LYTS

MKT CAP:$692M

LSI Industries Inc.

Market Cap

$692M

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

Technology·Hardware,·🇺🇸·NASDAQ

Stock Price

$20.71+$2.24 (+12.13%)

Apr 22, 2026

Company Details

LSI Industries Inc. manufactures and sells non-residential lighting and retail display solutions in the United States, Canada, Mexico, Australia, and Latin America. It operates in two segments, Lighting and Display Solutions. The Lighting s...

CEO

James A. Clark

IPO Date

Mar 12, 1985

Website

www.lsicorp.com

Key Metrics TTM

Revenue

$610M

+11.4% YoY

Net Income

$24M

EPS (Diluted)

$0.74

Free Cash Flow

$38M

Revenue / Share

$18.83

Gross Margin

25.6%

Operating Margin

5.9%

Net Margin

3.9%

FCF Margin

6.2%

P/S

1.1x

P/E

29.0x

Earnings Reports

Q3 2026

Apr 23, 2026

NEW

$151M+13.6%EPS $0.05

Q2 2026

Feb 9, 2026

$147M-0.5%EPS $0.20

Q1 2026

Nov 7, 2025

$157M+13.9%EPS $0.23

FY 2025

Sep 11, 2025

$573M+22.1%EPS $0.79

Q4 2025

Sep 11, 2025

$155M+20.2%EPS $0.26

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 22	$127M	$32M	$7M
Q1 23	$127M	$35M	$10M
Q2 23	$129M	$34M	$9M
Q3 23	$117M	$32M	$8M
Q4 23	$124M	$36M	$10M
Q1 24	$123M	$37M	$11M
Q2 24	$109M	$32M	$8M
Q3 24	$108M	$31M	$8M
Q4 24	$129M	$34M	$9M
Q1 25	$138M	$34M	$9M
Q2 25	$148M	$35M	$8M
Q3 25	$132M	$33M	$6M
Q4 25	$155M	$40M	$12M
Q1 26	$157M	$40M	$11M
Q2 26	$147M	$36M	$9M
Q3 26	$151M	$40M	$4M

Valuation

Quarter	P/S	P/E
Q4 22	1.5x	46.1x
Q1 23	1.5x	38.1x
Q2 23	1.4x	32.2x
Q3 23	1.4x	30.7x
Q4 23	1.4x	26.9x
Q1 24	1.4x	25.2x
Q2 24	1.5x	25.6x
Q3 24	1.5x	25.0x
Q4 24	1.5x	27.7x
Q1 25	1.4x	29.3x
Q2 25	1.3x	29.6x
Q3 25	1.3x	31.6x
Q4 25	1.2x	28.4x
Q1 26	1.2x	27.7x
Q2 26	1.2x	27.0x
Q3 26	1.1x	29.0x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 22	$4M	$3M
Q4 22	$9M	$8M
Q1 23	$11M	$10M
Q2 23	$9M	$9M
Q3 23	$12M	$12M
Q4 23	$17M	$16M
Q1 24	$11M	$9M
Q2 24	$9M	$7M
Q3 24	$12M	$11M
Q4 24	$11M	$10M
Q1 25	$12M	$11M
Q2 25	$10M	$9M
Q3 25	$7M	$6M
Q4 25	$9M	$9M
Q1 26	$676.0K	-$291.0K
Q2 26	$25M	$23M

Capital Expenditures

Quarter	CapEx
Q3 22	$531.0K
Q4 22	$846.0K
Q1 23	$434.0K
Q2 23	$561.0K
Q3 23	$759.0K
Q4 23	$1M
Q1 24	$1M
Q2 24	$2M
Q3 24	$1M
Q4 24	$762.0K
Q1 25	$759.0K
Q2 25	$1M
Q3 25	$690.0K
Q4 25	$950.0K
Q1 26	$967.0K
Q2 26	$2M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 22	+31.4%	+25.3%
Q1 23	+19.4%	+14.8%
Q2 23	+15.9%	+12.2%
Q3 23	+6.7%	+4.6%
Q4 23	-3.0%	-5.7%
Q1 24	-2.9%	-4.0%
Q2 24	-15.4%	-15.5%
Q3 24	-7.9%	-8.4%
Q4 24	+4.3%	+5.8%
Q1 25	+11.9%	+14.7%
Q2 25	+35.5%	+37.6%
Q3 25	+22.5%	+25.6%
Q4 25	+20.2%	+19.3%
Q1 26	+13.9%	+13.4%
Q2 26	-0.5%	-1.0%
Q3 26	+13.6%	+16.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 22	$780.0K	0.7%
Q4 22	$822.0K	0.6%
Q1 23	$551.0K	0.4%
Q2 23	$864.0K	0.7%
Q3 23	$990.0K	0.8%
Q4 23	$1M	1.2%
Q1 24	$1M	1.0%
Q2 24	$855.0K	0.8%
Q3 24	$974.0K	0.9%
Q4 24	$902.0K	0.7%
Q1 25	$1M	0.8%
Q2 25	$1M	0.8%
Q3 25	$1M	0.8%
Q4 25	$1M	0.7%
Q1 26	$1M	0.7%
Q2 26	-$229.0K	-0.2%

OpEx Breakdown

Quarter	R&D	SG&A
Q4 22	—	$25M
Q1 23	—	$25M
Q2 23	—	$25M
Q3 23	—	$24M
Q4 23	—	$26M
Q1 24	—	$26M
Q2 24	—	$24M
Q3 24	—	$24M
Q4 24	$4M	$25M
Q1 25	—	$25M
Q2 25	—	$26M
Q3 25	—	$27M
Q4 25	$3M	$28M
Q1 26	—	$29M
Q2 26	—	$27M
Q3 26	—	$56M

Revenue Segments

Quarter	Display Solutions Segment	Lighting Segment
Q3 25	$74M	$59M
Q1 26	$88M	$69M

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 22	$2M	$0	$2M
Q1 23	$9M	$0	$9M
Q2 23	$3M	$0	$3M
Q3 23	$1M	$0	$1M
Q4 23	$2M	$0	$2M
Q1 24	$4M	$0	$4M
Q2 24	$3M	$0	$3M
Q3 24	$7M	$0	$7M
Q4 24	$4M	$0	$4M
Q1 25	$7M	$0	$7M
Q2 25	$5M	$0	$5M
Q3 25	$4M	$0	$4M
Q4 25	$3M	$0	$3M
Q1 26	$7M	$0	$7M
Q2 26	$6M	$0	$6M
Q3 26	$0	$0	$0

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 22	28M	+0.2%	+1.6%
Q1 23	29M	+1.9%	+3.3%
Q2 23	29M	+1.9%	+4.1%
Q3 23	30M	+1.4%	+5.4%
Q4 23	30M	+0.2%	+5.5%
Q1 24	30M	+0.9%	+4.5%
Q2 24	30M	+0.3%	+2.9%
Q3 24	30M	+0.3%	+1.7%
Q4 24	30M	+0.4%	+1.9%
Q1 25	31M	+0.9%	+1.9%
Q2 25	31M	+1.1%	+2.8%
Q3 25	31M	+0.3%	+2.8%
Q4 25	31M	+0.0%	+2.4%
Q1 26	31M	+1.3%	+2.8%
Q2 26	32M	+1.0%	+2.6%
Q3 26	32M	+2.2%	+4.6%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 22	$92.4K	1K
Q1 23	$92.1K	1K
Q2 23	$93.3K	1K
Q3 23	$85.1K	1K
Q4 23	$80.3K	2K
Q1 24	$80.2K	2K
Q2 24	$70.8K	2K
Q3 24	$70.3K	2K
Q4 24	$67.9K	2K
Q1 25	$72.7K	2K
Q2 25	$77.8K	2K
Q3 25	$69.7K	2K
Q4 25	$77.5K	2K
Q1 26	$78.6K	2K
Q2 26	$73.5K	2K
Q3 26	$75.3K	2K

Revenue / Employee