LightPath Technologies Reports First Quarter Fiscal 2025 Financial Results

Core Viewpoint - LightPath Technologies reported a 4% increase in revenue for the first quarter of fiscal 2025, driven by product innovation and strategic transitions towards next-generation optics and imaging solutions [1][9]. Financial Summary - Revenue for Q1 FY2025 was $8.4 million, up from $8.1 million in Q1 FY2024, reflecting a 4% increase [2][9]. - Gross profit increased by 22% to $2.8 million, representing 34% of total revenues, compared to 29% in the same quarter last year [2][11]. - Operating expenses rose 18% to $4.2 million, primarily due to higher legal and consulting fees [2][12]. - Net loss for the quarter was $1.6 million, compared to a net loss of $1.3 million in the prior year, with losses per share remaining at $0.04 [2][13]. - EBITDA loss was approximately $0.5 million, compared to a loss of $0.4 million in the same period last year [2][14]. Fiscal 2025 First Quarter Highlights - Secured orders for thermal imaging assemblies from a Tier-1 defense customer and received Phase 2 funding from the U.S. Defense Department [3]. - Achieved key qualification milestones with Lockheed Martin for a U.S. Army missile program [3][6]. - Transitioned a key customer from Germanium to BlackDiamond glass optics, enhancing product offerings [3][5]. - Launched several innovative products, including the next-generation Mantis camera and AI-ready EdgeIR™ cameras [3][7]. Product Group Performance - Revenue from infrared components decreased by 32% year-over-year to $2.6 million, primarily due to the non-renewal of a large annual contract for Germanium-based products [9][10]. - Revenue from visible components increased by 23% to $3.3 million, driven by sales in defense and medical industries [9][10]. - Engineering services revenue surged by 378% to $1.4 million, largely due to a contract with Lockheed Martin [10]. Management Commentary - The company is focused on transitioning to next-generation optics, with revenue from customized lens assemblies increasing from 19% to 30% year-over-year [4][5]. - Management expressed confidence in the company's strategic direction and market opportunities in automotive, defense, and camera solutions [8].