# LightPath Technologies (LPTH) Q4 2025 Financial Results Summary
ORLANDO, FL – September 25, 2025 – LightPath Technologies, Inc. (NASDAQ: LPTH) today announced its financial results for the fiscal 2025 fourth quarter and full year ended June 30, 2025.
## Financial Summary
### Fourth Quarter Results
– **Revenue**:
– $12.2 million in Q4 2025 compared to $8.6 million in Q4 2024
– **% Change**: +41.4%
– **Gross Profit**:
– $2.7 million in Q4 2025 compared to $2.5 million in Q4 2024
– **% Change**: +6.6%
– **Operating Expenses**:
– $7.2 million in Q4 2025 compared to $4.7 million in Q4 2024
– **% Change**: +52.0%
– **Net Income (Loss)**:
– $(7.1) million in Q4 2025 compared to $(2.4) million in Q4 2024
– **% Change**: -199.8%
– **Adjusted EBITDA**:
– $(2.0) million in Q4 2025 compared to $(1.1) million in Q4 2024
– **% Change**: -77.1%
### Full Year Results
– **Revenue**:
– $37.6 million in FY 2025 compared to $31.7 million in FY 2024
– **% Change**: +17.3%
– **Gross Profit**:
– $10.1 million in FY 2025 compared to $8.6 million in FY 2024
– **% Change**: +17.4%
– **Operating Expenses**:
– $22.0 million in FY 2025 compared to $16.5 million in FY 2024
– **% Change**: +33.4%
– **Net Income (Loss)**:
– $(14.9) million in FY 2025 compared to $(8.0) million in FY 2024
– **% Change**: -85.7%
– **Adjusted EBITDA**:
– $(5.1) million in FY 2025 compared to $(2.8) million in FY 2024
– **% Change**: -83.8%
## Fourth Quarter Fiscal 2025 & Subsequent Highlights
– **Purchase Orders**: Announced a total of $40.3 million in purchase orders for infrared cameras expected to be delivered between CY 2026 and CY 2027.
– **Strategic Investment**: Secured an $8.0 million investment from Ondas Holdings and Unusual Machines to fuel growth in the drone/UAV sector.
– **Product Launches**: Commenced production on two cooled infrared camera products using proprietary BlackDiamond™ Glass, substituting traditional Germanium.
– **Engineering Contract**: Awarded a $2.2 million engineering development model order from L3Harris Technologies to support the Navy’s SPEIR program.
– **Defense Orders**: Received $9.7 million in orders for cooled infrared cameras with an existing defense customer for counter UAV applications.
– **Industry Participation**: Actively involved in several notable industry conferences enhancing visibility and business outreach.
## Shareholder Returns
– No quarterly dividend was declared in this reporting period.
– The company did not announce any share repurchase program.
## Management Commentary
– CEO Sam Rubin emphasized a strategic pivot towards using proprietary BlackDiamond™ alternatives to Germanium optics.
– Rubin highlighted the strong demand for more reliable supply chains amid geopolitical tensions, boosting the customer interest in BlackDiamond™ products.
– The focus remains on transitioning to IR camera systems that lessen dependency on traditional materials while enhancing product margins.
## Revenue Distribution by Product Group (Fourth Quarter FY 2025)
– **Infrared Components**: $4.9 million, **% Change**: +63%
– **Visible Components**: $2.8 million, **% Change**: -11%
– **Assemblies & Modules**: $4.2 million, **% Change**: +203%
– **Engineering Services**: $0.3 million, **% Change**: -75%
## Conclusion
LightPath Technologies reported significant growth in revenue during the fourth quarter and fiscal year compared to the same time last year. Despite facing increased operating expenses and net losses, the company is positioning itself for future growth through strategic investments and product development.
| Three Months Ended June 30 | Year Ended June 30 | |||||
|---|---|---|---|---|---|---|
| 2025 | 2024 | % Change | 2025 | 2024 | % Change | |
| Revenue | $12.2 | $8.6 | 41.4 % | $37.6 | $31.7 | 17.3 % |
| Gross Profit | $2.7 | $2.5 | 6.6 % | $10.1 | $8.6 | 17.4 % |
| Operating Expenses | $7.2 | $4.7 | 52.0 % | $22.0 | $16.5 | 33.4 % |
| Net Income (Loss) | $(7.1) | $(2.4) | -199.8 % | $(14.9) | $(8.0) | -85.7 % |
| Adjusted EBITDA* (non-GAAP) | $(2.0) | $(1.1) | -77.1 % | $(5.1) | $(2.8) | -83.8 % |
| Assets | June 30, 2025 | June 30, 2024 |
|---|---|---|
| Current assets: | ||
| Cash and cash equivalents | $4,877 | $3,480 |
| Trade accounts receivable, net of allowance | $9,455 | $4,928 |
| Inventories, net | $12,859 | $6,551 |
| Prepaid expenses and deposits | $1,143 | $446 |
| Other current assets | $40 | $131 |
| Total current assets | $28,374 | $15,537 |
| Property and equipment, net | $15,864 | $15,211 |
| Operating lease right-of-use assets | $7,429 | $6,742 |
| Intangible assets, net | $15,988 | $3,651 |
| Goodwill | $13,754 | $6,764 |
| Deferred tax assets, net | $23 | $123 |
| Other assets | $74 | $60 |
| Total assets | $81,506 | $48,087 |
| Liabilities and Stockholders’ Equity | ||
| Current liabilities: | ||
| Accounts payable | $7,421 | $3,232 |
| Accrued liabilities | $5,686 | $1,912 |
| Accrued payroll and benefits | $2,359 | $1,446 |
| Operating lease liabilities, current | $1,254 | $1,060 |
| Loans payable, current portion | $173 | $209 |
| Finance lease obligation, current | $207 | $177 |
| Total current liabilities | $17,100 | $8,036 |
| Deferred tax liabilities, net | $153 | $326 |
| Accrued liabilities, noncurrent | $823 | $612 |
| Finance lease obligation, less current | $421 | $529 |
| Operating lease liabilities, noncurrent | $8,326 | $8,059 |
| Loans payable, less current portion | $4,805 | $326 |
| Total liabilities | $31,628 | $17,887 |
| Commitments and Contingencies | ||
| Series G Convertible Preferred Stock; | $34,233 | — |
| Stockholders’ equity: | ||
| Preferred stock: | ||
| Series D, $.01 par value, voting; | — | — |
| Common stock: | ||
| Class A, $.01 par value, voting; | ||
| Total stockholders’ equity | $15,645 | $30,200 |
| Total liabilities, convertible preferred stock | $81,506 | $48,087 |
| and stockholders’ equity |
