FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________________________to________________________ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Commission file number: 001-40766 Lightwave Logic, Inc. (Exact name of registrant as specified in its charter) | Nevada | 82- ...

Core Viewpoint - Lightwave Logic, Inc. has entered a development agreement with Tower Semiconductor to enhance high-speed optical modulators using Lightwave's EO polymer modulator technology, leading to a significant increase in its stock price [1][2]. Group 1: Development Agreement - The collaboration aims to integrate Lightwave's compact and power-efficient modulator reference designs, targeting bandwidths of 110GHz and beyond, into Tower's PH18 silicon photonics process design kit [2][4]. - The development program will include multiple engineering tapeouts in 2026 to validate performance targets for low-power 200G and 400G modulator architectures [3][4]. Group 2: Technology and Market Impact - The technology is designed to support AI scale-up and scale-out architectures, as well as high-performance computing, networking, and advanced photonic applications where bandwidth density and energy efficiency are critical [3]. - Incorporating Lightwave's modulator technology into Tower's PDK will enable customers to implement compact, high-speed modulators on a scalable foundry platform [4]. Group 3: Stock Performance - Following the announcement, Lightwave shares surged by 43.82%, trading at $7.22 [5].

Core Insights - Premarket trading is showing notable activity with significant price movements indicating potential trading opportunities before the market opens [1] Premarket Gainers - Tilly's, Inc. (TLYS) is up 63% at $2.63 - Bumble Inc. (BMBL) is up 25% at $3.55 - Petco Health and Wellness Company, Inc. (WOOF) is up 16% at $2.80 - Lightwave Logic, Inc. (LWLG) is up 15% at $5.82 - TMD Energy Limited (TMDE) is up 15% at $2.65 - Laird Superfood, Inc. (LSF) is up 11% at $2.77 - Build-A-Bear Workshop, Inc. (BBW) is up 10% at $48.20 - AIFU Inc. (AIFU) is up 9% at $2.09 - BitFuFu Inc. (FUFU) is up 7% at $2.21 - Mexco Energy Corporation (MXC) is up 6% at $12.59 [3] Premarket Losers - Netskope, Inc. (NTSK) is down 15% at $10.25 - FreeCast, Inc. (CAST) is down 14% at $6.82 - Paranovus Entertainment Technology Ltd. (PAVS) is down 14% at $1.95 - ESGL Holdings Limited (OIO) is down 11% at $3.31 - Acurx Pharmaceuticals, Inc. (ACXP) is down 10% at $5.39 - UiPath, Inc. (PATH) is down 7% at $11.45 - Aptera Motors Corp. (SEV) is down 7% at $3.19 - HighPeak Energy, Inc. (HPK) is down 5% at $5.55 - 60 Degrees Pharmaceuticals, Inc. (SXTP) is down 5% at $3.06 - Bit Origin Ltd (BTOG) is down 5% at $2.59 [4]

Core Viewpoint - Lightwave Logic Inc. shares surged 29.89% in after-hours trading following a development agreement with Tower Semiconductor to integrate electro-optic polymer-based modulator designs into Tower's silicon photonics process design kit [1][2] Company Developments - The agreement targets bandwidths of 110GHz and beyond, enabling 400G per-lane photonic integrated circuit applications [3] - Customers will have the opportunity to participate in 2026 engineering tapeout runs on the PH18 platform [4] - CEO Yves LeMaitre emphasized the collaboration's potential to enhance the accessibility of their modulators [4] Trading Metrics and Performance - Lightwave Logic has a market capitalization of $730.06 million, with a 52-week high of $6.26 and a low of $0.79 [4] - The stock has gained 258.57% over the past 12 months and is currently trading at about 77.33% of its 52-week range [5] - The Relative Strength Index (RSI) stands at 61.42, indicating strong momentum in the 97th percentile [5]

Core Viewpoint - Lightwave Logic, Inc. has signed a development agreement with Tower Semiconductor to enhance high-speed optical modulators using Lightwave Logic's electro-optic polymer technology [1] Group 1: Company Overview - Lightwave Logic, Inc. is a technology platform company that utilizes proprietary electro-optic polymers to transmit data at higher speeds with reduced power consumption [1] - The company focuses on compact and power-efficient modulator designs targeting bandwidths of 110GHz and beyond [1] Group 2: Partnership Details - The agreement with Tower Semiconductor aims to integrate Lightwave Logic's modulator reference designs into Tower's PH18 silicon photonics process design kit (PDK) [1] - This collaboration is expected to enable the development of leading high-speed optical modulators on Tower's platform [1]

Core Insights - Lightwave Logic reported significant revenue growth for full-year 2025, reaching approximately $237 million, up from $96 million in 2024, with a net loss of $20.3 million, an improvement from a net loss of $22.5 million in the previous year [1] Financial Performance - Revenue for 2025 was approximately $237 million, primarily from licensing and non-recurring engineering (NRE) [1] - The net loss for 2025 was approximately $20.3 million, or $0.16 per share, an improvement from a net loss of $22.5 million, or $0.19 per share, in 2024 [1] - Research and development expenses decreased to approximately $11.5 million from $16.8 million in the prior year, while general and administrative expenses rose to approximately $9.5 million from $6.4 million [7] Commercialization and Product Development - The company emphasized the commercialization of its Perkinamine electro-optic polymer platform, highlighting progress in reliability, silicon photonics integration, and customer engagements [4][6] - The Perkinamine platform demonstrated high-speed bandwidth, low drive voltage, and compatibility with silicon photonics [3] - Three customer programs advanced to stage three, with a fourth Fortune Global 500 customer added in 2026, and about 15 additional engagements progressing through earlier stages [9] Foundry and Manufacturing Strategy - Lightwave Logic has agreements with four major foundries, including Silterra and GlobalFoundries, with wafer runs planned for H1 2026 [5][14] - The company is ramping up back-end processes in Denver to support prototyping and potential production scale-up targeted for 2027 [5][15] - Management is planning for success with aggressive assumptions related to potential market share gains in 2027 and 2028 [17] Market Context and Future Outlook - The company aims to enhance silicon photonics technology, which is projected to dominate the optical transceiver market, growing from 33% in 2024 to a significant share in 2026 [20] - Lightwave Logic's strategy includes advancing stage-three programs toward qualification milestones and converting technical engagements into structured commercial agreements [22] - Revenue for 2026 is expected to be driven primarily by material supply and NRE activity, with volume production and licensing revenues anticipated no earlier than 2027 [11]

Financial Data and Key Metrics Changes - For the full year of 2025, revenue was approximately $237,000, an increase from $96,000 in 2024 [7] - Net loss was approximately $20.3 million or a loss of $0.16 per share, an improvement from $22.5 million or a loss of $0.19 per share in 2024 [8] - R&D investment was approximately $11.5 million compared to $16.8 million in the prior year [8] - G&A expense was approximately $9.5 million compared to $6.4 million in the prior year [8] - Year-end cash position was approximately $69 million, roughly double the $34.9 million at the end of the third quarter [8] Business Line Data and Key Metrics Changes - Customer programs deepened in 2025, with stage three engagements primarily involving wafer-level tape-outs, chip processing, and testing [9] - Three programs advanced to stage three, with a fourth Fortune Global 500 customer added in 2026 [6] - Approximately 15 additional engagements are progressing through stages one and two [6] Market Data and Key Metrics Changes - The market for Ethernet optical transceivers of 100G and above and CPO reached approximately $16.5 billion in revenue in 2025, projected to reach approximately $26 billion in 2026, corresponding to a 60% growth rate [16] - AI clusters are expected to consume roughly 80% of Ethernet transceivers and CPO through 2031 [16] - 1.6 terabit per second transceivers revenue is expected to reach $1 billion in 2026, with 3.2 terabits per second optics volume production beginning in 2028 [16] Company Strategy and Development Direction - The company is focused on building durable, repeatable revenue streams supported by qualification and design wins, rather than pursuing short-term revenue [11] - The strategy is to enhance silicon photonics rather than compete against it, allowing for higher bandwidth with lower power per bit [12] - 2026 priorities include advancing stage three programs towards qualification milestones, converting technical engagements into structured commercial agreements, and broadening the electro-optic polymer-ready silicon foundry ecosystem [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the AI opportunity and commitment to building long-term shareholder value [19] - The company is preparing for scalable integration and operational discipline, emphasizing the importance of technology and operational controls for durable companies [18] - The timeline for volume production and licensing revenues is not anticipated until 2027 at the earliest, with a disciplined approach to qualification cycles [11] Other Important Information - The company completed a public offering in December 2025, raising approximately $32.8 million in net proceeds [8] - The focus is on supporting customers inside foundry environments rather than isolated R&D settings [9] - The company has agreements in place with four major foundries, with wafer runs either underway or scheduled for the first half of 2026 [15] Q&A Session Summary Question: What specific milestones remain to complete the technology transfer, and is transfer dependent on PIC completion with stage three partners? - Management indicated that they intend to proceed with back-end of line process and capacity expansion in Denver to support prototyping and final product qualification [22] Question: Are you able to provide guidance on production volume requirements for 2026? - Management stated they are planning for success and have made aggressive assumptions related to their ability to win share in 2027 and 2028 [23] Question: Can shareholders expect to see an EOP modulator-based pluggable transceiver prototype completed this year? - Management noted that customers are working diligently on silicon photonic PICs, and updates will be provided throughout 2026 [24] Question: When a product is finalized, do we expect to see joint press releases? - Management mentioned that visibility will be provided through quarterly financial and business update calls, but customer decisions will dictate press releases [25] Question: What specific performance metrics will be validated for the mid-2026 device characterization? - Management confirmed that the tapeout is a significant milestone that will validate key design and performance parameters for modulators [26]

Financial Data and Key Metrics Changes - For the full year of 2025, revenue was approximately $237,000, an increase from $96,000 in 2024 [7] - Net loss was approximately $20.3 million or a loss of $0.16 per share, an improvement from $22.5 million or a loss of $0.19 per share in 2024 [8] - R&D investment was approximately $11.5 million compared to $16.8 million in the prior year [8] - G&A expense was approximately $9.5 million compared to $6.4 million in the prior year [8] - Year-end cash position was approximately $69 million, roughly double the $34.9 million at the end of the third quarter [8] Business Line Data and Key Metrics Changes - Customer programs deepened in 2025, with stage three engagements primarily involving wafer-level tape-outs, chip processing, and testing [9] - Three programs advanced to stage 3, with a fourth Fortune Global 500 customer added in 2026 [6] - Approximately 15 additional engagements are progressing through stages 1 and 2 [6] Market Data and Key Metrics Changes - The market for Ethernet optical transceivers of 100G and above and CPO reached approximately $16.5 billion in revenue in 2025, projected to reach approximately $26 billion in 2026, corresponding to a 60% growth rate [16] - AI clusters are expected to consume roughly 80% of Ethernet transceivers and CPO through 2031 [16] - 1.6 terabit per second transceivers revenue is expected to reach $1 billion in 2026, with 3.2 terabits per second optics volume production beginning in 2028 [16] Company Strategy and Development Direction - The company is focused on building durable, repeatable revenue streams supported by qualification and design wins, rather than pursuing short-term revenue [11] - The strategy is to enhance silicon photonics rather than compete against it, allowing for higher bandwidth with lower power per bit [12] - 2026 priorities include advancing stage 3 programs, converting technical engagements into commercial agreements, and broadening the electro-optic polymer-ready silicon foundry ecosystem [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the AI opportunity and commitment to building long-term shareholder value [19] - The company is preparing for scalable integration and operational discipline, emphasizing the importance of technology and operational controls [18] - Management noted that qualification cycles in the industry are rigorous, and they are taking a disciplined approach to ensure long-term success [11] Other Important Information - The company completed a public offering in December 2025, raising approximately $32.8 million in net proceeds [8] - The company is managing capital deliberately, with every dollar allocated towards commercialization readiness [9] - Device characterization and performance validation are expected in mid-2026 [15] Q&A Session Summary Question: What specific milestones remain to complete the technology transfer, and is transfer dependent on PIC completion with stage three partners? - Management indicated that they intend to proceed with back-end of line process and capacity expansion to support prototyping and final product qualification [22] Question: Are you able to provide guidance on production volume requirements for 2026? - Management stated they are planning for success and have made aggressive assumptions related to their ability to win share in 2027 and 2028 [23] Question: Can shareholders expect to see an EOP modulator-based pluggable transceiver prototype completed this year? - Management noted that customers are working diligently on silicon photonic PICs, and updates will be provided throughout 2026 [24] Question: How can shareholders expect to be updated regarding product progression with tier one partners? - Management confirmed they will provide visibility through quarterly financial and business update calls [25] Question: What specific performance metrics will be validated for the mid-2026 device characterization? - Management emphasized that the tapeout is a significant milestone to validate key design and performance parameters for modulators [26]

Financial Data and Key Metrics Changes - For the full year of 2025, revenue was approximately $237,000, an increase from $96,000 in 2024 [6] - Net loss was approximately $20.3 million or a loss of $0.16 per share, an improvement from $22.5 million or a loss of $0.19 per share in 2024 [7] - R&D investment was approximately $11.5 million compared to $16.8 million in the prior year [7] - G&A expense was approximately $9.5 million compared to $6.4 million in the prior year [7] - Year-end cash position was approximately $69 million, roughly double the $34.9 million at the end of the third quarter [7] Business Line Data and Key Metrics Changes - Customer programs deepened in 2025, with three programs advanced to stage 3, prototype to final product [6] - Approximately 15 additional engagements are progressing through stage 1 and stage 2 [6] - The focus is on building durable, repeatable revenue streams supported by qualification and design wins [10] Market Data and Key Metrics Changes - The market for Ethernet optical transceivers of 100G and above and CPO reached approximately $16.5 billion in revenue in 2025, projected to reach approximately $26 billion in 2026, corresponding to a 60% growth rate [15] - AI clusters are expected to consume roughly 80% of Ethernet transceivers and CPO through 2031 [15] - 1.6 terabit per second transceivers revenue are expected to reach $1 billion in 2026 [15] Company Strategy and Development Direction - The strategy is to enhance silicon photonics rather than compete against it, allowing for higher bandwidth with lower power per bit [12] - The focus for 2026 includes advancing stage 3 programs towards qualification milestones, converting technical engagements into structured commercial agreements, and broadening the electro-optic polymer-ready silicon foundry ecosystem [17] - The company is preparing for scalable integration and not boutique deployment, with a disciplined approach to operational readiness [14] Management's Comments on Operating Environment and Future Outlook - The company remains confident in the AI opportunity and is committed to building long-term shareholder value [18] - The operational discipline is emphasized as critical for creating durable companies, with a focus on effective internal controls and IP protection [17] - The timeline for volume production and licensing revenues is not anticipated until 2027 at the earliest, reflecting the rigorous qualification cycles in the industry [10] Other Important Information - The company completed a public offering in December 2025, raising approximately $32.8 million in net proceeds [7] - The company is managing capital deliberately, with every dollar allocated towards commercialization readiness [8] - Device characterization and performance validation are expected in mid-2026 [13] Q&A Session Summary Question: What specific milestones remain to complete the technology transfer? - The company intends to proceed with back-end of line process and capacity expansion in Denver to support prototyping and final product qualification [20] Question: Can you provide guidance on production volume requirements for 2026? - The company is planning for success with aggressive assumptions related to production capacity and technician requirements [21] Question: Can shareholders expect to see an EOP modulator-based pluggable transceiver prototype completed this year? - The company will continue to update on progress towards stage four throughout 2026, but does not control the full transceiver program [22] Question: How will shareholders be updated regarding product progression with tier one partners? - The company will provide visibility through quarterly financial and business update calls [23] Question: What specific performance metrics will be validated for the mid-2026 device characterization? - The tapeout is a significant milestone to validate key design and performance parameters for modulators [24]

March 5, 2026 Forward Looking Statements This slide presentation contains "forward-looking statements" and "forward-looking information" within the meaning of the Private Securities Litigation Reform Act of 1995. This information and these statements, which can be identified by the fact that they do not relate strictly to historical or current facts, are made as of the date of this presentation or as of the date of the effective date of information described in this presentation, as applicable. The forward- ...