Lightpath Technologies (LPTH)
NASDAQ:LPTH
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Lightpath Technologies
(NASDAQ:LPTH)
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Rating:53Neutral
Price Target:
$11.00
▼(-4.26% Downside)
Action:ReiteratedDate:02/12/26
The score is held back primarily by weak financial performance (ongoing operating losses, volatile cash flow, and increased annual leverage) and a loss-driven valuation profile (negative P/E). Offsetting these are constructive earnings-call signals—sharp YoY revenue growth, improved margins, positive adjusted EBITDA, strong backlog, and a much stronger cash position—while technicals are mixed with an intermediate uptrend but softer near-term momentum.
Positive Factors
Accelerating revenue growth
A sustained ramp in revenue driven by G5 and assemblies signals real commercial traction across defense and industrial end markets. When growth is driven by program wins and product conversions, it supports durable scale benefits, improving factory utilization and enabling margin expansion if execution continues.
Negative Factors
Persistent operating losses
Despite recent operational improvements, annual results show recurring operating losses and widened net loss. Unless adjusted EBITDA and gross margins sustainably improve and non-cash earnout impacts subside, persistent losses will continue to pressure capital, limit reinvestment capacity, and risk equity erosion over time.
Read all positive and negative factors
Positive Factors
Negative Factors
Accelerating revenue growth
A sustained ramp in revenue driven by G5 and assemblies signals real commercial traction across defense and industrial end markets. When growth is driven by program wins and product conversions, it supports durable scale benefits, improving factory utilization and enabling margin expansion if execution continues.
Read all positive factors
Lightpath Technologies (LPTH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$663.07M
Dividend YieldN/A
Average Volume (3M)2.15M
Price to Earnings (P/E)―
Beta (1Y)1.30
Revenue Growth36.85%
EPS Growth-77.93%
CountryUS
Employees304
SectorTechnology
Sector Strength88
IndustryHardware, Equipment & Parts
Share Statistics
EPS (TTM)-0.20
Shares Outstanding57,708,603
10 Day Avg. Volume2,081,918
30 Day Avg. Volume2,146,736
Financial Highlights & Ratios
PEG Ratio-0.12
Price to Book (P/B)8.05
Price to Sales (P/S)3.38
P/FCF Ratio-13.12
Enterprise Value/Market Cap0.66
Enterprise Value/Revenue8.30
Enterprise Value/Gross Profit28.43
Enterprise Value/Ebitda-130.68
Forecast
1Y Price Target
$15.38Price Target Upside33.86% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)-0.26
Revenue Forecast (FY)$61.65M
Lightpath Technologies Business Overview & Revenue Model
Company Description
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 optical compo...
How the Company Makes Money
LightPath Technologies makes money primarily by selling optical components and subassemblies to OEMs and other customers that integrate these parts into finished laser, imaging, and sensing systems. Key revenue streams include: (1) sales of precis...
Lightpath Technologies Key Performance Indicators (KPIs)
Lightpath Technologies Earnings Call Summary
Earnings Call Date:Feb 11, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:May 07, 2026
Earnings Call Sentiment Positive
The call presented a strong transformation narrative with significant commercial progress: record revenue (+120% YoY), materially improved gross margins (37%), positive adjusted EBITDA, a sizeable backlog (~$98M) weighted toward higher-margin systems, and a fortified cash position (~$73.6M) following a $65M net capital raise. Strategic M&A (G5 and Amorphous Materials) expanded product, capacity, and large-diameter optics capability, aligning the company with NDAA/FCC tailwinds. Primary negatives were a large GAAP net loss driven by a non-cash $7.6M earnout revaluation that will recur through 2027, some customer concentration at the Amorphous business, multi-year timing for space-satellite program revenue, and the need to execute camera conversions and scale capacity. Overall, positive operational and commercial momentum outweigh the accounting-driven and timing risks.Positive Updates
Record Revenue Growth
Q2 FY2026 revenue increased 120% year-over-year to $16.4M from $7.4M, driven largely by G5 and higher sales of assemblies/modules.
Negative Updates
GAAP Net Loss Driven by Earnout Revaluation
Net loss was $9.4M ($0.20/sh) in Q2 FY2026 vs $2.6M ($0.07/sh) prior-year quarter; $7.6M of the increase is due to a non-cash fair-value remeasurement of the G5 earnout liability (will continue through 2027). Excluding the earnout adjustment, net loss would have been $1.8M (an improvement).
Read all updates
Q2-2026 Updates
Positive
Negative
Record Revenue Growth
Q2 FY2026 revenue increased 120% year-over-year to $16.4M from $7.4M, driven largely by G5 and higher sales of assemblies/modules.
Read all positive updates
Company Guidance
The company didn’t give formal external guidance but outlined clear internal targets and resource plans: Q2 revenue was $16.4M (up 120% from $7.4M a year ago) with gross profit $6.0M (37% of sales, year-to-date 33% vs a goal of ≥35% by Q4), adjusted EBITDA +$0.6M (vs a -$1.3M year-ago), and net loss $9.4M ($0.20/sh) which includes a $7.6M G5 earnout revaluation (ex-earnout net loss would be $1.8M); operating expenses were $14.6M (normalized $7.1M vs $4.4M prior). Balance-sheet and capacity metrics supporting growth include cash ~$73.6M (vs $4.9M 6/30/25) from a raise expanded from $40M to $60M (net proceeds ≈$65M), backlog ~$97.8M (~$100M, two‑thirds systems/subsystems), total debt $0.8M after paying $5.4M acquisition notes, G5 bookings >$80M since acquisition (vs $15M revenue prior year), Amorphous adding ~50% glass capacity and capability to melt 10"–17" optics, and an 18–24 month operating plan executed against a three‑year window to capture market share.Lightpath Technologies Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
46
Neutral
Cash Flow
34
Negative
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 52.79M | 37.20M | 31.73M | 32.93M | 35.56M | 38.46M |
| Gross Profit | 15.41M | 10.13M | 8.63M | 11.07M | 11.81M | 13.45M |
| EBITDA | -3.35M | -4.91M | -2.96M | -458.35K | 999.74K | 2.23M |
| Net Income | -22.94M | -14.87M | -8.01M | -4.05M | -3.54M | -3.19M |
Balance Sheet | ||||||
| Total Assets | 148.56M | 81.51M | 48.09M | 53.54M | 50.71M | 54.61M |
| Cash, Cash Equivalents and Short-Term Investments | 73.57M | 4.88M | 3.48M | 4.69M | 5.51M | 6.77M |
| Total Debt | 10.27M | 15.19M | 10.36M | 12.38M | 14.73M | 14.23M |
| Total Liabilities | 70.62M | 65.86M | 17.89M | 17.58M | 20.98M | 21.03M |
| Stockholders Equity | 77.94M | 15.64M | 30.20M | 35.95M | 29.73M | 33.58M |
Cash Flow | ||||||
| Free Cash Flow | -6.26M | -9.59M | -1.66M | -5.89M | -162.49K | 1.57M |
| Operating Cash Flow | -4.21M | -8.33M | 521.04K | -2.81M | 1.46M | 4.73M |
| Investing Cash Flow | -20.53M | -19.74M | -2.67M | -2.87M | -1.63M | -3.16M |
| Financing Cash Flow | 94.62M | 29.30M | -1.47M | 7.46M | -636.17K | -843.43K |
Lightpath Technologies Technical Analysis
Positive
11.49
Price Trends
11.17
Negative
10.14
Positive
7.76
Positive
Market Momentum
-0.26
Positive
50.27
Neutral
35.05
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LPTH, the sentiment is Positive. The current price of 11.49 is above the 20-day moving average (MA) of 10.93, above the 50-day MA of 11.17, and above the 200-day MA of 7.76, indicating a neutral trend. The MACD of -0.26 indicates Positive momentum. The RSI at 50.27 is Neutral, neither overbought nor oversold. The STOCH value of 35.05 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for LPTH.
Lightpath Technologies Risk Analysis
Lightpath Technologies disclosed 31 risk factors in its most recent earnings report. Lightpath Technologies reported the most risks in the "Ability to Sell" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Lightpath Technologies Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
82 Outperform | $238.26M | 18.10 | 20.09% | ― | 12.79% | 23.79% | |
64 Neutral | $161.90M | -268.55 | 0.51% | 2.25% | 6.17% | ― | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
53 Neutral | $663.07M | -13.49 | -70.17% | ― | 36.85% | -77.93% | |
52 Neutral | $78.67M | -29.74 | -391.12% | ― | 69.76% | 43.82% | |
47 Neutral | $204.43M | -4.46 | -9.42% | 5.93% | -9.51% | 29.57% | |
43 Neutral | $46.46M | -35.85 | -14.57% | ― | -1.70% | 17.13% |
* Technology Sector Average
LPTH
Lightpath Technologies
11.49
9.65
524.46%
GNSS
Genasys
1.74
-0.16
-8.42%
MEI
Methode Electronics
5.77
0.36
6.75%
RELL
Richardson Electronics
11.31
2.09
22.64%
LINK
Interlink Electronics
2.95
-0.88
-22.98%
MPTI
M-tron Industries Inc
66.83
24.37
57.40%
Lightpath Technologies Corporate Events
Business Operations and StrategyRegulatory Filings and Compliance
LightPath Technologies Hosts Investor Day, Shares Strategic Update
Neutral
Feb 27, 2026
On February 25, 2026, LightPath Technologies hosted an investor day, meeting with investors, analysts, and other financial community members both in person and virtually to discuss the business. The company made its accompanying investor presentat...
Business Operations and StrategyM&A Transactions
LightPath Technologies Completes Strategic Amorphous Materials Acquisition
Positive
Jan 23, 2026
On January 21, 2026, LightPath Technologies completed the acquisition of substantially all assets of Amorphous Materials, Inc. (AMI), a 50-year-old industrial manufacturer specializing in chalcogenide glass melting, for $7 million in cash plus up ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.