Group 1 - LightPath Technologies reported a fourth-quarter loss of 16 cents per share, which was wider than the analyst estimate of a 4-cent loss [1] - Quarterly revenue was $12.21 million, exceeding the Street estimate of $12.2 million and up from $8.63 million in the same period last year [1] - The company's CEO, Sam Rubin, emphasized a strategic shift away from Germanium optics towards proprietary BlackDiamond glass and complete IR camera systems [2] Group 2 - Following the earnings announcement, LightPath shares increased by 17.5% to $7.64 [2] - HC Wainwright & Co. analyst Scott Buck maintained a Buy rating and raised the price target from $7 to $8 [7] - Lake Street analyst Jaeson Schmidt also maintained a Buy rating and increased the price target from $4 to $7.5 [7]

Group 1 - LightPath Technologies reported a fourth-quarter loss of 16 cents per share, which was wider than the analyst estimate of a 4-cent loss [1] - Quarterly revenue was $12.21 million, slightly beating the Street estimate of $12.2 million and showing an increase from $8.63 million in the same period last year [1] - The company's CEO, Sam Rubin, emphasized a strategic shift away from Germanium optics towards scaling their proprietary BlackDiamond glass for defense applications and moving into complete IR camera systems [2] Group 2 - Following the earnings announcement, LightPath shares increased by 17.5% to $7.64 [2] - HC Wainwright & Co. analyst Scott Buck maintained a Buy rating on LightPath and raised the price target from $7 to $8 [7] - Lake Street analyst Jaeson Schmidt also maintained a Buy rating and increased the price target from $4 to $7.5 [7]

Financial Data and Key Metrics Changes - Revenue for Q4 fiscal 2025 increased by 41.4% to $12.2 million compared to $8.6 million in the same quarter of the previous year [28] - Gross profit increased by 6.6% to $2.7 million, representing 22% of total revenues, down from 29.2% in the same quarter of the prior fiscal year [30] - Net loss for Q4 fiscal 2025 totaled $7.1 million, or $0.16 per share, compared to a loss of $2.4 million, or $0.06 per share in the same quarter of the previous year [31] - Adjusted EBITDA loss for Q4 fiscal 2025 was $1.9 million, compared to a loss of $1.1 million for the same period of the prior fiscal year [32] Business Line Data and Key Metrics Changes - Revenue from infrared components was $4.9 million, accounting for 40% of consolidated revenue [29] - Revenue from visible components was $2.8 million, or 23.2% of consolidated revenue [29] - Revenue from assemblies and modules was $4.2 million, or 34.1% of consolidated revenue [29] - Revenue from engineering services was $0.3 million, or 2.1% of consolidated revenue [29] Market Data and Key Metrics Changes - The company reported a record backlog of $90 million, with more than two-thirds attributed to systems and subsystems [10] - Significant orders totaling over $40 million for infrared cameras were announced for delivery in 2026 and 2027, primarily for border surveillance and counter-UAS applications [11][14] - More than $10 million of the backlog is specifically for cameras designed for counter-UAS systems [15] Company Strategy and Development Direction - The company is transitioning from a component manufacturer to focusing on subsystems and systems enabled by its technologies, particularly in infrared imaging [7] - The acquisition of G5 Infrared is a strategic move to enhance capabilities in thermal imaging cameras and address supply chain challenges [9] - The company aims to leverage its proprietary BlackDiamond glass to create value and capture more of the market [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, citing a 41% quarter-over-quarter growth and a substantial backlog as indicators of success [26] - The ongoing geopolitical tensions and supply chain disruptions have increased demand for alternatives to germanium, positioning the company favorably [18] - Management anticipates significant growth in the coming years, driven by investments in unique materials and technologies [26] Other Important Information - The company received an $8 million strategic investment from Ondas Holdings and Unusual Machines to support manufacturing efforts [25] - The integration of G5 Infrared was completed ahead of schedule and below budget, enhancing operational capabilities [32] Q&A Session Summary Question: How much did G5 contribute to revenue in the June quarter? - G5 contributed $4.2 million to revenue [39] Question: How much does G5 comprise of the $90 million backlog? - Approximately two-thirds of the backlog consists of cameras and assemblies [40] Question: Are you expecting to be sole sourced for the border security opportunity? - The company is in a unique position and may end up providing all the towers along the border [41] Question: Can you elaborate on the expansion of capacity in Visimid? - The facility will support multiple projects beyond the Lockheed contract, including uncooled cameras and other developments [48] Question: What is the expected gross margin improvement timeline? - The company expects to reach close to 30% gross margin soon, with a longer-term goal of 40% as the product mix shifts [64] Question: What is the status of the Lockheed contract decision timeframe? - The formal decision is expected by next fall, but indications may come sooner [67]

Financial Data and Key Metrics Changes - Revenue for Q4 2025 increased by 41.4% to $12.2 million compared to $8.6 million in the same quarter of the previous year [28] - Gross profit increased by 6.6% to $2.7 million, representing 22% of total revenues, down from 29.2% in the prior year due to increased inventory reserve charges [30] - Operating expenses rose by 52% to $7.2 million, attributed to the integration of G5 Infrared and increased sales and marketing expenses [31] - Net loss for Q4 2025 totaled $7.1 million, or $0.16 per share, compared to a loss of $2.4 million, or $0.06 per share, in the same quarter last year [31] - Adjusted EBITDA loss for Q4 2025 was $1.9 million, compared to a loss of $1.1 million in the prior year [32] Business Line Data and Key Metrics Changes - Sales of infrared components were $4.9 million, accounting for 40% of consolidated revenue [29] - Revenue from visible components was $2.8 million, or 23.2% of consolidated revenue [29] - Revenue from assemblies and modules was $4.2 million, or 34.1% of consolidated revenue [29] - Revenue from engineering services was $0.3 million, or 2.1% of consolidated revenue [29] Market Data and Key Metrics Changes - The company reported a backlog of $90 million, with over two-thirds in systems and subsystems, indicating a successful strategic shift [10] - Recent large orders totaling over $40 million for infrared cameras are expected to be delivered in 2026 and 2027, primarily for border surveillance and counter-UAS applications [11][14] - More than $10 million of the backlog is specifically for cameras for counter-UAS systems, reflecting growth in this rapidly expanding market [15] Company Strategy and Development Direction - The company is transitioning from a component manufacturer to focusing on subsystems and systems, particularly in the infrared imaging market [7] - The acquisition of G5 Infrared is a strategic move to enhance capabilities in thermal imaging cameras and leverage proprietary materials [9] - The company aims to capture more value by moving up the supply chain and focusing on engineered solutions rather than just components [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's transformation and the potential for significant growth, supported by a strong backlog and strategic investments [26] - The ongoing geopolitical issues and supply chain constraints are driving demand for the company's proprietary BlackDiamond glass, which serves as an alternative to germanium [18] - Management anticipates margin expansion and improved profitability as the company continues to execute its growth strategy [34] Other Important Information - The company received an $8 million strategic investment from Ondas Holdings and Unusual Machines to support manufacturing efforts [25] - The integration of G5 Infrared was completed ahead of schedule and below budget, enhancing operational capabilities [32] Q&A Session Summary Question: How much did G5 contribute to revenue in the June quarter? - G5 contributed $4.2 million to revenue [39] Question: How much does G5 comprise of the $90 million backlog? - Approximately two-thirds of the backlog consists of cameras and assemblies [40] Question: Are you expecting to be sole sourced for the border security opportunity? - The company is in a unique position and may end up providing all the towers along the border [41] Question: Can you elaborate on the expansion of capacity in Visimid? - The new facility will support various projects beyond just the NGSRI, including uncooled cameras and drone cameras [48] Question: What is the expected gross margin improvement? - Adjusted gross margins could reach 35% quickly, with a long-term target of around 40% [62] Question: What is the timeline for the Lockheed contract decision? - The formal decision is expected by next fall, but indications may come sooner [64]

Financial Data and Key Metrics Changes - Revenue for Q4 2025 increased by 41.4% to $12.2 million compared to $8.6 million in the same quarter of the previous year [28] - Gross profit increased by 6.6% to $2.7 million, representing 22% of total revenues in Q4 2025, down from 29.2% in the same quarter of the prior fiscal year [30] - Net loss for Q4 2025 totaled $7.1 million, or $0.16 per share, compared to a loss of $2.4 million, or $0.06 per share in the same quarter of the previous year [31] - Adjusted EBITDA loss for Q4 2025 was $1.9 million compared to a loss of $1.1 million for the same period of the prior fiscal year [32] Business Line Data and Key Metrics Changes - Sales of infrared components were $4.9 million, accounting for 40% of consolidated revenue [28] - Revenue from visible components was $2.8 million, or 23.2% of consolidated revenue [29] - Revenue from assemblies and modules was $4.2 million, or 34.1% of consolidated revenue [29] - Revenue from engineering services was $0.3 million, or 2.1% of consolidated revenue [29] Market Data and Key Metrics Changes - The company reported a record backlog of $90 million, with more than two-thirds attributed to systems and subsystems [10] - The backlog includes significant orders for infrared cameras, particularly for border surveillance and counter-UAS applications [11][14] Company Strategy and Development Direction - The company is transitioning from a component manufacturer to focusing on subsystems and systems enabled by its technologies, particularly in infrared imaging [7][10] - The acquisition of G5 Infrared is a strategic move to enhance capabilities in thermal imaging cameras and address supply chain challenges [9][10] - The company aims to capture more value by moving up the supply chain and focusing on engineered solutions [8][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, citing a 41% quarter-over-quarter growth and a substantial backlog as indicators of success [26] - The ongoing geopolitical issues and supply chain constraints are driving interest in the company's proprietary BlackDiamond glass as a substitute for germanium [18] - Management anticipates significant growth opportunities in defense contracts and other markets, with expectations for margin expansion in the coming quarters [33][34] Other Important Information - The company received an $8 million strategic investment from Ondas Holdings and Unusual Machines to support manufacturing efforts [25][34] - The integration of G5 Infrared was completed ahead of schedule and below budget, enhancing operational capabilities [32] Q&A Session Summary Question: Contribution of G5 to revenue in the June quarter - G5 contributed $4.2 million to revenue in the quarter [39] Question: Breakdown of the $90 million backlog - Approximately two-thirds of the backlog consists of cameras and assemblies [40] Question: Expectations for sole sourcing in border security contracts - The company is in a unique position and may end up providing all the towers along the border [41] Question: Expansion of capacity in Visimid - The facility will support various projects beyond the NGSRI, including uncooled cameras and drone cameras [48] Question: Gross margin dynamics - Adjusted gross margin is close to 30%, with expectations to reach 35% quickly [64] Question: Timeline for Lockheed contract decision - The formal decision is expected by next fall, but indications may come sooner [67] Question: Revenue expectations from a leading global technology customer - The customer was initially expected to contribute around $9 million annually, but the current run rate is more than double that [75]

Financial Data and Key Metrics Changes - Revenue for Q4 2025 increased by 41.4% to $12.2 million compared to $8.6 million in the same quarter of the previous year [25] - Gross profit increased by 6.6% to $2.7 million, representing 22% of total revenues, down from 29.2% in the prior year due to increased inventory reserve charges [26] - Net loss for Q4 2025 totaled $7.1 million, or $0.16 per share, compared to a loss of $2.4 million, or $0.06 per share in the same quarter last year [28] - Adjusted EBITDA loss for Q4 2025 was $1.9 million, compared to a loss of $1.1 million in the prior year [29] Business Line Data and Key Metrics Changes - Sales of infrared components were $4.9 million, accounting for 40% of consolidated revenue [25] - Revenue from visible components was $2.8 million, or 23.2% of consolidated revenue [25] - Revenue from assemblies and modules was $4.2 million, or 34.1% of consolidated revenue [25] - Revenue from engineering services was $0.3 million, or 2.1% of consolidated revenue [25] Market Data and Key Metrics Changes - The company reported a record backlog of $90 million, with more than two-thirds in systems and subsystems [9] - Significant orders totaling over $40 million for infrared cameras were announced for delivery in 2026 and 2027, primarily for border surveillance and counter-UAS applications [10][12] - More than $10 million of the backlog is specifically for cameras for counter-UAS systems [13] Company Strategy and Development Direction - The company is transitioning from a component manufacturer to focusing on subsystems and systems enabled by its technologies, particularly in infrared imaging [6][9] - The acquisition of G5 Infrared is a strategic move to enhance capabilities in thermal imaging cameras and address supply chain challenges [8][24] - The company aims to capture more value by moving up the supply chain and focusing on engineered solutions [7][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, citing a 41% quarter-over-quarter growth and a significant backlog as indicators of success [24] - The ongoing geopolitical issues and supply chain constraints are driving interest in the company's proprietary BlackDiamond glass as a substitute for germanium [17] - Management anticipates margin expansion and continued growth in the coming quarters, with a focus on transforming the company [30][65] Other Important Information - The company received an $8 million strategic investment from Ondas Holdings and Unusual Machines to support manufacturing efforts [24] - The integration of G5 Infrared was completed ahead of schedule and below budget, enhancing operational capabilities [30] Q&A Session Summary Question: Contribution of G5 to revenue in the June quarter - G5 contributed $4.2 million to revenue in the quarter [34] Question: Expectation of being sole sourced for border security - The company is in a unique position and may end up providing all the towers along the border [35] Question: Expansion of capacity in Visimid - The new facility will support various projects beyond just the Lockheed contract [38] Question: Gross margin dynamics - Adjusted gross margin could be close to 30%, with potential to reach 35% quickly [48] Question: Backlog definition and measurement - Backlog consists of real orders, with about 60% expected to ship in fiscal year 2026 [46] Question: Revenue expectations from the $40 million order - The customer was expected to contribute around $9 million annually, but the actual contribution is more than double that [55]

Core Insights - LightPath Technologies, Inc. reported a larger-than-expected loss for the fourth quarter, with losses of 16 cents per share, missing the analyst estimate of 4 cents [1] - The company's quarterly revenue was $12.21 million, slightly beating the Street estimate of $12.2 million and showing a significant increase from $8.63 million in the same period last year [2] - CEO Sam Rubin emphasized the company's strategic shift away from Germanium optics towards proprietary BlackDiamond glass and complete IR camera systems, indicating a focus on key defense verticals [3] Financial Performance - Fourth-quarter loss: 16 cents per share, compared to the expected loss of 4 cents [1] - Quarterly revenue: $12.21 million, exceeding the estimate of $12.2 million and up from $8.63 million year-over-year [2] Stock Performance - LightPath Technologies stock fell by 14.31%, trading at $5.57 in extended trading following the earnings report [3]