LightPath Technologies(LPTH) - 2025 Q2 - Quarterly Results

Revenue and Profitability - Revenue for Q2 fiscal 2025 increased 1.5% to $7.4 million compared to $7.3 million in Q2 fiscal 2024[3] - Gross profit decreased 11% to $1.9 million, representing 26% of total revenues, down from 30% in the prior year[13] - Net loss for Q2 fiscal 2025 was $2.6 million, or $0.07 per share, compared to a net loss of $1.7 million, or $0.05 per share, in the same quarter last year[15] - EBITDA loss for Q2 fiscal 2025 was $1.5 million, compared to a loss of $0.5 million in Q2 fiscal 2024, reflecting lower gross profit and increased SG&A expenses[16] - Operating loss for the three months ended December 31, 2024, was $2.48 million, compared to a loss of $1.78 million in the same period last year, reflecting an increase in losses of 39.4%[32] - The company reported a net loss of $2.61 million for the three months ended December 31, 2024, compared to a net loss of $1.71 million in the same period in 2023, representing an increase in losses of 52.4%[32] - Net loss for the six months ended December 31, 2024, was $4,234,742, compared to a net loss of $3,056,039 for the same period in 2023, representing an increase in loss of approximately 38.4%[35] - The company reported a comprehensive loss of $3.06 million for the three months ended December 31, 2024, compared to a comprehensive loss of $1.45 million in the same period in 2023, indicating an increase in losses of 111.5%[32] Operating Expenses - Operating expenses rose 11.7% to $4.4 million, primarily due to higher legal and consulting fees related to business development initiatives[14] - Operating expenses for the three months ended December 31, 2024, totaled $4.42 million, an increase of 11.7% from $3.95 million in the prior year[32] Assets and Liabilities - Total assets decreased to $45.83 billion as of December 31, 2024, from $48.09 billion on June 30, 2024, representing a decline of approximately 4.9%[28] - Total current liabilities increased to $10.23 million as of December 31, 2024, from $8.04 million on June 30, 2024, marking a rise of 27.2%[29] - Stockholders' equity decreased to $26.70 million as of December 31, 2024, from $30.20 million on June 30, 2024, a decline of 11.1%[30] Cash Flow and Investments - Net cash used in operating activities was $(2,437,616), a significant decrease from net cash provided of $850,569 in the prior year[35] - Cash flows from investing activities resulted in a net cash outflow of $(149,507), compared to $(1,841,832) in the previous year, indicating a reduction in investment spending[35] - Cash flows from financing activities generated a net cash inflow of $2,389,181, contrasting with a net cash outflow of $(303,723) in the same period last year[35] - The company reported cash, cash equivalents, and restricted cash of $3,201,066 at the end of the period, down from $5,882,202 at the end of the previous year[35] - Interest paid in cash decreased to $40,838 from $110,774, reflecting a reduction of approximately 63.1%[35] Product Development and Acquisitions - The acquisition of G5 Infrared is expected to enhance LightPath's offerings and contribute to future growth, with G5's 2024 revenues exceeding $15 million[5] - LightPath launched new optical gas imaging cameras for ammonia and sulfur hexafluoride detection, addressing environmental concerns in industrial applications[8] - The company received a development contract from a European defense customer, leveraging its BlackDiamond glass technology for optical systems[7] - LightPath aims for a long-term goal of achieving 15% EBITDA margins at the corporate level, supported by the integration of G5 Infrared[6] - The company invested $764,396 in new product development during the three months ended December 31, 2024, compared to $607,747 in the same period in 2023, reflecting a growth of 25.7%[32] - The company acquired Visimid, resulting in a non-cash issuance of common stock valued at $321,358[35] Other Financial Metrics - Depreciation and amortization expenses were $1,893,602, slightly down from $1,943,000 in the previous year[35] - The company experienced a loss on disposal of property and equipment amounting to $78,437, with no comparable figure reported in the prior year[35] - Trade accounts receivable decreased by $350,703, contrasting with an increase of $1,717,283 in the previous year, indicating a shift in collection efficiency[35]