Financial Data and Key Metrics Changes - Revenue for Q1 fiscal 2026 increased by 79% to $15.1 million compared to $8.4 million in the same quarter of the previous year [19] - Gross profit rose by 58% to $4.5 million, representing 30% of total revenues, down from 34% in the prior year due to non-recurring orders with higher margins [20] - Operating expenses increased by 66% to $7 million, primarily due to the integration of G5 Infrared and increased sales and marketing spending [20] - Net loss for Q1 fiscal 2026 totaled $2.9 million, or $0.07 per share, compared to a loss of $1.6 million, or $0.04 per share, in the same quarter last year [21] - Adjusted EBITDA was positive at $0.4 million, compared to a loss of $0.2 million in the prior year [21] - Cash and cash equivalents as of September 30, 2025, totaled $11.5 million, up from $4.9 million as of June 30, 2025 [21] Business Line Data and Key Metrics Changes - Revenue from infrared components was $4.3 million (28% of total revenue), visible components generated $3.8 million (25%), assemblies/modules accounted for $5.9 million (39%), and engineering services brought in $1.1 million (7%) [19] - The backlog reached approximately $90 million, with over two-thirds in systems and subsystems, indicating a successful shift up the value chain [11] Market Data and Key Metrics Changes - The company is experiencing strong demand in border surveillance and Counter-UAS applications, with over $15 million of the backlog dedicated to Counter-UAS [12] - Anticipation of over 1,000 new border surveillance towers, with expected placements priced between $150,000 and $250,000 per camera [12] Company Strategy and Development Direction - The company is transitioning from a component supplier to a vertically integrated provider of high-value infrared optics and camera systems, focusing on engineered solutions [3][4] - Strategic investments from Ondas Holdings and Unusual Machines aim to accelerate commercialization, particularly in uncooled infrared solutions for drone applications [11] - The proprietary Black Diamond Chalcogenite glass is central to the strategy, providing a domestic alternative to germanium and enhancing supply chain resilience [5][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, citing a record backlog and the successful integration of G5 Infrared [18] - The focus for fiscal year 2026 includes expanding Germanium-free product variants, hardening the supply chain, and converting backlog into revenue at healthy margins [25] - The company is optimistic about sustaining growth and expanding profitability through strategic investments and operational scaling [18][25] Other Important Information - The company is moving its Texas team to a larger facility to support production needs for the Lockheed NG SRI program [16] - Mark Kahlo has been appointed to the Board of Directors, bringing extensive experience in the defense industry [17] Q&A Session Summary Question: About the availability of germanium and the transition to Black Diamond glass - Management noted that while China may open up germanium availability, customers are cautious due to past supply chain disruptions and are transitioning to Black Diamond glass for better performance [28][29] Question: Supply chain resiliency and capacity improvements - Management indicated that capacity needs to be added across various operations, particularly in glass manufacturing and camera systems, with ongoing investments to meet demand [33][35] Question: Sales progression and EBITDA expectations for the December quarter - Management refrained from providing specific guidance but expressed a desire to maintain the positive sales momentum seen in Q1 [39] Question: Status of the NGSRI program and facility upgrades - Management confirmed that the timeline for the NGSRI program remains uncertain due to government delays, but investments are being made to prepare for potential scaling [44] Question: Gross margin expectations and capacity expansion impact - Management expects gross margins to improve despite fluctuations in sales mix, with a goal of reaching 35% by the end of the fiscal year [46] Question: Pipeline of $10 million plus annual revenue opportunities - Management indicated there are approximately seven to eight programs in the pipeline that could generate significant revenue [62] Question: Integration of systems and technology for counter-UAS applications - Management confirmed that systems are integrated for tracking and validation, emphasizing the importance of visual confirmation in defense applications [84]

Core Insights - LightPath Technologies reported a significant increase in revenue for the first fiscal quarter of 2026, with a 79% rise to $15.1 million compared to $8.4 million in the same quarter of the previous year [2][8] - The company is experiencing strong order momentum, with a backlog exceeding $90 million, indicating a robust demand for its products [4][5] - Despite the revenue growth, the company reported a net loss of $2.9 million, which is a 78% increase in losses compared to the previous year [11] Financial Performance - Revenue for the first quarter of fiscal 2026 was $15.1 million, up from $8.4 million in the same quarter of fiscal 2025, representing a 79% increase [2][8] - Gross profit increased by 58% to $4.5 million, accounting for 30% of total revenues, compared to 34% in the prior year [9] - Operating expenses rose by 66% to $7.0 million, primarily due to the integration of G5 and increased sales and marketing efforts [10] - Adjusted EBITDA for the quarter was $0.4 million, a significant improvement from an adjusted EBITDA loss of $0.2 million in the same period last year [11] Product and Market Developments - The company is shifting focus from Germanium optics to its proprietary BlackDiamond™ glass, targeting critical defense markets and integrated IR camera systems [4] - Recent orders include a $4.8 million purchase order for advanced infrared camera systems and an $18.2 million order from a leading global technology customer [5][12] - The company appointed Mark Caylor, a veteran in the defense industry, to its Board of Directors to enhance its strategic direction [6] Strategic Outlook - LightPath aims to continue executing its growth strategy by scaling deliveries against its backlog and converting its sales pipeline into orders [7] - The company anticipates further program awards and follow-on orders that will support sustainable revenue growth through fiscal 2026 and beyond [7]

Core Insights - LightPath Technologies has appointed Israel Piergiovanni as Vice President of Manufacturing to enhance production capabilities and operational excellence in response to anticipated growth [1][3]. Company Overview - LightPath Technologies, Inc. is a leading provider of next-generation optics and imaging systems for defense and commercial applications, with a vertically integrated manufacturing model [4]. - The company’s primary manufacturing facilities are located in Orlando, Florida, with additional sites in Texas, New Hampshire, Latvia, and China [4]. Leadership Appointment - Israel Piergiovanni brings over 20 years of experience in global manufacturing operations, having previously served as Senior Director of Manufacturing Operations at Luminar Technologies [2]. - His expertise includes scaling new product introductions, integrating automation systems, and driving operational excellence across supply chains [2]. Production Scaling - The appointment comes at a crucial time as LightPath aims to scale production of camera systems, particularly with new capacity being established in Texas [3]. - The company has a record backlog exceeding $90 million, which it aims to convert into revenue through enhanced manufacturing capabilities [3]. Strategic Focus - Piergiovanni emphasized the importance of LightPath's vertically integrated model, which allows for efficient ramp-up of advanced optical manufacturing to meet near-term demand [3].

Core Viewpoint - LightPath Technologies, Inc. is set to release its financial results for the fiscal first quarter ended September 30, 2025, after market close on November 11, 2025 [1] Financial Results Announcement - The company will host an investor conference call on November 11, 2025, at 5:00 p.m. Eastern time to discuss the financial results, provide a corporate update, and conduct a Q&A session [2] - Participants are encouraged to join at least five minutes early to ensure timely participation [2] Company Overview - LightPath Technologies is a leading provider of next-generation optics and imaging systems for defense and commercial applications [4] - The company offers a range of custom solutions, including proprietary BlackDiamond™ chalcogenide-based glass materials and complete infrared optical systems [4] - LightPath has manufacturing facilities in Orlando, Florida, as well as locations in Texas, New Hampshire, Latvia, and China [4]

Core Viewpoint - LightPath Technologies has secured a $4.8 million purchase order for advanced infrared camera systems aimed at public safety applications, indicating strong demand and a growing order book amid geopolitical uncertainties [1][2]. Group 1: Purchase Orders and Financials - The recent order follows a significant $18.2 million order in September from a major global technology customer, which was followed by an additional $22.1 million order two weeks later, showcasing a robust demand for infrared camera systems [2]. - The company currently has a substantial order backlog of $90 million, which is expected to support sustainable revenue growth through fiscal 2026 and beyond [3]. Group 2: Product Differentiation and Market Position - LightPath's proprietary BlackDiamond™ glass is highlighted as a key differentiator for customers in need of infrared imaging systems for government, defense, and commercial projects [3]. - The company operates as a vertically integrated solutions provider, with in-house engineering design support and a diverse manufacturing footprint across multiple locations, including Orlando, Florida, Texas, New Hampshire, Latvia, and China [3].

Core Insights - LightPath Technologies, Inc. has appointed Mark Caylor to its Board of Directors, effective October 9, 2025, bringing extensive defense industry expertise to the company [1][4] - Caylor has over 35 years of experience in the defense sector, including leadership roles at Northrop Grumman, where he managed an $11 billion technology business with 25,000 employees [2][4] - The company aims to evolve into a mission-critical optics supplier for allied militaries, focusing on scaling deliveries of cameras and optics across various applications [4] Company Overview - LightPath Technologies is a leading provider of next-generation optics and imaging systems for defense and commercial applications, with a vertically integrated solutions approach [5] - The company’s primary manufacturing facilities are located in Orlando, Florida, with additional sites in Texas, New Hampshire, Latvia, and China [5] - LightPath's product offerings include proprietary BlackDiamond™ chalcogenide-based glass materials and complete infrared optical systems [5]

Core Insights - LightPath Technologies reported significant growth in demand for Germanium-free optics, particularly from defense and public safety customers, leading to a meaningful backlog increase [4][5][7] Financial Performance - Revenue for Q4 FY2025 increased by 41.4% to $12.2 million compared to $8.6 million in Q4 FY2024 [2][8] - Full-year revenue for FY2025 rose by 17.4% to $37.6 million from $31.7 million in FY2024 [2][14] - Gross profit for Q4 FY2025 was $2.7 million, a 6.6% increase from $2.5 million in Q4 FY2024, representing 22.0% of total revenues [2][9] - Operating expenses surged by 52.0% to $7.2 million in Q4 FY2025, primarily due to the integration of G5 and increased marketing efforts [2][10] - The net loss for Q4 FY2025 was $7.1 million, compared to a loss of $2.4 million in the same quarter of the previous year [2][12] - Adjusted EBITDA loss for Q4 FY2025 was $2.0 million, worsening from a loss of $1.1 million in Q4 FY2024 [2][13] Product and Market Developments - The company secured an initial $18.2 million order for infrared cameras from a leading global technology customer, followed by a $22.1 million follow-on order [5][11] - LightPath launched its first industrial-grade MWIR OGI camera and is actively redesigning its product line to replace Germanium with proprietary BlackDiamond™ material [6][7] - The company is focused on scaling deliveries and converting a robust pipeline into sustainable revenue growth through FY2026 and beyond [7] Strategic Focus - Management emphasized a strategic shift away from Germanium optics towards proprietary BlackDiamond™ solutions, driven by supply chain risks and geopolitical uncertainties [4][6] - The company aims to solidify its position as a vertically-integrated imaging solutions provider, enhancing margins and reducing supply chain risks [7]

Core Insights - LightPath Technologies, Inc. will release its financial results for the fiscal fourth quarter ended June 30, 2025, after market close on September 25, 2025 [1] - An investor conference call is scheduled for September 25, 2025, at 5:00 p.m. Eastern time to discuss the financial results and provide a corporate update [2] - The company is a leading provider of next-generation optics and imaging systems for defense and commercial applications, with a manufacturing footprint in Orlando, Florida, and additional facilities in Texas, New Hampshire, Latvia, and China [4] Financial Results Announcement - Financial results for Q4 FY2025 will be released after market close on September 25, 2025 [1] - The investor conference call will include a Q&A session for participants [2] Company Overview - LightPath Technologies specializes in optics and imaging systems, offering custom solutions including proprietary BlackDiamond™ chalcogenide-based glass materials [4] - The company operates as a vertically integrated solutions provider with in-house engineering design support [4]

Core Insights - LightPath Technologies has secured a total of $40.3 million in advanced infrared camera orders from a leading global technology customer [1] - The recent follow-on purchase order amounts to $22.1 million for delivery in calendar year 2027, following an earlier order of $18.2 million announced on September 3, 2025, for delivery in calendar year 2026 [1] Company Overview - LightPath Technologies is a provider of next-generation optics and imaging systems for both defense and commercial applications [1]

Core Viewpoint - LightPath Technologies has secured an $18.2 million purchase order for advanced infrared camera systems, with expectations of additional orders totaling up to $22 million for future products, indicating strong growth potential in the defense sector [1][2][3]. Group 1: Purchase Orders and Agreements - The company has received an $18.2 million purchase order for the supply of advanced infrared camera systems to be delivered in calendar year 2026 [1]. - An agreement is in place that anticipates future purchase orders totaling up to $22 million for a second tranche of products to be delivered in calendar year 2027 [2]. - The total expected growth in the defense and government backlog is projected to be up to $40 million over the course of calendar years 2026 and 2027 [3]. Group 2: Market Position and Industry Trends - The company is experiencing momentum driven by strong geopolitical tailwinds in the defense industry, as its products are increasingly vital to western defense contractors [4]. - Export restrictions on Germanium from China are prompting a shift away from this material, positioning the company favorably with its proprietary BlackDiamond™ glass [4]. - The company is transitioning from a components manufacturer to a vertically integrated camera solutions provider, enhancing its market position [3]. Group 3: Company Overview - LightPath Technologies is a leading provider of next-generation optics and imaging systems for both defense and commercial applications, with a manufacturing footprint in multiple locations including Orlando, Florida, and facilities in Texas, New Hampshire, Latvia, and China [5]. - The company offers a range of custom solutions, including proprietary materials and complete infrared optical systems [5].