ORLANDO, Fla., Feb. 11, 2026 /PRNewswire/ -- LightPath Technologies, Inc. (NASDAQ: LPTH) ("LightPath," the "Company," "we," or "our"), a leading provider of next-generation optics and imaging systems for both defense and commercial applications, today announced financial results for its fiscal second quarter ended December 31, 2025.
Financial Summary:
Three Months Ended
December 31,
------------------------
$ in millions 2025 2024 % Change
Revenue $16.4 $7.4 120 %
Gross Profit $6.0 $1.9 212 %
Operating Expenses* $14.6 $4.4 231 %
Net Loss ($9.4) ($2.6) 260 %
Adjusted EBITDA** $0.6 ($1.3) 144 %
* Inclusive of $7.6M change in fair value of acquisition liabilities related
to the G5 acquisition.
** Reconciliation of this non-GAAP financial measure is provided below.
Second Quarter Fiscal 2026 & Subsequent Highlights:
-- Secured a $9.6 million purchase order for cooled infrared ("IR") cameras
from an existing defense customer, with deliveries expected throughout
calendar year 2026, further validating the strategic value of the G5
acquisition.
-- Acquired the assets of Amorphous Materials, Inc. ("AMI") in January 2026,
an industrial manufacturer with complementary Chalcogenide glass melting
technologies for large diameter optics.
-- Received a $4.8 million purchase order from an existing customer related
to the supply of advanced IR camera systems for public safety
applications for delivery in the Company's 2026 fiscal year.
-- Appointed former Luminar manufacturing executive Israel Piergiovanni as
Vice President of Manufacturing to scale production across LightPath's
domestic and international footprint.
-- Appointed defense industry executive Mark Caylor, former President of
Northrop Grumman's Mission Systems Sector, to the Board of Directors
bringing extensive defense industry expertise as LightPath evolves into a
mission-critical optics supplier of choice to allied militaries.
-- Fortified balance sheet with a $60 million public offering of common
stock in December 2025, with net proceeds supporting working capital,
strategic investments, acquisitions and general corporate purposes.
Management Commentary
Sam Rubin, Chief Executive Officer of LightPath, said: "The second quarter of 2026 was underscored by our accelerating revenue growth on strong orders, and the recent acquisition of Amorphous Materials. Ongoing order momentum and the addition of G5 Infrared LLC's ("G5") sales of cameras and modules drove a 120% revenue improvement to a record $16.4 million for the quarter. Our $97.8 million order backlog as of the end of the second quarter is demonstrating our position as a leading pure-play provider of high value optical and imaging systems.
"Our strategy continues to be validated not only by our sales growth, but the increasing focus by the U.S. government and Department of War to eliminate reliance on certain optical components, including optical systems or strategies from certain foreign nations. The recent passage of the Fiscal Year 2026 National Defense Authorization Act $(NDAA)$ directed the US Department of War to develop and implement a strategy by January 1, 2030, to eliminate reliance on optical glass and optical systems sourced from certain foreign nations. These restrictions extend beyond finished systems to include critical materials such as optical glass, making supply chain transparency and material provenance increasingly central to defense and aerospace program compliance. Our optical assemblies, infrared cameras, and thermal imaging systems have already been designed, manufactured, and delivered in alignment with NDAA requirements. Faced with growing supply chain risks and increased defense spending in the U.S. and Europe, we believe we are positioned as a trusted supplier for mission-critical defense applications.
"We further reinforced our domestic glass manufacturing capabilities with the recent acquisition of the assets of AMI, a U.S. based manufacturer of complementary chalcogenide glass technologies. This acquisition added incremental glass melting technology, which melts high-grade glass as large diameter plates, critical for large optics, and in particular for advanced defense and space programs. The acquisition also added glass melting capacity and a second, NDAA compliant manufacturing location for BlackDiamond glass. The acquisition further solidifies our transition from a pure component provider to a truly vertically integrated provider of subsystems and solutions for IR imaging.
"As we progress into calendar year 2026 we remain highly focused on further growing our robust $97.8 million order backlog, converting our prospective customer pipeline into orders, and scaling deliveries. We continue to intentionally shift away from Germanium optics, expanding the adoption of our proprietary BlackDiamond$(TM)$ glass across critical defense markets, while continuing to move up the value chain into fully integrated IR camera systems. G5's high-end cooled infrared camera product line and several established programs of record continue to contribute to revenue growth. As we combine our growing camera portfolio with AMI's highly complementary large-diameter glass capabilities, we believe that we will create a robust offering of IR materials and optics in the industry today, all of which we expect will be compliant with the latest NDAA requirement for U.S. produced glass and optics. Taken together, we believe we are well positioned to execute on our growth strategy to deliver sustainable revenue growth and value to our shareholders."
Second Quarter Fiscal 2026 Financial Results
Revenue for the second quarter of fiscal 2026 increased 120% to $16.4 million, as compared to $7.4 million in the same quarter of the prior fiscal year. Revenue was split amongst the Company's product groups in the second quarter of fiscal 2026 and the same quarter of the prior fiscal year as follows:
Product Group Revenue Second Quarter of Second Quarter of
($ in millions)*** Fiscal 2026 Fiscal 2025 % Change
--------------------------- ----------------- ----------------- --------
Infrared ("IR") Components $5.0 $3.1 61 %
--------------------------- ----------------- ----------------- --------
Visible Components $3.4 $2.8 25 %
--------------------------- ----------------- ----------------- --------
Assemblies & Modules $7.2 $0.9 741 %
--------------------------- ----------------- ----------------- --------
Engineering Services $0.7 $0.7 (2 %)
--------------------------- ----------------- ----------------- --------
*** Numbers may not foot due to rounding
Gross profit increased 212% to $6.0 million, or 37% of total revenues, in the second quarter of 2026, as compared to $1.9 million, or 26% of total revenues, in the same year-ago quarter. The increase in gross margin as a percentage of revenue is primarily driven by the increase in revenue from assemblies and modules, which generally have higher margins. Gross margin on engineering services was also more favorable in the second quarter of fiscal 2026 due to a non-recurring engineering project for a defense customer. In addition, gross margins for infrared components have improved due to a more favorable mix, and the resolution of certain manufacturing yield issues that negatively impacted the second quarter of fiscal 2025.
Operating expenses for the second quarter of fiscal 2026 includes the fair value adjustment of $7.6 million related to the G5 earnout liability, which will continue to be adjusted through operating expenses until it is paid out. Excluding this amount, operating expenses increased $2.6 million, or 60%, to $7.1 million for the second quarter of fiscal 2026, as compared to $4.4 million in the same year-ago quarter. The increase was primarily due to the integration of G5 following its acquisition earlier this year, as well as increased sales and marketing spend to promote new products. Our SG&A personnel costs have also increased due to filling certain vacant executive roles and accruing for incentive compensation plans for employees.
Net loss in the second quarter of fiscal 2026 totaled $9.4 million, or $0.20 per basic and diluted share, as compared to $2.6 million, or $0.07 per basic and diluted share, in the same year-ago quarter. The year-over-year increase in net loss for the second quarter of fiscal 2026 was primarily attributable to the change in fair value of acquisition liabilities for the earnout related to the acquisition of G5.
Adjusted EBITDA* for the second quarter of fiscal 2026 was $0.6 million, as compared to an adjusted EBITDA loss of $1.3 million for the same year-ago quarter. The increase was primarily attributable to the increase in gross profit, driven by higher sales, partially offset by increased SG&A and new product development costs.
Second Quarter Fiscal 2026 Earnings Call
Management will host an investor conference call at 5:00 p.m. Eastern time today, Wednesday, February 11, 2026, to discuss the Company's second quarter fiscal 2026 financial results, provide a corporate update, and conclude with Q&A from telephone participants. To participate, please use the following information:
Q2 FY2026 Earnings Conference Call
Date: Wednesday, February 11, 2026
Time: 5:00 p.m. Eastern time
U.S. Dial-in: 1-877-425-9470
International Dial-in: 1-201-389-0878
Conference ID: 13758590
Webcast: LPTH Q2 FY2026 Earnings Conference Call
Please join at least five minutes before the start of the call to ensure timely participation.
A playback of the call will be available through Wednesday, February 25, 2026. To listen, please call 1-844-512-2921 within the United States and Canada or 1-412-317-6671 when calling internationally, using replay pin number 13758590. A webcast replay will also be available using the webcast link above.
About LightPath Technologies
LightPath Technologies, Inc. (NASDAQ: LPTH) is a leading provider of next-generation optics and imaging systems for both defense and commercial applications. As a vertically integrated solutions provider with in-house engineering design support, LightPath's family of custom solutions range from proprietary BlackDiamond(TM) chalcogenide-based glass materials - sold under exclusive license from the U.S. Naval Research Laboratory - to complete infrared optical systems and thermal imaging assemblies. The Company's primary manufacturing footprint is located in Orlando, Florida with additional facilities in Texas, New Hampshire, Latvia and China. To learn more, please visit www.lightpath.com.
**Use of Non-GAAP Financial Measures
To provide investors with additional information regarding financial results, this press release includes references to EBITDA and adjusted EBITDA, which are non-GAAP financial measures. The Company calculates EBITDA by adjusting net income to exclude net interest expense, income tax expense or benefit, depreciation, and amortization. We also calculate adjusted EBITDA, which excludes, as applicable: (1) stock compensation expenses; (2) the loss on extinguishment of debt; (3) the effect of the non-cash income or expense associated with the mark-to-market adjustments, related to the warrants; (4) the effect of non-cash income or expenses associated with the fair value adjustments related to the acquisition earnout liabilities; and (5) the effect of foreign exchange gains or losses.
A "non-GAAP financial measure" is generally defined as a numerical measure of a company's historical or future performance that excludes or includes amounts, or is subject to adjustments, so as to be different from the most directly comparable measure calculated and presented in accordance with GAAP. The Company's management believes that these non-GAAP financial measures, when considered together with the GAAP financial measures, provide information that is useful to investors in understanding period-over-period operating results separate and apart from items that may, or could, have a disproportionately positive or negative impact on results in any particular period. Management also believes that these non-GAAP financial measures enhance the ability of investors to analyze underlying business operations and understand performance. In addition, management may utilize these non-GAAP financial measures as guides in forecasting, budgeting, and planning. Non-GAAP financial measures should be considered in addition to, and not as a substitute for, or superior to, financial measures presented in accordance with GAAP. A reconciliation of these non-GAAP financial measures with the most directly comparable financial measures calculated in accordance with GAAP is presented in the table below.
LIGHTPATH TECHNOLOGIES, INC.
Reconciliation of Non-GAAP Financial Measures and Regulation G Disclosure
(unaudited)
Three Months Ended Six Months Ended
December 31, December 31,
------------------------------ -------------------------------
2025 2024 2025 2024
------------ ------------ ------------- ------------
Net loss $(9,405,409) $(2,611,997) $(12,298,411) $(4,234,742)
Depreciation and
amortization 1,235,738 904,040 2,454,686 1,893,602
Income tax
provision 30,556 44,525 111,826 60,161
Interest expense 285,023 169,053 553,876 318,413
----------- ----------- ------------ -----------
EBITDA $(7,854,092) $(1,494,379) $ (9,178,023) $(1,962,566)
Stock-based
compensation 338,949 241,545 698,610 506,020
Loss in
extinguishment
of debt 506,280 -- 506,280 --
Change in fair
value of
acquisition
liabilities 7,559,000 -- 8,841,529 --
Foreign exchange
loss (gain) 13,526 (39,578) 56,068 (4,074)
----------- ----------- ------------ -----------
Adjusted EBITDA $ 563,663 $(1,292,412) $ 924,464 $(1,460,620)
=========== =========== ============ ===========
% of revenue 3% -17% 3% -9%
Forward-Looking Statements
This press release includes statements that constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "forecast," "guidance," "plan, " "estimate," "will," "would," "project," "maintain," "intend," "expect, " "anticipate," "prospect," "strategy," "future," "likely," "may," "should," "believe," "continue," "opportunity," "potential," and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, without limitation, statements regarding expectations, beliefs, hopes, intentions or strategies regarding, among other things, the Company's expectations that the U.S. government will work to eliminate reliance on optical systems from certain foreign nations, as well as the Company's belief that it will be well positioned as a supplier of choice for mission-critical defense applications; the Company's ability to grow its backlog, convert its customer pipeline into orders and scale deliveries during fiscal year 2026 and beyond; the Company's ability to minimize use of Germanium optics and expand its use of BlackDiamond(TM) glass; the Company's expectations regarding future revenue growth; the Company's belief that it will be able to leverage AMI's large-diameter class capabilities to create a robust offering of IR materials and optics; the Company's ability to comply with NDAA requirements for U.S. produced glass and optics; the Company's ability to execute on its growth strategy to deliver revenue growth and value to its shareholders, as well as other statements that are other than historical fact. These forward-looking statements are based on information available at the time the statements are made and/or management's good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or suggested by the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, the likelihood that the impact of varying demand for the Company products; the U.S. governments initiatives to move away from using optical systems from certain foreign nations; the inability of the Company to sustain profitable sales growth, convert inventory to cash, or reduce its costs to maintain competitive prices for its products; circumstances or developments that may make the Company unable to implement or realize the anticipated benefits, or that may increase the costs, of its current and planned business initiatives; the Company's reliance on a few key customers; the ability of the Company to obtain needed raw materials and components from its suppliers; the impact that international tariffs may have on our business and results of operations; the impact of political and other risks as a result of our sales to internal customers and/or our sourcing of materials from international suppliers; general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth; geopolitical tensions, the Russian-Ukraine conflict, and the Hamas-Israel war; the effects of steps that the Company could take to reduce operating costs; and those factors detailed by the Company in its public filings with the Securities and Exchange Commission (the "SEC"), including its Annual Report on Form 10-K and other filings with the SEC. Should one or more of these risks, uncertainties, or facts materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by the forward-looking statements contained herein. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Except as required under the federal securities laws and the rules and regulations of the SEC, we do not have any intention or obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.
LIGHTPATH TECHNOLOGIES, INC.
Condensed Consolidated Balance Sheets
(unaudited)
December 31, June 30,
2025 2025
-------------- --------------
Assets
Current assets:
Cash and cash equivalents $ 73,572,471 $ 4,877,036
Trade accounts receivable, net of
allowance of $34,766 and
$24,495 8,583,487 9,455,310
Inventories, net 13,491,419 12,858,838
Prepaid expenses and deposits 1,330,172 1,142,661
Other current assets 23,192 40,150
------------- -------------
Total current assets 97,000,741 28,373,995
Property and equipment, net 15,176,577 15,864,061
Operating lease right-of-use
assets 7,430,787 7,429,378
Intangible assets, net 15,086,873 15,987,923
Goodwill 13,753,921 13,753,921
Deferred tax assets, net 22,240 22,571
Other assets 87,369 73,917
------------- -------------
Total assets $ 148,558,508 $ 81,505,766
============= =============
Liabilities and Stockholders'
Equity
Current liabilities:
Accounts payable $ 5,978,713 $ 7,421,430
Accrued liabilities 14,262,568 5,686,396
Accrued payroll and benefits 2,497,228 2,359,152
Operating lease liabilities,
current 1,349,820 1,254,062
Loans payable, current portion 115,774 172,567
Finance lease obligation, current
portion 216,191 206,518
------------- -------------
Total current liabilities 24,420,294 17,100,125
Deferred tax liabilities, net 86,274 152,760
Accrued liabilities, noncurrent 3,300,000 823,000
Finance lease obligation, less
current portion 346,400 421,363
Operating lease liabilities,
noncurrent 8,102,873 8,326,250
Loans payable, less current
portion 135,069 4,804,990
------------- -------------
Total liabilities 36,390,910 31,628,488
------------- -------------
Commitments and Contingencies
Series G Convertible Preferred
Stock; $0.01 par value; 44,000
shares authorized; 24,956 shares
issued and outstanding $ 34,232,510 $ 34,232,510
Stockholders' equity:
Preferred stock: Series D, $0.01
par value, voting; 500,000
shares authorized; none issued
and outstanding -- --
Common stock: Class A, $0.01 par
value, voting; 94,500,000 shares
authorized; 54,442,677 and
42,949,307 shares issued and
outstanding 544,427 429,493
Additional paid-in capital 319,121,901 244,953,346
Accumulated other comprehensive
income 1,283,928 978,686
Accumulated deficit (243,015,168) (230,716,757)
------------- -------------
Total stockholders' equity 77,935,088 15,644,768
------------- -------------
Total liabilities, convertible
preferred stock and
stockholders' equity $ 148,558,508 $ 81,505,766
============= =============
LIGHTPATH TECHNOLOGIES, INC.
Condensed Consolidated Statements of Comprehensive Income (Loss)
(unaudited)
Three Months Ended Six Months Ended
December 31, December 31,
-------------------------- ---------------------------
2025 2024 2025 2024
------------ ------------ ------------- ------------
Revenue, net $ 16,351,652 $ 7,424,829 $ 31,409,933 $ 15,825,210
Cost of sales 10,331,322 5,493,998 20,907,031 11,049,950
----------- ----------- ------------ -----------
Gross profit 6,020,330 1,930,831 10,502,902 4,775,260
Operating
expenses:
Selling, general
and
administrative 5,859,461 3,356,063 10,243,331 6,626,646
New product
development 748,829 764,396 1,616,257 1,240,837
Amortization of
intangible
assets 450,526 294,711 901,050 690,487
Change in fair
value of
acquisition
liabilities 7,559,000 -- 8,841,529 --
Loss on disposal
of property and
equipment 17 -- 4,016 78,437
----------- ----------- ------------ -----------
Total operating
expenses 14,617,833 4,415,170 21,606,183 8,636,407
----------- ----------- ------------ -----------
Operating loss (8,597,503) (2,484,339) (11,103,281) (3,861,147)
Other expense:
Interest expense,
net (285,023) (169,053) (553,876) (318,413)
Loss in
extinguishment of
debt (506,280) -- (506,280) --
Other expense
(income), net 13,953 85,920 (23,148) 4,979
----------- ----------- ------------ -----------
Total other
expense (777,350) (83,133) (1,083,304) (313,434)
----------- ----------- ------------ -----------
Loss before
income taxes (9,374,853) (2,567,472) (12,186,585) (4,174,581)
Income tax
provision 30,556 44,525 111,826 60,161
----------- ----------- ------------ -----------
Net loss $(9,405,409) $(2,611,997) $(12,298,411) $(4,234,742)
=========== =========== ============ ===========
Foreign currency
translation
adjustment 212,859 (451,035) 305,242 (179,441)
----------- ----------- ------------ -----------
Comprehensive
loss $(9,192,550) $(3,063,032) $(11,993,169) $(4,414,183)
=========== =========== ============ ===========
Loss per common
share (basic) $ (0.20) $ (0.07) $ (0.27) $ (0.11)
=========== =========== ============ ===========
Number of shares
used in per share
calculation
(basic) 46,998,804 39,728,933 45,143,367 39,645,206
=========== =========== ============ ===========
Loss per common
share (diluted) $ (0.20) $ (0.07) $ (0.27) $ (0.11)
=========== =========== ============ ===========
Number of shares
used in per share
calculation
(diluted) 46,998,804 39,728,933 45,143,367 39,645,206
=========== =========== ============ ===========
LIGHTPATH TECHNOLOGIES, INC.
Condensed Consolidated Statements of Changes in Stockholders' Equity
(unaudited)
Temporary Equity
--------------------
Series G Accumulated
Convertible Class A Additional Other Total
Preferred Stock Common Stock Paid-in Comprehensive Accumulated Stockholders'
-------------------- --------------------
Shares Amount Shares Amount Capital Income Deficit Equity
------- ----------- ---------- -------- ------------ --------------- -------------- ---------------
Balances at June
30, 2025 24,956 $34,232,510 42,949,307 $429,493 $244,953,346 $ 978,686 $(230,716,757) $ 15,644,768
Issuance of
common stock
for:
Exercise of
stock options,
RSUs & RSAs,
net -- -- 8,583 86 (86) -- -- --
Issuance of
common stock
under private
equity
placement -- -- 1,600,000 16,000 7,878,045 -- -- 7,894,045
Issuance of
common stock
for
acquisition of
Visimid -- -- 112,323 1,123 348,877 -- -- 350,000
Stock-based
compensation on
stock options,
RSUs & RSAs -- -- -- -- 349,624 -- -- 349,624
Foreign currency
translation
adjustment -- -- -- -- -- 92,383 -- 92,383
Net loss -- -- -- -- -- -- (2,893,002) (2,893,002)
------ ---------- ---------- ------- ----------- ----------- ------------- -----------
Balances at
September 30,
2025 24,956 $34,232,510 44,670,213 $446,702 $253,529,806 $ 1,071,069 $(233,609,759) $ 21,437,818
====== ========== ========== ======= =========== =========== ============= ===========
Issuance of
common stock
for:
Exercise of
stock options,
RSUs & RSAs,
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