What does LightPath do and what are its main business segments?

What guidance did LightPath's management provide for the next earnings period?

What is LightPath's latest dividend and current dividend yield?

What is LightPath's gross profit margin?

What is the market's earnings forecast for LightPath next quarter?

Did LightPath beat or miss consensus estimates last quarter?

What is the revenue and EPS growth rate for LightPath year over year?

What factors drove the changes in LightPath's revenue and profit?

- **Record Backlog Growth**: $90 million backlog (67% systems/subsystems), up 4x YoY, driven by germanium-free camera orders and defense contracts.
- **BlackDiamond Adoption Accelerating**: $40 million in contracted revenue for germanium-free systems, reducing supply chain risk.
- **Facility Expansion & Investment**: $8 million strategic funding to scale production, with Texas/Orlando expansions supporting NGSRI and G5 growth.
- **Profitability Improving**: CFO targets 35%+ gross margin by end of fiscal year, with adjusted EBITDA turning positive.
- **Key Wins & Pipelines**: Border surveillance towers ($150k-$250k/camera), NGSRI program, and 2 new missile programs in early stages.

**【CEO Summary Section】**
- LightPath achieved a record backlog of $90 million, with 67% in systems/subsystems, reflecting a strategic shift to higher-margin, vertically integrated infrared systems.
- BlackDiamond glass adoption is accelerating, with $40 million in contracted revenue for germanium-free cameras, addressing supply chain risks tied to China's germanium export restrictions.
- Key wins include $18.2 million and $22.1 million orders for 2026-2027 deliveries, and partnerships with Ondas and Unusual Machines for drone solutions.
- Texas and Orlando facility expansions are underway to support Lockheed Martin's NGSRI program and G5 camera production, with Israel Piergiovanni appointed VP of Manufacturing.
- Management emphasizes converting customers to BlackDiamond despite potential germanium market loosening, citing performance advantages and supply chain resilience.

**【CFO Financial Commentary】**
- Q1 2026 revenue: $15.1 million (+79% YoY), driven by 39% growth in Assemblies & Modules and 28% in Infrared Components.
- Gross profit: $4.5 million (+58% YoY), with 30% margin (vs. 34% prior year due to one-time high-margin orders).
- Operating expenses: $7 million (+66% YoY) due to G5 integration and sales/marketing.
- Net loss: $2.9 million (-75% YoY loss), with adjusted EBITDA turning positive at $0.4 million.
- Cash: $11.5 million; debt: $5.6 million; backlog: $86 million.
- CFO expects margin expansion in 2026 as manufacturing investments bear fruit.

**【Q&A Key Highlights】**
- **Supply Chain & Capacity**: BlackDiamond adoption irreversible due to performance/cost benefits; $8 million strategic investment to scale production. Texas/Orlando expansions underway, but focal plane array vendors remain constrained.
- **Gross Margin Outlook**: CFO targets 35%+ gross margin by end of fiscal year, driven by systems mix (39% of Q1 revenue vs. 28% components).
- **NGSRI Program**: Lockheed Martin flight tests delayed by government shutdown, but company investing in shared costs to accelerate production if awarded.
- **Counter-UAS Growth**: Expect 1,000+ border surveillance towers with $150k-$250k cameras, targeting 50%+ market share.
- **Missile Programs**: 2 new missile programs in early stages, leveraging NGSRI's proven environmental testing.
- **Backlog Composition**: 67% systems/subsystems, with G5 cameras contributing ~2/3 of backlog.

LightPath Technologies, Inc. (LPTH) Q1 2026 Earnings Call Transcript

- **Revenue Surge**: Q4 2025 revenue up 41.4% YoY to $12.2M, driven by G5 integration and subsystems growth.
- **$90M Backlog**: Record backlog reflects 4x growth, with 60%+ set to ship in FY2026, fueled by border surveillance and counter-UAS contracts.
- **Black Diamond Advantage**: Transition to germanium-free cameras secures 2/3 of backlog, mitigating China supply chain risks.
- **Strategic Investment**: $8M from Ondas/UMAC to expand U.S. drone camera manufacturing, targeting $50-100M annual missile program revenue.
- **Margin Expansion**: Target 35-40% gross margin as systems mix grows, with 30%+ adjusted EBITDA in 1-2 quarters.
- **Defense Tailwinds**: U.S. defense funding tripling, global counter-UAS demand, and Navy shipboard system programs driving long-term growth.

**【CEO Summary Section】**
- **Strategic Shift**: Transitioned from component manufacturer to subsystems and systems, focusing on infrared imaging with proprietary Black Diamond glass to replace germanium, mitigating supply chain risks.
- **Backlog Growth**: Record $90 million backlog (4x pre-acquisition levels), with 2/3 in systems/subsystems, driven by border surveillance and counter-UAS contracts.
- **Key Contracts**: $40 million orders for 2026-2027 deliveries in border surveillance and counter-UAS, plus Navy's SPEIR program for shipboard systems.
- **G5 Integration**: Acquired G5 Infrared in Feb 2025, redesigning cameras to use Black Diamond glass, securing $4.2M Q4 revenue and 60%+ of $90M backlog.
- **Future Growth**: $8M strategic investment from Ondas and Unusual Machines to expand U.S. drone camera manufacturing, targeting $50-100M annual recurring revenue from NGSRI missile program.

**【CFO Financial Commentary】**
- **Q4 2025 Results**: Revenue $12.2M (+41.4% YoY), gross profit $2.7M (+6.6%), net loss $7.1M due to acquisition-related costs.
- **Backlog & Liquidity**: $37.4M backlog as of June 30, 2025; $4.9M cash, $5M debt.
- **Strategic Investment**: $8M from Ondas/UMAC to fund U.S. manufacturing expansion, supporting drone camera growth.
- **Margin Outlook**: Target 35%+ gross margin in 1-2 quarters, 40%+ long-term with systems mix.

**【Q&A Highlights】**
- **G5 Contribution**: $4.2M Q4 revenue, 2/3 of backlog from systems/subsystems, with G5 backlog growing faster than expectations.
- **Border Surveillance**: Potential to supply all 1,000+ towers, driven by U.S. funding tripling under Big Beautiful Bill.
- **Gross Margin**: Adjusted EBITDA loss $1.9M vs. $1.1M prior, targeting 30%+ gross margin excluding one-time costs.
- **Pipeline Visibility**: $10M+ counter-UAS backlog, Navy SPEIR program entering low-rate production, and QuadStar missile system testing.
- **Lockheed Martin Program**: Texas facility expansion for NGSRI production, with potential $50-100M annual revenue if selected.


LightPath Technologies, Inc. (LPTH) Q4 2025 Earnings Call Transcript

- **Revenue Growth Accelerates**: Q3 2025 revenue up 19.1% YoY to $9.2M, driven by high-margin subsystems (50% of revenue) and BlackDiamond glass adoption.
- **Strategic Contracts Gain Momentum**: 6+ multimillion-dollar programs in defense/materials, including a new DOE project with $10M+ annual potential.
- **Supply Chain Resilience**: 45% U.S. manufacturing reduces China exposure, but long-term customer willingness to pay for U.S. production is uncertain.
- **Germanium Replacement Surge**: $19M bookings post-G5 acquisition, redesigns using BlackDiamond materials for better performance.
- **G5 Synergies Materializing**: $13M new G5 bookings post-acquisition, targeting $51M combined revenue in 12 months with 20% EBITDA earnout.
- **Near-Term EBITDA Outlook**: Q4 EBITDA near breakeven, with potential for positive EBITDA in 2026 as G5 contributions scale.

**【CEO Strategic Overview】**
- **Revenue Growth and Product Mix**: Q3 2025 revenue of $9.2M (+19.1% YoY), with 50% from high-margin subsystems (assemblies, cameras) vs. 50% from optical components. BlackDiamond glass adoption is driving a shift to higher ASP products.
- **Key Contracts Progress**: 
  - **NGSRI (Lockheed)**: Largest program progressing on track, competitive bid for missile camera system.
  - **SPEIR (L3Harris)**: Naval infrared cameras for threat detection, $5M-$20M/year potential.
  - **BlackDiamond Programs**: 6+ multimillion-dollar programs in defense/materials, including Apache (delayed due to capacity constraints) and a new DOE project with $10M+ annual potential.
- **Supply Chain Resilience**: 45% of headcount and 56% of manufacturing in U.S., reducing China exposure. Shifted production to U.S./Europe to mitigate 145% tariffs, but long-term customer willingness to pay premiums for resilience is uncertain.
- **Germanium Replacement Momentum**: $19M bookings in 90 days post-G5 acquisition, redesigns using BlackDiamond materials for better performance (e.g., reduced system size, improved thermal range). China's export restrictions on germanium are tightening, reducing reversal risk.

**【CFO Financial Highlights】**
- **Revenue and Margin**: Q3 2025 revenue $9.2M (+19.1% YoY), gross profit $2.7M (29.1% margin, +66% YoY). Higher-margin assemblies/services (20% of revenue) drove margin expansion.
- **Operating Expenses**: $6M (+44% YoY) due to G5 acquisition costs ($0.7M), R&D ($0.2M), and sales/marketing. Amortization increased $0.3M.
- **Backlog and Cash**: Backlog $27.4M, cash $6.5M. G5 contributed $13M in new bookings post-acquisition, with shipments expected to ramp in Q4+.
- **Acquisition Synergies**: G5 integration on track, with cultural fit and shared goals. Targeting $51M combined revenue in 12 months post-acquisition, with G5's 20% EBITDA earnout achievable but ambitious.

**【Q&A Key Takeaways】**
- **Apache Program Update**: Delays due to capacity allocation for other high-priority projects, but no technical issues. Rescheduled production expected to meet customer needs.
- **BlackDiamond Expansion**: DOE funding for capacity expansion, signaling government confidence in BlackDiamond's strategic importance.
- **G5 Integration Progress**: Full-quarter contribution from G5 expected in Q4, with assembly capacity and detector supply secured. Salesforce co-marketing is underway, though VP of Sales transition may slow short-term pipeline growth.
- **Tariff Impact**: Short-term cost absorption via U.S. manufacturing, but long-term customer behavior on tariffs remains uncertain.
- **EBITDA Outlook**: Q4 EBITDA near breakeven, with potential for positive EBITDA in 2026 as G5 contributions scale.


LightPath Technologies, Inc. (LPTH) Q3 2025 Earnings Call Transcript

- **Strategic Acquisition**: G5 Infrared adds $15M in 2024 revenue, with 2025 earnout of $21-$27M, driving total revenue to $55M.
- **High Margin Growth**: Cooled infrared cameras with $50K-$500K ASPs target defense, border security, and counter-UAS markets.
- **Supply Chain Resilience**: Transitioning to BlackDiamond glass to mitigate germanium export risks, with $6M invested in U.S. manufacturing.
- **Financial Performance**: Q2 2025 revenue $7.4M, net loss $2.6M, and $19.8M backlog reflecting ongoing transition.
- **Defense Momentum**: Naval and border security programs poised for LRIP in late 2025, with multi-million dollar annual potential.

**【CEO Summary Section】**
- Acquired G5 Infrared for $27 million, adding $15 million in 2024 revenue and targeting $55 million in combined 12-month revenue.
- G5's cooled infrared cameras have ASPs of $50,000-$500,000, with key applications in counter-UAS, border security, and naval defense.
- 2024 earnout projections for G5: $21-$27 million in revenue, up from $15 million in 2023.
- Faced $750,000 in delayed revenue due to China's germanium export ban, but no cancellations expected.
- Transitioning to BlackDiamond glass to replace germanium, with $6 million invested in Orlando manufacturing capacity.

**【CFO Financial Commentary】**
- Q2 2025 revenue: $7.4 million (1.5% YoY growth), with 42% from infrared components and 37% from visible components.
- Gross profit: $1.9 million (26% of revenue), down 11% YoY due to product mix and supply chain delays.
- Operating expenses: $4.4 million (12% YoY increase), driven by legal fees, R&D, and sales/marketing.
- Net loss: $2.6 million ($0.07 per share), up from $1.7 million YoY.
- Cash: $3.2 million; debt: $3.9 million; backlog: $19.8 million.
- Secured $25.5 million convertible preferred equity and $5.4 million senior notes to finance G5 acquisition.

**【Q&A Key Points】**
- **G5 Synergies**: Cross-selling opportunities with LightPath's uncooled cameras in systems (e.g., Motorola's Silent Sentinel). G5's coating services already serve LightPath customers.
- **Gross Margin**: Camera business has higher margins than components; blended margins expected to improve.
- **Supply Chain Risks**: $2 million in U.S. germanium sales at risk; Europe exposure moderate. China export delays resolved but ongoing supply chain uncertainty.
- **Defense Programs**: G5's naval and border security programs expected to enter LRIP in late 2025, with $10-$20 million annual revenue potential.
- **MANTIS Cameras**: Gas detection orders delayed for performance testing; perimeter security cameras ramping.
- **Tariffs**: Transparently passing through to customers; no material impact on profitability.
- **Seasonality**: G5's Q1/Q2 stronger, Q3/Q4 weaker; combined company targeting EBITDA positive in Q2 2025.

LightPath Technologies, Inc. (LPTH) Q2 2025 Earnings Call Transcript

LightPath (LPTH)-7 Nov 24-2025 Q1 Earnings call transcript

LightPath (LPTH)-19 Sep 24-2024 Q4 Earnings call transcript

Lightpath Technologies, Inc. - Ordinary Shares (LPTH)-9 May 24-2024 Q3 Earnings call transcript

- **Lockheed Martin Deal**: $7.5 million development contract with potential $50+ million production orders for missile system imaging, with production line setup beginning this year.
- **Strategic Shift Success**: Visimid integration enables end-to-end camera solutions, winning sole-source Lockheed project and transitioning major customers to BlackDiamond material.
- **Financial Resilience**: Q2 revenue decline offset by cost control, with cash flow positive for the first half of FY 2024.
- **Geopolitical Drivers**: China's Germanium export restrictions and Ukraine conflict are accelerating defense and automotive imaging demand, with potential for tens of millions in annual revenue from new projects.

**【CEO Summary Section】**
- **Strategic Shift to Solutions Provider**: LightPath is transitioning from a component manufacturer to a value-added solutions provider, focusing on imaging solutions, new markets (e.g., automotive), and defense growth. Key projects include a $7.5 million Lockheed Martin imaging system development contract, with potential production orders exceeding $50 million.
- **Visimid Integration**: The acquisition of Visimid enables end-to-end camera module customization, increasing customer share-of-spend. Lockheed Martin has awarded LightPath a sole-source project for missile system imaging, with production expected to begin this year.
- **BlackDiamond Material Adoption**: China's Germanium export restrictions are accelerating customer redesigns to use LightPath's BlackDiamond material. Two major customers have committed to transitioning all products to BlackDiamond, with one announcing public support for the material.
- **Automotive and Defense Growth**: The company is qualifying lens assemblies for automotive applications, with potential annual revenue of $50 million. Defense projects, including fire detection and UAV imaging, are also expanding.

**【CFO Financial Commentary】**
- **Revenue Performance**: Q2 2024 revenue was $7.3 million, down 14% YoY, driven by declines in visible components (31%) and assemblies (20%). Infrared components grew 9% due to a military contract renewal.
- **Gross Margin Decline**: Gross margin fell to 30% (from 38% YoY) due to higher IR component sales, which have lower margins than visible components.
- **Cost Management**: Selling, general, and administrative (SG&A) expenses decreased 6% YoY to $2.9 million, partially offsetting revenue declines.
- **Cash Flow and Backlog**: Cash provided by operations was $851,000 for the first half of FY 2024. Backlog decreased 28% YoY to $21.2 million, reflecting shipments of multiyear contracts and reduced Germanium optics orders.

**【Q&A Key Highlights】**
- **Lockheed Martin Production Timeline**: LightPath may begin building production lines this year, despite the official production decision expected in 2026. The company anticipates tens of thousands of units over the program's lifetime.
- **Orlando Facility Capacity**: The expanded Orlando facility could support $50-$70 million in annual revenue, depending on product complexity. Lockheed Martin's project is expected to utilize existing clean room space without significant additional investment.
- **China Business Recovery**: Revenue from China-related operations has bottomed out at $3 million annually, down from $12 million in 2020. The company is focusing on U.S. and European growth to offset this decline.
- **Germanium Export Impact**: Customers are accelerating redesigns to avoid Germanium supply chain risks. LightPath's BlackDiamond material is now being used in new defense products, with one customer publicly committing to exclusive use of the material.
- **Cash Position and Liquidity**: Despite a net loss of $1.7 million in Q2, the company maintains $5.9 million in cash and expects to remain cash flow positive in the second half of FY 2024.

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