Lightpath Technologies (LPTH) AI Stock Analysis

• Market Cap: $648.64M
• Dividend Yield: N/A
• Average Volume (3M): 3.22M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.11
• Revenue Growth: 36.85%
• EPS Growth: -77.93%
• Country: US
• Employees: 304
• Sector: Technology
• Sector Strength: 88
• Industry: Hardware, Equipment & Parts
• EPS (TTM): -0.20
• Shares Outstanding: 57,708,603
• 10 Day Avg. Volume: 2,753,226
• 30 Day Avg. Volume: 3,222,417
• 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 Cap: -112.60
• Enterprise Value/Revenue: -1.38K
• Enterprise Value/Gross Profit: -4.74K
• Enterprise Value/Ebitda: 21.79K
• 1Y Price Target: $14.50
• Price Target Upside: 20.83% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 5
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 53 Neutral
• Price Target: $11.50 ▼(-4.17% Downside)

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

Revenue growth & backlog

A 120% YoY quarter and a ~$97.8M backlog (two-thirds systems/subsystems) indicate durable commercial traction and multi-quarter revenue visibility. Large, system-weighted orders support higher margin mix and program ramps that can sustain revenue over the next 2–6+ months.

Strategic acquisitions & expanded capacity

Integrating AMI's chalcogenide melting and large-diameter plate tech materially increases vertical integration and supply resilience. Domestic, NDAA-compliant capacity and larger optics capability strengthen competitive positioning in defense, space, and long-range imaging over a multi-year horizon.

Fortified cash position from capital raise

A substantial cash cushion (~$73.6M) provides runway to scale production, fund integrations, and absorb timing lags converting backlog to revenue. This reduces near-term funding risk and enables execution of the 18–36 month operational plan without immediate financing dependence.

Negative Factors

Persistent GAAP net losses

A recurring non-cash earnout remeasurement through 2027 will continue to depress GAAP profitability, masking operating improvement and keeping reported losses elevated. Persistent GAAP losses constrain retained earnings and can limit strategic flexibility until earnout and operating profitability normalize.

Volatile, inconsistent cash generation

Uneven operating and free cash flow raises funding uncertainty despite recent cash inflows. Reliance on sporadic capital raises to finance growth increases dilution and execution risk; sustainable operations require consistent positive FCF which has not yet been demonstrated on an annual basis.

Customer concentration & execution risk

Heavy customer concentration at the acquired Amorphous business and the need to convert G5 cameras and scale production create execution and program concentration risk. Delays or loss of a major customer could materially impact revenue conversion and margin sustainability during integration.

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 components used to produce products that manipulate light. Its products are used in defense products, medical devices, laser aided industrial tools, automotive safety applications, barcode scanners, optical data storage, hybrid fiber coax datacom, telecommunications, machine vision and sensors, and other industries. The company sells its products directly to customers in North America, Europe, and Asia, as well as through distributors and catalogs in the United States and internationally. LightPath Technologies, Inc. was founded in 1985 and is headquartered in Orlando, Florida.

How the Company Makes Money

Lightpath Technologies generates revenue primarily through the sale of its optical communication products and systems to telecommunications companies, data centers, and other enterprises requiring high-speed data solutions. Key revenue streams include direct sales of optical transceivers and amplifiers, as well as long-term contracts and partnerships with major telecommunications providers that require customized solutions. The company also engages in research and development collaborations with industry partners, further enhancing its product offerings and market reach. Additionally, LPTH benefits from increasing demand for high-bandwidth connectivity driven by the growth of cloud computing, 5G networks, and the Internet of Things (IoT), which adds to its revenue potential.

Lightpath Technologies Financial Statement Overview

Summary

Income statement quality is weak with persistent operating losses and a materially wider latest annual net loss. Balance sheet is mixed: equity remains positive, but leverage rose sharply in the latest annual period, reducing flexibility. Cash flow is volatile and deteriorated in the latest annual period with negative operating and free cash flow, elevating funding risk despite occasional prior positives.

Income Statement

Annual results show modest revenue growth in 2025, but profitability remains weak: gross margin is stable-to-lower versus prior years while operating losses persist (negative EBIT/EBITDA margins across the annual periods provided). Net losses widened materially in the latest annual period versus 2024, indicating cost structure and/or pricing pressure remains a major issue. The TTM (Trailing-Twelve-Months) revenue figure and growth rate appear extreme relative to the annual history, so the core takeaway is still consistent: the company is growing intermittently but has not translated sales into sustainable earnings.

Balance Sheet

Leverage looks manageable in the annual statements, with debt-to-equity generally in a moderate range historically, though it rose sharply in the latest annual period (near 1.0), reducing balance-sheet flexibility. Equity remains positive across the annual periods, which provides some cushion, but persistent losses are driving negative returns on equity and could continue to erode capital over time. The TTM (Trailing-Twelve-Months) balance sheet shows very low leverage versus equity, but given the disconnect with the annual scale, the annual trend (rising leverage and ongoing losses) is the more reliable signal of risk.

Cash Flow

Cash generation is inconsistent. The latest annual period shows negative operating cash flow and negative free cash flow, a deterioration from 2024’s modestly positive operating cash flow, which raises near-term funding and liquidity risk. Earlier periods included occasional positive free cash flow (notably 2021), but the overall pattern is volatile and not yet self-funding. The TTM (Trailing-Twelve-Months) cash flow shows positive operating and free cash flow, but the annual trajectory highlights that cash performance has been uneven and can swing negative when losses and working-capital needs rise.

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

• Technical Analysis Sentiment: Positive
• Last Price: 12.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: 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 12 is above the 20-day moving average (MA) of 11.11, above the 50-day MA of 10.74, and above the 200-day MA of 6.54, indicating a bullish trend. The MACD of 0.28 indicates Negative momentum. The RSI at 53.01 is Neutral, neither overbought nor oversold. The STOCH value of 72.88 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for LPTH.

Lightpath Technologies Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MPTI	82 Outperform	$185.90M	26.79	22.65%	―	12.79%	23.79%
RELL	64 Neutral	$183.66M	193.81	0.11%	2.25%	6.17%	―
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
MEI	56 Neutral	$306.64M	-4.84	-8.87%	5.93%	-9.51%	29.57%
LPTH	53 Neutral	$648.64M	-26.25	-33.03%	―	36.85%	-77.93%
GNSS	49 Neutral	$90.42M	-6.16	-183.60%	―	69.76%	43.82%
LINK	41 Neutral	$52.92M	-26.02	-13.78%	―	-1.70%	17.13%

Lightpath Technologies Corporate Events

LightPath Technologies Completes Strategic Amorphous Materials Acquisition

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 to $3 million in milestone-based equity consideration. Through the deal, executed under an asset purchase agreement signed on January 20, 2026, LightPath gains AMI’s proprietary large-diameter chalcogenide glass plate technology, expanded glass melting capacity up to 10,000 lbs per year, and a second NDAA-compliant manufacturing location in Texas, with AMI’s portfolio of complementary glasses expected to bolster LightPath’s BlackDiamond materials offering and support major U.S. defense programs. Management characterizes the transaction as accretive, projecting roughly $3 million in additional annual revenue tied largely to one tier-1 defense customer with long-term programs of record, and positions LightPath to accelerate its transition into a leading vertically integrated infrared imaging solutions provider in the $9 billion IR market while enhancing supply-chain resilience and expanding its footprint in large, high-value optics for applications including space and long-range defense systems.

The most recent analyst rating on (LPTH) stock is a Buy with a $17.00 price target. To see the full list of analyst forecasts on Lightpath Technologies stock, see the LPTH Stock Forecast page.

LightPath shareholders approve directors and expand equity plan

On December 17, 2025, LightPath Technologies, Inc. held its annual meeting of stockholders, with approximately 76% of the company’s outstanding voting power represented, establishing a quorum. Shareholders reelected Dr. Joseph Menaker and Darcie Peck and elected Mark Caylor as Class I directors for terms ending at the third successive annual meeting, approved on an advisory basis the compensation of the company’s named executive officers, and ratified the selection of BDO USA, P.C. as independent registered public accounting firm for the fiscal year ending June 30, 2026. Investors also approved an amendment to the 2018 Stock Incentive Compensation Plan to add 2.5 million shares of Class A common stock for future equity grants, a move that enhances LightPath’s capacity to use stock-based compensation to attract and retain talent but may modestly increase potential equity dilution for existing shareholders.

The most recent analyst rating on (LPTH) stock is a Buy with a $11.00 price target. To see the full list of analyst forecasts on Lightpath Technologies stock, see the LPTH Stock Forecast page.