LPTH

MKT CAP:$693M

LightPath Technologies, Inc.

Market Cap

$693M

Technology·Hardware, Equipment & Parts·🇺🇸 United States·NASDAQ

Technology·Hardware,·🇺🇸·NASDAQ

Stock Price

$14.30+$2.58 (+22.01%)

Apr 20, 2026

Company Details

LightPath Technologies, Inc. designs, develops, manufactures, and distributes optical components and assemblies. The company offers precision molded glass aspheric optics, molded and diamond-turned infrared aspheric lenses, and other optica...

CEO

Shmuel Rubin

IPO Date

Feb 22, 1996

Website

www.lightpath.com

Key Metrics TTM

Revenue

$44M

+36.9% YoY

Net Income

-$16M

EPS (Diluted)

-$0.39

Free Cash Flow

-$9M

Revenue / Share

$1.01

Gross Margin

26.8%

Operating Margin

-29.5%

Net Margin

-36.8%

FCF Margin

-20.6%

P/S

15.8x

P/E

—

Earnings Reports

Q1 2026

Nov 12, 2025

$15M+79.3%EPS -$0.07

FY 2025

Sep 25, 2025

$37M+17.3%EPS -$0.36

Q4 2025

Sep 25, 2025

$12M+41.4%EPS -$0.17

Q3 2025

May 20, 2025

$9M+19.1%EPS -$0.09

Q2 2025

Feb 13, 2025

$7M+1.5%EPS -$0.07

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 22	$9M	$3M	-$980.4K
Q3 22	$8M	$3M	-$457.0K
Q4 22	$9M	$3M	-$784.4K
Q1 23	$7M	$2M	-$1M
Q2 23	$8M	$3M	-$556.5K
Q3 23	$7M	$3M	-$960.2K
Q4 23	$10M	$3M	-$802.4K
Q1 24	$8M	$2M	-$1M
Q2 24	$7M	$2M	-$2M
Q3 24	$8M	$2M	-$3M
Q4 24	$9M	$3M	-$2M
Q1 25	$8M	$3M	-$1M
Q2 25	$7M	$2M	-$2M
Q3 25	$9M	$3M	-$3M
Q4 25	$12M	$3M	-$5M
Q1 26	$15M	$4M	-$3M

Valuation

Quarter	P/S	P/E
Q2 22	18.5x	—
Q3 22	19.8x	—
Q4 22	19.5x	—
Q1 23	20.5x	—
Q2 23	21.0x	—
Q3 23	21.6x	—
Q4 23	21.0x	—
Q1 24	20.6x	—
Q2 24	21.3x	—
Q3 24	21.1x	—
Q4 24	21.8x	—
Q1 25	21.6x	—
Q2 25	21.5x	—
Q3 25	20.6x	—
Q4 25	18.6x	—
Q1 26	15.8x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 22	$1M	$1M
Q3 22	$509.8K	$334.5K
Q4 22	$1M	$977.8K
Q1 23	-$415.4K	-$658.7K
Q2 23	-$336.4K	-$504.5K
Q3 23	-$168.9K	-$2M
Q4 23	-$2M	-$3M
Q1 24	$1M	$185.0K
Q2 24	-$289.4K	-$818.8K
Q3 24	-$394.2K	-$802.5K
Q4 24	$64.7K	-$225.5K
Q1 25	-$2M	-$2M
Q2 25	-$737.4K	-$817.8K
Q3 25	-$3M	-$4M
Q4 25	-$3M	-$3M
Q1 26	-$1M	-$1M

Capital Expenditures

Quarter	CapEx
Q2 22	$118.4K
Q3 22	$175.3K
Q4 22	$133.9K
Q1 23	$243.4K
Q2 23	$168.2K
Q3 23	$2M
Q4 23	$752.0K
Q1 24	$955.0K
Q2 24	$529.4K
Q3 24	$408.3K
Q4 24	$290.1K
Q1 25	$79.7K
Q2 25	$80.4K
Q3 25	$420.6K
Q4 25	$681.6K
Q1 26	$77.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 22	-6.8%	+3.6%
Q3 22	-22.4%	-16.8%
Q4 22	+6.9%	-12.5%
Q1 23	-19.1%	-9.5%
Q2 23	-8.3%	-11.7%
Q3 23	-10.8%	-4.5%
Q4 23	+8.7%	+8.2%
Q1 24	+9.6%	+8.4%
Q2 24	-13.7%	+0.8%
Q3 24	+3.9%	+22.8%
Q4 24	-10.8%	+3.4%
Q1 25	+4.0%	+4.8%
Q2 25	+1.5%	+8.9%
Q3 25	+19.1%	+21.5%
Q4 25	+41.4%	+55.4%
Q1 26	+79.3%	+79.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 22	$184.5K	2.0%
Q3 22	$240.3K	2.9%
Q4 22	$283.8K	3.2%
Q1 23	$284.6K	3.9%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$239.8K	2.5%
Q1 24	$240.1K	3.0%
Q2 24	$311.8K	4.3%
Q3 24	$211.4K	2.7%
Q4 24	$255.8K	3.0%
Q1 25	$264.5K	3.1%
Q2 25	$241.5K	3.3%
Q3 25	$239.1K	2.6%
Q4 25	$0	0.0%
Q1 26	$0	0.0%

OpEx Breakdown

Quarter	R&D	SG&A
Q2 22	$552.0K	$3M
Q3 22	$590.4K	—
Q4 22	$516.3K	—
Q1 23	$549.9K	$3M
Q2 23	$466.2K	—
Q3 23	$513.7K	—
Q4 23	$615.7K	—
Q1 24	$639.9K	—
Q2 24	$607.7K	$3M
Q3 24	$570.0K	—
Q4 24	$582.8K	—
Q1 25	$476.4K	—
Q2 25	$764.4K	$3M
Q3 25	$757.9K	—
Q4 25	$1M	—
Q1 26	$867.4K	$4M

Revenue Segments

Quarter	Infrared Products	Pmo	Specialty Products
Q2 22	$5M	$4M	$405.5K
Q3 22	$4M	$4M	$546.5K

War Chest

Quarter	Cash	Short-term Investments	Total
Q3 22	$5M	$0	$5M
Q4 22	$6M	$0	$6M
Q1 23	$4M	$0	$4M
Q2 23	$4M	$0	$4M
Q3 23	$10M	$0	$10M
Q4 23	$5M	$0	$5M
Q1 24	$4M	$0	$4M
Q2 24	$4M	$0	$4M
Q3 24	$3M	$0	$3M
Q4 24	$3M	$0	$3M
Q1 25	$4M	$0	$4M
Q2 25	$3M	$0	$3M
Q3 25	$6M	$0	$6M
Q4 25	$5M	$0	$5M
Q1 26	$12M	$0	$12M
Q2 26	$74M	$0	$74M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 22	27M	+0.1%	+3.4%
Q3 22	27M	+0.1%	+2.5%
Q4 22	27M	+0.0%	+0.9%
Q1 23	27M	+0.1%	+0.3%
Q2 23	27M	+0.4%	+0.6%
Q3 23	35M	+29.3%	+29.9%
Q4 23	37M	+6.3%	+38.0%
Q1 24	37M	+0.3%	+38.3%
Q2 24	38M	+0.2%	+38.0%
Q3 24	38M	+1.3%	+8.2%
Q4 24	39M	+2.3%	+4.1%
Q1 25	40M	+1.8%	+5.7%
Q2 25	40M	+0.4%	+5.9%
Q3 25	41M	+4.1%	+8.9%
Q4 25	43M	+3.7%	+10.4%
Q1 26	43M	+1.0%	+9.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 22	$25.6K	361
Q3 22	$23.0K	361
Q4 22	$26.7K	334
Q1 23	$22.1K	334
Q2 23	$25.4K	334
Q3 23	$22.2K	334
Q4 23	$29.6K	327
Q1 24	$24.7K	327
Q2 24	$22.4K	327
Q3 24	$23.5K	327
Q4 24	$27.3K	316
Q1 25	$26.6K	316
Q2 25	$23.5K	316
Q3 25	$29.0K	316
Q4 25	$34.9K	350
Q1 26	$43.0K	350

Revenue / Employee