LightPath Technologies(LPTH) - 2026 Q1 - Quarterly Results

Revenue and Profitability - Revenue for Q1 fiscal 2026 increased by 79% to $15.1 million, compared to $8.4 million in Q1 fiscal 2025[3] - Gross profit rose 58% to $4.5 million, representing 30% of total revenues, down from 34% in the prior year[10] - The net loss for Q1 fiscal 2026 was $2.9 million, or $0.07 per share, compared to a net loss of $1.6 million, or $0.04 per share, in the same quarter last year[13] - Adjusted EBITDA for Q1 fiscal 2026 was $0.4 million, a significant improvement from an adjusted EBITDA loss of $0.2 million in the prior year[14] - Operating loss increased to $(2,505,778) compared to $(1,376,808) in the prior year, reflecting higher operating expenses[30] - Net loss for the three months ended September 30, 2025, was $2,893,002, compared to a net loss of $1,622,745 for the same period in 2024, representing an increase in loss of approximately 78.4%[36] Operating Expenses and Investments - Operating expenses increased by 66% to $7.0 million, primarily due to the integration of G5 and increased sales and marketing efforts[11] - New product development expenses were $867,428, up from $476,441, indicating increased investment in innovation[30] - A strategic investment of $8.0 million was secured from Ondas Holdings and Unusual Machines to support growth in the drone/UAV sector[8] Assets and Liabilities - Total current assets rose to $35,155,096 from $28,373,995, a 24.5% increase[27] - Total assets increased to $87,260,250 from $81,505,766, marking a growth of 7.0%[27] - Total liabilities decreased slightly to $31,589,922 from $31,628,488, a reduction of 0.1%[28] - Stockholders' equity improved to $21,437,818 from $15,644,768, an increase of 37.0%[28] Cash Flow and Financing - Cash used in operating activities decreased to $1,142,842 from $1,700,201 year-over-year, indicating an improvement of about 32.7%[36] - Cash provided by financing activities significantly increased to $7,781,540, up from $2,488,233 in the previous year, marking a growth of approximately 212.2%[36] - The company ended the period with cash and cash equivalents of $11,507,418, compared to $4,280,637 at the end of the same period last year, reflecting an increase of about 168.5%[36] Orders and Backlog - The company has a backlog of over $90 million, up from $86 million at the end of the previous quarter[5] - Recent orders include an $18.2 million IR camera order and a follow-on $22.1 million order, reflecting strong demand for products[6] Changes in Management and Governance - The company appointed Mark Caylor to the Board of Directors, bringing over 35 years of defense industry experience[7] Depreciation and Other Expenses - Depreciation and amortization expenses rose to $1,218,948 from $989,562, an increase of approximately 23.2%[36] - Interest paid in cash for the period was $177,963, compared to $20,990 in the same period last year, indicating a significant increase[37] - Income taxes paid increased to $56,282 from $16,903, representing a rise of approximately 232.5%[37] - The company recorded a change in fair value of acquisition earnout liabilities amounting to $1,282,529, which was not present in the previous year[36] - The company acquired operating right-of-use assets valued at $435,733 in exchange for operating lease liabilities, which was not recorded in the previous year[37] - The issuance of common stock for the acquisition of Visimid was valued at $350,000, consistent with the previous year[37]