.6 million, with a net loss of $2.6 million, highlighting progress on a Lockheed Martin development order, a European Defense license, and the commercial launch of its new BDNL-4 infrared glass, with total backlog at $22.0 million Q3 FY2024 Key Metrics | Metric | Value | | :--- | :--- | | Revenue | $7.6 million | | Net Loss | $2.6 million | | EBITDA Loss | $1.5 million | | Total Backlog (as of Mar 31, 2024) | $22.0 million | - **18% of Q3 revenue** was attributed to LightPath 2.0 products, which are customized lens assemblies, solutions, and related engineering services[5](index=5&type=chunk) - Key strategic achievements include delivering the first milestone for a Lockheed Martin order, receiving a European Defense license, launching the new BlackDiamond-NRL infrared glass (BDNL-4), and securing a design win for BDNL materials in a new airborne DoD program[5](index=5&type=chunk) [Management Commentary](index=1&type=section&id=Management%20Commentary) Management emphasized the company's strategic shift from a component manufacturer (LightPath 1.0) to a value-added solutions provider (LightPath 2.0), which now constitutes 18% of revenue, supported by progress on a $4.7 million initial order with Lockheed Martin, obtaining a European Defense license, expanding production capabilities in Latvia, and commercially launching its new BDNL-4 infrared glass for a major DoD program - The company is strategically shifting to "LightPath 2.0", focusing on customized lens assemblies and solutions, which accounted for **18% of revenue in Q3**[4](index=4&type=chunk) - Delivered the first milestone of a **$4.7 million initial order** with Lockheed Martin for an advanced electro-optical thermal system, with a successful program potentially leading to substantial production revenue opportunity[4](index=4&type=chunk) - Obtained a European Defense license, enabling direct supply to the EU defense market, which grew **12.5% to $295 billion in 2023**, with expanded capacity in its Latvia facility to support this[4](index=4&type=chunk)[6](index=6&type=chunk) - Commercially launched the new BlackDiamond-NRL infrared glass, BDNL-4, as a Germanium substitute, already designed into a new airborne DoD system expected to require over **150,000 lenses**[6](index=6&type=chunk) [Financial Results](index=2&type=section&id=Financial%20Results) [2024 Fiscal Third Quarter Financial Results](index=2&type=section&id=2024%20Fiscal%20Third%20Quarter%20Financial%20Results) For the third quarter of fiscal 2024, revenue increased 4% year-over-year to $7.7 million, driven by a 16% rise in IR components and a 211% surge in engineering services, which offset declines in visible components and assemblies, though gross margin fell to 21% from 34% due to product mix shift and an inventory write-down, leading to a widened net loss of $2.6 million and an EBITDA loss of $1.5 million Q3 FY2024 vs Q3 FY2023 Financial Summary | Metric | Q3 FY2024 | Q3 FY2023 | Change | | :--- | :--- | :--- | :--- | | Revenue | $7.7M | $7.4M | +4% | | Gross Margin | $1.6M (21%) | $2.5M (34%) | -37% | | SG&A Costs | $3.2M | $2.8M | +15% | | Net Loss | $(2.6)M | $(1.2)M | +117% | | EPS (basic & diluted) | $(0.07) | $(0.03) | +133% | | EBITDA | $(1.5)M | $0.2M | - | Q3 FY2024 Revenue by Product Group (YoY) | Product Group | Q3 FY2024 Revenue | % Change YoY | | :--- | :--- | :--- | | Infrared ("IR") components | $3.6M | +16% | | Visible components | $2.7M | -13% | | Assemblies & modules | $0.8M | -16% | | Engineering services | $0.6M | +211% | - The decrease in gross margin percentage was primarily due to a shift in product mix towards lower-margin IR components and a significant inventory revaluation write-down from cost reduction efforts[8](index=8&type=chunk) - The increase in SG&A costs was mainly driven by higher wages, including additions from the Visimid acquisition, and increased legal fees[9](index=9&type=chunk) [2024 Fiscal Year-To-Date Financial Results](index=3&type=section&id=2024%20Fiscal%20Year-To-Date%20Financial%20Results) For the first nine months of fiscal 2024, revenue slightly decreased by 1% to $23.1 million, with a 15% increase in IR components and a 213% rise in engineering services offset by a 21% decline in visible components, while gross margin contracted to 26% from 34%, leading to an increased net loss of $5.7 million and an EBITDA loss of $2.4 million Nine Months FY2024 vs FY2023 Financial Summary | Metric | Nine Months FY2024 | Nine Months FY2023 | Change | | :--- | :--- | :--- | :--- | | Revenue | $23.1M | $23.2M | -1% | | Gross Margin | $6.1M (26%) | $8.0M (34%) | -24% | | SG&A Costs | $8.7M | $8.4M | +3% | | Net Loss | $(5.7)M | $(3.2)M | +78% | | EPS (basic & diluted) | $(0.15) | $(0.11) | +36% | | EBITDA | $(2.4)M | $0.4M | - | Nine Months FY2024 Revenue by Product Group (YoY) | Product Group | Nine Months FY2024 Revenue | % Change YoY | | :--- | :--- | :--- | | Infrared ("IR") components | $11.0M | +15% | | Visible components | $8.1M | -21% | | Assemblies & modules | $3.1M | 0% | | Engineering services | $0.9M | +213% | - The decrease in gross margin was primarily due to a higher proportion of sales from lower-margin infrared products and the inventory revaluation in Q3[15](index=15&type=chunk) - Other income for the period included a **$190,000 gain** from the recovery of funds previously misappropriated by the company's former Chinese management team[17](index=17&type=chunk) [Financial Condition and Other Information](index=4&type=section&id=Financial%20Condition%20and%20Other%20Information) [Liquidity and Capital Resources](index=4&type=section&id=Liquidity%20and%20Capital%20Resources) For the first nine months of fiscal 2024, cash provided by operations was $456,000, a significant improvement from the $920,000 used in operations in the prior-year period, mainly due to a decrease in accounts receivable, with capital expenditures of $1.9 million primarily for the Orlando facility expansion and $847,000 spent on the acquisition of Visimid Cash Flow and Capital Expenditure Summary (Nine Months FY2024) | Metric | Nine Months FY2024 | Nine Months FY2023 | | :--- | :--- | :--- | | Cash from Operations | $456,000 | $(920,000) | | Capital Expenditures | $1.9 million | $2.3 million | | Visimid Acquisition (net) | $847,000 | N/A | - The positive shift in operating cash flow was largely driven by a decrease in accounts receivable[21](index=21&type=chunk) - Capital expenditures were mainly for the Orlando Facility expansion, with **$1.3 million spent** in the first nine months of fiscal 2024 out of a total project cost of **$3.7 million**[22](index=22&type=chunk) [Sales Backlog](index=4&type=section&id=Sales%20Backlog) As of March 31, 2024, the total sales backlog was $22.0 million, a 17% decrease from $26.6 million a year prior, but a 1% increase since the end of fiscal 2023, with the year-over-year decrease attributed to shipments against multi-year contracts and a strategic decision to reduce production of Germanium-based optics, which delayed a typical large renewal order as the company actively works with customers to transition them to its proprietary BlackDiamond materials Backlog Comparison | Date | Backlog Amount | YoY Change | | :--- | :--- | :--- | | March 31, 2024 | $22.0 million | -17% | | March 31, 2023 | $26.6 million | N/A | - The backlog increased by **1%** during the first nine months of fiscal 2024 compared to the end of fiscal 2023[23](index=23&type=chunk) - The YoY decrease is partly due to a strategic shift away from Germanium optics, resulting in the non-renewal of a typical large annual order as the company works to convert customers to its BlackDiamond materials[23](index=23&type=chunk) [Appendix: Financial Statements](index=6&type=section&id=Appendix%3A%20Financial%20Statements) [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2024, total assets were $49.7 million, down from $53.5 million at June 30, 2023, primarily due to a decrease in cash and restricted cash, while total liabilities increased slightly to $18.0 million from $17.6 million, and total stockholders' equity decreased to $31.7 million from $36.0 million, reflecting the net loss for the period Balance Sheet Summary (unaudited) | Account | March 31, 2024 | June 30, 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | $3.0M | $4.7M | | Total current assets | $15.5M | $21.8M | | Total assets | $49.7M | $53.5M | | Total current liabilities | $7.7M | $6.8M | | Total liabilities | $18.0M | $17.6M | | Total stockholders' equity | $31.7M | $36.0M | [Condensed Consolidated Statements of Comprehensive Income (Loss)](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income%20%28Loss%29) The company reported a net loss of $2.6 million for the three months ended March 31, 2024, and a net loss of $5.7 million for the nine-month period, representing a significant increase in losses compared to the $1.2 million and $3.2 million losses in the respective prior-year periods Income Statement Summary (unaudited) | Metric | Three Months Ended Mar 31, 2024 | Three Months Ended Mar 31, 2023 | | :--- | :--- | :--- | | Revenue, net | $7,699,175 | $7,409,648 | | Gross margin | $1,606,187 | $2,535,404 | | Operating loss | $(2,583,196) | $(960,214) | | Net loss | $(2,597,534) | $(1,163,270) | Income Statement Summary (unaudited) | Metric | Nine Months Ended Mar 31, 2024 | Nine Months Ended Mar 31, 2023 | | :--- | :--- | :--- | | Revenue, net | $23,092,060 | $23,249,228 | | Gross margin | $6,106,214 | $7,993,661 | | Operating loss | $(5,617,147) | $(2,752,111) | | Net loss | $(5,653,573) | $(3,238,031) | [Condensed Consolidated Statements of Changes in Stockholders' Equity](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Stockholders%27%20Equity) Stockholders' equity decreased from $36.0 million at June 30, 2023, to $31.7 million at March 31, 2024, primarily driven by a cumulative net loss of $5.7 million over the nine-month period, partially offset by stock-based compensation and common stock issuances - Total stockholders' equity decreased from **$35,952,525** at June 30, 2023 to **$31,708,558** at March 31, 2024[40](index=40&type=chunk) - The primary driver of the decrease in equity was the net loss of **$5,653,573** for the nine-month period[38](index=38&type=chunk)[40](index=40&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the nine months ended March 31, 2024, the company generated $456,343 in cash from operating activities, a reversal from the $920,586 used in the prior year, with cash used in investing activities at $2.4 million mainly for property/equipment purchases and the Visimid acquisition, and cash used in financing activities at $2.1 million primarily for loan repayments, resulting in an overall decrease of $4.0 million in cash, cash equivalents, and restricted cash during the period Cash Flow Summary (Nine Months Ended March 31) | Cash Flow Activity | 2024 | 2023 | | :--- | :--- | :--- | | Net cash from operating activities | $456,343 | $(920,586) | | Net cash used in investing activities | $(2,375,091) | $(2,259,655) | | Net cash (used in) provided by financing activities | $(2,069,670) | $7,532,646 | | **Change in cash, cash equivalents and restricted cash** | **$(3,985,538)** | **$4,395,006** | [Reconciliation of Non-GAAP Financial Measures](index=10&type=section&id=Reconciliation%20of%20Non-GAAP%20Financial%20Measures) The company provided a reconciliation of net loss to EBITDA, a non-GAAP measure, reporting an EBITDA loss of $1.5 million for the third quarter of fiscal 2024 and $2.4 million for the nine-month period, compared to EBITDA losses of $242,226 and $427,360 in the respective prior-year periods Reconciliation of Net Loss to EBITDA (unaudited) | Metric | Three Months Ended Mar 31, 2024 | Nine Months Ended Mar 31, 2024 | | :--- | :--- | :--- | | Net loss | $(2,597,534) | $(5,653,573) | | Depreciation and amortization | $1,042,850 | $2,985,850 | | Income tax provision | $5,798 | $121,402 | | Interest expense | $37,649 | $149,048 | | **EBITDA** | **$(1,511,237)** | **$(2,397,273)** |

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ____________ Commission file number 000-27548 LIGHTPATH TECHNOLOGIES, INC Securities registered pursuant to Section 12(b) of the Act: | Title of each ...

Financial Data and Key Metrics Changes - Revenue for the fiscal second quarter was $7.3 million, down from $8.5 million in the same period last year [65] - Net loss for the second quarter was approximately $1.7 million, compared to a loss of $0.7 million in the same quarter of the prior fiscal year [69] - EBITDA for the quarter was a loss of approximately $454,000, compared to an income of $207,000 for the same quarter of the prior fiscal year [39] Business Line Data and Key Metrics Changes - Sales of infrared components were $3.6 million, representing 49% of consolidated revenue, an increase of approximately $283,000 or 9% [35][65] - Revenue from visible components decreased by approximately $1.2 million or 31%, primarily due to ongoing trends in China and the telecom industry [66] - Assembly solutions revenue decreased approximately $241,000 or 20%, primarily due to timing of shipments against a multiyear contract with a defense customer [36] Market Data and Key Metrics Changes - Total backlog at December 31, 2023, was approximately $21.2 million, a decrease of 28% compared to $29.4 million as of December 31, 2022 [43] - The company is seeing growth in infrared components and assemblies, aligning with strategic plans despite a decline in visible components [41][66] - The automotive market is expected to lead to over 1 million assemblies a year for each car company, with ASPs up to $50 per vehicle [25] Company Strategy and Development Direction - The company is transitioning from a component manufacturer to a provider of engineered solutions, focusing on imaging solutions, new markets like automotive, and defense business growth [17][30] - The acquisition of Visimid is integral to this strategy, enhancing capabilities in custom imaging solutions and increasing market share [6][18] - The company aims to capitalize on geopolitical dynamics, particularly in defense, to drive demand for its products [85] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing integration of Visimid and the potential for significant revenue from the Lockheed Martin project, with expectations of tens of millions of dollars in annual revenue [22][30] - The geopolitical environment is driving demand for optics, particularly in defense applications, with increased orders from customers in Israel and Ukraine [85] - Management noted that the transition to new materials replacing Germanium is progressing well, with customers actively redesigning their systems [56][119] Other Important Information - The company has developed unique materials to replace Germanium in infrared imaging systems, which are expected to offer advantages over traditional materials [59] - Capital expenditures for the first half of fiscal 2024 were approximately $1.5 million, largely driven by the expansion of the Orlando facility [73] - The company welcomed a new independent director, Kim Crider, to the Board, enhancing its focus on defense [31] Q&A Session Summary Question: What is the total revenue capacity now with the expansion completed in Orlando? - Management indicated that the capacity could reach $50 million or more depending on the complexity of the projects [46][106] Question: Has the business in China bottomed out? - Management believes that the business in China has bottomed out, with most revenue now coming from other regions [80] Question: Is the geopolitical environment causing an uptick in demand in other parts of the business? - Yes, there has been an uptick in demand, particularly from customers in Israel and Ukraine due to recent conflicts [85] Question: How is the transition to new materials going? - The transition is going well, with significant engagement from customers to redesign their systems using new materials [119] Question: What is the outlook for the second half of the fiscal year? - Management expects an uptick in revenue in the second half, particularly in infrared components, despite ongoing challenges in visible components [124][162]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ____________ Commission file number 000-27548 LIGHTPATH TECHNOLOGIES, INC. (Exact name of registrant as specified in its charter) Delaware 86-0708 ...

Financial Data and Key Metrics Changes - For the first quarter, consolidated revenues were $8.1 million, an increase from $7.4 million in the same period last year [57] - Gross margin was approximately $2.3 million, a 4% increase compared to $2.2 million in the prior year [39] - Net loss for the first quarter was approximately $1.3 million, an improvement from a net loss of $1.4 million in the same quarter last year [42] - EBITDA loss for the quarter was approximately $432,000, compared to $392,000 for the same period last year [44] Business Line Data and Key Metrics Changes - Revenue from infrared components was $3.8 million, accounting for 47% of total revenue, while visible components generated $2.7 million or 33% of total revenue [57] - Revenue from assemblies and modules was $1.3 million, representing 16% of total revenue, and engineering services contributed $0.3 million or 4% [57] - The increase in infrared component sales was primarily due to a renewed contract for an international military program [58] Market Data and Key Metrics Changes - Defense revenue continues to grow, particularly in the US, while non-defense revenue is softening in China and Europe [18] - The company anticipates continued softness in the non-defense sector globally for the next few quarters [18] - Total backlog as of September 30, 2023, was approximately $21.3 million, a decrease of 7% compared to $23 million a year ago [48] Company Strategy and Development Direction - The company is transitioning from a component manufacturer to a value-added solutions provider, focusing on three pillars of growth: Imaging Solutions, defense market, and automotive [10][11] - The acquisition of Visimid Technologies is a strategic move to enhance capabilities in integrated camera modules and expand market reach [22][25] - The company aims to reduce exposure to germanium components and is working on alternatives using proprietary materials [16][91] Management's Comments on Operating Environment and Future Outlook - Management noted that the automotive market may experience delays in the rollout of new technologies due to challenges faced by car manufacturers [31][66] - The company is optimistic about the potential for significant revenue from defense contracts and integrated solutions [19][29] - Management expressed confidence in the long-term growth prospects despite short-term challenges in the non-defense sector [18][36] Other Important Information - The company has reorganized its product groups into four categories: infrared components, visible components, assemblies and modules, and engineering services [55] - Cash provided by operations was approximately $1.1 million for the first quarter, a significant improvement from cash used in operations of approximately $415,000 in the prior year [46] - The company is actively working on developing alternatives to germanium materials in collaboration with major customers [91] Q&A Session Summary Question: What is the impact of the automotive market slowdown on the company's projects? - Management indicated that the integration of thermal imaging into EVs may face delays due to challenges in system architecture and integration by car manufacturers [66][75] Question: How is the company managing its germanium supply issues? - Management explained that the process for obtaining export licenses for germanium has been cumbersome, leading to a strategic decision to reduce reliance on germanium components [80][81] Question: What are the expectations for backlog growth with the acquisition of Visimid? - Management expects that the acquisition will lead to longer-term contracts and more consistent growth in backlog, particularly with higher ASPs from engineered solutions [95]

Revenue Performance - Revenue for the three months ended September 30, 2023, was $8,077,248, an increase of 9.6% compared to $7,366,901 for the same period in 2022[16] - Revenue from infrared components was $3,834,602, up from $3,189,551 in the previous year, reflecting a growth of 20.2%[42] - Revenues for the three months ended September 30, 2023, totaled $8,077,248, an increase from $7,366,901 in the same period of 2022, with U.S. revenues rising to $4,293,394 from $2,965,295[93] - Revenue for Q1 fiscal 2024 was approximately $8.1 million, an increase of 10% compared to $7.4 million in the same period last year[131] - Revenue from infrared components was approximately $3.8 million, a 20% increase from $3.2 million in the prior year, driven by shipments for an international military program[132] - Revenue from visible components decreased by 18% to $2.7 million, primarily due to reduced sales in the telecommunications industry in China and through distribution channels in the U.S. and Europe[132] - Revenue from assemblies and modules increased by 45%, with one-third of this increase attributed to Visimid product sales and the rest from defense industry customers[132] - Revenue from engineering services increased by $253,000, mainly due to Visimid sales and a space-related funded research contract[132] Financial Results - Gross margin for the quarter was $2,331,706, resulting in a gross margin percentage of approximately 28.9%[16] - Operating loss for the quarter was $(1,250,622), slightly higher than the operating loss of $(1,235,413) in the same quarter of the previous year[16] - Net loss for the quarter was $(1,342,376), compared to a net loss of $(1,380,700) for the same period in 2022, indicating a 2.8% improvement[16] - Net loss for Q1 fiscal 2024 was approximately $1.3 million, a decrease of approximately $38,000 from the prior year, with basic and diluted loss per share of $0.04[139] - EBITDA for the quarter ended September 30, 2023, was a loss of approximately $432,000, compared to a loss of $392,000 for the same period in the prior fiscal year[174] Assets and Liabilities - Total assets increased to $55,312,749 as of September 30, 2023, up from $53,536,184 as of June 30, 2023[14] - Total liabilities rose to $20,418,014, compared to $17,583,659 at the end of the previous quarter, reflecting an increase of 10.5%[14] - Cash and cash equivalents decreased to $4,316,965 from $4,687,004 at the end of the previous quarter, a decline of 7.9%[13] - Cash and cash equivalents at the end of the period were $6,859,958, compared to $4,298,869 at the end of the same period last year, representing a year-over-year increase of 59.5%[21] - The company had working capital of approximately $11.4 million and total cash and cash equivalents of approximately $6.9 million as of September 30, 2023[143] Acquisitions and Investments - The company acquired Visimid Technologies for a total purchase price of approximately $2.9 million, which includes $1 million in cash and $1,550,000 in restricted stock[33] - Goodwill increased to $8,915,637 as of September 30, 2023, primarily due to the acquisition of Visimid, which added $3,060,732 in goodwill[45] - The company incurred approximately $83,000 in acquisition costs related to Visimid during the quarter, in addition to $140,000 incurred in the previous quarter[35] - Approximately $955,000 was expended on capital equipment investments in Q1 fiscal 2024, significantly higher than the $243,000 spent in the same period last year[153] Taxation - The effective income tax rate for the three months ended September 30, 2023 was -3%, compared to -8% for the same period in 2022[48] - The statutory income tax rates for the company's Chinese subsidiaries were 25% for LightPath Optical Instrumentation (Shanghai) Co., Ltd. and 15% for LightPath Optical Instrumentation (Zhenjiang) Co., Ltd. as of September 30, 2023[52] - The company has no additional tax expense or benefit expected to be recorded on pre-tax income or losses generated in the U.S. based on the current assessment of the valuation allowance position[51] Operational Changes - The company reorganized its product groups into four categories: infrared components, visible components, assemblies and modules, and engineering services, to align with its strategic focus on value-added solutions[42] - The company is focusing on transitioning to more value-added solutions and reorganized its products into four groups: infrared components, visible components, assemblies and modules, and engineering services[164] - The company has experienced some short-term adverse impacts on domestic sales in China due to management transitions but does not anticipate material long-term effects[100] - The ongoing COVID-19 pandemic continues to affect economic conditions in China, impacting demand and financial performance, although no significant direct financial impact has been reported to date[102] Debt and Financing - The BankUnited Term Loan amount is $5,813,500, with a maturity date extended to December 31, 2024[81] - The interest rate on the Term Loan is 8.5% as of September 30, 2023, following adjustments in the loan agreement[82] - The company has a total loan payment obligation of $2,505,973, with $716,301 due in the remaining nine months of fiscal year ending June 30, 2024[91] - The company is in discussions for refinancing its BankUnited Term Loan due on December 31, 2024, with no assurance of success[22] Stock and Compensation - The number of shares used in the basic loss per share calculation increased to 37,431,748 from 27,070,949 year-over-year[16] - Total stock-based compensation expense for the three months ended September 30, 2023 was $240,075, down from $284,598 in the same period of 2022[58] - The weighted-average number of basic shares outstanding for the three months ended September 30, 2023 was 37,431,748, an increase from 27,070,949 in 2022[66] - The company has approximately $535,000 of total unrecognized compensation cost related to non-vested share-based compensation arrangements as of September 30, 2023[65] Future Outlook - The company anticipates renewal of existing annual and multi-year contracts in future quarters[161] - The company aims to convert more business to a design win and annuity revenue model to leverage engineering capabilities and production capacity[157] - Total backlog as of September 30, 2023, was approximately $21.3 million, a decrease of 7% compared to $23.0 million as of September 30, 2022[161] - Demand for infrared products continues to grow, driven by interest in proprietary materials and alternatives to germanium[162]

LightPath Technologies, Inc. (NASDAQ:LPTH) Q4 2023 Earnings Conference Call September 14, 2023 5:00 PM ET Company Participants Al Miranda - Chief Financial Officer Sam Rubin - President and Chief Executive Officer Conference Call Participants Shervin Z - Alliance Global Partners Glenn Mattson - Ladenburg Thalmann Scott Buck - H.C. Wainwright Operator Good afternoon, everyone, and welcome to the LightPath Technologies Fiscal Fourth Quarter and Full Year 2023 Financial Results Conference Call. All participant ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 000-27548 LIGHTPATH TECHNOLOGIES, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation o ...

LightPath Technologies, Inc. (NASDAQ:LPTH) Q3 2023 Earnings Conference Call May 11, 2023 5:00 PM ET Company Participants Albert Miranda - CFO Sam Rubin - President and CEO Conference Call Participants Brian Kinstlinger - Alliance Global Partners Gene Inger - ingerletter.com Operator Good afternoon, everyone. And welcome to the LightPath Technologies Fiscal Third Quarter 2023 Financial Results Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today's presentation, t ...