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™ 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 $7.4 million in the same quarter of the prior fiscal year. Revenue was split amongst the Company's product groups in the second quarter of fiscal 2026 and the same quarter of the prior fiscal year as follows:
Product Group Revenue Second Quarter of Second Quarter of % Change
($ in millions)*** Fiscal 2026 Fiscal 2025
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™ 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™ 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 $
34,232,510 $
34,232,510
shares authorized; 24,956 shares issued and outstanding
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 544,427 429,493
authorized; 54,442,677 and 42,949,307 shares issued and outstanding
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 Class A Additional Accumulated Total
Convertible Other
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 & 8,583 86 (86)
RSAs, net
Issuance of common stock under 1,600,000 16,000 7,878,045 7,894,045
private equity placement
Issuance of common stock for 112,323 1,123 348,877 350,000
acquisition of Visimid
Stock-based compensation on 349,624 349,624
stock options, RSUs & RSAs
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 & 120,234 1,203 (1,203)
RSAs, net
Exercise of warrants 739,730 7,397 (7,397)
Issuance of common stock under 8,912,500 89,125 65,251,709 65,340,834
public equity placement
Stock-based compensation on stock 348,986 348,986
options, RSUs & RSAs
Foreign currency translation adjustment 212,859 212,859
Net loss (9,405,409) (9,405,409)
Balances at December 31, 2025 24,956 $
34,232,510 54,442,677 $
544,427 $
319,121,901 $
1,283,928 $
(243,015,168) $
77,935,088
Balances at June 30, 2024
$ 39,254,643 $
392,546 $
245,140,758 $
509,936 $
(215,843,575) $
30,199,665
Issuance of common stock for: 0
Employee Stock Purchase Plan 8,232 82 10,290 10,372
Exercise of Stock Options, RSUs & 70,309 703 (703)
RSAs, net
Issuance of common stock for 279,553 2,796 318,562 321,358
acquisition of Visimid
Stock-based compensation on stock 264,475 264,475
options, RSUs & RSAs
Foreign currency translation adjustment 271,594 271,594
Net loss (1,622,745) (1,622,745)
Balances at September 30, 2024
$ 39,612,737 $
396,127 $
245,733,382 $
781,530 $
(217,466,320) $
29,444,719
Issuance of common stock for:
Exercise of Stock Options, RSUs & 229,097 2,291 (2,291)
RSAs, net
Shares issued as compensation 49,000 490 89,180 89,670
Stock-based compensation on stock 231,581 231,581
options, RSUs & RSAs
Foreign currency translation adjustment (451,035) (451,035)
Net loss (2,611,997) (2,611,997)
Balances at December 31, 2024
$ 39,890,834 $
398,908 $
246,051,852 $
330,495 $
(220,078,317) $
26,702,938
LIGHTPATH TECHNOLOGIES, INC.
Condensed Consolidated Statements of Cash Flows
(unaudited)
Six Months Ended
December 31,
2025 2024
Cash flows from operating activities:
Net loss $
(12,298,411) $
(4,234,742)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization 2,454,686 1,893,602
Interest from amortization of loan issuance costs 90,124 120,833
Amortization of fair value of loan 90,321
Loss on extinguishment of debt 506,280
Change in fair value of acquisition earnout liabilities 8,841,529
Loss on disposal of property and equipment 4,016 78,437
Stock-based compensation on stock options, RSUs & RSAs, net 698,610 506,020
Provision for credit losses (11,573)
Change in operating lease assets and liabilities (129,028) (57,653)
Inventory write-offs to allowance 147,896 135,625
Deferred taxes (66,155) (2,795)
Changes in operating assets and liabilities, net of acquisitions:
Trade accounts receivable 883,396 (350,703)
Other current assets 16,958 41,286
Inventories (780,477) (13,005)
Prepaid expenses and deposits (24,253) (123,598)
Accounts payable and accrued liabilities 1,257,002 (430,923)
Net cash provided by (used in) operating activities 1,680,921 (2,437,616)
Cash flows from investing activities:
Purchase of property and equipment (944,909) (160,155)
Proceeds from sale of equipment 10,648
Net cash used in investing activities (944,909) (149,507)
Cash flows from financing activities:
Proceeds from sale of common stock from Employee Stock Purchase Plan 10,372
Proceeds from issuance of common stock under public equity placement, net of fees 65,340,834
Proceeds from issuance of common stock under private equity placement, net of fees 7,894,045
Deferred payment for acquisition of Visimid (125,000)
Borrowings on loans payable 3,000,000
Loan issuance costs (300,000)
Payments on loans payable (5,413,819) (106,486)
Repayment of finance lease obligations (107,712) (89,705)
Net cash provided by financing activities 67,713,348 2,389,181
Effect of exchange rate on cash and cash equivalents 246,075 (81,260)
Change in cash and cash equivalents 68,695,435 (279,202)
Cash and cash equivalents, beginning of period 4,877,036 3,480,268
Cash and cash equivalents, end of period $
73,572,471 $
3,201,066
Supplemental disclosure of cash flow information:
Interest paid in cash $
373,398 $
40,838
Income taxes paid $
170,272 $
61,427
Supplemental disclosure of non-cash investing & financing activities:
Purchase of equipment through finance lease arrangements $
41,901 $
93,048
Operating right-of-use assets acquired in exchange for operating lease liabilities $
435,733
$
Issuance of common stock for acquisition of Visimid $
350,000 $
321,358
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SOURCE LightPath Technologies
Investor Relations, Lucas A. Zimmerman, MZ Group - MZ North America, LPTH@mzgroup.us, 949-259-4987