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

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

What were the key takeaways from LightPath's earnings call?

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

Did LightPath beat or miss consensus estimates last quarter?

What is LightPath's gross profit margin?

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

- **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

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LPTH

LPTH fundamentals

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