LightPath Technologies(LPTH) - 2024 Q4 - Annual Results

Revenue Performance - Revenue for the fourth quarter of fiscal 2024 was approximately $8.6 million, a decrease of approximately $1.1 million, or 11%, compared to $9.7 million in the same quarter of the prior fiscal year[7]. - Full fiscal year 2024 revenue was approximately $31.7 million, a decrease of approximately $1.2 million, or 4%, compared to $32.9 million in the prior fiscal year[13]. - Revenue for the three months ended June 30, 2024, was $8.63 million, down from $9.68 million for the same period in 2023, representing a decline of 10.8%[37]. - Revenue from engineering services was approximately $2.0 million for fiscal 2024, an increase of $1.5 million compared to the prior fiscal year, driven by a contract with Lockheed Martin[21]. Net Loss and Financial Performance - Net loss for the fourth quarter of fiscal 2024 was approximately $2.4 million, compared to a net loss of $0.8 million for the same quarter of the prior fiscal year[11]. - The net loss for the year ended June 30, 2024, was $8.01 million, compared to a net loss of $4.05 million for the year ended June 30, 2023, indicating an increase in losses of 97.5%[37]. - The net loss for the year ended June 30, 2024, was $8,007,346, compared to a net loss of $4,046,871 for the year ended June 30, 2023, representing an increase in losses of approximately 97%[42]. - EBITDA for the fourth quarter of fiscal 2024 was a loss of approximately $1.3 million, compared to income of $0.1 million for the same period of the prior fiscal year[12]. - The EBITDA for the year ended June 30, 2024, was $(3,699,585), representing a decline compared to $(355,002) for the year ended June 30, 2023, indicating a worsening operational performance[46]. Margins and Costs - Gross margin for fiscal 2024 was approximately $8.6 million, a decrease of 22% compared to approximately $11.1 million in fiscal year 2023[16]. - The gross margin for the year ended June 30, 2024, was $8.63 million, down from $11.07 million in 2023, reflecting a decrease of 22%[37]. - SG&A costs for fiscal 2024 were approximately $12.3 million, an increase of approximately $0.9 million, or 8%, compared to the prior fiscal year[17]. Backlog and Contracts - Total backlog at June 30, 2024, was $19.3 million[8]. - As of June 30, 2024, the total backlog was approximately $19.3 million, a decrease of 11% from $21.7 million as of June 30, 2023[23]. - A significant contract renewal represented a 40% increase in dollar value compared to the previous order for advanced infrared optics[23]. - The company achieved key qualification milestones with Lockheed Martin for a US Army missile program[8]. Assets and Liabilities - Total current assets decreased to $15.54 million as of June 30, 2024, from $21.76 million as of June 30, 2023[35]. - Total liabilities increased slightly to $17.89 million as of June 30, 2024, compared to $17.58 million as of June 30, 2023[35]. Cash Flow and Equity - Cash flows from operating activities provided $521,037 in the year ended June 30, 2024, a significant improvement compared to cash used in operating activities of $(2,809,523) in the previous year[42]. - The company issued common stock under public equity placement, raising $806,332 in the year ended June 30, 2024, compared to $9,199,510 in the previous year, indicating a decrease of approximately 91%[42]. - The total stockholders' equity increased to $35,952,525 as of June 30, 2023, from $29,731,238 as of June 30, 2022, reflecting an increase of approximately 21%[39]. Acquisitions and Investments - LightPath's subsidiary, Visimid Technologies, was acquired in July 2023, focusing on customized infrared cameras for industrial and defense applications[29]. - The company acquired Visimid Technologies, resulting in a cash outflow of $847,141, which is part of its strategy for market expansion[42]. Depreciation and Currency Adjustments - The company reported depreciation and amortization expenses of $4,048,409 for the year ended June 30, 2024, compared to $3,174,569 for the year ended June 30, 2023, an increase of approximately 27.5%[42]. - The company experienced a foreign currency translation adjustment of $1,019,023 in the year ended June 30, 2024, which positively impacted the total stockholders' equity[42]. Stock-Based Compensation - The company reported a stock-based compensation expense of $1,019,023 for the year ended June 30, 2024, compared to $1,310,957 for the previous year, indicating a decrease of approximately 22%[42].