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
Last close
4.01
2026-10-23
Market cap
$618.2M
2026-06-30 share count
52-week range
2.84 - 18.71
Valuation FY2025 figures against the last close
P/S2,610.1x
P/E—
P/FCF—
EV/EBITDA—
Dividend yield—
Diluted EPS-0.16
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.
Plot the figures US dollars
Income statement
Revenue
Cost of revenue
Gross profit
R&D
SG&A
Total operating expenses
Operating income
Interest expense
Pre-tax income
Income tax
Net income
EPS, basic
EPS, diluted
Shares, diluted (wtd. avg.)
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | — | — | — | $40.5K | $13.8K | $236.9K |
| Gross profit | — | — | — | — | — | — | — | $38.0K | $88.2K | $230.0K |
| Net income | -$4.4M | -$5.7M | -$5.8M | -$6.7M | -$6.7M | -$18.6M | -$17.2M | $21.0M | -$22.5M | -$20.3M |
Recent filings and events
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- 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
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- 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
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Accounts can no longer be relied on The company is telling investors that figures it has already published are wrong. Rare, and about as direct as a filing gets. Item 4.02
- Officer or director change Item 5.02
- Material agreement signed Item 1.01
- 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
- Material agreement terminated An agreement that mattered has ended. Often the other half of a deal that fell through. Item 1.02
- Officer or director change Item 5.02
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.