LightPath Technologies, Inc. (NASDAQ: LPTH ) is a micro-cap, global company that manufactures, distributes, and integrates its own optical components and high-level assemblies. It was founded back in 1985 and is based in Orlando, Florida—right in my home state. In simple terms,The mission of Grassroots Trading rests on the following principles: providing objective, unbiased, and balanced research, backed by solid data and completely void of emotional influences or preference for companies; focusing on small ...

Company to Host One-on-One Investor Meetings at the 27th Annual Needham Growth Conference and the Sequire Investor Summit Puerto Rico ORLANDO, Fla., Jan. 15, 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 that management will participate in two prominent investor conferences in early 2025: the 27th Annual Needham Growth Confe ...

FPV Drone Infrared Lens Assemblies for European Defense Customer Expected to Drive $1.0-2.0 Million in Revenue in Calendar Year 2025 ORLANDO, Fla., Dec. 23, 2024 /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 that it has begun sustained delivery of infrared lens assemblies per the terms of the October 2024 Letter of Intent ("LOI") ...

ORLANDO, Fla., Dec. 17, 2024 /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 issued a letter to shareholders from its President and Chief Executive Officer, Sam Rubin. Dear Shareholders, 2024 was a transformational year for LightPath, evolving from a pure component supplier to a leading provider of high-value, next-generation optics and imagi ...

New OGI Camera Detects Fugitive Ammonia and Sulfur Hexafluoride (SF6) Emissions at Industrial and Manufacturing FacilitiesNon-Germanium Based Solution Insulates LightPath Customers from China's Recent Ban on Germanium Exports to the United StatesORLANDO, Fla., Dec. 5, 2024 /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 a new versio ...

Financial Data and Key Metrics - Revenue for Q1 2025 increased by 4% to $8.4 million compared to $8.1 million in the same quarter last year [33] - Gross profit increased by 22% to $2.8 million, representing 34% of total revenue, up from 29% in the prior year [34] - Operating expenses rose by 23% to $3.3 million, driven by increased legal and consulting fees related to business development initiatives [35] - Net loss for the quarter was $1.6 million, or $0.04 per share, compared to a net loss of $1.3 million, or $0.04 per share, in the same quarter last year [36] - EBITDA loss for the quarter was $0.5 million, compared to a loss of $0.4 million in the prior year [37] - Cash and cash equivalents stood at $4.3 million as of September 30, 2024, up from $3.5 million as of June 30, 2024 [38] - Total debt was $3.9 million, and backlog totaled $21 million as of September 30, 2024 [38] Business Line Data and Key Metrics - Infrared components accounted for $2.6 million or 31% of total revenue [33] - Visible components contributed $3.3 million or 39% of total revenue [33] - Assemblies and modules generated $1.1 million or 13% of total revenue [33] - Engineering services revenue was $1.4 million or 17% of total revenue [33] - The company's transformation from a component supplier to a system provider has resulted in 30% of revenue coming from system-level solutions, up from a negligible amount prior to the strategic shift [10] Market Data and Key Metrics - Defense-related sales accounted for over 30% of total revenue, with most coming from the US market [17] - The European defense market is emerging as a growth opportunity, with recent wins in Europe validating the company's strategy [16][17] - The company expects significant growth in the European defense market, with some customers potentially becoming 10% customers [17] - The total addressable market (TAM) for thermal cameras is estimated at $9 billion and growing rapidly [18] Company Strategy and Industry Competition - The company's growth strategy is built on three pillars: proprietary cameras and optics, government and defense solutions, and new commercial applications [8] - The company is leveraging its proprietary BlackDiamond materials to replace Germanium in defense applications, with Phase 2 funding from the DoD to qualify additional materials [13][15] - The Lockheed Martin missile program represents a transformative opportunity, with potential annual revenues of $50 million to $100 million if Lockheed wins against Raytheon [26] - The company is also targeting the automotive market, particularly in thermal imaging for ADAS systems, driven by new NHTSA mandates [29] Management Commentary on Operating Environment and Future Outlook - Management expressed confidence in the company's transformation and growth trajectory, citing strong progress in defense, automotive, and camera solutions markets [40] - The company is well-positioned to capitalize on the growing demand for thermal imaging in both defense and commercial applications [18][29] - Management highlighted the potential for significant growth in the European defense market, driven by recent wins and the acquisition of a European defense license [17] - The company is focused on scaling production capabilities to meet increasing demand, particularly in defense and industrial applications [30] Other Important Information - The company recently launched a new Optical Gas Imaging (OGI) camera platform for detecting fugitive gas emissions in the oil and gas industry [22] - The company has integrated Visimid Technologies' expertise to develop advanced thermal cameras and imaging systems, creating a strong entry point in the system-level product market [18] - The company has achieved airworthy qualification for its subsystem in the Lockheed Martin missile program and is preparing for low-rate initial production [25] Q&A Session Summary Question: European Market Traction and Timeline for 10% Customers - The European defense market follows a similar timeline to the US, with large programs typically taking up to two years to move from development to production [42] - The FPV drone application is an exception, with faster adoption due to the use of commercial solutions [44] - The sales team in Europe is strong, but local partners may be needed in certain countries [45] Question: Lockheed Martin Program Timeline - The Lockheed Martin program is progressing rapidly, with airworthy qualification achieved and flight tests underway [46] - The timeline for the Lockheed decision remains fluid, with indications expected around September or October 2025 [46] Question: Camera Business Growth and Backlog - The camera business is expected to see strong growth in the second half of the fiscal year, driven by new product launches and customer budget cycles [48][49] - The backlog is flat year-over-year, but this reflects growth in other businesses after the loss of a major customer [66] Question: Gross Margins on Large Defense Contracts - Gross margins on large defense contracts are expected to be between 30% to 40%, driven by government accounting standards [56] Question: Industrial Camera Go-to-Market Strategy - The company has strengthened its go-to-market strategy for industrial cameras, with early traction seen in the oil and gas sector [70][71] - The company expects to see significant revenue growth from industrial cameras as customer budgets take effect in January 2025 [72] Question: Apache Modernization and Space Applications - The company is involved in modernization programs for platforms like the Apache helicopter, though specific details on contracts like Project Longbow were not disclosed [74] - The company is not directly involved in space collision avoidance systems but may be indirectly involved through LiDAR customers [81]

LightPath Technologies, Inc. (LPTH) came out with a quarterly loss of $0.04 per share versus the Zacks Consensus Estimate of a loss of $0.05. This compares to loss of $0.04 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 20%. A quarter ago, it was expected that this company would post a loss of $0.04 per share when it actually produced a loss of $0.06, delivering a surprise of -50%.Over the last four quarters, the company has ...

EX-99.1 2 lpth_ex991.htm PRESS RELEASE EXHIBIT 99.1 LightPath Technologies Reports First Quarter Fiscal 2025 Financial Results ORLANDO, FL – November 7, 2024 – 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 financial results for its fiscal 2025 first quarter ended September 30, 2024. Financial Summary: | --- | --- | --- | --- | --- | --- | |------ ...

Core Viewpoint - LightPath Technologies reported a 4% increase in revenue for the first quarter of fiscal 2025, driven by product innovation and strategic transitions towards next-generation optics and imaging solutions [1][9]. Financial Summary - Revenue for Q1 FY2025 was $8.4 million, up from $8.1 million in Q1 FY2024, reflecting a 4% increase [2][9]. - Gross profit increased by 22% to $2.8 million, representing 34% of total revenues, compared to 29% in the same quarter last year [2][11]. - Operating expenses rose 18% to $4.2 million, primarily due to higher legal and consulting fees [2][12]. - Net loss for the quarter was $1.6 million, compared to a net loss of $1.3 million in the prior year, with losses per share remaining at $0.04 [2][13]. - EBITDA loss was approximately $0.5 million, compared to a loss of $0.4 million in the same period last year [2][14]. Fiscal 2025 First Quarter Highlights - Secured orders for thermal imaging assemblies from a Tier-1 defense customer and received Phase 2 funding from the U.S. Defense Department [3]. - Achieved key qualification milestones with Lockheed Martin for a U.S. Army missile program [3][6]. - Transitioned a key customer from Germanium to BlackDiamond glass optics, enhancing product offerings [3][5]. - Launched several innovative products, including the next-generation Mantis camera and AI-ready EdgeIR™ cameras [3][7]. Product Group Performance - Revenue from infrared components decreased by 32% year-over-year to $2.6 million, primarily due to the non-renewal of a large annual contract for Germanium-based products [9][10]. - Revenue from visible components increased by 23% to $3.3 million, driven by sales in defense and medical industries [9][10]. - Engineering services revenue surged by 378% to $1.4 million, largely due to a contract with Lockheed Martin [10]. Management Commentary - The company is focused on transitioning to next-generation optics, with revenue from customized lens assemblies increasing from 19% to 30% year-over-year [4][5]. - Management expressed confidence in the company's strategic direction and market opportunities in automotive, defense, and camera solutions [8].

Financial Performance - Revenue for the three months ended September 30, 2024, was $8,400,381, an increase of 4.0% compared to $8,077,248 for the same period in 2023[10] - Gross profit for the quarter was $2,844,429, representing a gross margin of approximately 33.9%, up from $2,331,706 in the prior year[10] - Operating expenses increased to $4,221,237, a rise of 17.8% from $3,582,328 in the same quarter last year[10] - The net loss for the quarter was $1,622,745, compared to a net loss of $1,342,376 for the same period in 2023, reflecting a deterioration in profitability[10] - The company reported a loss per common share of $0.04 for both basic and diluted shares, consistent with the previous year[10] - The company reported a loss before income taxes of $(1,607,109) for the three months ended September 30, 2024, compared to $(1,302,830) for the same period in 2023[36] - The effective income tax rate for the three months ended September 30, 2024, was -1%, compared to -3% for the same period in 2023[36] - The company reported a net loss of $1,622,745 for the quarter ended September 30, 2024, compared to a net loss of $1,342,376 for the same period in 2023, indicating a year-over-year increase in losses of approximately 20.8%[13] Cash and Liquidity - Cash and cash equivalents increased to $4,280,637 from $3,480,268 as of June 30, 2024, indicating improved liquidity[8] - The company’s cash, cash equivalents, and restricted cash at the end of the period were $4,280,637, down from $6,859,958 at the end of the same period in 2023[14] - Cash flows from operating activities showed a net cash used of $1,700,201 for the quarter ended September 30, 2024, compared to a net cash provided of $1,139,989 for the same period in 2023[13] - As of September 30, 2024, the company had working capital of approximately $7.1 million and total cash and cash equivalents of approximately $4.3 million, with less than 50% held by foreign subsidiaries[115] Assets and Liabilities - Total current assets rose to $16,808,479, up from $15,537,335 at the end of the previous quarter, showing a positive trend in asset management[8] - Total liabilities increased to $18,999,671 from $17,887,299, indicating a rise in financial obligations[8] - Total stockholders' equity as of September 30, 2024, was $29,444,719, a decrease from $35,952,525 as of June 30, 2023, reflecting a decline of about 18%[12] - Total property and equipment, net, decreased to $14,921,499 as of September 30, 2024, from $15,210,612 as of June 30, 2024[33] Acquisition and Growth Strategy - The company acquired Visimid Technologies for a total purchase price of approximately $2.7 million, which includes $1 million in cash and $1,550,000 in restricted stock[22] - The acquisition of Visimid is expected to enhance the company's growth strategy by providing engineering and design services in thermal imaging and IoT applications[21] - The company incurred approximately $238,000 in acquisition costs related to the Visimid acquisition, with $83,000 incurred during the three months ended September 30, 2023[25] - The estimated fair value of identifiable intangible assets from the Visimid acquisition includes customer relationships valued at approximately $122,000 and trade secrets valued at approximately $925,000[24] Revenue Breakdown - Revenue from infrared components decreased by 31.9% to $2,610,884, while revenue from visible components increased by 22.7% to $3,299,878[31] - Revenues from the United States increased to $5.9 million in Q3 2024, up from $4.3 million in Q3 2023, reflecting a growth of 36.6%[72] - Revenue from engineering services surged by $1.1 million, or 378%, in Q1 fiscal 2025, primarily due to a contract with Lockheed Martin[102] - Revenue from visible components increased by approximately $0.6 million, or 23%, to $3.3 million in Q1 fiscal 2025, driven by sales to defense and medical industries[102] Stock and Shareholder Information - The number of shares used in the per share calculation increased to 39,561,480 from 37,431,748, reflecting potential dilution[10] - The company issued 279,553 shares of common stock for the acquisition of Visimid, reflecting the integration of the acquired entity into its operations[12] - As of September 30, 2024, the company had 832,099 shares of Class A common stock authorized and available for issuance under the Stock Incentive Compensation Plan[41] - The company has issued 585,483 shares of Class A common stock under its at-the-market equity program, raising approximately $9.2 million in net proceeds[81] Operating Expenses - Stock-based compensation expense for the three months ended September 30, 2024, was $264,475, compared to $240,075 for the same period in 2023[44] - Total lease costs for the three months ended September 30, 2024, were $320,373, up from $232,474 in the same period of 2023[58] - SG&A costs increased by approximately $609,000, or 23%, to $3.3 million in Q1 fiscal 2025, mainly due to higher legal and consulting fees[104] Future Outlook and Challenges - The company anticipates growth from medical programs and commercial optical sub-assemblies, particularly in the LIDAR technology market for autonomous vehicles[93] - The company expects minimal additional legal fees related to ongoing legal proceedings following the termination of employees in China, with approximately $190,000 recovered from Chinese authorities[75] - The company anticipates that economic conditions in China may adversely affect its business and results of operations in future quarters[76] - The company faces challenges in converting business to an annuity model due to competition and financial constraints imposed by limited cash resources[130]