LIGHTPATH TECHNOLOGIES INC LPTH
LightPath Technologies, Inc. ("LightPath", the "Company", "we", "our", or "us") was incorporated under Delaware law in 1992 as the successor to LightPath Technologies Limited Partnership, a New Mexico limited partnership formed in 1989, and its predecessor, Integrated Solar Technologies Corporation, a New Mexico corporation formed in 1985. Today, LightPath is a global company with facilities in the United States, the People's Republic of China and the Republic of Latvia. Our corporate headquarters is located in Orlando, Florida.
Historically, we operated with a focus on optical component manufacturing, and specifically on our leadership position as a precision molded lens manufacturer for visual light applications. We expanded our addressable market with the acquisition of ISP (as defined below), a manufacturer of infrared optical components, in December 2016. Since 2020, our strategy has been to move up the value chain by producing optical assemblies, modules and simple cameras. The acquisition of Visimid (as defined below) in 2023 and the acquisition of G5 Infrared (as defined below) in 2025 were completed to enhance our abilities on cameras and sensors and speed our movement up the value chain in line with our strategy of value-add infrared systems.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $37.2M | $31.7M | $32.9M | $35.6M | $38.5M | $35.0M | $33.7M | $32.5M | $28.4M | $17.3M |
| Cost of revenue | $27.1M | $23.1M | $21.9M | $23.7M | $25.0M | $21.1M | $21.2M | $20.0M | $13.6M | $8.0M |
| Gross profit | $10.1M | $8.6M | $11.1M | $11.8M | $13.4M | $13.8M | $12.5M | $12.5M | $14.7M | $9.3M |
| SG&A | $15.8M | $12.3M | $11.4M | $11.2M | $12.0M | $9.0M | $10.5M | $9.2M | $8.7M | $6.6M |
| Total operating expenses | $22.0M | $16.5M | $14.6M | $14.4M | $15.3M | $11.7M | $13.7M | $12.2M | $10.6M | $7.3M |
| Operating income | -$11.8M | -$7.8M | -$3.6M | -$2.6M | -$1.8M | $2.1M | -$1.1M | $373.6K | $4.1M | $2.0M |
| Interest expense | $1.1M | $191.9K | $283.3K | $229.5K | $215.4K | — | — | — | — | — |
| Pre-tax income | -$14.8M | -$7.9M | -$3.8M | -$2.7M | -$2.3M | $1.6M | -$2.2M | $233.0K | $3.4M | $1.6M |
| Income tax | $37.8K | $67.5K | $234.0K | $862.9K | $933.9K | $764.0K | $455.2K | $827.1K | $4.3M | $199.3K |
| Net income | -$14.9M | -$8.0M | -$4.0M | -$3.5M | -$3.2M | $866.9K | -$2.7M | $1.1M | $7.7M | $1.4M |
| EPS, basic | -0.36 | -0.21 | -0.13 | -0.13 | -0.12 | 0.03 | -0.10 | 0.04 | 0.39 | 0.09 |
| EPS, diluted | -0.36 | -0.21 | -0.13 | -0.13 | -0.12 | 0.03 | -0.10 | 0.04 | 0.36 | 0.08 |
| Shares, diluted (wtd. avg.) | 40.9M | 37.9M | 31.6M | 27.0M | 26.3M | 27.5M | 25.8M | 26.8M | 21.7M | 16.9M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $4.9M | $3.5M | $7.1M | $5.5M | $6.8M | $5.4M | $4.6M | $6.5M | $8.1M | $2.9M |
| Receivables | $9.5M | $4.9M | $6.6M | — | $4.7M | $6.2M | $6.2M | $5.4M | $5.9M | $3.5M |
| Inventory | $12.9M | $6.6M | $7.4M | $7.0M | $8.7M | $9.0M | $7.7M | $6.4M | $5.1M | $3.8M |
| Total current assets | $28.4M | $15.5M | $21.8M | $18.2M | $20.7M | $21.3M | $19.6M | $19.4M | $19.7M | $11.2M |
| Property, plant and equipment | $15.9M | $15.2M | $12.8M | $11.6M | $13.3M | $11.8M | $11.7M | $11.8M | $10.3M | $4.4M |
| Goodwill | $13.8M | $6.8M | $5.9M | $5.9M | $5.9M | $5.9M | $5.9M | $5.9M | $5.9M | $0 |
| Other intangibles | $16.0M | $3.7M | $3.3M | $4.5M | $5.6M | $6.7M | $7.8M | $9.1M | $10.4M | — |
| Total assets | $81.5M | $48.1M | $53.5M | $50.7M | $54.6M | $47.6M | $46.0M | $47.1M | $46.7M | $15.6M |
| Accounts payable | $7.4M | $3.2M | $2.6M | $3.1M | $2.9M | $2.6M | $2.2M | $2.0M | $1.5M | $1.4M |
| Total current liabilities | $17.1M | $8.0M | $6.8M | $7.7M | $8.4M | $7.4M | $6.4M | $5.8M | $5.8M | $3.2M |
| Long-term debt | $4.8M | $325.9K | $1.6M | $3.2M | $4.1M | $4.4M | $5.0M | $5.1M | $9.9M | — |
| Total liabilities | $31.6M | $17.9M | $17.6M | $21.0M | $21.0M | $13.0M | $12.5M | $11.8M | $17.0M | $4.7M |
| Retained earnings | -$230.7M | -$215.8M | -$207.8M | -$203.8M | -$200.2M | -$197.1M | -$197.9M | -$195.2M | -$196.3M | -$204.0M |
| Total equity | $15.6M | $30.2M | $36.0M | $29.7M | $33.6M | $34.6M | $33.5M | $35.4M | $29.7M | $10.9M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$8.3M | $521.0K | -$2.8M | $1.5M | $4.7M | $3.7M | $411.2K | $2.6M | $5.0M | $1.5M |
| Depreciation and amortisation | $2.7M | $2.4M | — | — | $3.5M | $3.4M | $3.5M | $3.4M | $2.1M | $848.0K |
| Stock-based compensation | $1.0M | $1.0M | $1.3M | $825.2K | $642.9K | $250.7K | $394.8K | $373.6K | $394.9K | $348.7K |
| Capital expenditure | $1.3M | $2.2M | $3.1M | $1.6M | $3.2M | $2.4M | $1.9M | $2.5M | $2.2M | $1.1M |
| Investing cash flow | -$19.7M | -$2.7M | -$2.9M | -$1.6M | -$3.2M | -$2.3M | -$1.2M | -$2.5M | -$14.0M | -$1.1M |
| Financing cash flow | $29.3M | -$1.5M | $7.5M | -$636.2K | -$843.4K | -$621.7K | -$1.4M | -$1.3M | $14.2M | $236.9K |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001654954-25-011130.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $17.3M | $28.4M | $32.5M | $33.7M | $35.0M | $38.5M | $35.6M | $32.9M | $31.7M | $37.2M |
| Gross profit | $9.3M | $14.7M | $12.5M | $12.5M | $13.8M | $13.4M | $11.8M | $11.1M | $8.6M | $10.1M |
| Net income | $1.4M | $7.7M | $1.1M | -$2.7M | $866.9K | -$3.2M | -$3.5M | -$4.0M | -$8.0M | -$14.9M |
Recent filings and events
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Material agreement signed Item 1.01
- Regulation FD disclosure Item 7.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Regulation FD disclosure Item 7.01
- Results announced Item 2.02
- Material agreement signed Item 1.01
- Acquisition or disposal completed A purchase or sale of a significant business or asset has closed. Item 2.01
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Regulation FD disclosure Item 7.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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