LPTH

ORLANDO, Fla., Sept. 3, 2026 /PRNewswire/ -- LightPath Technologies, Inc. (NASDAQ: LPTH) ("LightPath," the "Company," or "we"), a leading provider of next-generation optics and imaging systems for both defense and commercial applications, today announced it will release financial results for the fiscal fourth quarter ended June 30, 2026 after market close on September 10, 2026. Management will host an investor conference call at 5:00 p.m. Eastern time on Thursday, September 10, 2026 to discuss the Company's fourth quarter fiscal 2026 financial results, provide a corporate update, and conclude with Q&A from telephone participants. To participate, please use the following information: Q4 FY2026 Earnings Conference Call Date: Thursday, September 10, 2026Time: 5:00 p.m. Eastern timeU.S. Dial-in: 1-800-267-6316International Dial-in: 1-203-518-9783Conference ID: LIGHTWebcast: LPTH Q4 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 Thursday, September 24, 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 11162512. 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. 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 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 impact of varying demand for the Company products; the ability of the Company to obtain needed raw materials and components from its suppliers; actions governments, businesses, and individuals take in response to the pandemic, including restrictions on onsite commercial interactions; 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; 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; and those factors detailed by LightPath Technologies, Inc. in its public filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K and Quarterly Reports on 10-Q. 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 Securities and Exchange Commission, 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. 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LightPath Technologies, Inc. (NASDAQ:LPTH) shareholders are probably feeling a little disappointed, since its shares fell 6.7% to US$11.51 in the week after its latest third-quarter results. LightPath Technologies beat revenue forecasts by a solid 12%, hitting US$19m. Statutory losses also blew out, with the loss per share reaching US$0.07, some 133% bigger than the analysts expected. Earnings are an important time for investors, as they can track a company's performance, look at what the analysts are forecasting for next year, and see if there's been a change in sentiment towards the company. So we gathered the latest post-earnings forecasts to see what estimates suggest is in store for next year. AI is about to change healthcare. These 20 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10bn in marketcap - there is still time to get in early. Following the latest results, LightPath Technologies' four analysts are now forecasting revenues of US$106.1m in 2027. This would be a substantial 69% improvement in revenue compared to the last 12 months. LightPath Technologies is also expected to turn profitable, with statutory earnings of US$0.04 per share. Before this earnings announcement, the analysts had been modelling revenues of US$83.3m and losses of US$0.02 per share in 2027. It looks like there's been a definite improvement in business conditions, with a revenue upgrade expected to lead to profitability sooner than previously forecast. View our latest analysis for LightPath Technologies With these upgrades, we're not surprised to see that the analysts have lifted their price target 5.8% to US$15.98per share. The consensus price target is just an average of individual analyst targets, so - it could be handy to see how wide the range of underlying estimates is. Currently, the most bullish analyst values LightPath Technologies at US$17.00 per share, while the most bearish prices it at US$15.00. With such a narrow range of valuations, the analysts apparently share similar views on what they think the business is worth. These estimates are interesting, but it can be useful to paint some more broad strokes when seeing how forecasts compare, both to the LightPath Technologies' past performance and to peers in the same industry. The analysts are definitely expecting LightPath Technologies' growth to accelerate, with the forecast 52% annualised growth to the end of 2027 ranking favourably alongside historical growth of 5.2% per annum over the past five years. Compare this with other companies in the same industry, which are forecast to grow their revenue 13% annually. It seems obvious that, while the growth outlook is brighter than the recent past, the analysts also expect LightPath Technologies to grow faster than the wider industry. The most important thing to take away is that the analysts now expect LightPath Technologies to become profitable next year, compared to previous expectations that it would report a loss. Pleasantly, they also upgraded their revenue estimates, and their forecasts suggest the business is expected to grow faster than the wider industry. There was also a nice increase in the price target, with the analysts clearly feeling that the intrinsic value of the business is improving. Following on from that line of thought, we think that the long-term prospects of the business are much more relevant than next year's earnings. We have estimates - from multiple LightPath Technologies analysts - going out to 2028, and you can see them free on our platform here. Even so, be aware that LightPath Technologies is showing 2 warning signs in our investment analysis , you should know about... Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Image source: The Motley Fool. Thursday, May 7, 2026 at 5 p.m. ET President and Chief Executive Officer — Sam Rubin Chief Financial Officer — Albert Miranda Need a quote from a Motley Fool analyst? Email [email protected] Sam Rubin: Thank you, operator. Good afternoon to everyone, and welcome to LightPath Technologies Fiscal Third Quarter 2026 Financial Results Conference Call. We report today our latest quarterly results with continued momentum of strong top line growth, continued buildup of our backlog with a strong book-to-bill ratio and improvements in our EBITDA and overall financial performance. All of this is a result of a strategic shift we put in place and have been working to execute on over the last few years. A strategy that leverages our core technologies, coupled with carefully curated acquisitions that allowed us to shift to a vertically integrated provider of high-value infrared optics and camera systems, a shift built around higher revenue and higher gross margins. The third quarter carried that momentum with record revenue, broader customer adoption, a deeper system backlog and just as importantly, stronger margins and cash flow. The LightPath of today looks very little like the component supplier we were a few years ago. We now cover the full stack, proprietary materials, optical assemblies and complete imaging systems. In a moment, I'll touch on that shift, then walk through the programs driving the backlog, the Amorphous acquisition and where growth goes from here. First, BlackDiamond, our proprietary chalcogenide glasses, including those licensed from U.S. Naval Research Laboratories. Those anchor the platform as a domestic supply chain secured infrared glass that is both an alternative to germanium and offer significant advantages in overall system performance. This aligns with the fiscal 2026 NDAA, National Defense Authorization Act, which requires U.S. defense programs to move off of glass and optical components sourced from China, Russia and other covered nations no later than January 1, 2030. Since acquisition cycles starting now, many of our assemblies, cameras and imaging systems are already engineered to those requirements, positioning us as a natural supplier of choice and well ahead of the rest of the market that is just starting to plan their alternatives to Chinese-made materials and optics. It has been roughly a year since we acquired G5 Infrared, the maker of the industry's leading long-range infrared cameras for surveillance and Counter-UAS. G5 is a clear example of what our model can offer. Pair a strong stand-alone business with one of our unique differentiators, in this case, the in-house produced germanium alternative glass and a secured vertically integrated supply chain and the acquired company can execute at a level competitors simply cannot match. In the last year, G5 has booked more than $100 million of new orders, helped by border patrol and Counter-UAS tailwinds. We've publicly announced we are redesigning the cameras to use our BlackDiamond glass. And even before we have completed those redesigns, we already saw an influx of orders for those redesigned cameras. In fact, we are at a point that before we started any real production of the new redesigned cameras, we already know we will need to add more capacity to serve an even stronger demand in the near future. The capacity theme is something we're seeing across the entire business, and I will expand on that some more. It is actually a good segue into other parts of the business. So before I get back into the camera products and then other programs, I will talk about the acquisition we did that we announced last quarter of Amorphous Materials in Texas. Amorphous is a 50-plus year-old manufacturer with complementary technology for glass smelting of chalcogenide, particularly for large diameter optics. Amorphous was founded by one of the pioneers of commercializing this kind of material. I've mentioned it during the last call, but just to reiterate the importance of the technology, I will remind everyone that in optics, the further you want to see the larger the optics needs to be. Until now, with our existing or prior glass melting technology, we've been able to provide BlackDiamond optics up to 5 inches in diameter. Amorphous now unlocks the ability to do larger sizes up to as much as 10 inches and more later on. This has opened the market to large diameter systems, which we need for G5, but also critical in other long-range imaging systems and in particular, satellites for missile detection and tracking. But back to capacity. Acquiring Amorphous gave us an immediate boost to glass production capacity. So between what we have been doing internally and the Amorphous acquisition, we pretty much doubled our glass capacity, and it is nowhere near enough. As we will discuss again and again here, we are investing in capacity in critical areas, and glass is definitely one of those. Having now 2 separate locations to make glass in, one in Orlando and one in Dallas, Texas, definitely affords more flexibility and expansion as well as good contingency planning. To that extent, we plan to move Amorphous into a larger building nearby our Visimid uncooled camera operation in the coming months. This is important because not only is demand for glass outstripping supply right now, even after doubling the capacity, but indicators are that this growth trend will continue, and we will need to continue to add capacity in the next few years. To that extent, in Orlando, too, we have been adding more glass melting capacity as well as capacity and capabilities in other parts of the process downstream, that is after the glass melting. This capacity and those capabilities updates is happening across the entire organization in manufacturing locations in the U.S. and Latvia. And then, of course, the cameras and assemblies business. This quarter that we're reporting in, they represent 44% of the revenue. But more importantly, they represent more than $75 million of our backlog. The assemblies and cameras are actually internal customers for our vertical integration, hence, driving much, if not most, of this explosive growth in demand for glass and optics. But this is just the case for the products that use BlackDiamond. As of today, while all of our assemblies use BlackDiamond, only 2 of the G5 cameras are based on BlackDiamond glass. The remaining G5 cameras were still using germanium. The acquisition of Amorphous was a missing piece in order to complete the redesign of those G5 cameras. Amorphous technology of melting our glass in larger size was needed in order to use BlackDiamond in G5's bigger cameras, which is really the majority of their revenue by dollars. The same applies for larger assemblies. Our optical assemblies business, which has been growing like crazy for the last few quarters, just like the G5 was limited by the size of the glass we could make. Amorphous' large diameter melting now is unlocking a significant business growth in both those areas of the business, assemblies and complete camera systems. How does this tie into the capacity discussion? When we look at our current cameras and assemblies business, and we say it is around $75 million of new orders booked, that is all before we completed the redesign and the new products that are now utilizing the large diameter BlackDiamond. So with the risk of stating the obvious, we expect that over the next few months, we will see another step function in growth in demand for our cameras and assemblies as we redesign them or design new ones utilizing this new capability of large diameter. This will, therefore, require us to prepare more capacity, which is what we're doing now. This includes not only additional capacity in glass and downstream process, but also growing our assemblies capacity, adding shifts and in some places, adding space to be ready for that additional growth. All of that is happening now across all of our facilities in the U.S. and Europe. Additionally, to support this growth and better position LightPath, we recently announced 2 senior additions to the leadership team. Doug Schoen joined us as Senior Vice President of Global Sales; and Ryan Workman joined us as Vice President of Business Development and Product Management, both effective in early April. Doug is a retired U.S. Navy captain with over 25 years in aerospace and defense, having led global sales organization at Elbit Systems of America, Honeywell and Collins Aerospace, managing portfolios north of $1 billion. His background in international defense sales and foreign military sales programs is exactly what we need as we scale globally. Ryan brings with him over 15 years in the defense and federal law enforcement sectors and has a particularly relevant track record at Silent Sentinel, which was later acquired by Motorola Solutions, our largest customer. Ryan is the one that grew the U.S. business of this customer of G5 Infrared to what it is today, including securing significant Counter-UAS and DHS border surveillance contracts. That direct experience in our end markets, combined with Doug's enterprise-level relationships gives us commercial horsepower to convert our growing backlog and strong technology position into sustained scalable revenue growth. Okay. Before I move on to financials, I will give a quick overview on the major programs, but also point out that on many of those, there are specific line items in the U.S. defense budget, which was released a couple of weeks ago and is available to the public to research online. Starting with the NGSRI that as you will see in the budget, is fully financed and even accelerated some of the program. We are very pleased with our progress so far and continue to deliver everything according to plan and even better. However, as I described earlier in previous few times, the only updates we can share in detail about the programs or any updates that are shared by our customer, Lockheed Martin or their customer, the U.S. Army, which as of now has not had any major updates, so we can't really update too much. Navy SPEIR is on schedule, and we expect some new orders with the new federal budget now being released. Border tower, we were expecting already some significant orders to be released, but it seems DHS has not released the funding yet. So that is not an indication in any way of anything changing to the worse or to the better in any way, simply has not moved forward. Some of the smaller programs, such as them that I haven't really indicated by name, so Counter-UAS, this is primarily the Air Force C-UAS programs for which we received multiple new orders. Currently, around $30 million of our backlog is Counter-UAS, again, primarily Air Force SUADS programs. A new airborne system that we previously mentioned and that uses our BlackDiamond material to replace an existing system with far better performance now. This program continues to move quickly. We completed the qualification, an extremely important step and are now preparing for an award towards the end of the summer or early autumn. Space programs, we have a few of those in the work. Most of them are early stages in design and unfortunately, very confidential, so very limited in what we can share. And lastly is the Apache program, which we do not have any new developments there, and there is some uncertainty around it as we're waiting for to see the funding allocated to it. Okay. So specific programs. Of course, as we continue to grow, just like with our press releases, it will become fairly noisy and overly detailed if we go into details about every multimillion dollar program. So we're likely going to focus on the large ones going forward with some updates on others as we can. To close Phase 1 of the transformation, we've moved from components to systems and from commoditized supply to strategic technology leadership. We continue to swap constrained China-linked materials for domestic scalable proprietary alternatives, and we are converting that edge into program wins, large contracts and long-term relationships with top-tier defense and industrial customers. The next phase, rapid scaling over the next 3 years, backed by our strong war chest of cash is now beginning and is aimed at capturing meaningful market share. Now I'd like to turn the call over to our CFO, Al Miranda, to talk about the actual numbers. Al Miranda? Albert Miranda: Thank you, Sam. I will keep my review to a succinct highlight of the financials this quarter. As a reminder, much of the information we're discussing during this call was also included in our press release issued earlier today and will be included in the 10-Q for the period. I encourage you to visit our Investor Relations webpage to access these documents. Revenue for the third quarter of fiscal 2026 increased 109% to $19.1 million as compared to $9.2 million in the same year ago quarter. Sales of infrared components were $6.1 million, or 32% of the company consolidated revenue. Revenue from visible components was $4 million, or 21% of the consolidated revenue. Revenue from assemblies and modules were $8.4 million or 44% of the consolidated revenue. Revenue from engineering services was $0.6 million, or 3% of consolidated revenue. Gross profit increased 161% to $7 million, or 36% of total revenues in the third quarter of 2026, as compared to $2.7 million, or 29% 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 a higher margin. 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 prior fiscal year. Operating expenses for the third quarter of fiscal 2026 included a fair value adjustment of $3.4 million related to the G5 earn-out liability, which will continue to be adjusted through the operating expenses until it is fully paid out. Excluding this amount, operating expenses increased $1.8 million, or 30% to $7.8 million for the third quarter of fiscal 2026 as compared to $6 million in the same year ago quarter. The increase was primarily driven by the integration of G5 Infrared and AML, increased sales and marketing spend, higher information technology spend to meet customer security requirements and increased SG&A personnel costs associated with filling executive roles, as Sam mentioned, our salespeople and incentive compensation accruals. Net loss in the third quarter of fiscal 2026 totaled $4.1 million, or $0.07 per basic and diluted share, as compared to a net loss of $3.6 million, or $0.09 per basic and diluted share in the year ago quarter. The year-over-year change in net loss was primarily attributed to the change in fair value of acquisition liabilities for the earn-out related to the acquisition of G5 Infrared. Adjusted EBITDA for the third quarter of fiscal 2026 was $1.1 million positive, compared to an adjusted EBITDA loss of $1.6 million for the same year ago quarter. This represents our third consecutive quarter of positive adjusted EBITDA and was primarily attributable to the increase in gross profit driven by higher sales, partially offset by increased SG&A and new product development costs. Although not perfect, we believe that adjusted EBITDA is a better indicator of core operating performance by excluding noncore and noncash items. Cash and cash equivalents as of March 31, 2026, totaled $55.2 million as compared to $4.9 million as of June 30, 2025. Since the raise in December, we used $7 million for AML acquisition and $7.3 million went toward the year 1 earnout for the G5 acquisition. I want to point out that a portion of this earnout payment was required to be recorded in operating cash flows in accordance with GAAP. The operating cash flow looks noisier than reality because of G5 outperforming the earnouts, which GAAP requires to be classified as operating cash activity. If you set aside the GAAP reporting quirk related to the earnout, then operating cash outflow year-to-date would have been $1.3 million. That modest outflow is attributed to working capital, specifically prepaying suppliers for long lead materials to support that growing backlog that Sam spoke of and that's partially offset by customer prepayments. The $55 million cash balance on hand gives us plenty of runway to keep executing on our growth strategy and fund the CapEx and working capital needed to deliver to the growing backlog. Total backlog as of March 31, 2026, was approximately $110.6 million, an increase of 196%, compared to $37.4 million as of June 30, 2025. I'd like to take a step back and give some perspective. Since Q3 last year, on a year-to-date basis, we doubled our revenue from $25 million year-to-date last year to $50 million year-to-date this year. Our backlog is $110 million and continues to grow. This is a substantial amount of growth for a company our size, and I'd like to thank everyone in the organization for a great effort on delivering more and more to our customers every day. To our investors, we are well positioned to continue to grow substantially. We have the resources and cash in place to deliver. Our internal efforts are all about execution to the plan of delivering on the backlog and the growth in the backlog. Our focus for fiscal year 2026 and beyond supports the business opportunities that Sam described. We have a detailed go-to-market strategy that we are funding to target key high-growth areas. Our prior year, current year and future investments in manufacturing are and will continue to bear fruit in terms of quality and on-time delivery. And as a result, in the coming quarters, I expect we'll see margin expansion. With that, I will turn the call back to Sam. Sam Rubin: Thank you. Thank you, everyone, for joining us today. From here, the work shifts to execution. We've built a vertically integrated platform around our own materials technology, one that sits squarely where the defense procurement is heading. The numbers make the point. Over the last 12 months, our revenue has more than doubled and backlog indicates a continued trend. The doubling the size of our manufacturing business in 12 months is a big task and undertaking. Doing it again, continuing to grow at such rate is a monumental task. So with that in mind, I would like to echo what Al just said and take a moment to acknowledge the hard work, dedication and commitment of the entire LightPath team. You, my team, have been doing an incredible job getting us here and are continuing to do a great job preparing us for this continued growth. Thank you for everyone involved in this. With that, I'll turn the call over to the operator to begin Q&A. Operator? Operator: [Operator Instructions] We'll take our first question from Jaeson Schmidt with Lake Street. Jaeson Schmidt: Sam, I just want to start with your comments on the expectation for the step function in demand over the next few months here. Do you envision that being pretty broad-based? Or is that really coming from -- or concentrated in a couple of programs? Sam Rubin: What I see is that right now, areas where -- I'll talk first about cameras and about assemblies. The cameras where we've been having this enormous backlog is mostly existing customers. So these are customers that have integrated our cameras already a while ago into their pan tilt systems or gimbals such and are growing with the orders from them have been growing as those customers grow, in particular, Motorola, which we very much value the relationship and the business there. But it's really existing business that is growing linearly. As we now start switching over to the BlackDiamond and unlocking both more types of camera, but more specifically, really unlocking our availability and our capacity to -- I'm not even sure what the next limit will be, but it's not going to be limited by material as everyone else is. I expect many other customers to switch over to our cameras. And the step function there will be from taking a larger market share of the same type of product we've been doing until now, but simply that we are positioned in a way that we're the only ones that really can produce as many cameras as anyone wants. In the assemblies, it's a bit different. In the assemblies, we've been focused on a subset of the whole assemblies industry, if you would, or assembly available market because we were limited by the size of glass we could do. So we could not make long-range assemblies or zoom lenses, if you would, that get bought by some of our competitors and many of our customers. With this now capability and with some of the new materials we've been already commercializing over the last few months and haven't talked really about too much, we can now design and are designing a lot more new assemblies that are going to take market share of areas we haven't played. So 2 step functions, both enabled by the same thing, but for different reasons. Jaeson Schmidt: Okay. That makes sense. And then I know it's still early, like you noted, but thinking about sort of in space communication or the space programs in general. How many engagements or conversations are you having these days with customers? Sam Rubin: We have 2 that we are fully engaged in, meaning they're already fully designing our product delivering -- sorry, 3 of those, 3 customers that are designing. I'm not sure what programs we have that are much earlier than that. I usually know of them when it comes to the point that they're actually engaged on technical dialogue or want to talk numbers. And those are not free space communication, just to be clear, those are all camera systems on satellites pointed down to look for missile launches and detection. Jaeson Schmidt: Got it. And final one for me, and I'll jump back in the queue. With these capacity expansion plans, how should we think about CapEx over the next 12 months? Albert Miranda: So good question, Jaeson. We're still -- the CapEx we're spending right now is capacity driven. It's -- so as the backlog grows, we're constantly reevaluating. That said, there are long lead times in the CapEx process. So we have to get some things moving quicker than others. I don't want to say exactly what we're going to spend in the near term. But to put it in perspective, in Q3, Sam and I approved $6 million in CapEx to be spent in order to not only meet the current backlog, but what we think is going to be beyond that. Operator: [Operator Instructions] We'll take our next question from Austin Moeller with Canaccord. Austin Moeller: So do you expect like you would receive more funding through the $54.6 billion for the Drone Autonomous Working Group or from the DHS budget dollars that were appropriate in the reconciliation bill? And would the DAWG funding shift revenue mix further into assemblies and modules and raise gross margin further for drones? Sam Rubin: Okay. I'll start by answering the other way around. First of all, it will be mostly assemblies and cameras, definitely. By far, we're actually -- the more assemblies and cameras business we are, the less we're taking business in optical components because we would rather use that same capacity to make assemblies and cameras, which are much, much higher margins, which answers really your second part of the question. In terms of the funding, I'd say it's all over. So drone -- from the drone dominance, we are receiving already orders. We have a few million dollars of orders of optical assemblies that go into drones. I'll try next time to break that out and give a bit more color to it, but we're starting to receive volume orders of optical assemblies that get coupled to cameras that go into drones, and we're probably the lead supplier in the U.S. for that by far, I'd say. From other areas from the NDAA and such or which part of funding, I think it depends. existing programs, they all come the programs of record, they come from the NDAA funding and such. DHS comes from the Big Beautiful Bill mostly and so on. But in addition to all of that, what we're also working on and is a different type of funding that is funding to support expansion of capacity. And we are working -- it is very early stage, but we're working with different parts of the government, Office of Strategic Capital and so on to secure some of that. It will not be in the near future, but it's definitely something we're looking at for next fiscal year to support some of the expansion. Austin Moeller: Okay. And in some of our conversations with primes, it sounds like there's already an active effort where they're replacing smaller diameter lenses with BlackDiamond glass. So what factors might keep them from swapping out larger diameter germanium lenses with BlackDiamond? Is it just a matter of time? Or is there technical considerations? Sam Rubin: So first of all, not everyone knows that it's possible. This is completely new. And even last week, I met a customer at the trade show that still didn't know about that, even though we've been shouting it from the top of our lungs. So there's quite a bit of education to be done. However, chalcogenide glass, BlackDiamond altogether is a softer material. So design aspects of it are different. It's not that it cannot be used for larger diameter lenses or larger diameter optics. You need to take different mechanics assumptions into account when you're doing that design, which is why we work very, very closely with the customers on those designs. We leverage our experience with the material to help educate them to make sure that their design is sustainable mechanically afterwards. Simply, it's a different strength of material compared to germanium. That said, there's nothing inherently that prevents it from completely replacing or using it in all these same dimensions and uses. And in many of them, it's actually much better because the coefficient of thermal expansion of our glass is very, very similar to that of aluminum or aluminum depends which country you're in and makes it much, much easier to mount it in terms of gluing it and hard mounting it into systems. So it's mostly education of the customers is the short answer. Operator: We'll take our next question from Richard Shannon with Craig-Hallum. Richard Shannon: Congrats on another good quarter here. I guess one way I wanted to talk about the capacity limitations you were having and you're trying to relieve with more investment here. But how do we think about at a high level here, what your revenue ceiling is now? And where can this go in the next, I don't know, 2 to 4 to 6 quarters as you're adding more capacity? Sam Rubin: Okay. I get this one. I would say that everything we have booked and we have in our backlog, we can deliver. There's no risk there that we can't deliver it. What we're planning towards is more the second half of the next fiscal year and increased expansion then. So our backlog is mostly for the next 12 months, the next fiscal year, but not completely. However, it's probably heavier towards the second half where we do need to add some capacity. Richard Shannon: Okay. Fair enough. I want to ask about the space programs. I know, Sam, you mentioned that most of these are confidential, but just kind of at a high level here, especially some of the bigger ones that I think you're hunting here. When do you expect to have decisions on these? Will this happen this calendar year? Is it more of a next year? And any way to help us scale kind of the whole space opportunity relative to some of the other ones like Counter-UAS, border patrol, Navy programs, et cetera? Sam Rubin: Yes. So time line, I have to admit, I am not completely confident on it because this is fairly new to us. We have not done anything of that type, meaning space programs and with the tight requirements on the assemblies and the cameras for that. So there's some learnings there. I would say that the time lines I'm seeing now on prototypes and on development are such that it would be at least a year before anything meaningful in terms of knowing where the wind is blowing even is available to us. In terms of -- sorry, what was the second half of the question? Richard Shannon: Just scaling the size of the opportunity in space versus all the other bigger buckets you talked about in your potential. Sam Rubin: Yes. So I think actually, I don't have the numbers in front of me, but during the Investor Day that we had in February, I gave some numbers there. And I explained that typically a satellite like that is about $40 million, $50 million in total cost. 1/3 of that is the entire optical system payload. And of that, we are just doing the telescope. We're not trying to do the complete camera system or anything like that, just the optical assembly, which is in the millions per satellite, but let's say, below $5 million per satellite kind of thing. And the numbers are fairly well published. Richard Shannon: Okay. Great. Last question is for Al on the gross margins here. So obviously, adding capacity has a little depreciation and some other fixed costs here. Just wanted to know if as you're adding capacity, is there any different view kind of longer term what you think of the gross margin? I mean, you talked about getting to 40% to maybe even higher. Wanted to know how that has changed here with kind of the new scale that you're targeting. Albert Miranda: Yes. Great question. We still expect margins to grow. However, we are scaling fast. And there are some costs in the short-term associated with that. So it will slow down our ramp from where we are today, 36% to 40%, but not much. We're talking a quarter or 2 slip in terms of that overall plan. So from the investors' perspective, they'll just see improvement, but not enough for what we would want internally. But externally, it will walk up to -- we'll continue to walk up the margin chain. Operator: This concludes our question-and-answer session. I'd now like to turn the call back over to Mr. Sam Rubin for his closing remarks. Sam Rubin: Thank you. So before I leave, I'll just frame it one more time to give the complete picture. LightPath is really no longer a component supplier it used to be. We're a vertically integrated systems company, a record backlog, well-capitalized balance sheet and a technology position that's aligned with the most pressing supply chain mandates of the defense industrial base. The NDAA deadline is real. Demand for germanium alternative in infrared systems is real. At this point, so is our ability to deliver. From here, our job over the next several quarters is simple to describe execution to execute, ship on time, move backlog into profit and loss into the P&L and let margins expand as volumes built. With that, I'll conclude, and I'll thank everybody for their time today and look forward to speaking to you again next time. Operator: This concludes today's program. Thank you for your participation, and you may disconnect at any time. Before you buy stock in LightPath Technologies, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and LightPath Technologies wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $475,926!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,296,608!* Now, it’s worth noting Stock Advisor’s total average return is 981% — a market-crushing outperformance compared to 205% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of May 8, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. LightPath (LPTH) Q3 2026 Earnings Transcript was originally published by The Motley Fool

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Shifted from a commoditized component supplier to a vertically integrated provider of high-value infrared optics and camera systems, driving record revenue and margin expansion. Leveraged proprietary BlackDiamond glass as a domestic, germanium-alternative supply chain solution, aligning with NDAA mandates to exit Chinese-sourced materials by 2030. Acquired Amorphous Materials to unlock large-diameter glass production (up to 10 inches), enabling entry into long-range imaging and satellite-based missile detection markets. Integrated G5 Infrared, which booked over $100 million in new orders within a year, demonstrating the competitive advantage of pairing camera systems with in-house glass production. Attributed gross margin improvement to a favorable product mix, with assemblies and modules now representing 44% of revenue and carrying higher profitability than components. Expanded leadership team with senior hires from major defense primes to scale global sales and convert the growing backlog into sustained revenue growth. Anticipates a 'step function' in demand over the coming months as G5 cameras and large-scale assemblies are redesigned to utilize BlackDiamond glass. Planning significant capacity expansion in assemblies, adding shifts and space across U.S. and European facilities to meet a backlog that has grown 196% since the end of the prior fiscal year. Expects continued margin expansion in future quarters as manufacturing investments bear fruit and volumes scale, despite short-term costs associated with rapid growth. Targeting the second half of fiscal 2027 for the next major phase of capacity-driven revenue acceleration. Engaging in early-stage space programs for satellite-based missile tracking, with meaningful technical clarity expected within approximately one year. Reported a $55.2 million cash balance, providing a 'war chest' to fund the CapEx and working capital required to deliver on the $110.6 million backlog. Noted a GAAP reporting quirk where G5 earn-out payments are classified as operating cash outflows, masking a more modest underlying cash burn of $1.3 million year-to-date. Identified uncertainty regarding the Apache program due to pending funding allocations, contrasting with the fully financed and accelerated NGSRI program. Flagged a $3.4 million fair value adjustment related to the G5 earn-out liability as the primary driver of the reported net loss. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Growth will come from two areas: linear expansion with existing camera customers like Motorola and market share gains in large-diameter assemblies where the company previously could not compete. Management believes they are positioned as the only supplier capable of producing high volumes of infrared cameras without being limited by material shortages. Management approved $6 million in CapEx during Q3 specifically to address the current backlog and anticipated future demand. The company is exploring government funding through the Office of Strategic Capital to support further capacity expansion in the next fiscal year. While BlackDiamond is a softer material requiring different mechanical design assumptions, there are no inherent technical barriers to replacing germanium in large-diameter systems. Adoption is currently limited by customer education, though BlackDiamond offers thermal expansion advantages that make it easier to mount in aluminum systems.

ORLANDO, Fla., May 7, 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 third quarter ended March 31, 2026. Financial Summary: Third Quarter Fiscal 2026 & Subsequent Highlights: Ended the third quarter of fiscal 2026 with a record order backlog of approximately $110.6 million, an increase of 196% from $37.4 million as of June 30, 2025, reflecting growing customer demand for infrared cameras, assemblies, and BlackDiamond™ based optical solutions. Acquired the assets of Amorphous Materials, Inc. ("AM") in January 2026, an industrial manufacturer with complementary Chalcogenide glass melting technologies for large diameter optics, adding a second U.S. manufacturing location for BlackDiamond™ glass. Hosted an Investor Day in February 2026, during which management outlined the Company's updated three pillar growth strategy targeting in excess of $300 million in annual revenue within five years, anchored by assemblies, infrared camera systems, and large defense programs. Appointed Doug Schoen as Senior Vice President of Global Sales and Ryan Workman as Vice President, Business Development & Product Management in April 2026, adding more than 40 combined years of defense, aerospace, and Electro-Optical/Infrared business development experience to accelerate conversion of pipeline into contracted revenue. Management Commentary Sam Rubin, President and Chief Executive Officer of LightPath, said: "The third quarter of fiscal 2026 demonstrated continued execution against our vertically integrated strategy, with revenue growing 109% year over year to $19.1 million and gross profit expanding 161% year over year to $7.0 million. We delivered our third consecutive quarter of positive adjusted EBITDA and ended the quarter with a record order backlog of $110.6 million, up 196% from the start of the fiscal year. The scale and quality of our backlog is the clearest indication yet that LightPath has established itself as a mission critical supplier for some of the most important optical and infrared imaging programs in the U.S. and allied defense industrial base. "The strategic thesis we have been executing against for the past several years continues to be reinforced by customer behavior and U.S. government policy. The Fiscal Year 2026 National Defense Authorization Act directs the U.S. Department of War to eliminate reliance on optical glass and optical systems sourced from certain foreign nations by January 1, 2030. Our broad offering of BlackDiamond™ chalcogenide glasses, including those licensed exclusively from the U.S. Naval Research Laboratory, along with our infrared cameras, assemblies, and thermal imaging systems, are already designed, manufactured, and delivered in alignment with those requirements. With the addition of AM, we now operate two U.S. based BlackDiamond™ glass production sites and have expanded our infrared glass portfolio to roughly 20 proprietary compositions, which is among the broadest selection of infrared materials available anywhere. "Our February Investor Day laid out where we go from here. We are organizing the business around three pillars of growth: optical assemblies, infrared camera systems, and large defense programs of record. Each pillar has an addressable market measured in hundreds of millions to billions of dollars, and each is enabled by the same underlying BlackDiamond™, molding, coating, and camera technologies. Programs such as NGSRI, SPEIR, Apache, border surveillance, and counter UAS are no longer theoretical; they are in production or nearing it, and they increasingly carry BlackDiamond™ content. We are on track to complete the redesign of G5's cooled infrared camera family onto BlackDiamond™ by the end of summer 2026, and beleive that this will position LightPath to meet long range camera demand at scale while competitors continue to work through the Germanium supply constraint. "With a strong balance sheet, two operating glass manufacturing facilities, an expanded camera portfolio, and a deeper senior commercial leadership team following the appointments of Doug Schoen and Ryan Workman, we believe LightPath is well positioned to continue converting our record backlog into revenue, expand margins as volume scales, and pursue further accretive M&A that accelerates our transition into a platform provider of mission critical optical and imaging solutions," concluded Rubin. Third Quarter Fiscal 2026 Financial Results Revenue for the third quarter of fiscal 2026 increased 109% to $19.1 million, as compared to $9.2 million in the same quarter of the prior fiscal year. Revenue was split amongst the Company's product groups in the third quarter of fiscal 2026 and the same quarter of the prior fiscal year as follows: Gross profit increased 161.1% to $7.0 million, or 36% of total revenues, in the third quarter of fiscal 2026, as compared to $2.7 million, or 29% of total revenues, in the same year-ago quarter. The increase in gross margin as a percentage of revenue was primarily driven by the increase in revenue from assemblies and modules, which generally carry higher margins, as well as an improved infrared component mix and manufacturing yields. Operating expenses for the third quarter of fiscal 2026 include a fair value adjustment of $3.4 million related to the G5 earnout liability, which will continue to be adjusted through operating expenses until it is fully paid out. Excluding this amount, operating expenses increased $1.8 million, or 30%, to $7.8 million for the third quarter of fiscal 2026, as compared to $6.0 million in the same year-ago quarter. The increase was primarily driven by integration of G5 Infrared and AM, increased sales and marketing spend, higher information technology spend to meet customer security requirements, and increased SG&A personnel costs. Net loss in the third quarter of fiscal 2026 totaled $4.1 million, or $0.07 per basic and diluted share, as compared to $3.6 million, or $0.44 per basic and diluted share, in the same year-ago quarter. The year-over-year change in net loss was primarily attributable to the change in fair value of acquisition liabilities for the earnout related to the acquisition of G5 Infrared. Adjusted EBITDA** for the third quarter of fiscal 2026 was $1.1 million, as compared to an adjusted EBITDA loss of $1.6 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. Cash and cash equivalents as of March 31, 2026 totaled $55.2 million, as compared to $4.9 million as of June 30, 2025. Total backlog as of March 31, 2026 was approximately $110.6 million, an increase of 196% compared to $37.4 million as of June 30, 2025. Third Quarter Fiscal 2026 Earnings Call Management will host an investor conference call at 5:00 p.m. Eastern time today, Thursday, May 7, 2026, to discuss the Company's third quarter fiscal 2026 financial results, provide a corporate update, and conclude with Q&A from telephone participants. To participate, please use the following information: Q3 FY2026 Earnings Conference Call Date: Thursday, May 7, 2026 Time: 5:00 p.m. Eastern time U.S. Dial-in: 1-833-316-1983 International Dial-in: 1-785-838-9310 Conference ID: LIGHT Webcast: LPTH Q3 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 Thursday, May 21, 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 11161627. 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; (5) acquisition costs, including legal fees and due diligence; and (6) 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. 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 ability to execute on its growth strategy to deliver revenue growth and value to its shareholders; the Company's belief that it has established itself as a mission critical supplier for programs in the U.S. and allied defense industrial base; the Company's expectations regarding customer behavior and U.S. government policy; the Company's expectations regarding its timing of the redesign of G5's infrared products; the Company's ability to grow its backlog, expand margins as volume scales and pursue acquisitions, 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. government's 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. 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Interested in LightPath Technologies, Inc.? Here are five stocks we like better. Revenue more than doubled to $19.1M in Q3 with total backlog near $110.6M, and adjusted EBITDA turned positive at $1.1M, reflecting a shift toward higher‑margin assemblies and systems. Acquisitions of G5 and Amorphous expanded product scope and capacity—G5 has booked over $100M of new orders and Amorphous enables larger‑diameter BlackDiamond chalcogenide optics (up to ~10 inches) for long‑range and space imaging opportunities. Cash rose to $55.2M after a December capital raise and the company approved $6M of CapEx to meet demand, but GAAP net loss was $4.1M largely due to a $3.4M fair‑value adjustment on the G5 earn‑out. LightPath Stock Eyes 50% Upside on Defense Demand Surge LightPath Technologies (NASDAQ:LPTH) reported fiscal third-quarter 2026 results on May 7, highlighting what management described as continued momentum in revenue growth, backlog expansion, and improving profitability as the company executes a multi-year shift from components to vertically integrated infrared optics and imaging systems. President and CEO Sam Rubin said the quarter continued the company’s trend of “strong top-line growth,” a continued build in backlog with a “strong book-to-bill ratio,” and improvements in EBITDA and overall financial performance. Rubin attributed the progress to a strategy centered on proprietary infrared materials, optical assemblies, and complete imaging systems, supported by acquisitions. → Insider Sales: Top AST SpaceMobile Insider Cuts Postion Over 30% Why These 3 Tech Stocks Deserve Your Attention in Q4 “The LightPath of today looks very little like the component supplier we were a few years ago,” Rubin said, adding that the company now spans “proprietary materials, optical assemblies, and complete imaging systems.” Rubin emphasized the role of BlackDiamond, the company’s proprietary chalcogenide glass platform, including technology licensed from the U.S. Naval Research Laboratory. He positioned the material as a domestic supply-chain alternative to germanium and aligned it with U.S. defense procurement trends, citing the fiscal 2026 National Defense Authorization Act (NDAA) requirement for certain U.S. defense programs to move away from glass and optical components sourced from “China, Russia, and other covered nations” by January 1, 2030. → Light Speed Returns: Corning Cashes In on NVIDIA Growth 3 Small-to-Mid-cap Stocks to Buy and Hold for 2025 Rubin noted it has been roughly a year since LightPath acquired G5 Infrared, which he described as a maker of long-range infrared cameras for surveillance and counter-UAS. Rubin said that in the last year G5 booked more than $100 million of new orders, citing “border patrol and counter-UAS tailwinds.” He also said LightPath is redesigning G5 cameras to incorporate BlackDiamond glass and that the company has already seen increased demand for redesigned cameras “even before we have completed those redesigns.” Rubin added that LightPath expects to add capacity to meet demand. → Years in the Making, AMD’s Upside Movement Has Just Begun Rubin spent significant time discussing the acquisition of Amorphous Materials in Texas, which he described as a long-standing manufacturer with complementary chalcogenide glass melting technology, particularly for larger-diameter optics. Rubin said LightPath previously could provide BlackDiamond optics up to five inches in diameter, while Amorphous enables sizes “up to as much as 10 inches and more later on.” He said this expands opportunities in long-range imaging systems, including satellites for missile detection and tracking. Rubin said the acquisition immediately increased glass production capacity, and that combined with internal efforts, LightPath “pretty much doubled our glass capacity,” while noting demand still exceeds supply. He added the company plans to move Amorphous into a larger building near its Visimid uncooled camera operation in the coming months, and that having glass production in both Orlando and Dallas provides flexibility and contingency planning. Rubin discussed several defense-related programs and cautioned that updates are limited to what customers publicly disclose. He said NGSRI is “fully financed” and accelerating based on the recently released defense budget. Rubin said SPEIR is on schedule and that the company expects new orders following the federal budget release. On Border Tower, Rubin said the company had been expecting significant orders, but that the Department of Homeland Security had not yet released funding. “That is not an indication in any way of anything changing to the worse or to the better,” he said, describing it as a timing issue. Rubin also highlighted counter-UAS activity, stating LightPath received multiple new orders tied primarily to Air Force SEWADS programs. He said approximately $30 million of the company’s backlog is related to counter-UAS, primarily those programs. He added that a previously mentioned airborne system using BlackDiamond has completed qualification and that LightPath is “preparing for an award towards the end of the summer or early autumn.” Regarding space programs, Rubin said the company has “three” customers actively designing satellite camera systems intended to look for missile launches and detection, and clarified they are not free-space communication programs. In the Q&A, Rubin said timelines are uncertain and suggested it could be “at least a year” before there is meaningful clarity. He referenced prior commentary from the company’s February investor day, describing a satellite cost framework and noting LightPath’s role would be limited to the telescope/optical assembly, which he characterized as “in the millions per satellite,” giving an example of “below $5 million per satellite kind of thing.” CFO Al Miranda reported revenue of $19.1 million for fiscal Q3 2026, up 109% from $9.2 million in the year-ago quarter. By category, Miranda broke out revenue as: Infrared components: $6.1 million (32% of consolidated revenue) Visible components: $4.0 million (21%) Assemblies and modules: $8.4 million (44%) Engineering services: $0.6 million (3%) Gross profit rose 161% to $7.0 million, representing 36% of revenue, compared with $2.7 million, or 29% of revenue, in the prior-year quarter. Miranda said the margin improvement was primarily driven by a higher mix of assemblies and modules, which “generally have a higher margin,” and improved infrared component margins due to a more favorable mix and resolution of certain manufacturing yield issues that had impacted the prior fiscal year. Miranda noted operating expenses included a $3.4 million fair value adjustment related to the G5 earn-out liability, which will continue to be adjusted through operating expenses until fully paid. Excluding that adjustment, operating expenses increased $1.8 million, or 30%, to $7.8 million, driven by G5 and Amorphous integration, higher sales and marketing spend, increased IT spending to meet customer security requirements, and higher SG&A personnel costs tied to executive hiring and incentive compensation accruals. Net loss for the quarter was $4.1 million, or $0.07 per basic and diluted share, compared with a net loss of $3.6 million, or $0.09 per basic and diluted share, in the year-ago quarter. Miranda attributed the year-over-year change primarily to the fair value change in acquisition liabilities for the G5 earn-out. Adjusted EBITDA was positive $1.1 million, compared to an adjusted EBITDA loss of $1.6 million in the prior-year quarter, marking what Miranda said was the third consecutive quarter of positive adjusted EBITDA. Cash and cash equivalents totaled $55.2 million as of March 31, 2026, compared with $4.9 million as of June 30, 2025. Miranda said that since the company’s December capital raise, $7.0 million was used for the Amorphous acquisition and $7.3 million went to the year-one earn-out for G5. He also said GAAP classification of a portion of the earn-out payment as operating cash flow makes operating cash flow “look noisier than reality.” Excluding that “GAAP reporting quirk,” he said operating cash outflow year-to-date would have been $1.3 million, driven by working capital needs such as supplier prepayments for long-lead materials, partially offset by customer prepayments. Total backlog as of March 31, 2026 was approximately $110.6 million, up 196% from $37.4 million as of June 30, 2025. Miranda added that on a year-to-date basis, revenue increased to $50 million from $25 million in the prior year-to-date period. In the Q&A, management discussed capacity expansion and capital spending. Miranda said the company approved $6 million of CapEx in Q3 “to be spent in order to not only meet the current backlog, but what we think is gonna be beyond that.” On gross margin, Miranda said the company still expects margins to grow, though rapid scaling may create short-term costs that could slow the pace of improvement from 36% toward 40% by “a quarter or two slip,” while still expecting margins to continue stepping higher. Rubin closed by reiterating LightPath’s shift to a systems-focused model and emphasized execution priorities for the coming quarters: “Ship on time, move backlog into the P&L, and let margins expand as volume is built.” LightPath Technologies, Inc designs, manufactures and distributes precision optical components and assemblies for a variety of commercial, industrial, defense and scientific applications. The company's portfolio includes molded glass aspheric lenses, precision glass optics, infrared lenses and assemblies, diamond-turned optics and molded polymer optics. These components are engineered to support imaging, illumination, laser delivery, detection and sensing systems across visible, ultraviolet and infrared wavelengths. Among its core offerings, LightPath develops infrared optical solutions using materials such as germanium, zinc selenide and chalcogenide glasses for thermal imaging, night-vision devices and spectroscopy. The article "LightPath Technologies Q3 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for May 2026.

ORLANDO, Fla., April 30, 2026 /PRNewswire/ -- LightPath Technologies, Inc. (NASDAQ: LPTH) ("LightPath," the "Company," or "we"), a leading provider of next-generation optics and imaging systems for both defense and commercial applications, today announced it will release financial results for the fiscal third quarter ended March 31, 2026 after market close on May 7, 2026. Management will host an investor conference call at 5:00 p.m. Eastern time on Thursday, May 7, 2026 to discuss the Company's third quarter fiscal 2026 financial results, provide a corporate update, and conclude with Q&A from telephone participants. To participate, please use the following information: Q3 FY2026 Earnings Conference Call Date: Thursday, May 7, 2026 Time: 5:00 p.m. Eastern time U.S. Dial-in: 1-833-316-1983 International Dial-in: 1-785-838-9310 Conference ID: LIGHT Webcast: LPTH Q3 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 Thursday, May 21, 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 11161627. 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. 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 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 impact of varying demand for the Company products; the ability of the Company to obtain needed raw materials and components from its suppliers; actions governments, businesses, and individuals take in response to the pandemic, including restrictions on onsite commercial interactions; 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; 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; and those factors detailed by LightPath Technologies, Inc. in its public filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K and Quarterly Reports on 10-Q. 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 Securities and Exchange Commission, 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. 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Transitioned from a precision optical component manufacturer to a vertically integrated provider of high-value infrared optics and camera systems. Leveraged proprietary Black Diamond chalcogenide glass as a domestic, supply-chain-secure alternative to germanium, addressing critical defense requirements. Capitalized on the FY2026 National Defense Authorization Act (NDAA) which mandates eliminating U.S. defense reliance on optical glass from covered nations by 2030. Integrated G5 Infrared acquisition to drive significant growth, booking over $80,000,000 in new orders within one year compared to $15,000,000 in prior-year revenue. Acquired Amorphous Materials (AMI) to expand glass melting capabilities from 5-inch to 17-inch diameters, enabling entry into long-range satellite and missile tracking markets. Achieved record revenue and margin expansion by shifting the product mix toward higher-margin assemblies and modules, which now represent 44% of consolidated revenue. Established a dual-site manufacturing footprint in Florida and Texas to mitigate geographic risks and increase glass production capacity by 50%. Identified a three-to-four-year 'window of opportunity' to capture dominant market share while competitors struggle with germanium supply constraints. Plans to redesign the entire G5 camera portfolio to utilize Black Diamond material by autumn 2026, eliminating reliance on foreign-sourced germanium. Targeting participation in future U.S. government satellite constellations, such as the SDA Tracking Layer, though revenue impact is expected in approximately two years. Utilizing a $65,000,000 'war chest' from a recent secondary offering for strategic M&A and capacity expansion rather than funding operations. Evaluating potential entry into the drone camera market following new FCC rulings that restrict critical components sourced from outside the U.S. Reported a $7,600,000 non-cash fair value adjustment related to the G5 earnout liability, which significantly impacted GAAP net loss but does not affect cash flow. Achieved positive adjusted EBITDA and operating cash flow ahead of internal schedules, signaling a shift toward sustainable self-funding growth. Noted that Q2 gross margins of 37% were partially aided by a high-margin, non-recurring engineering project for a defense contractor. Eliminated $5,400,000 in acquisition notes, leaving the company with a nearly debt-free balance sheet and $73,600,000 in cash. Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Growth is driven by NATO defense spending in Europe and Israel, which includes G5 camera systems, with G5 being the largest contributor to the revenue increase. Management noted that some G5 camera shipments to the U.K. and European markets may eventually cycle back to U.S. end-users. Management believes the current advantage over germanium-reliant competitors will last 3-5 years before others develop alternative materials or supply chains. The strategic goal is to lock into long-term defense programs now, as these contracts typically last for the entire lifecycle of the military platform. AMI provides access to large-diameter optics for airborne platforms and adds material science expertise that LightPath can now commercialize through molding and coating. The acquisition allows LightPath to offer finished components and assemblies to AMI's existing defense prime customers who previously only purchased raw materials. While Q2 benefited from a unique engineering contract, management is targeting a sustainable gross margin floor of 35%. Future margin expansion will be driven by the continued shift from components to higher-value systems and subsystems. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here.

Image source: The Motley Fool. Wednesday, February 11, 2026 at 5 p.m. ET Chief Executive Officer — Sam Rubin Chief Financial Officer — Albert Miranda Thank you, Operator. Good afternoon to everyone, and welcome to LightPath Technologies, Inc. fiscal second quarter 2026 Financial Results Conference Call. We entered calendar year 2026 having completed the first part of our transition to a vertically integrated provider of high-value infrared optics and camera systems geared towards driving higher revenue and gross margins. The second quarter demonstrates this transition with measurable commercial success, record revenue, and margin improvement. The progress we have made is reflected in record orders, a growing systems backlog, and increasing customer adoption of our technologies. Sam Rubin: As well as, and maybe more importantly, improvements in our margins and cash flow. Today, LightPath Technologies, Inc. is a fundamentally different company. The past several years, we have transformed from a precision optical component company into a vertically integrated provider of high-value infrared optics and camera systems, with offerings that range from proprietary materials all the way through complete imaging solutions. I will share some context on this transformation, discuss some of our programs driving the growth, and the acquisition of AMI, Amorphous Materials. At the core of our platform is Black Diamond, our proprietary chalcogenide glass licensed exclusively from U.S. Naval Research Laboratories as a domestic supply-chain-secure alternative to germanium for infrared imaging. This positions us securely with the Fiscal Year 2026 National Defense Authorization Act (NDAA), which mandates elimination of U.S. defense reliance on optical glass, components, and systems sourced from Russia, China, and other covered nations no later than 01/01/2030. With defense acquisition timelines already requiring action in the near term, our optical assemblies, infrared cameras, and thermal imaging systems are designed, manufactured, and delivered in full alignment with these requirements. We believe we are positioned as a supplier of choice for mission-critical defense and aerospace applications. It has been about a year since our acquisition of G5 Infrared, the producer of the industry's leading long-range infrared cameras for surveillance and counter-UAS. The G5 acquisition is a prime example for leveraging a unique differentiator, in this case our germanium alternatives, to enable the acquired company to do more than they could do alone—far more in this case. Since we acquired G5 a year ago, G5 has booked more than $80,000,000 of new orders for their product compared to $15,000,000 of revenues the prior year. Some of it is because they were at the right place at the right time, such as border patrol spending, counter-UAS solutions, and more. And part of it is because at LightPath, using the Black Diamond material, we enable G5 to be able to execute far better than anyone else out there because we have a secured, vertically integrated supply. To date, we have publicly announced a redesign of only two of the cameras. But with the acquisition of Amorphous Materials, we can now complete the remaining five and soon make all of G5’s cameras using Black Diamond. So let us talk a bit about the acquisition of Amorphous Materials, an industrial manufacturer of complementary chalcogenide glass melting technologies, in particular for large-diameter optics. Amorphous is a more than fifty-year-old company with a strong industry reputation, founded by Dr. Ray Hilton Sr., who was considered one of the pioneers in the commercialization of chalcogenide glass. He also, by the way, wrote the leading book about chalcogenide glass. The significance of large-diameter Black Diamond lenses is, well, significant. In the world of optics, the further distance you want to detect an object, the larger the optics needs to be. Cameras or devices for relatively short distances, such as hundreds of meters, have optics that are between one inch to five inches in diameter. That is plenty of size for applications such as close-range security, firefighting cameras, gun sights, and so on. If now one wants to detect objects that are kilometers or miles away, size of the optics grows. For example, G5 long-range cameras, the most long-range ones, have lenses that are as much as 250 mm, or 10 inches, in diameter. If now you want to detect from space, say, a mid-sized launch, the size of the optics needs to grow even larger. This is partially why some of the larger detection satellites can be the size of a small bus. Until this acquisition, LightPath Technologies, Inc. was melting its glass in the shape of a cylinder, five inches in diameter. Using some additional techniques, we have been able to turn that glass into six inches of optics, but not the sizes needed for most of our G5 most higher-end cameras, and definitely not the size needed for satellite cameras. Amorphous Materials, which we just acquired, melts the glass using a somewhat different technology. That technology, which we can easily adapt for use in our Black Diamond glass, can melt the glass at sizes of 10 inches and, with some additional processing, can reach sizes of 17 inches. So why is this a big deal? Well, first of all, our own G5 systems, a significant part of our growth driver, the most higher-end cameras, or the longest-range cameras if you would, used primarily for drone detection, have lenses that are as much as 10 inches in diameter. Until now, we could redesign only the smaller cameras to use Black Diamond. Now we are full steam ahead at redesigning all of their cameras, and by the autumn time, we expect to have G5 cameras using Black Diamond instead of germanium, all of the cameras. We expect to be able to make as many long-range cameras as the market can take. So while our competitors are still struggling to find the solution for the germanium situation, we will be able to make as many cameras as we want. Second, this ability to make large-diameter Black Diamond now opens the door to any application of long-range imaging. Think about airborne gimbals and pods, think ground-based imaging systems, and so on, and most importantly, space. The U.S. government, through different agencies and programs, primarily the Glide Phase Interceptor and other programs, is going to launch dozens if not hundreds of satellites for missile tracking and detection. Let us take one example of such recent awards—all public information—to demonstrate the potential magnitude of this. SDA’s Space Development Agency awarded in December $3,500,000,000 to build 72 Tracking Layer satellites. Those are all based on infrared cameras. Public information, which one can easily look up, shows that is $48,000,000 per satellite. While we see the satellites as primarily a camera, they do more than that. Sam Rubin: And so the infrared camera system typically is about a third of the overall cost of the satellite. So that is $16,000,000 per satellite. This includes a complex sensor system as well as other things. But from our point of view, most importantly, is an optical system. That optical system, oftentimes referred to as a telescope, is a pretty complex system that includes, well, you guessed it, large-diameter optics. So until now, Black Diamond was not even considered for use in those applications, and even though it has incredible properties suited just for that use case in terms of thermal behavior and such. So we had a couple of space-related programs in our category of potential $10+ million programs, but those were small, definitely small compared to what we are facing now. So now we get to play a major role in this. So couple that with SDA’s very recent announcement, I think, last week for a constellation of 300 to 500 satellites in low Earth orbit, and satellites in low Earth orbit have a fairly short lifespan, and this is, as they say, a whole new ballgame for us. However, a word of caution. Satellite development takes time. The government works in two-year trenches, which means the next designs, the ones we plan to be part of, are not going to go out for at least another two years. So this is a huge potential for us, but it is not immediate. Sam Rubin: Now I would be remiss if I told you that this is the only reason for the acquisition. There is more. Until three weeks ago, before we did the acquisition, LightPath Technologies, Inc. was producing glass only in one location, in Orlando, Florida, and we were potentially one hurricane away from a significant downtime in glass production. Now we have two manufacturing locations for Black Diamond. We are going to duplicate between Orlando and Amorphous’ facility in Texas for operation. Also until three weeks ago, we kept adding and adding capacity in Orlando. With this acquisition, we get another 50% boost to capacity and ability to add more in a more cost-effective manner. And last, until three weeks ago, we might have been worried about significant competition popping up. But now we acquired and own some of the most innovative and best teams capable for glass technologies in the U.S. And so once the acquisition of the standalone might only look like $3,000,000 in annual revenue, this is a significant acquisition in more ways than meets the eyes. Sam Rubin: Okay. Sam Rubin: Other things in the quarter. Prior to the acquisition and in the few weeks before the quarter ended, we completed a secondary raise in the market. We went out to raise $40,000,000. We received offers that were significantly, significantly more than that, and so we ended up increasing the size to $60,000,000. Together with the green shoe option that the banks immediately exercised, we ended up with approximately $65,000,000 in net proceeds. The purpose of the raise is for investments in our future. LightPath Technologies, Inc. is not burning cash in operation, and we did not raise money to burn it in operation. This quarter we are reporting on is, in fact, the second quarter of positive adjusted EBITDA and with net cash flow from operations being positive again. So the raise is really about growth and investment. As we have outlined before, we have a very specific strategy when it comes to decisions on investments and acquisitions. The bottom line is that we have a very unique technology, set of technologies, and we believe that we are well positioned to leverage those to capture some significant market share on the subsystem and system level. However, that window of opportunity is not infinite. And while we always continue to develop more differentiators, competition keeps working, and they will catch up on our older differentiators at some point while we add the new differentiators and so on and so on. Sam Rubin: So we have a window of approximately, we think, three years, maybe three to four years, in which we can grab a significant market share and position the company as a dominant player in our field. Given the compressed time frame, we cannot do this purely through organic growth and through investing only the cash we generate, as much as I would prefer it that way. We need to accelerate some of those activities to make a real dent in that time frame. Hence, the war chest of cash and the plans to use it. I will emphasize again, this is not about burning cash in operation or anything like that. It is rather a very calculated set of investments and M&A opportunities in the near future. Sam Rubin: So now strategy and direction. Sam Rubin: In the short term, we have some very large programs we are working on. We have the Lockheed Martin missile program that is moving along well, and Lockheed Martin, our customer for subsystems we make, has announced earlier, or last month actually, a successful flight test. And while I would love to be able to share more information, we are at this point, as we recently mentioned, confined to sharing only what our customers share publicly. So nothing else on this other than us continuing to be pleased with the progress. Sam Rubin: Multiple other programs such as border towers, Navy SPEIR, and others are progressing. Some might be slower than we want, some might be faster, but pretty much on track. Overall, we are doing pretty well there. We continue to work also on our second tier of programs, the ones we said have $10,000,000 potential or more a year, and those continue—we continue to add to those. Just last month, we had another program join that club, and now we have, I guess, nine programs that have potential of $10,000,000 or more. Other developments that we had last quarter include Congress passing the National Defense Authorization Act (NDAA), which included this year a requirement for Department of Defense to stop using any optics components or even glass originating from certain nations including China. This, of course, plays very well to our position as the largest manufacturer of infrared glass in the U.S., as well as our realignment of the organization over the last few years, away from China and back to manufacturing in the U.S. So together with our Black Diamond, and now also the empty portfolio of glasses from Amorphous Materials, all of which are produced in the U.S. and therefore NDAA compliant, we actually do not need to do anything new to comply with this, other than continuing investing in glass production. Also last quarter, the FCC, Federal Communications Commission, issued a new ruling that everyone expected, but everyone expected that to be a ban about drones made by DJI actually, commonly referred to as a DJI ban, or at most it to be in general about Chinese drones. The FCC, however, took this a few steps further and added to the FCC Covered List all drones and critical components used in any country outside the U.S., ally or not. Critical components are defined by Defense Contract Management Agency, and they include, as you guessed, cameras and sensors. Sam Rubin: So this was a surprise to us, a very positive surprise, but yet a surprise. Sam Rubin: So in terms of how this impacts us, there are two aspects. The first is the simplest one—that is optical assemblies. We already produce optical assemblies here in the U.S., NDAA compliant and now FCC compliant, and many of those are already used on drones. So that part, we are well aligned and prepared. Check. Second part is cameras. To that extent, we are still evaluating what role we want or can play in the drone side of cameras, other than the optics, of course. There are clearly some opportunities in providing cameras for the larger drones, but we also need to evaluate whether or what we want to do in the area of FPV drones, those are the one-directional cheaper drones. The price targets there are very aggressive, and it is not entirely certain what the direction will be, sir. But we are looking into that, so stay tuned to some news, sir. So in summary, the first step of our transformation, I can say, is now complete and very well. We have moved from components to systems and from commoditized supply to strategic technology leadership. We are replacing constrained China-linked materials with a domestic, scalable, and proprietary alternative, and we are converting that differentiation into multiyear contracts, strategic investments, and long-term relationships with some of the most sophisticated defense and industrial customers in the world. Sam Rubin: Our next phase, which includes now rapid scaling over the next three years, is beginning and will be aided by our war chest of capital and will build on what we have done so far to win significant market share. I will be discussing that and more during our virtual Investor Day webcast in a couple of weeks. I will now turn the call over to our CFO, Albert Miranda, to talk about the second quarter fiscal 2026 financial results. All yours, Al. Albert Miranda: Thank you, Sam. I will keep my review to succinct highlights of the financials this quarter. As a reminder, much of the information we are discussing during this call was also included in our press release issued earlier today and will be included in the 10-Q for the period. I encourage you to visit our investor relations web page to access these documents. Revenue for Q2 2026 increased 120% to $16,400,000 as compared to $7,400,000 in the same year-ago quarter. Sales of infrared components were $5,000,000, or 31%. Revenue from visible components was $3,400,000, or 21%. Revenue from assemblies and modules was $7,200,000, or 44% of consolidated revenue. Revenue from engineering services was $700,000, or 4%. Although G5 was the largest contributor to the revenue increase, our revenue from legacy LightPath business also grew substantially quarter over quarter. Excuse me. Gross profit increased 212% to $6,000,000, or 37% of total revenues, in Q2 2026, as compared to $1,900,000, 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, cameras, which generally have higher margins. Gross margin on engineering services was also much more favorable in the second quarter due to a nonrecurring engineering project for a defense contractor. In addition, gross margins for infrared components have improved due to a more favorable mix and the resolution of certain manufacturing issues that negatively impacted the second quarter of the prior fiscal 2025. Operating expenses for Q2 2026 were $14,600,000, up from $4,400,000 in Q2 2025, an increase of $10,200,000. Of that $10,200,000 increase, $7,600,000 relates to the quarterly fair value adjustment of the G5 earnout liability. The quarterly adjustment will continue through 2027 when the earnout period ends. Excluding the $7,600,000 earnout revaluation, the underlying operating expense increase was $2,600,000, or 6%, compared to last year's second quarter. This results in a normalized operating expense of $7,100,000 for Q2 fiscal 2026 versus $4,400,000 in the prior year period. The $2,600,000 year-over-year increase primarily reflects the integration of G5 following its acquisition, G5’s operating expenses, M&A costs related to Amorphous, higher sales and marketing spending, additional corporate expenses, and increased personnel costs driven by key executive vacancies that are now being filled. Net loss in Q2 2026 totaled $9,400,000, or $0.20 per basic and diluted share, as compared to $2,600,000, or $0.07 per basic and diluted share, in the same year-ago quarter. The year-over-year increase in net loss for Q2 2026 was primarily attributable to the change in fair value of the acquisition liabilities of $7,600,000 for the earnout related to the acquisition of G5. Excluding the earnout adjustment, the net loss for Q2 fiscal 2026 would have been $1,800,000, an improvement from the prior fiscal year Q2. Adjusted EBITDA for Q2 2026 was $600,000 positive, compared to an adjusted EBITDA loss of $1,300,000 for the same year-ago quarter. Although not perfect, we believe that adjusted EBITDA is a better indicator of core operating performance by excluding non-core, non-cash items. With all the interesting accounting around acquisitions, we will continue to report adjusted EBITDA in fiscal year 2026 and in 2027 as a helpful measure of financial success. Cash and cash equivalents as of 12/31/2025 totaled $73,600,000 as compared to $4,900,000 as of 06/30/2025, reflecting our successful capital raise in the second quarter. Sam mentioned that the use of cash is very calculated and strategic. We have established plans, timelines, milestones, and returns on cash for the initiatives Sam mentioned and others. These planned investments are focused on revenue-generating activities in the short and midterm while still maintaining a war chest for future opportunities. In Q2, we also paid the acquisition notes of $5,400,000 in full, and as of 12/31/2025, total debt stood at $800,000. Backlog totaled $97,800,000. We are pleased with the progress of the financials this quarter. We do not give guidance, but we do set targets for ourselves, and we have given indications to the investment community that the financials are and will improve gradually in the near term. Q2 is a good moment to share a little more. Internally, we planned on gross margin at or above 35% by Q4, EBITDA positive by Q2, and operating cash flow positive Sam Rubin: By Q3. Albert Miranda: We achieved those targets one or two quarters earlier than planned, so it is a good moment to reflect on where we are and our progress. That said, we are by no means done. Looking forward, we have a detailed operating growth plan that is segregated into three components. These components support the strategy that Sam mentioned. First, continued support of our existing business. Second, invest in our already known and identified growth opportunities, much of which you already know from these earnings calls and from our investor presentation. And third, investments in new business. These are things that are not yet known. The operating growth plan is an 18 to 24 month plan for resource allocation to meet current backlog deliveries and be prepared for the expected new revenue growth. The vast majority of cash, CapEx, and human resources are pointed at the substantial growth opportunities while smaller amounts of resources are allocated for our existing business growth. The approach allows us to match resources to opportunities that are close in time and have better returns. This may mean investing now for revenue in future quarters, but the return on the investment in the midterm justifies the business initiatives. In all, we are well positioned to execute on our growth plan. I will now turn the call back to Sam for some closing remarks. Sam Rubin: Thanks. A few short closing remarks and then Q&A. So thanks again for everyone to join us. We are now in an execution mode. The deep transformation is largely behind us. We have moved from component to system, leveraging our proprietary material and other technologies, and have built a vertically integrated platform aligned with where the defense procurement is headed. The result this quarter reflects the shift: revenue up 120%, gross margins at 37%, backlog around $100,000,000, two-thirds of which is higher-margin systems and subsystems. Our near-term priorities are clear: deliver on schedule at quality, expand our germanium-alternative product variants across the G5 portfolio, and convert backlog to revenue while protecting margins. The capital raise gives us the resources to add capacity and personnel as needed, as well as evaluate potential strategic M&A. Between border surveillance, counter-UAS, naval programs like SPEIR, and the missile program we have with Lockheed—or missile programs—we have multiple paths to material revenue growth over the next several years, all supported by a technology and supply chain position that cannot be easily replicated. With that, I will turn the call over to begin the Q&A. Operator? Operator: Thank you. We will now open for questions. Our first question is from Austin Moeller with Canaccord Genuity. Hi, good afternoon. Great quarter. So just my first question here, I was just looking at the 10-Q, and sales to Europe were significantly greater this quarter. Is that due to one specific customer? Is that due to NATO spending in your facility in Latvia? And is that specifically camera products like the G5? Sam Rubin: So it is the latter. It is NATO spending in defense in Europe and Israel, by the way, which we couple under Europe here. These are not yet camera systems, so we currently are not selling the camera systems out of Europe. Sam Rubin: Or unless, Al, this does include G5 shipments to Europe. Sorry. Albert Miranda: Yeah, so some of it does come back to the U.S. We lose trail of it, so it does go to the U.K., it does go through the European market, but some of it comes back to the U.S., and unfortunately, we do not have that see-through data for the Albert Miranda: the Albert Miranda: cameras that are coming back into the U.S. Sam Rubin: Okay. So just a follow-up Sam Rubin: okay. Austin Moeller: So you talked a little bit about the opportunity to make up to 17-inch diameter Black Diamond lenses and going after Golden Dome and military ISR. Are you also looking at building the lenses for optical satellite links? Sam Rubin: Yeah. We do that already. We have a quite a good business of free-space optical communication between satellites. I think a pretty dominant position in that market, and that actually continues to grow. I think we are in discussion with the customer about increasing capacity for that quite a bit. It is a different type of lenses. Those are much smaller lenses, and it is more, I would say, a classical molded optics business. Austin Moeller: Great. That is very helpful. Nice quarter. Operator: Thank you. Our next question is from Richard Shannon with Craig-Hallum. Richard Shannon: Well, thanks, Sam and Al, for taking my questions, and also congratulations on your great progress here recently. Apologies here, I am on the road today and got on the call late. But, Sam, the first question is really what I heard part of as I was jumping in the line here. You were talking about a three-year window. I am going to have to ask you to repeat that. I want to hear the whole story, and I am sure I will have a follow-on to this. But it seems like a fairly important dynamic of what you are building towards here. So if you can go into that, that would be great, please. Sam Rubin: Yeah. I mean, one needs to feel the differentiator hardly ever lasts forever. And so in my view, differentiation is something we need to continue to add on and innovate and acquire or develop. But the current differentiators, we have a window of opportunity where everyone is struggling with germanium. We have our solutions that right now put us at an incredible place. I am sure people are not sitting back and just accepting it, and there is some work elsewhere to either develop other materials or develop other supply chains for germanium. And while our materials still outperform germanium in many of the cases, there are going to be some customers that will be more Sam Rubin: competitive with us Sam Rubin: once they have supply of germanium, and I expect that to be no earlier than three years, probably five years. So to be on the cautious side, I am saying a three-year window in which we really have the runway to go out and capture significant market. Now the beautiful thing about defense is once you are in, you are in. So in the three years, programs we win, we are going to be in them for the lifetime of programs. And once people start using and seeing the differentiation and the quality of our materials, they are not going to go back to germanium as easily. Sam Rubin: But Sam Rubin: you know, no advantage is forever, so we need to be aware of that and just prepare accordingly. Richard Shannon: Okay. Well, that is a very helpful way to understand and couch that. Maybe taking that understanding here and also using some wording that Al used about directing your resources here. Obviously, that is creating a level of urgency, which I am sure was already there anyway. But trying to make sure that you capture all these opportunities while you have the advantage, where are you pointing these resources? Where do you have most constraints both, you know, material systems in terms of manufacturing capacity, partnerships, headcount, whatever? Where are you most worried? What is your greatest focus? What is your longest-term, you know, your longest poles in the tent you are working rapidly towards solving? Sam Rubin: I would say capacity and product development. So product development is a certain type of investment. It obviously is a bit more impactful on the P&L than it is on the balance sheet and such, and it is more of an acceleration to try and capture as much as we can in terms of product. So G5 has a great position in the long-range imaging. We want to capture more than that, probably down to low. Sam Rubin: And Sam Rubin: sorry, Sam Rubin: And in terms of capacity, it is pretty much across the board, but glass has been a constraint, and we have been adding a lot, as we have been saying, and this acquisition lets us add more, and we will continue to add. And then assembly and fabrication, different areas, but those—it is more of a one-time sort of catch-up, I think, rather than big spending over the years. Al, anything to add to that? Albert Miranda: I would just say we knew this was coming, and we are as prepared as we can be for it. Richard Shannon: Okay. Fair enough. Maybe my last question, I will jump out of line here. And I do not know if you addressed this before I got on the call here, but obviously, you have been moving towards converting all of your relevant cameras and subsystems and whatever to Black Diamond. And I know you talked about your first camera in the G5 portfolio last quarter here. Do you have any more conversions you have talked about? And what is kind of the plan here, or kind of the time frame by which you can convert all of the relevant cameras over to this, over to Black Diamond? How long is that going to take you to do that? Richard Shannon: Thanks. Sam Rubin: I think within this calendar year, for sure. We are targeting much sooner than that, but let us say, by the autumn is our goal, or end of the autumn. Richard Shannon: Okay. Perfect. I will jump out of line, guys. Thank you. Operator: Okay. Thank you, Richard. Operator: Our next question is from Jaeson Schmidt with Lake Street Capital Markets. Jaeson Schmidt: Hey, guys. Thanks for taking my questions. Jaeson Schmidt: Looking at the Amorphous acquisition, just curious if you could discuss some of the programs they were in, and then how you are thinking about the ability to kind of scale that $3,000,000 run rate that they had. Sam Rubin: Yeah. So Amorphous has really one main customer, Sam Rubin: a large defense prime, that accounts to, I cannot remember exactly, probably 80% of their revenue, give or take. And that is with two major airborne platforms that they are on. I do not want to speak out of line, but I think that on the Amorphous website, which is still up and running, there are some references to which programs, so someone can go there and just find it, so I do not give away information I am not supposed to give. But Amorphous has always only provided material. Brilliant people, incredible team, which we love and enjoy working with, and incredible capabilities in the material science, but it sort of stops there. So you take those and you add all the value adds that LightPath has. We can fabricate components from it. We can mold lenses. So chalcogenide—one of the advantages of these materials is they can be molded—but no one has been molding the Amorphous AMT material. So we can mold them, we can coat them, we can use them in assemblies. So we are sort of opening up the range of offerings by Amorphous to their customers significantly more. And there will also be some situations in which we might use some of Amorphous materials in our systems, but that is less likely. The Black Diamond tends to be a better fit for us. Jaeson Schmidt: Okay. That is helpful. Jaeson Schmidt: And then just looking at gross margin, understanding the dynamics on the strength in Jaeson Schmidt: December, Jaeson Schmidt: how should we be thinking about the March quarter here? Albert Miranda: So we had some favorable events. The engineering contract was a very high-margin contract, Albert Miranda: and so that was favorable and unusual. Albert Miranda: I look at it this way, Jaeson. On a year-to-date basis, we are at 33%. We have been signaling, and I even said it, Albert Miranda: that 35% is our goal. Albert Miranda: So I think if we stay there, we are pretty safe. Jaeson Schmidt: Okay. That is helpful. And then the last one for me, and I will jump back in the queue. Jaeson Schmidt: Obviously, really impressive top line in December. Were you at all impacted by the government shutdown, though? Albert Miranda: No. Jaeson Schmidt: No. Sam Rubin: Yeah. I do not think so. No. Jaeson Schmidt: Perfect. Thanks, guys. Sam Rubin: Thank you. Operator: Our next question is from John Hickman with Ladenburg Thalmann. Hi. Can you hear me okay? I can hear you, John. How are you? Hi. Thanks. My question has basically been answered except I was wondering if you could give us some kind of sense of what the cost difference is to a customer of a 5 mm Black Diamond lens versus a 15. So if I am a customer, John Hickman: for the lens, what do I have to—what is the cost differential to the— Sam Rubin: I do not have the numbers off the top of my head, but it is sort of, you know, obviously it is material difference cost, but what comes into play when you go from something like 5 to 15 in diameter is how many lenses can fit in a coating chamber. So, you know, a coating chamber is a fixed cost, and it costs $5,000 to run a coating, and so if you have 5 mm lenses, you have a boatload of them inside the chamber. If you have 15 mm lenses, you have far less, a third of the amount, and so you have the cost of the coating go up. John Hickman: Okay. Okay. Well, thank you. That is helpful. Congratulations on the quarter, and I will take the rest of my questions offline. Thanks, John. Sam Rubin: Thank you. Operator: Thank you. This concludes our question-and-answer session. I would now like to turn the call back over to Mr. Sam Rubin for his closing remarks. Sam Rubin: Okay. I guess my second closing remark is that, yeah, so to summarize where we stand, we have completed transformation from component to vertically integrated system company. Yet another record backlog and a record revenue quarter—keep breaking the record, which is nice. We have a well-capitalized balance sheet now, strong technology position, very good positioning in terms of the NDAA deadline and the FCC ruling, and, really, now it is about execution: shipping products on time, converting backlog to revenue, expanding margin, and improving bottom line. So thank you, everybody. Looking forward to speaking to you next quarter, or for those that will be joining us on our virtual Investor Day call in two weeks’ Sam Rubin: time. Sam Rubin: Thank you, and good night. Operator: This concludes today’s conference. You may disconnect your lines at this time. Thank you for your participation. Before you buy stock in LightPath Technologies, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and LightPath Technologies wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $443,353!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,155,789!* Now, it’s worth noting Stock Advisor’s total average return is 920% — a market-crushing outperformance compared to 196% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of February 11, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. LightPath (LPTH) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

This article first appeared on GuruFocus. Release Date: February 11, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. LightPath Technologies Inc (NASDAQ:LPTH) reported a 120% increase in revenue for Q2 2026, reaching $16.4 million compared to $7.4 million in the same quarter last year. The company achieved a gross profit increase of 212%, with gross margins improving to 37% from 26% in the previous year. The acquisition of G5 Infrared has been a significant growth driver, contributing to over $80 million in new orders. LightPath Technologies Inc (NASDAQ:LPTH) successfully raised $65 million in net proceeds, strengthening its financial position for future investments. The company has completed its transformation into a vertically integrated provider of high-value infrared optics and camera systems, aligning with defense procurement trends. Operating expenses increased significantly to $14.6 million in Q2 2026, up from $4.4 million in the same quarter last year, partly due to the G5 earnout liability adjustment. The net loss for the quarter was $9.4 million, primarily due to the change in fair value of acquisition liabilities related to G5. Despite the revenue growth, the company still faces challenges in converting all relevant cameras to Black Diamond materials within the desired timeframe. The integration of G5 and the acquisition of Amorphous Materials have led to increased costs, including M&A expenses and higher personnel costs. The company acknowledges a limited window of opportunity (3-4 years) to capitalize on its current market advantages before competitors catch up. Warning! GuruFocus has detected 6 Warning Signs with LPTH. Is LPTH fairly valued? Test your thesis with our free DCF calculator. Q: Sales to Europe were significantly greater this quarter. Is this due to one specific customer or NATO spending in your facility in Latvia? Are these specifically camera products like the G5? A: It's primarily due to NATO spending in defense in Europe and Israel. These are not yet camera systems, but it does include G5 shipments to Europe. Some of it comes back to the US, but we don't have detailed data on that. Q: Are you looking at building lenses for optical and satellite wings, especially with the opportunity to make up to 17-inch diameter black diamond lenses? A: Yes, we already have a strong business in free space optical communication between satellites and hold a dominant position in that market. We are in discussions with customers about increasing capacity for this segment. Q: You mentioned a 3-year window of opportunity. Can you elaborate on this timeframe and its significance? A: Our current differentiators, particularly our germanium alternatives, give us a significant advantage. However, competitors are working on solutions, and we estimate a 3-year window to capture significant market share before they catch up. Once we secure defense contracts, we expect to maintain our position due to the quality of our materials. Q: Where are you focusing your resources given the urgency to capture opportunities? A: Our focus is on capacity and product development. We are investing in product development to capture more market share, particularly in long-range imaging. Capacity constraints, especially in glass production, are being addressed through acquisitions and expansions. Q: What is the timeline for converting all relevant cameras and subsystems to black diamond? A: We aim to complete the conversion within this calendar year, targeting completion by the autumn. Q: Can you discuss the programs Amorphous Materials was involved in and how you plan to scale their $3 million run rate? A: Amorphous Materials primarily serves a large defense prime with two major airborne platforms. We plan to expand their offerings by leveraging LightPath's capabilities in fabricating components, molding lenses, and integrating them into assemblies. Q: How should we think about gross margin for the March quarter? A: We had favorable events in the December quarter, such as a high-margin engineering contract. Year-to-date, we're at 33% gross margin, and our goal is to maintain around 35%. Q: Were you impacted by the government shutdown? A: No, we were not impacted by the government shutdown. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

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: 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: 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. 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. 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, net — — 120,234 1,203 (1,203) — — — Exercise of warrants — — 739,730 7,397 (7,397) — — — Issuance of common stock under public equity placement — — 8,912,500 89,125 65,251,709 — — 65,340,834 Stock-based compensation on stock options, RSUs & RSAs — — — — 348,986 — — 348,986 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 & RSAs, net — — 70,309 703 (703) — — — Issuance of common stock for acquisition of Visimid — — 279,553 2,796 318,562 — — 321,358 Stock-based compensation on stock options, RSUs & RSAs — — — — 264,475 — — 264,475 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 & RSAs, net — — 229,097 2,291 (2,291) — — — Shares issued as compensation — — 49,000 490 89,180 — — 89,670 Stock-based compensation on stock options, RSUs & RSAs — — — — 231,581 — — 231,581 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 View original content to download multimedia:https://www.prnewswire.com/news-releases/lightpath-technologies-reports-fiscal-2026-second-quarter-financial-results-302685505.html