LightPath 2026 Q1 Earnings Revenue Surges 79% Amid Widening Net Loss

LightPath Technologies (LPTH) reported fiscal 2026 Q1 earnings on Nov 13, 2025, with revenue soaring 79% year-over-year to $15.06 million, exceeding expectations. However, the company posted a net loss of $2.89 million, a 78.3% increase from the prior year, driven by higher operating expenses and margin compression. CEO Sam Rubin highlighted a $90 million backlog as a key growth driver, though the stock fell sharply post-announcement.

Revenue

LightPath’s total revenue surged to $15.06 million in Q1 2026, a 79.3% increase from $8.40 million in the same period last year. Infrared components led with $4.26 million, while visible components and assemblies/modules contributed $3.84 million and $5.86 million, respectively. Engineering services added $1.10 million, rounding out the revenue streams. The shift toward higher-margin systems and subsystems, particularly in defense and industrial sectors, underpinned the growth.

Earnings/Net Income

The company’s net loss widened to $2.89 million, or $0.07 per share, compared to a $1.62 million loss ($0.04 per share) in 2025 Q1. Operating expenses rose 66% year-over-year to $7 million, driven by integration costs from the G5 acquisition and increased sales efforts. Despite a 58% rise in gross profit to $4.5 million, the net loss widened due to margin compression and higher expenses. The earnings miss of $0.03 per share and deteriorating profitability raise near-term concerns.

Post-Earnings Price Action Review

LightPath’s stock plummeted 17.19% month-to-date following the earnings release, with a 5.87% drop in the prior week and an 11.20% decline on the latest trading day. The sharp selloff reflects investor skepticism about the company’s ability to sustain revenue growth amid widening losses and margin pressures.

CEO Commentary

CEO Sam Rubin emphasized strategic progress, including the transition to Black Diamond Glass and securing $40 million in contracted IR camera orders. He highlighted supply chain resilience and the company’s shift from components to integrated systems. However, he acknowledged challenges, including resource constraints in converting product portfolios and ongoing supply chain bottlenecks.

Guidance

LightPath did not provide specific guidance for upcoming quarters but expressed confidence in maintaining revenue momentum. CFO Al Miranda noted a focus on margin expansion and operational efficiency in fiscal 2026. The company aims to scale production to meet demand for its backlog, though execution risks remain.

Additional News

LightPath secured an $8 million strategic investment from Ondas Holdings and Unusual Machines, accelerating commercialization of uncooled infrared solutions for drones. The company also appointed Israel Piergiovanni as VP of Manufacturing and Mark Kahlo to its Board of Directors, bolstering leadership in defense and operations. Additionally, LightPath began production of two high-end cooled IR camera models using Black Diamond Glass, signaling long-term growth in proprietary technology adoption.