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]

EX-99.1 2 lpth_ex991.htm PRESS RELEASE EXHIBIT 99.1 For Immediate Release LightPath Technologies Reports Fiscal 2024 Third Quarter Financial Results ORLANDO, FL – May 9, 2024 – LightPath Technologies, Inc. (NASDAQ: LPTH) ("LightPath," the "Company," or "we"), a leading global, vertically integrated provider of thermal imaging cores, custom optical assemblies, photonics and infrared solutions for the industrial, commercial, defense, telecommunications, and medical industries, today announced financial result ...

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 ...

LightPath Technologies, Inc. (NASDAQ:LPTH) Q2 2024 Earnings Conference Call February 8, 2024 5:00 PM ET Company Participants Al Miranda - Chief Financial Officer Sam Rubin - President and CEO Conference Call Participants Jaeson Schmidt - Lake Street Scott Buck - H.C. Wainwright Shervin Z - Alliance Global Glenn Mattson - Ladenburg Gene Inger - ingerletter.com Operator Good afternoon, everyone, and welcome to the LightPath Technologies Fiscal Second Quarter 2024 Financial Results Conference Call. All partici ...

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]

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 September 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) Delaware 86-070 ...

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 ...