LWLG

Interested in Lightwave Logic Inc.? Here are five stocks we like better. Commercialization advanced: Lightwave Logic expanded its Stage 3 customer programs to five, including a Fortune Global 500 company, and expects wafer deliveries from two foundry programs in August. The company is targeting potential volume production for its furthest-along customer program in the second half of 2027. Foundry and manufacturing work accelerated: Three foundry runs are underway, with additional programs planned, while Lightwave Logic continues refining polymer integration, device yields and production processes. The company is also expanding clean-room capacity and hiring for manufacturing scale-up and testing. Spending increased while liquidity remained strong: Second-quarter revenue rose to approximately $33,000, but net loss widened to $6.6 million as research, development and commercialization investments grew. Lightwave Logic ended June with $95.9 million in cash and marketable securities and no debt. Lightwave Logic (NASDAQ:LWLG) said its second-quarter efforts focused on advancing its electro-optic polymer technology from development toward commercialization, with the company expanding its number of Stage 3 customer programs to five and expecting wafer deliveries from two foundry programs in August. President and Chief Executive Officer Yves LeMaitre said the company is targeting the growing need for higher-bandwidth, lower-power optical interconnects in artificial intelligence infrastructure. He said larger and denser AI clusters require networks capable of moving data efficiently among processors, while copper faces practical limits at longer distances and power consumption becomes a larger concern. → SoundHound AI Sends a Loud Signal After Its Q2 Earnings Beat Lightwave Logic’s Perkinamine electro-optic polymers are designed to improve the speed, power efficiency and footprint of silicon photonics devices, according to LeMaitre. He said the company is seeking to integrate its materials into existing foundry and packaging infrastructure rather than requiring a new manufacturing system. LeMaitre said Lightwave Logic has three dedicated foundry runs underway and expects to receive two sets of wafers during August. A third foundry is expected to deliver wafers in the fourth quarter. The company is also preparing a dedicated run with another foundry and is working toward a tape-out later this year. → 3 Dividend Champion Utilities for a Market That Can't Sit Still The company’s foundry ecosystem includes GlobalFoundries, Tower Semiconductor, SilTerra and a fourth unnamed partner. LeMaitre said maintaining multiple foundry relationships gives customers more manufacturing options and supports the long-term scalability of the platform. After wafers arrive, Lightwave Logic will conduct back-end processing that includes polymer deposition, encapsulation, device preparation and characterization testing. The company will work with customers to determine whether devices meet performance requirements and identify any needed changes. → Take-Two’s Q1 Results Leave GTA 6 Bulls Stuck in the Fog of War LeMaitre said the goal of the foundry work extends beyond demonstrating high-bandwidth slot modulators. The company and its partners are working to refine manufacturing processes, improve yield and device performance, and make polymer integration more repeatable as programs move from prototype runs toward qualification and potential volume production. He also cited capacity and process-development pressures at silicon photonics foundries, which are managing rising demand, investments in capacity and the introduction of novel materials. In the question-and-answer portion of the call, LeMaitre said the company is conducting its back-end-of-line integration work internally in Colorado but is engaging external partners to support high-volume production. During the quarter, an unnamed Fortune Global 500 company entered Stage 3 of Lightwave Logic’s design-win process, bringing the total number of Stage 3 programs to five. The new program is initially focused on scale-across transceivers using coherent modulation. LeMaitre said scale-across networking is becoming increasingly important as operators connect campuses located several miles to tens of miles apart into what he described as a virtual data center. Such deployments require ultra-high-speed optical links, dense wavelength division multiplexing and coherent modulation. According to LeMaitre, Stage 3 programs involve customer engineering resources working on prototypes, foundry runs, device processing and testing. The company expects wafer deliveries, back-end processing and chip testing to be key near-term milestones, with the fourth quarter expected to be active for its engineering and customer-facing technical teams. Lightwave Logic is also pursuing commercial arrangements alongside its technical work. LeMaitre said one material supply and licensing agreement is already in place, while negotiations are under way for another agreement with the customer furthest along toward productization. The company’s goal for that program is to begin volume production in the second half of 2027. He cautioned that foundry schedules, design changes, packaging and system testing can affect program timing. In response to a question about customers in earlier stages, LeMaitre said the company’s Stage 1 and Stage 2 pipeline remains strong, but that it has intentionally concentrated technical resources on key customer programs and chip production. Chief Financial Officer Fred Graffam, who recently joined the company, reported second-quarter revenue of approximately $33,000, compared with $26,000 in the prior-year period. As of June 30, Lightwave Logic had approximately $100,000 in deferred revenue to be recognized upon reaching certain milestones under an existing joint development agreement. Net loss was $6.6 million, or $0.04 per share, compared with a net loss of approximately $5 million, or $0.04 per share, in the second quarter of 2025. Research and development expense was approximately $3.9 million, compared with $2.6 million a year earlier. General and administrative expense was approximately $3.4 million, compared with approximately $2.3 million in the prior-year quarter. Cash equivalents and marketable securities totaled $95.9 million at June 30. Cash used in operating activities was approximately $9.9 million in the first six months of 2026, compared with $7.3 million in the comparable 2025 period. Capital expenditures totaled approximately $1.5 million during the first six months of 2026. Graffam said spending reflected investments in device performance, reliability, qualification activities, intellectual property, foundry integrations, manufacturing readiness, customer engagement and organizational infrastructure. The company increased headcount by 25% sequentially during the quarter, with hiring focused on manufacturing scale-up, test engineering and commercial development. Lightwave Logic also invested in equipment and clean-room expansion to increase Perkinamine manufacturing capability and quality-control processes, Graffam said. LeMaitre said the company is training staff and commissioning equipment at its Denver operation as it prepares for a potential production ramp beginning in 2027. Graffam said the company had no debt and believed its roughly $96 million in cash and marketable securities provided financial flexibility to pursue its current organic growth strategy and planned commercialization activities. Lightwave Logic, Inc (NASDAQ: LWLG) is a U.S.-based photonics company focused on the development and commercialization of proprietary electro‐optic polymer materials and devices for high-speed optical communications. The company's core technology platform centers on organic electro-optic polymers that offer low drive voltage, high modulation bandwidth and integration flexibility, enabling next-generation optical interconnects for data centers, telecommunications and emerging photonic computing architectures. Lightwave Logic's product pipeline includes modulators, waveguides and integrated photonic components designed to outperform traditional lithium-niobate and silicon-based solutions in terms of size, power consumption and ease of integration. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Lightwave Logic Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

This article first appeared on GuruFocus. Revenue: Approximately $33,000 for Q2 2026, compared with $26,000 in the prior year period. Deferred Revenue: Approximately $100,000 as of June 30, 2026, to be recognized upon achievement of certain milestones under an existing joint development agreement. Net Loss: $6.6 million, or $0.04 per share, compared with a net loss of approximately $5 million, or $0.04 per share, in Q2 2025. Research and Development Expense: Approximately $3.9 million for the quarter, compared with $2.6 million in the prior year period. General and Administrative Expense: Approximately $3.4 million for the quarter, compared with approximately $2.3 million in the prior year period. Cash and Marketable Securities: $95.9 million at the end of the quarter. Cash Used in Operating Activities: Approximately $9.9 million during the first six months of 2026, compared with $7.3 million in the prior year period. Capital Expenditures: Totaled approximately $1.5 million during the first six months of the year. Warning! GuruFocus has detected 3 Warning Signs with LWLG. Is LWLG fairly valued? Test your thesis with our free DCF calculator. Release Date: August 11, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Expanded to five Stage 3 customers, including a new Fortune Global 500 company, indicating strong commercial interest and progress. Made significant progress with foundry engagements, with four dedicated runs underway and wafers expected from two foundries in August. Strong financial position with $95.9 million in cash and no debt, providing runway to support commercialization efforts. Growing market demand for silicon photonics, as evidenced by foundry partners reporting significant revenue growth, which supports the company's technology adoption. Established a material supply and licensing agreement, with negotiations for a second agreement underway, moving toward commercialization. Revenue remains minimal at $33,000 for the quarter, indicating the company is still in early commercialization stages. Net loss increased to $6.6 million in Q2 2026 from $5 million in Q2 2025, reflecting higher operating expenses. Foundry pressures and delays persist, with some wafers not expected until Q4, potentially impacting timelines. The company faces intense competition and cannot confirm that its polymer technology is the only viable solution for all applications. Customer progression from Stage 1 and 2 to Stage 3 has been slow, with only five Stage 3 programs despite a pipeline of over 15 customers. Q: What are the biggest bottlenecks inside the foundry ecosystem todaycapacity, process development, yield learning, packaging, or test availability?A: Yves LeMaitre (President & CEO) explained that foundries are under pressure to increase capacity, establish new production sites, transition to 300-millimeter wafers, and integrate novel materials like electro-optic polymers. He highlighted that a key bottleneck is the "back end of line" (BEOL) processthe final integration of Perkinamine onto silicon photonic chipswhich is currently done in-house but is being outsourced for high-volume production. The company is working with a lead customer to build a scalable back-end production line to support scaling across Perkinamine production, front-end silicon fabrication, and BEOL processes. Q: Does the current cash balance provide enough runway to reach the targeted production ramp, assuming no major change in the development timeline?A: Fred Graffam (CFO) confirmed that the company strengthened its balance sheet through capital raises in late 2025 and early 2026. With no debt and approximately $96 million in cash and marketable securities at the end of Q2 2026, he stated that the company has the financial flexibility to execute its current organic growth strategy and support its commercialization objectives and planned scale-up activities. Q: What factors are considered when establishing licensing and technology transfer agreements, and what should investors expect in dollar terms?A: Yves LeMaitre (President & CEO) declined to comment on specific dollar values but outlined that the value of agreements will depend on pricing for materials, one-time or recurring licensing fees, and royalties over the contract period. He emphasized that the ultimate value will be driven by the success of customers' products and their ability to win market share and volume allocation with end users, typically hyperscalers and AI networking companies. Q: From a physics standpoint, is Perkinamine the only viable material to advance co-packaged optics (CPO) in scale-up, scale-across, and scale-out applications?A: Yves LeMaitre (President & CEO) avoided making a bold claim, noting that competition is fierce and the industry is assessing various materials. He reiterated that electro-optic polymers offer unique characteristicsultra-fast bandwidth, efficient electro-optic conversion, and compact sizethat bring value across applications. He stated that Lightwave Logic is working with industry leaders to demonstrate Perkinamine's value in all three applications and will continue reporting progress toward design wins and volume production. Q: In January 2026, the company showed more than 15 customers in Stage 1 and two in Stage 2, yet none have moved to Stage 3. Why is this?A: Fred Graffam (CFO) explained that the pipeline of Stage 1 and 2 customers remains strong, but bringing customers to Stage 3 requires confidence from wafer runs at foundry partners. He noted that results from ongoing and planned wafer runs will increase target customers' confidence. Additionally, while the technical team has expanded, the company has intentionally focused on executing key programs in chip design and production for its leading customers. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

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. Management is pivoting from technology development to commercial execution, driven by the urgent need to solve AI interconnect bottlenecks where copper reaches practical limits. The company expanded its pipeline to five Stage 3 customers, including a new Fortune Global 500 partner focused on scale-across transceivers using coherent modulation. Strategic positioning centers on Perkinamine electro-optic polymers, designed to enhance existing silicon photonics platforms without requiring entirely new manufacturing systems. Foundry engagement has matured to four active partners, including GlobalFoundries and Tower Semiconductor, to provide customers with manufacturing flexibility and supply chain redundancy. Performance attribution for the quarter reflects a deliberate shift toward engineering prototypes and back-end-of-line processing rather than just lab-based requirements gathering. Operational growth is being managed through a 25% sequential increase in headcount, specifically targeting manufacturing scale-up, test engineering, and commercial development. Management expects the fourth quarter of 2026 to be a critical technical window as foundry-built devices are tested against specific customer requirements. A new commercial agreement is currently being negotiated with the lead customer, targeting the commencement of volume production in the second half of 2027. The company is preparing for a dedicated run with a fourth unnamed foundry partner, with a tape-out expected later in 2026. Operational readiness for the 2027 ramp includes expanding Perkinamine production in Denver through new equipment commissioning and increased batch sizes. Future revenue growth is dependent on moving programs from prototype runs to qualification and ultimately into volume manufacturing agreements. The company maintains $95.9 million in cash and marketable securities, which management believes provides sufficient flexibility for the current organic growth strategy. Research and development expenses increased to $3.9 million from $2.6 million year-over-year, reflecting intensified investment in device reliability and integration. Deferred revenue of approximately $100,000 is tied to specific milestones under an existing joint development agreement. Capital expenditures of $1.5 million were primarily directed toward production readiness and strengthening IT infrastructure to support future commercial scale. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Foundries are facing pressure from high demand, the transition to 300-millimeter wafers, and the integration of novel materials like electro-optic polymers. Lightwave Logic is currently performing back-end-of-line (BEOL) processing in-house but is working with a lead customer to outsource this for high-volume production. Management declined to provide specific dollar values, noting that agreements will include material pricing, licensing fees, and royalties. Long-term value is tied to the customers' ability to win market share with hyperscalers and AI networking companies. The transition depends on the results of ongoing foundry wafer runs, which increase customer confidence in specific manufacturing paths. Management has intentionally focused technical resources on lead customers to ensure execution on the most advanced programs. Management acknowledged fierce competition but highlighted Perkinamine's unique combination of ultra-fast bandwidth, compact size, and low power. The material is being tested across all three critical AI networking architectures: scale-up, scale-out, and scale-across.

ENGLEWOOD, CO / ACCESS Newswire / August 3, 2026 / Lightwave Logic, Inc. (NASDAQ:LWLG) (the "Company"), a technology platform company leveraging its proprietary electro-optic (EO) polymers to enable next-generation photonic devices, today announced it will host its Second Quarter 2026 Financial Results and Business Update Call at 8:30 a.m. Eastern Time on Tuesday, August 11, 2026. The conference call will be webcast live via the ‘Investors' section of the Company's website at www.lightwavelogic.com. The call will include a question-and-answer session, and investors are welcome to send questions to [email protected]. Interested parties may access the webcast within the ‘Events & Presentations' section of the website or register at the following link (registration link). A webcast replay will be made available on the Company's website shortly after the conclusion of the call. About Lightwave Logic, Inc. Lightwave Logic, Inc. (NASDAQ:LWLG) www.lightwavelogic.com is a technology platform company leveraging its proprietary engineered electro-optic (EO) polymers to transmit data at higher speeds with less power in a small form factor. The Company's high activity and high stability organic polymers allow it to create next-generation photonic EO devices that convert data from electrical signals into light/optical signals for applications in telecommunications, and for data transmission potentially used to support generative AI. Safe Harbor Statement The information posted in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by use of the words "may," "will," "should," "plans," "explores," "expects," "anticipates," "continue," "estimate," "project," "intend," and similar expressions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, lack of available funding; general economic and business conditions; competition from third parties; intellectual property rights of third parties; regulatory constraints; changes in technology and methods of marketing; delays in completing various engineering and manufacturing programs; changes in customer order patterns; changes in product mix; success in technological advances and delivering technological innovations; shortages in components; production delays due to performance quality issues with outsourced components; those events and factors described by us in Item 1.A "Risk Factors" in our most recent Form 10-K and 10-Q; other risks to which our company is subject; other factors beyond the company's control. Contacts: Nick Teves or Ross Collins Alpha IR Group for Lightwave [email protected] SOURCE: Lightwave Logic View the original press release on ACCESS Newswire

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. Management attributes the significant expansion of their addressable market to the 'AI revolution,' which has shifted optical interconnects from a specialized niche to a foundational requirement for hyperscale data centers. The company's strategy focuses on enhancing rather than competing with silicon photonics, positioning their Perkinamine polymer as a performance-boosting material for the industry's dominant integration platform. The Serviceable Addressable Market (SAM) estimate was revised upward to approximately $2 billion to $4 billion, reflecting accelerated demand for 1.6T and 3.2T transceivers and co-packaged optics. Operational progress is currently gated by industry-wide silicon photonics foundry constraints, with high demand for wafers leading to longer-than-normal tape-out and fabrication cycle times. The company has successfully transitioned four Fortune 500 customers to the prototyping stage, with expectations to add one or two more Tier 1 customers by the end of Q3 2026. Technical validation reached a milestone with the successful passing of Telcordia-related stress testing, addressing historical industry skepticism regarding the long-term thermal stability of organic polymer materials. Management anticipates receiving multiple devices from foundry partners during the second half of 2026, which will serve as a precursor to manufacturing transitions. Negotiations are underway for a new material supply and licensing agreement with a lead customer to support high-volume production projected to begin in 2027. The company expects current foundry capacity and equipment constraints to gradually dissipate over the next 12 months as new investments and players balance market supply. Strategic focus is shifting toward embedding polymer modulator technology into standardized Process Design Kits (PDKs) to enable seamless customer access at major foundries like Tower Semiconductor and GlobalFoundries. Future revenue growth is predicated on a transition from R&D to a high-volume IP licensing model, supported by a recently strengthened cash position of approximately $100 million. The company utilized its shelf registration to increase cash on hand to approximately $100 million as of May 11, 2026, providing a multi-year runway for commercialization. R&D expenses increased to $3.5 million, reflecting intensified investment in device performance, reliability validation, and foundry integration activities. The engagement of Michael Best was highlighted as a strategic move to defend and monetize a broad IP portfolio covering the entire electro-optic polymer technology stack. Net loss for the quarter was $6.3 million, driven by organizational scaling and customer engagement activities necessary for the 2027 production ramp. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management stated that TFLN may struggle with 'scale-up' and Co-Packaged Optics (CPO) because the material footprint is too large for the limited real estate at the edge of switch ASICs. Perkinamine polymers are positioned as the only platform capable of addressing all three AI subsegments: scale-up, scale-out, and scale-across. Management declined to comment on specific project interruptions due to NDAs but characterized the acquisition as a validation of plasmonic solutions for speeds beyond 400G. The company expressed intent to work toward deserving Marvell's business as a Tier 1 customer moving forward. A new Perkinamine production line is currently being commissioned in Denver, including the hiring of specialized process personnel. Management confirmed they have not yet engaged in developing a redundant manufacturing infrastructure outside of the Denver facility. The company currently performs back-end-of-line (BEOL) processes, such as polymer deposition and encapsulation, in-house in Denver. Management is in discussions with multiple partners regarding high-volume manufacturing for these processes but did not provide a specific timeline for foundry-level integration.

On Wednesday, Lightwave Logic (NASDAQ:LWLG) discussed first-quarter financial results during its earnings call. The full transcript is provided below. Benzinga APIs provide real-time access to earnings call transcripts and financial data. Visit https://www.benzinga.com/apis/ to learn more. Access the full call at https://viavid.webcasts.com/starthere.jsp?ei=1759268&tp_key=aa37bf88c1 Lightwave Logic Inc reported a revenue of $29,000 for Q1 2026, marking a 27% year-over-year increase, with a net loss of $6.3 million. The company emphasized the importance of its electro optic polymer platform in addressing AI infrastructure challenges, highlighting growing market opportunities in AI and data center optical transceiver markets projected to reach $47 billion by 2028. Key strategic initiatives include strengthening customer engagement, with four major customers at the prototyping stage, and expanding manufacturing capabilities in Denver to support high volume production. The company is focusing on integrating its technology with the silicon photonics ecosystem, positioning itself as complementary to silicon photonics rather than a competitor. Lightwave Logic Inc maintains a strong cash position with approximately $100 million, supporting its strategic initiatives and long-term growth plans. OPERATOR Ladies and gentlemen, greetings and welcome to Lightwave Logic Inc Q1 2026 financial results and Business Update Conference call. At this time, all participants are in the listen only mode. A brief question and answer session will follow the formal presentation. If anyone requires operator assistance during the conference call, please signal the operator by pressing star and zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host for today, Ryan Coleman, Investor Relations. Please go ahead. Ryan Coleman (Investor Relations) Thank you Operator and good afternoon everyone. Thanks for joining us today for Lightwave Logic Inc first quarter 2026 financial results and Business Update Call. I'm joined on today's call by Lightwave Logic Inc President and Chief Executive Officer Eve Lumet. Please note that this call is in listen only mode for the duration of the call and that a replay will be posted to the company's website shortly after the call concludes. Some of the matters we'll discuss on this call, including statements and our business outlook, are forward looking and as such, this call speaks only as of today, May 13th, 2026. Such statements may be considered forward looking statements within the meaning of the Private Securities Litigation Reform act of 1995. The matters discussed on this call are subject to known and unknown risks and uncertainties, and these risks and uncertainties could cause actual operating results to differ materially from those expressed in the call. A more detailed description of the risks our company faces is more fully described by the company under the caption risk factors included in our most recent Form 10-K and Form 10-Q. As always, Lightwave Logic Inc assumes no obligation to update the information presented on this conference call. Lastly, you are cautioned that any time sensitive information may no longer be accurate at the time of replay listening or transcript reading. With that, I'll turn the call over to Eve. Eve Lumet (President and Chief Executive Officer) Good afternoon and thank you for joining us today. We appreciate the continued support of our shareholders, partners, employees and everyone following Lightwave Logic as we advance our mission. During one of the most transformative periods in technology history, the world is currently experiencing a profound AI revolution. Artificial intelligence is no longer an emerging concept, it is becoming the foundational driver of innovation, productivity and global economic growth. From hyperscale data centers to edge computing and next generation AI factories, AI is reshaping how information is created, processed, transmitted and consumed. At the center of this transformation is a growing the need for dramatically faster, more efficient and scalable data movement. AI connectivity is becoming just as critical as computing power itself. As AI models grow exponentially in size and complexity, traditional electronic interconnects are approaching their physical limits and need to be replaced by photonic solutions. This is where the convergence of semiconductors and photonics becomes essential. The future of AI infrastructure will depend on technologies that can deliver higher bandwidth, lower power consumption, increased density and scalable manufacturing solutions, as demonstrated by major financial investments in several optical and semiconductor companies and the high MNA activity in the sector. Photonics is recognized as a critical technology for the next generation of AI networking architectures and we believe that Lightwave Logic Inc is uniquely positioned at the intersection of these two worlds. Our Perkinamine electro-optic polymer platform was designed precisely for this evolution. By combining the scalability of semiconductor manufacturing with the performance advantages of advanced photonics, we believe that Lightwave Logic Inc is positioned to help address some of the most important challenges facing AI infrastructure over the coming decade. Over the past year we have remained focused not only on advancing our technology, but also on strengthening execution across the company. We recognize the importance of credibility, transparency and disciplined operational progress. We have worked hard to restore confidence through measurable execution, technical advancement, stronger ecosystem engagement and a continued focus on commercial readiness. While we are satisfied with the meaningful progress we've made, we also recognize that our work continues. Our commitment remains clear to demonstrate steady and sustainable progress across the technical, commercial and operational dimensions of the business. First, let's take a look at our progress towards commercialization and revenue generation. Our primary target market keeps expanding rapidly. If we compare the updated market opportunity to what we presented about a year ago, the evolution is quite significant and we believe it reflects the extraordinary acceleration taking place across AI infrastructure and optical networking markets a year ago. Our TAM for 2028 analysis highlighted approximately 24 billion in combined addressable markets across AI, data center and telecom application with a serviceable addressable market (SAM) estimated at approximately $1 to $2.5 billion for electro-optic polymer modulators, depending on the level of integration. At that time, the industry was already recognizing the importance of photonics and high speed interconnects, but the scale and urgency of AI driven infrastructure demand had not yet fully emerged. Over the last 12 months, however, the market environment has evolved dramatically. Today, AI has clearly become the primary driver of networking infrastructure. The rapid scaling of large language models, AI clusters, XPU to XPU communications and co packaged optics architectures has materially increased projected bandwidth requirements across the industry. That acceleration is reflected directly in our updated TAM analysis. Our AI and data center combined optical transceiver time alone in 2028 has expanded from approximately 17 billion to approximately 47 billion, driven by a substantial increase in projected deployments of 1.6 terabit and 3.2 terabit transceivers and co package optics operating at 200 Gbps and beyond per lane. In addition, the demand for high speed coherent or coherent light pluggable transceivers is now fast growing with Data Center Interconnect (DCI) or scale across inter campus connections. As a result of these industry dynamics, our estimated serviceable addressable market has also expanded meaningfully from approximately 1 to 2.5 billion previously to an estimated range of approximately $2 to $4 billion today. Let's look in more detail at our progress on the customer front. We continue to see encouraging growth in customer engagement and market traction as industry participants increasingly evaluate novel materials to address the performance and power challenges associated with AI networking. In particular, the performance, size and manufacturing challenges of indium phosphide based EML transceivers for scale out and thin film lithium niobate modulators for scalocross continue to open new doors for electro-optic polymers following the recently announced acquisition of Polariton by Marvell, we now have four major customers, all Fortune 500 or Fortune Global 500 companies. At stage three or prototyping of our Design Win pipeline, we expect one or two additional tier one customers to reach stage three before the end of the third quarter of 2026. Today, one of the primary factors affecting the pace of new customer engagement and our progression to stage four or manufacturing is the exceptionally strong demand for silicon photonic wafers and devices. The rapid expansion of AI infrastructure has placed significant pressure on the limited number of foundries capable of supporting advanced silicon photonics manufacturing at scale. As a result, wafer tape out and fabrication cycle times are longer than normal. This is particularly true for emerging technologies such as electro-optic polymers where foundries must allocate specialized tools and engineering resources while balancing existing production commitments and capacity expansion. Despite these industry wide supply constraints, we continue to make steady progress with our customers. We expect to receive multiple device multiple devices from our foundry partners during the third and fourth quarter of 2026. In parallel, we are negotiating a new material supply and licensing agreement with one of our lead customer to support high volume production which is anticipated to begin in 2027. As a background to our increased success with customers, let me highlight a structural technology shift taking place in our industry today. The rapid emergence of silicon photonics as the preferred integration platform for optical interconnects over the past several years, the optical transceiver market has evolved from a specialized communication market into a foundational enabling technology for hyperscale cloud and AI. What we are seeing now is that silicon photonics is clearly winning the Integration Platform transition Industry forecasts project that the optical transceiver market could grow to more than $$70 billion by 2030 represent a very significant growth trajectory over the next several years. More importantly, silicon photonics is expected to become the dominant technology platform within that market, growing from approximately 23% market share in 2021 to an estimated greater than greater than 70% market share by 2030. There are several reasons driving this transition. First, silicon photonics enables higher levels of integration and scalability that align very well with the semiconductor manufacturing ecosystem. As AI clusters continue to scale, bandwidth requirements increase exponentially. The industry needs technology that can support very high volume manufacturing, tighter integration with electronic ICs and improved power efficiency. Second, silicon photonics provides a pathway towards CO package optics and advanced optical interconnect architectures which are becoming increasingly important as conventional electrical interconnect solutions based on copper encounter power density and bandwidth limitations. The level of strategic investment and acquisition activity we are seeing across the industry strongly validates this transition. Companies including AMD, Marvell, Samsung Global Foundries, CREDO and others are making significant investment in silicon photonics capabilities, optical integration technologies and co package optics platform. These are not isolated developments, they reflect a broad industry consensus that optical integration with silicon will be critical for the future. This trend is highly relevant to Lightwave Logic Inc. Our electro-optic polymer platform is not competing against silicon photonics. It is designed to enhance and enable silicon photonics. We believe our materials can provide meaningful performance advantage in areas such as speed, power efficiency, footprint reduction, manufacturability while remaining compatible with silicon photonics and semiconductor ecosystems. In many ways, the increasing adoption of silicon photonics strengthens the strategic relevance of our technology because it expands the overall market opportunity for high performance modulators. One of the most important developments for lightwave logic over the past several years has been the growing adoption and integration of our electro-optic polymer technology within the broader silicon photonics foundry ecosystem,. The industry recognizes that scalable deployment of optical interconnect technologies requires compatibility with established semiconductor manufacturing platforms, standardized process design kits and mature foundry workflows. As a result, our strategy has focused on embedding our polymer modulator technology directly into leading silicon photonics ecosystem through partnerships and PDK integrations with organizations such as Tower Semiconductor, Global Foundry, so the GDS factory ecosystem and Siltera with Duseda Photonics. These integrations are important because they enable designers and customers to access our technology at the foundry of their choice, accelerate development cycles and support future high volume manufacturing pathways. We believe this represents a significant validation of the compatibility and manufacturing of our platform within commercial silicon photonic infrastructure. In addition, our recent announcement regarding the advancement of PDK PDK 1.1 further demonstrates continued progress towards expanding functionality, improving design and supporting ultra high speed device architectures. Collectively, these developments reinforce our view that foundries will play a central role not only in scalable manufacturing, but also in enabling our long term IP licensing and commercialization strategies. We believe that the current capacity, equipment and process constraints experienced at various silicon foundries will gradually disappear over the next 12 months as major investments and entry of new players will balance supply and demand both for new design as well as for production requirements. One quick update on our progress in demonstrating the reliability of electro-optic polymers not just as a novel material but also when integrated integrated into full devices over the past year, Lightwave Logic Inc has continued to make significant technical progress in demonstrating the long term reliability and stability of our electro-optic polymer platform, an important milestone for commercial developed deployment within demanding data center, telecom and AI networking environments. Historically, reliability has been viewed as one of the primary technical challenges associated with organic materials and we believe our recent results demonstrate meaningful progress in addressing those industry concerns. As highlighted in our recent technical updates and press releases, our latest generation materials have successfully passed key tachycardia related stress testing when combined with our proprietary encapsulation approaches validating projected long term thermal stability and and environmental robustness. Our data indicates excellent resistance to critical degradation mechanisms such as loss of polling efficiency, chromophore decomposition and photooxidation under accelerated stress conditions including high temperature and high humidity environments such as 85 degrees Celsius, 85% relative humidity testing. In parallel, we continue advancing both chip level and device level reliability studies to validate long term operational stability under real world integration conditions. We believe our recent reliability results at the device level represent another important step towards commercial readiness. Now let's talk about intellectual property for a minute as we expect this topic to be highly relevant in the future. Electro optic polymers offer what we believe is a highly compelling alternative to traditional modulator materials such as indium phosphide or INP and thin film lithium niobate or TFLN. Electro optic polymers combine several important very high electro optic efficiency, ultra high bandwidth, lower drive voltage, compact device footprints and the potential for significantly reduced power consumption. In addition, polymer materials can be processed using scalable semiconductor manufacturing techniques and integrating with existing silicon photonics platform. Lightwave Logic Inc's intellectual property strategy is designed to build broad and defensible protection across the entire electro-optic polymer technology stack, extending well beyond individual materials to encompass device architectures, fabrication processes, integration methodologies and advanced packaging approaches. Our objective has been to create a comprehensive patent portfolio that supports long term commercialization, reinforces our strategic position within the silicon photonics ecosystem and enables multiple options for monetization including licensing and technology partnerships. Today, our portfolio includes both granted and pending US and international patents covering critical aspects of high performance electro optic, materials modulator and device engineering, semiconductor integration techniques, manufacturing scalability and packaging solution. We believe this broad IP foundation is particularly important as the industry moves towards more complex photonic electronic integration architectures where system level, know how and manufacturability becomes increasingly valuable. Compare competitive differentiators in addition, our recent announcement regarding our engagement with Michael Best further reinforces our commitment to strengthening and expanding our intellectual property position as we continue advancing our commercialization and licensing initiatives. Finally, let me summarize our financial Results for the first quarter of 2026, Lightwavelogic continued to maintain a strong financial position while increasing investments aligned with our technical development, commercialization activities and strategic growth initiatives. Revenue for the quarter was approximately $29,000, representing a 27% year over year increase. Net loss for the quarter was $6.3 million or $0.04 per share compared to a net loss of 4.7 million in the prior year period, while loss per share remained flat year over year. Importantly, our increased operating expenses reflect continued investment in research and development, customer engagement activities, foundry ecosystem, integration, intellectual property expansion and organizational capabilities necessary to support future commercialization efforts. R and D investments increased to $3.5 million as we continued advancing device performance, reliability, validation and integration activities while GNA expenses increased primarily due to strategic operational initiatives. We ended the quarter with a very strong cash position of approximately $75 million in cash and equivalents, providing substantial financial flexibility to support execution of our strategic roadmap and long term growth objectives. Since the end of the first quarter of 2026, we have used up the shelf put in place in August of 2024. As a result, our cash on hand as of May 11, 2026 is approximately $$100 million. In summary, we believe the opportunity in front of us is significant and we remain focused on building long term value for our shareholders while positioning Lightwave Logic Inc to play an important role in the future of AI networking and photonic integration. Now let me turn the call over to Ryan for our Q and A session. Ryan Coleman (Investor Relations) Ryan thanks Eve. When we announced this call, we invited investors to submit questions ahead of time. We'd like to thank the investors who continue to take the time to do so and we appreciate your continued engagement on these calls. Our first question Size is important for Co-Packaged Optics (CPO) and TFLN may struggle because it is too big. Does this change the competitive landscape and does TFLN remain a major competitor today? Eve Lumet (President and Chief Executive Officer) Well first, each one of the AI connectivity sub segments scale up, scale out and scale across can benefit from the characteristics of our Perkinamine materials for scale up and CPO in particular. Size is becoming a fundamental constraint due to the limited real estate available at the edge of the XPU or the switch ASIC for scale out, power speed and size are all critical and finally, scale across is pushing the limits of modulator bandwidth. Electro-optic polymers is one platform that can address all of these applications. Unlike other technologies such as Indium phosphide or TFLN, both having to deal with power size and high volume manufacturing challenges, Well, as you know, this acquisition just closed and we make it a rule of not commenting on the specifics of potential or existing customers under NDA. Let me say though, congratulations to Marvell on acquiring a leader in plasmonic solutions. We envision plasmonics to become a critical technology beyond 400 Gbps. What I can tell you about Marvell is just like any other customers, we will work very hard to deserve their business going forward and we are looking forward in engaging with them. Yes, As we discussed earlier, this is one of our main advantages due to the flexibility of the Perkinamine Electro Optic Polymer platform. As a matter of fact, recently the scale across market has been very active and we are following closely the roadmap for this coherent light, coherent and Data Center Interconnect (DCI) pluggable solution that are pushing the modulator bandwidth requirements. Well, this is a very active program here in Denver. We are setting up a new Perkinamine production line, commissioning new equipment and hiring process and production personnel to be ready to ramp production here in Denver. At this point in time we have not engaged in developing a redundant manufacturing infrastructure. Excellent question. We have not talked publicly about plans for expanding our capacity. Today we are performing in house back end of line, which is a deposition and encapsulation of the polymers. In Denver, we might go to High volume Manufacturing partners in the future. This is a topic we will address in future updates. What I can share at this point in time is that we are talking to multiple partners about this topic. Ryan Coleman (Investor Relations) Thanks, Eve. A brief marketing note before we conclude today's call. The company will be virtually attending the Needham Technology, Media and Consumer Conference tomorrow, May 14th,. Investors that are interested in meeting with the company should contact their Needham representative and also a reminder that the annual shareholder meeting will be held virtually next Thursday, May 21st, at 10:00am Mountain Time. Thank you all again for joining us today. We look forward to sharing our progress and discussing the exciting developments at the company that are underway. Disclaimer: This transcript is provided for informational purposes only. While we strive for accuracy, there may be errors or omissions in this automated transcription. For official company statements and financial information, please refer to the company's SEC filings and official press releases. Corporate participants' and analysts' statements reflect their views as of the date of this call and are subject to change without notice. UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga: LIGHTWAVE LOGIC (LWLG): Free Stock Analysis Report This article Full Transcript: Lightwave Logic Q1 2026 Earnings Call originally appeared on Benzinga.com ﾩ 2026 Benzinga.com. Benzinga does not provide investment advice. 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Image source: The Motley Fool. May 13, 2026, at 4:30 p.m. ET President & Chief Executive Officer — Dr. Yves LeMaitre Head of Investor Relations — Ryan Coleman Need a quote from a Motley Fool analyst? Email [email protected] Ryan Coleman: Thank you, operator, and good afternoon, everyone. for joining us today for Lightwave Logic's First Quarter 2026 financial results and business update call. I am joined on today's call by Lightwave Logic's President and Chief Executive Officer, Dr. Yves LeMaitre. Please note that this call is in listen-only mode for the duration of the call, and that a replay will be posted to the company's website shortly after the call concludes. Some of the matters we will discuss on this call, including statements on our business outlook are forward-looking. And as such, this call speaks only as of today, May 13, 2026. Such statements may be considered forward looking statements within the meaning of the Private Securities Litigation Reform Act of 2000. The matters discussed on this call are subject to known and unknown risks and uncertainties, and these risks and uncertainties could cause actual operating results to differ materially from those expressed in the call. A more detailed description of the risks our company faces is more fully described by the company under the caption Risk Factors Included in our most recent Form 10-K and Form 10 Q. As always, Lightwave Logic assumes no obligation to update the information presented on this conference call. Lastly, you are cautioned that any time sensitive information may no longer be accurate at the time of replay listening or transcript reading. With that, I will turn the call over to Yves. Good afternoon, and thank you for joining us today. Yves LeMaitre: We appreciate the continued support of our shareholders, partners, employees, and everyone following LightwaveLogic as we advance our mission during 1 of the most transformative periods in technology history. The world is currently experiencing a profound AI revolution. Artificial intelligence is no longer an emerging concept. It is becoming the foundational driver of innovation, productivity, and global economic growth. From hyperscale data centers to edge computing and next generation AI factories, AI is reshaping how information is created. Processed, transmitted, and consumed. At the center of this transformation is a growing challenge, the need for dramatically faster more efficient, and scalable data movement. AI connectivity is becoming just as critical as computing power itself. As AI models grow exponentially in size and complexity, traditional electronic interconnects are approaching their physical limits and need to be replaced by photonic solutions. This is where the convergence of semiconductors and photonics becomes essential. The future of AI infrastructure will depend on technologies that can deliver higher bandwidth, lower power consumption, increased density, and scalable manufacturing solutions. As demonstrated by major financial investments in several optical and semiconductor companies, and the high M&A activity in the sector, photonics is recognized as a critical technology for the next generation of AI networking architectures. And we believe that light wave logic is uniquely positioned at the intersection of 2 worlds. Our Perkinamine electro-optic polymer platform was designed precisely for this evolution. By combining the scalability of semiconductor manufacturing with the performance advantages of advanced photonics. We believe that LightwaveLogic is positioned to help address some of the most important challenges facing AI infrastructure over the coming decade. Over the past year, we have remained focused not only on advancing our technology, but also on strengthening execution across the company. We recognize the importance of credibility, transparency, and disciplined operational progress. We have worked hard to restore confidence through measurable execution, technical advancement, stronger ecosystem engagement, and a continued focus on commercial readiness. While we are satisfied with the meaningful progress we have made, we also recognize that our work continues. Our commitment remains clear. Demonstrate steady and sustainable progress across the technical, commercial, and operational dimensions of the business. First, let's take a look at our progress towards commercialization and revenue generation. Our primary target market keeps expanding rapidly. If we compare the updated market to what we presented about a year ago, the evolution is quite significant. And we believe it reflects the extraordinary acceleration taking place across AI infrastructure and optical networking markets. A year ago, our TAM for 2028 analysis highlighted approximately 24 billion in combined addressable markets. Across AI, data center, and telecom applications with a serviceable addressable market or SAM estimated at approximately $1 billion to $2.5 billion for electro optic polymer modulators depending on the level of integration. At that time, the industry was already recognizing the importance of photonics and high speed interconnects. But the--the scale and urgency of AI driven infrastructure demand had not yet fully emerged. Over the last 12 months, however, the market environment has evolved dramatically. Today, AI has clearly become the primary driver of infrastructure. The rapid scaling of large language models, AI clusters, XPU to XPU communications, and co packaged optics architectures has materially increased projected bandwidth requirements across the industry. That acceleration is reflected directly in our updated TAM analysis. For AI and data center combined optical transceiver TAM alone in 2028 has expanded from approximately $17 billion to approximately $47 billion, driven by a substantial increase in projected deployments of 1.6 terabit and 3.2 terabit transceivers and co package optics operating at 200 gigabits per second and beyond, per lane. In addition, the demand for high speed coherent or coherent-lite pluggable transceivers is now fast growing with DCI or scale-across intercampus connections. As a result of these industry dynamics, our estimated serviceable addressable market has also expanded meaningfully. From approximately $1 billion to $2.5 billion previously to an estimated range of approximately $2 billion to $4 billion today. Let's look in more detail at our progress on the customer front. We continue to see encouraging growth in customer engagement and market traction as industry participants increasingly evaluate novel materials to address the performance and power challenges associated with AI networking. In particular, the performance, size, and manufacturing challenges of indium phosphide based EML transceivers for scale-out and lithium niobate modulators for scale-across. Continue to open new doors for electro optic polymers. Following the recently announced acquisition of Polariton, by Marvell, We now have 4 major customers, all Fortune 500 or Fortune Global 500 companies at stage 3 or prototyping of our design win pipeline. We expect 1 or 2 additional tier 1 customers to reach stage 3 before the end of 2026. Today, 1 of the primary factors affecting the pace of new customer engagement and our progression to stage 4 or manufacturing is the exceptionally strong demand for silicon photonic wafers and devices. The rapid expansion of AI infrastructure has placed significant pressure on the limited number of foundries capable of supporting advanced silicon photonics manufacturing at scale. As a result, wafer tape out and fabrication cycle times are longer than normal. This is particularly true for emerging technologies such as electro optic polymers where foundries must allocate specialized tools and engineering resources while balancing existing production commitments and capacity expansion. Despite this industry wide supply constraints, we continue to make steady progress with our customers. Expect to receive multiple device--multiple devices from our foundry partners during 2026. In parallel, we are negotiating a new material supply and licensing agreement with 1 of our lead customers. To support high volume production which is anticipated to begin in 2027. As a background to our increased success with customers, let me highlight a structural technology shift taking place in our industry today. The rapid emergence of silicon photonics as the preferred integration platform for optical interconnects. Over the past several years, the optical transceiver has evolved from a specialized communication market into a foundational enabling technology for hyperscale cloud and AI. What we are seeing now is that Silicon Photonics is clearly winning the integration platform transition. Industry forecasts, project that the optical transceiver market could grow to more than $70 billion by 2030. We present a very significant growth trajectory over the next several years. More importantly, silicon photonics is expected to be become the dominant technology platform within that market. Growing from approximately 23% share in 2021 to an estimated greater than 70% market share by 2030. There are several reasons driving this transition. First, silicon photonics enables higher levels of integration and scalability that align very well with the semiconductor ecosystem. As AI clusters continue to scale bandwidth requirements increase exponentially The industry needs technology that can support very high volume manufacturing, tighter integration with electronic ICs, and improved power efficiency. Second, silicon photonics provides the pathway towards co-packaged optics, advanced optical interconnect architectures, which are becoming increasingly important as conventional electrical interconnect solutions based on copper encounter power density and bandwidth limitations. Level of strategic investment and acquisition activity we are seeing across the industry strongly validates this transition. Companies including AMD, Marvel, Samsung, GlobalFoundries, Credo, and others are making significant investments in silicon photonic capabilities, optical integration technologies, and co-packaged optics platforms. These are not isolated developments. They reflect a broad industry consensus that optical integration with silicon will be critical for the future. This trend is highly relevant to light wave logic. Our electro optic polymer platform is not competing against silicon photonics. It is designed to enhance and enable silicon photonics. Believe our materials can provide meaningful performance advantage in areas such as speed, power efficiency, footprint reduction, and manufacturability, while remaining compatible with silicon photonics and semiconductor ecosystems. In many ways, the increasing adoption of silicon photonics transcends the strategic relevance of our technology because it expands the overall market opportunity for high performance modulators. 1 of the most important developments for light wave logic over the past several years has been the growing adoption and integration of our electro-optic--electro-optic polymer technology within the broader silicon photonics foundry ecosystem. The industry recognizes that scalable deployment of optical interconnect technologies requires compatibility with established semiconductor manufacturing platform. Standardized process design kits, and mature foundry workflows. As a result, our strategy has focused on embedding our polymer modulator technology directly into leading silicon photonics ecosystem through partnerships and PDK integrations. With organizations such as Tower Semiconductor GlobalFoundries, the GDS factory ecosystem, and SilTerra with Lucida photonics. These integrations are important because they enable designers and customers to access our technology at the foundry of their choice. Accelerate development cycles, and support future high volume manufacturing pathways. We believe this represents a significant validation of the compatibility and manufacturing readiness of our platform within commercial silicon photonic infrastructure. In addition, our recent announcement regarding the advancement of PDK 1.1 further demonstrates continued progress towards expanding functionality, improving design, and supporting ultra high speed device architectures. Collectively, these developments reinforce our view that foundries will play a central role. Not only in scalable manufacturing, but also in enabling our long term IP licensing and commercialization strategy. We believe that the current capacity, equipment, and process constraints experienced at various silicon foundries will gradually disappear over the next 12 months. As major investments and entry of new players will balance supply and demand both for new design as well as for production requirement. 1 quick update on our progress in demonstrating the reliability of electro optic polymers, not just as a novel material, but also when integrated into full devices. Over the past year, light wave logic has continued to make significant technical progress. In demonstrating the long term reliability and stability of our electro optic polymer platform, an important milestone for commercial deployment within demanding data center, telecom, and AI networking environments. Historically, reliability has been viewed as 1 of the primary technical challenges associated with organic materials, and we believe our recent results demonstrate meaningful progress in addressing those industry concerns. As highlighted in our recent technical updates and press releases, our latest generation materials have successfully passed key Telcordia related stress testing. When combined with our proprietary encapsulation approaches. Validating projected long term thermal stability and environmental robustness. Our data indicates excellent resistance to critical degradation mechanisms such as loss of polling efficiency, decomposition, and photo oxidation under accelerated stress conditions, including high temperature and high humidity environments such as 85 degrees Celsius, 85% relative humidity testing. In parallel, we continue advancing both chip level and device level reliability studies to validate long term operational stability under real world integration. We believe our recent reliability results at the device level represent another important step towards commercial readiness. Now let's talk about intellectual property for a minute. as we expect this topic to be highly relevant in the future. Electro-optic polymers offer what we believe is a highly compelling alternative to traditional modulator materials such as indium phosphide or INP, and lithium niobate, or TFLN. Electro-optic polymers combine several important advantages. Very high electro optic efficiency ultra high bandwidth, lower drive voltage, compact device footprints, and the potential for significantly reduced power consumption. In addition, polymer materials can be processed using scalable semiconductor techniques and integrated with existing silicon photonics platform. LightwaveLogic's intellectual property strategy is designed to build broad and defensible protection across the entire electro optic polymer technology stack. Extending well beyond individual materials to encompass device architectures, fabrication processes, integration methodologies, and advanced packaging approaches. Our objective has been to create a comprehensive patent portfolio that supports long term commercialization reinforces our strategic position within the silicon photonics ecosystem, and enables multiple options for monetization including licensing and technology partnerships. Today, our portfolio includes both granted and pending U.S. and international patents covering critical aspects of high performance electro-optic materials, modulator, and device engineering, semiconductor integration techniques, manufacturing scalability, and packaging solutions. We believe this broad IP foundation is particularly important as the industry moves towards more complex photonic electronic integration architectures. We have system level know how and manufacturability becomes increasingly valuable competitive differentiators. In addition, our recent announcement regarding our engagement with Michael Best further reinforces our commitment. To strengthening and expanding our intellectual property position as we continue advancing our commercialization and licensing initiatives. Finally, let me summarize our financial results. For the first quarter of 2026, LightwaveLogic continued to maintain a strong financial position while increasing investments aligned with our technical development, commercialization activities, and strategic growth initiatives. Revenue for the quarter was $29 thousand representing a 27% year-over-year increase. Net loss for the quarter was $6.3 million. Or $0.04 per share compared to a net loss of $4.7 million in the prior year period while loss per share remained flat year over year. Importantly, our increased operating expenses reflect continued investment in research and development, customer engagement activities, foundry ecosystem integration, intellectual property expansion, and organizational capabilities necessary to support future commercialization efforts. R&D investments increased to $3.5 million as we continued advancing device performance, reliability validation and integration activities. While G&A expenses increased primarily due to strategic operational initiatives. We ended the quarter with a very strong cash position of approximately $75 million in cash and equivalents. Providing substantial financial flexibility to support execution of our road map. And long term growth objectives. Since the end of 2026, we have used up the shelf put in place in August 2024. As a result, our cash on hand as of May 11, 2026 is approximately $100 million. In summary, we believe the opportunity in front of us is significant and we remain we remain focused on building long term value for our shareholders while positioning LightwaveLogic to play an important role in the future of AI networking and photonic integration. Now let me turn the call over to Ryan for our Q&A session. Ryan? Ryan Coleman: Thanks, Yves. When we announced this call, we invited investors to submit questions ahead of time. We would like to thank the investors who continue to take the time to do so, and we appreciate your continued engagement on these calls. Our first question, size is important for CPO. And TFLN may struggle because it is too big. Does this change the competitive landscape, and does TFLN remain a major competitor today? Yves LeMaitre: Well, first, each 1 of the AI connectivity subsegments scale up scale-out, and scale-across. Can benefit from the characteristics of our Perkinamine materials. For scale-up and CPO in particular, size is a fundamental constraint. constraint due to the limited real estate available at the edge of the XPU or the switch ASIC. For scale-out, power, speed, and size are all critical. and finally, scale-across is pushing the limits of modulator bandwidth. Electro-optic polymers is 1 platform that can address all of these applications unlike other technologies such as indium phosphide or TFLN. Both having to deal with power size and high volume manufacturing challenges. Ryan Coleman: Polariton was a partner on several projects Did the Marvell acquisition of Polariton interrupt any of these projects And do you expect that they will all be pursued? Yves LeMaitre: Well, as this acquisition just closed, and we make it a rule of not commenting on the specifics of potential or existing customers under NDA. Let me say, though, congratulations to Marvell for picking a leader in plasmonic solutions. We envision plasmonics to become a critical technology beyond 400G What I can tell you about Marvell is just like any other customers, we will work very hard to deserve their business going forward, and we are looking forward to engaging with them. Ryan Coleman: Could you confirm that you also address scale-across? Yes. As we discussed earlier, this is 1 of our main advantages due to the flexibility of the Perkinamine electro optic polymer platform. As a matter of fact, recently, the scale-across market has been very active and we are following closely the road map for this coherent-lite, coherent, and DC pluggable solution that are pushing the modulator bandwidth requirements. Our next question is, what is the status of the in house polymer manufacturing equipment personnel and the readiness of a manufacturing source. Yves LeMaitre: Well, this is a very active program here in Denver. We are setting up a new production line, commissioning new equipment, and hiring process and production engineers to be ready to run production here in Denver. At this point in time, we have not engaged in developing a redundant manufacturing infrastructure. Ryan Coleman: And for our last question, what is the status and progress of the back end of line PDKs including ALD encapsulation and testing readiness at Foundry Partners? Yves LeMaitre: Excellent question. We have not talked publicly about our plans for expanding our capacity. Today, we are performing in-house back-end of line, which is a deposition and encapsulation of the polymers. In Denver, we might go to high volume manufacturing or manufacturing partners in the future. This is a topic we will address in future updates. What I can share at this point in time is that we are talking to multiple partners about this topic. Ryan Coleman: Thanks, Yves. A brief marketing note before we conclude today's call. The company will be virtually attending the Needham Technology, Media and Consumer Conference tomorrow, May 14. Investors that are interested in meeting with the company should contact their Needham representative. And also a reminder that the Annual Shareholder Meeting will be held virtually next Thursday, May 21, at 10:00 a.m. mountain time. Thank you all again for joining us today. We look forward to sharing our progress discussing the exciting developments at the company that are underway. Operator: Ladies and gentlemen, the conference call of LightwaveLogic has now concluded. Thank you for your participation, and you may now disconnect. Before you buy stock in Lightwave Logic, 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 Lightwave Logic wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. 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Interested in Lightwave Logic Inc.? Here are five stocks we like better. Lightwave Logic reported a wider Q1 loss, with revenue of about $29,000 and a net loss of $6.3 million, as the company continued investing heavily in R&D, customer engagement and commercialization efforts. Management said its opportunity is expanding with AI networking demand, boosting its 2028 addressable market estimate for AI and data center optical transceivers to about $47 billion, up from roughly $17 billion previously. The company said it has four major Fortune 500/Global 500 customers in prototyping and expects more to reach that stage in 2026, while foundry capacity constraints and longer fabrication cycles remain a bottleneck to scaling production. Lightwave Logic (NASDAQ:LWLG) reported a wider first-quarter loss while outlining progress on customer engagement, foundry integration and commercialization efforts for its electro-optic polymer technology, which management said is increasingly aligned with demand from artificial intelligence networking infrastructure. On the company’s first-quarter 2026 financial results and business update call, President and CEO Yves LeMaitre said Lightwave Logic remains focused on positioning its Perkinamine electro-optic polymer platform for use in next-generation optical interconnects, particularly as AI workloads drive demand for faster and more power-efficient data movement. → Rocket Lab Just Hit a New All-Time High—Time to Buy or Let It Breathe? LeMaitre said AI infrastructure is creating a growing need for higher bandwidth, lower power consumption, increased density and scalable manufacturing. He said traditional electronic interconnects are approaching physical limits and that photonic solutions are becoming more important for hyperscale data centers, edge computing and “next-generation AI factories.” Management said the company’s target market has expanded significantly over the past year as AI networking demands have accelerated. LeMaitre said Lightwave Logic previously estimated a 2028 combined addressable market of about $24 billion across AI, data center and telecom applications, with a serviceable addressable market for electro-optic polymer modulators estimated at roughly $1 billion to $2.5 billion. → MP Materials Is Quietly Building a Rare Earth Powerhouse LeMaitre said the company’s updated analysis now estimates the AI and data center optical transceiver total addressable market alone at about $47 billion in 2028, up from a prior estimate of about $17 billion. He attributed the change to projected deployments of 1.6-terabit and 3.2-terabit transceivers and co-packaged optics operating at 200 gigabits per second and beyond per lane. The company now estimates its serviceable addressable market at approximately $2 billion to $4 billion, compared with the prior range of $1 billion to $2.5 billion. → MercadoLibre Boldly Invests in Growth: Discount Deepens LeMaitre also said demand is increasing for high-speed coherent and “coherent-lite” pluggable transceivers used in data center interconnect and campus-scale connections. Lightwave Logic said it has four major customers, all Fortune 500 or Fortune Global 500 companies, at stage three, or the prototyping phase, of its design-win pipeline. LeMaitre said the figure follows the recently announced acquisition of Polariton by Marvell. The company expects one or two additional Tier 1 customers to reach stage three before the end of the third quarter of 2026. LeMaitre said one factor affecting the pace of customer engagement and progression to stage four, or manufacturing, is strong demand for silicon photonics wafers and devices. He said AI infrastructure growth has placed pressure on the limited number of foundries capable of supporting advanced silicon photonics manufacturing at scale, leading to longer wafer tape-out and fabrication cycle times. Despite those constraints, LeMaitre said Lightwave Logic expects to receive multiple devices from its foundry partners during the third and fourth quarters of 2026. He also said the company is negotiating a new material supply and licensing agreement with one lead customer to support high-volume production, which is anticipated to begin in 2027. Management said Lightwave Logic’s technology is designed to enhance silicon photonics rather than compete with it. LeMaitre cited integrations with Tower Semiconductor, GlobalFoundries through the GDSFactory ecosystem, and Silterra with Luceda Photonics as part of the company’s strategy to embed its polymer modulator technology within silicon photonics foundry workflows. LeMaitre said the company has made technical progress in demonstrating the long-term reliability and stability of its electro-optic polymer platform. He said the latest generation materials have passed key telco-related stress testing when combined with the company’s encapsulation approaches. According to LeMaitre, the company’s data shows resistance to degradation mechanisms including loss of poling efficiency, chromophore decomposition and photooxidation under accelerated stress conditions, including 85 degrees Celsius and 85% relative humidity testing. The company also discussed its intellectual property strategy, which LeMaitre said covers materials, device architectures, fabrication processes, integration methods and packaging approaches. He said Lightwave Logic’s engagement with Michael Best is intended to strengthen and expand the company’s IP position as it advances commercialization and licensing initiatives. During the Q&A portion of the call, LeMaitre said Lightwave Logic is setting up a new Perkinamine production line in Denver, commissioning new equipment and hiring process and production personnel to prepare for a production ramp. He said the company has not yet engaged in developing a redundant manufacturing infrastructure. Asked about back-end-of-line process design kits, encapsulation and testing readiness at foundry partners, LeMaitre said Lightwave Logic currently performs back-end-of-line deposition and encapsulation of polymers in-house in Denver. He said the company may work with high-volume manufacturing partners in the future and is speaking with multiple partners on the topic. For the first quarter of 2026, Lightwave Logic reported revenue of approximately $29,000, up 27% year over year. The company posted a net loss of $6.3 million, or $0.04 per share, compared with a net loss of $4.7 million in the prior-year period. Loss per share was flat year over year. LeMaitre said the company’s higher operating expenses reflected continued investment in research and development, customer engagement, foundry ecosystem integration, intellectual property expansion and organizational capabilities tied to future commercialization efforts. Research and development spending rose to $3.5 million as the company advanced device performance, reliability validation and integration activities. General and administrative expenses also increased, which LeMaitre attributed primarily to strategic operational initiatives. Lightwave Logic ended the quarter with approximately $75 million in cash and equivalents. LeMaitre said that since the end of the quarter, the company had “used up the shelves” put in place in August 2024, and that cash on hand as of May 11, 2026, was approximately $100 million. The company said it will virtually attend the Needham Technology, Media, and Consumer Conference on May 14 and hold its annual shareholder meeting virtually on May 21 at 10:00 a.m. Mountain Time. Lightwave Logic, Inc (NASDAQ: LWLG) is a U.S.-based photonics company focused on the development and commercialization of proprietary electro‐optic polymer materials and devices for high-speed optical communications. The company's core technology platform centers on organic electro-optic polymers that offer low drive voltage, high modulation bandwidth and integration flexibility, enabling next-generation optical interconnects for data centers, telecommunications and emerging photonic computing architectures. Lightwave Logic's product pipeline includes modulators, waveguides and integrated photonic components designed to outperform traditional lithium-niobate and silicon-based solutions in terms of size, power consumption and ease of integration. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Lightwave Logic Q1 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for May 2026.