Lightwave Logic, Inc. LWLG
a specialty materials and intellectual property company focused on the development and commercialization of proprietary electro-optic
("EO") polymer materials designed to enable high-speed optical modulators for data communications and other photonic applications.
of EO polymer materials is engineered for integration into silicon photonics ("SiPh") and other photonic integrated circuit
("PIC") platforms. When incorporated into device architectures, these materials are designed to support high-speed, high-bandwidth
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 | $236.9K | $13.8K | $40.5K | — | — | — | — | — | — | — |
| Cost of revenue | $6.8K | $7.4K | $2.5K | — | — | — | — | — | — | — |
| Gross profit | $230.0K | $88.2K | $38.0K | — | — | — | — | — | — | — |
| R&D | $11.5M | $16.8M | $15.9M | $12.8M | $12.5M | $4.6M | $4.3M | $3.8M | $3.5M | $2.5M |
| SG&A | $9.5M | $6.4M | $5.4M | $4.3M | $4.5M | $2.0M | $2.0M | $1.8M | $2.0M | $1.7M |
| Total operating expenses | $21.0M | $23.2M | $21.3M | $17.1M | $17.0M | $6.6M | $6.3M | $5.6M | $5.5M | $4.1M |
| Operating income | -$20.8M | -$23.1M | -$21.2M | -$17.1M | -$17.0M | -$6.6M | -$6.3M | -$5.6M | -$5.5M | -$4.1M |
| Interest expense | — | — | $673.6K | $209.7K | $2.1M | $116.4K | $407.8K | $172.2K | $226.1K | $271.9K |
| Pre-tax income | -$20.3M | -$22.5M | — | — | — | — | — | — | — | — |
| Net income | -$20.3M | -$22.5M | $21.0M | -$17.2M | -$18.6M | -$6.7M | -$6.7M | -$5.8M | -$5.7M | -$4.4M |
| EPS, basic | — | -0.19 | -0.18 | -0.15 | -0.18 | -0.07 | — | — | — | — |
| EPS, diluted | -0.16 | -0.19 | -0.18 | -0.15 | -0.18 | -0.07 | -0.08 | -0.08 | -0.08 | -0.07 |
| Shares, diluted (wtd. avg.) | $128.6M | $120.6M | $115.5M | $111.8M | $105.2M | $91.9M | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $69.0M | $27.7M | $31.4M | $24.1M | $23.4M | $3.3M | $2.2M | $2.2M | $3.5M | $2.0M |
| Receivables | $190.8K | $45.6K | $30.4K | — | — | — | — | — | — | — |
| Inventory | — | — | — | — | — | — | — | — | — | $49.6K |
| Total current assets | $69.8M | $28.1M | $32.7M | $25.4M | $23.7M | $3.9M | $2.6M | $2.7M | $4.1M | $2.1M |
| Property, plant and equipment | $5.2M | $5.7M | $5.0M | $2.5M | $2.2M | $1.9M | $2.4M | $1.8M | $1.2M | $425.6K |
| Other intangibles | $1.7M | $1.4M | $1.3M | $1.0M | $848.1K | $916.0K | $939.5K | $938.2K | $605.8K | $668.0K |
| Total assets | $79.2M | $37.8M | $41.8M | $29.3M | $27.2M | $7.4M | $6.8M | $5.5M | $5.8M | $3.2M |
| Accounts payable | $477.9K | $516.0K | $1.4M | $791.7K | $215.7K | $169.2K | $88.4K | $150.7K | $54.2K | $65.0K |
| Total current liabilities | $2.1M | $1.8M | $2.6M | $1.5M | $1.6M | $933.0K | $997.6K | $395.4K | $648.8K | $127.9K |
| Total liabilities | $4.5M | $4.4M | $5.3M | $1.7M | $2.0M | $1.6M | $1.9M | $544.5K | $833.1K | $127.9K |
| Retained earnings | -$167.3M | -$147.0M | -$124.5M | -$106.8M | -$89.6M | -$71.0M | -$64.3M | -$57.5M | -$51.8M | -$46.0M |
| Total equity | $74.6M | $33.4M | $36.4M | $27.6M | $25.2M | $5.8M | $4.9M | $4.9M | $5.0M | $3.1M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$13.7M | -$15.6M | -$12.2M | -$10.5M | -$10.3M | -$4.9M | -$4.8M | -$4.4M | -$4.4M | -$3.2M |
| Depreciation and amortisation | $1.8M | $1.6M | $1.0M | $967.0K | $792.0K | $701.0K | $617.7K | $400.8K | $182.0K | $179.7K |
| Stock-based compensation | — | — | — | $5.8M | $1.0M | $539.4K | $600.7K | $387.7K | $794.7K | $436.2K |
| Capital expenditure | $1.3M | $2.3M | $3.3M | $1.3M | $1.1M | $158.1K | $223.5K | $1.0M | $183.8K | $129.2K |
| Investing cash flow | -$1.8M | -$2.7M | -$3.0M | -$2.2M | -$1.1M | -$218.0K | -$305.7K | -$1.4M | -$265.5K | -$173.8K |
| Financing cash flow | $56.9M | $14.5M | $22.5M | $13.4M | $31.5M | $6.2M | $5.1M | $4.5M | $6.2M | $1.6M |
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 0001553350-26-000061.