Live Earnings Conference Call: LightPath Technologies will host a live Q3 2026 earnings call on May 7, 2026 at 5:00PM ET. Get details.

LightPath Technologies (LPTH) Financials

$12.87 +0.77 (+6.36%)

As of 05/6/2026 04:00 PM Eastern

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Annual Income Statements for LightPath Technologies

This table shows LightPath Technologies' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	6/30/2015	6/30/2016	6/30/2017	6/30/2018	6/30/2019	6/30/2020	6/30/2021	6/30/2022	6/30/2023	6/30/2024	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	-0.72	1.41	7.70	1.06	-2.68	0.87	-3.19	-3.54	-4.05	-8.01	-15
Consolidated Net Income / (Loss)	-0.72	1.41	7.70	1.06	-2.68	0.87	-3.19	-3.54	-4.05	-8.01	-15
Net Income / (Loss) Continuing Operations	-0.72	1.41	7.70	1.06	-2.68	0.87	-3.19	-3.54	-4.05	-8.01	-15
Total Pre-Tax Income	-0.71	1.61	3.36	0.23	-2.23	1.63	-2.25	-2.68	-3.81	-7.94	-15
Total Operating Income	-0.26	2.01	4.14	0.37	-1.14	2.15	-1.84	-2.63	-3.55	-7.83	-12
Total Gross Profit	5.98	9.30	15	13	13	14	13	12	11	8.63	10
Total Revenue	14	17	28	33	34	35	38	36	33	32	37
Operating Revenue	14	17	28	33	34	35	38	36	33	32	37
Total Cost of Revenue	7.68	7.97	14	20	21	21	25	24	22	23	27
Operating Cost of Revenue	7.68	7.97	14	20	21	21	25	24	22	23	27
Total Operating Expenses	6.24	7.30	11	12	14	12	15	14	15	16	22
Selling, General & Admin Expense	5.13	6.58	8.65	9.22	10	8.96	12	11	11	12	16
Research & Development Expense	1.11	0.67	1.24	1.62	2.02	1.71	2.17	2.09	2.15	2.40	3.06
Amortization Expense	-	-	0.69	1.32	1.22	1.13	1.13	1.13	1.13	1.64	1.41
Other Operating Expenses / (Income)	-	-	-	-	-	-	-	0.01	-0.08	0.00	1.56
Other Special Charges / (Income)	-0.00	0.05	0.00	-0.00	-0.08	-0.11	0.01	-	-	0.12	0.10
Total Other Income / (Expense), net	-0.45	-0.40	-0.78	-0.14	-1.09	-0.51	-0.41	-0.05	-0.26	-0.11	-3.01
Interest Expense	0.03	0.04	0.41	0.19	0.70	0.34	0.22	0.23	0.28	0.19	1.54
Other Income / (Expense), net	-0.42	-0.36	-0.36	0.05	-0.39	-0.17	-0.19	0.18	0.02	0.08	-1.48
Income Tax Expense	0.00	0.20	-4.34	-0.83	0.46	0.76	0.93	0.86	0.23	0.07	0.04
Basic Earnings per Share	($0.05)	$0.09	$0.39	$0.04	($0.10)	$0.03	($0.12)	($0.13)	-	($0.21)	($0.36)
Weighted Average Basic Shares Outstanding	14.71M	15.40M	20.00M	25.01M	25.79M	25.85M	26.31M	27.02M	31.64M	37.94M	40.87M
Diluted Earnings per Share	($0.05)	$0.08	$0.36	$0.04	($0.10)	$0.03	($0.12)	($0.13)	-	($0.21)	($0.36)
Weighted Average Diluted Shares Outstanding	14.71M	16.88M	21.67M	26.81M	25.79M	27.47M	26.31M	27.02M	31.64M	37.94M	40.87M
Weighted Average Basic & Diluted Shares Outstanding	14.71M	15.63M	24.25M	25.77M	25.83M	26.01M	26.99M	27.02M	31.64M	37.94M	44.67M

This table shows LightPath Technologies' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-0.81	-1.34	-1.71	-2.60	-2.35	-1.62	-3.06	-3.58	-7.06	-2.89	-9.19
Consolidated Net Income / (Loss)	-0.81	-1.34	-1.71	-2.60	-2.35	-1.62	-2.61	-3.58	-7.06	-2.89	-9.41
Net Income / (Loss) Continuing Operations	-0.81	-1.34	-1.71	-2.60	-2.35	-1.62	-2.61	-3.58	-7.06	-2.89	-9.41
Total Pre-Tax Income	-0.80	-1.30	-1.64	-2.59	-2.41	-1.61	-2.57	-3.48	-7.18	-2.81	-9.37
Total Operating Income	-0.80	-1.25	-1.78	-2.58	-2.21	-1.38	-2.48	-3.32	-4.64	-2.51	-8.60
Total Gross Profit	3.08	2.33	2.17	1.61	2.53	2.84	1.93	2.66	2.69	4.48	6.02
Total Revenue	9.68	8.08	7.32	7.70	8.63	8.40	7.42	9.17	12	15	16
Operating Revenue	9.68	8.08	7.32	7.70	8.63	8.40	7.42	9.17	12	15	16
Total Cost of Revenue	6.60	5.75	5.15	6.09	6.11	5.56	5.49	6.50	9.52	11	10
Operating Cost of Revenue	6.60	5.75	5.15	6.09	6.11	5.56	5.49	6.50	9.52	11	10
Total Operating Expenses	3.89	3.58	3.95	4.19	4.73	4.22	4.42	5.99	7.33	6.99	15
Selling, General & Admin Expense	3.01	2.66	2.86	3.17	3.61	3.27	3.36	4.45	4.74	4.38	5.86
Research & Development Expense	0.62	0.64	0.61	0.57	0.58	0.48	0.76	0.76	1.06	0.87	0.75
Amortization Expense	0.28	0.28	0.49	0.43	0.43	0.40	0.29	0.78	-0.05	0.45	0.45
Other Special Charges / (Income)	-	-	-	-	-	0.08	0.00	-	-	0.00	7.56
Total Other Income / (Expense), net	0.01	-0.05	0.15	-0.01	-0.20	-0.23	-0.08	-0.16	-2.54	-0.31	-0.78
Interest Expense	0.05	0.06	0.05	0.04	0.04	0.15	0.17	0.91	0.31	0.27	0.79
Other Income / (Expense), net	0.06	0.01	0.20	0.03	-0.16	-0.08	0.09	0.75	-2.23	-0.04	0.01
Income Tax Expense	0.01	0.04	0.08	0.01	-0.05	0.02	0.04	0.10	-0.12	0.08	0.03
Other Adjustments to Net Income / (Loss) Attributable to Common Shareholders)	-	-	-	-	-	-	0.45	-	-	-	-0.21
Basic Earnings per Share	-	-	-	-	-	($0.04)	($0.07)	-	-	($0.07)	($0.20)
Weighted Average Basic Shares Outstanding	31.64M	37.43M	37.50M	37.99M	37.94M	39.56M	39.73M	41.36M	40.87M	43.29M	47.00M
Diluted Earnings per Share	-	-	-	-	-	($0.04)	($0.07)	-	-	($0.07)	($0.20)
Weighted Average Diluted Shares Outstanding	31.64M	37.43M	37.50M	37.99M	37.94M	39.56M	39.73M	42.90M	40.87M	43.29M	47.00M
Weighted Average Basic & Diluted Shares Outstanding	31.64M	37.43M	37.50M	37.99M	37.94M	39.56M	39.73M	41.36M	44.67M	45.43M	57.71M

This table details how cash moves in and out of LightPath Technologies' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	6/30/2015	6/30/2016	6/30/2017	6/30/2018	6/30/2019	6/30/2020	6/30/2021	6/30/2022	6/30/2023	6/30/2024	6/30/2025
Net Change in Cash & Equivalents	0.45	1.26	5.18	-1.58	-1.90	0.78	1.39	-2.55	9.73	-3.66	1.40
Net Cash From Operating Activities	0.08	1.53	5.00	2.62	0.41	3.73	4.73	1.46	-2.81	0.52	-8.33
Net Cash From Continuing Operating Activities	0.08	1.53	5.00	2.62	0.41	3.73	11	0.18	5.28	0.52	-8.33
Net Income / (Loss) Continuing Operations	-0.72	1.41	7.70	1.06	-2.68	0.87	3.19	-3.54	4.05	-8.01	-15
Consolidated Net Income / (Loss)	-0.72	1.41	7.70	1.06	-2.68	0.87	3.19	-3.54	4.05	-8.01	-15
Depreciation Expense	0.54	0.85	2.08	3.40	3.46	3.42	3.51	3.62	3.17	4.05	4.15
Amortization Expense	0.01	-	0.01	0.02	0.12	0.02	0.02	-0.05	0.06	0.00	0.29
Non-Cash Adjustments To Reconcile Net Income	0.75	0.48	0.90	0.26	0.44	0.29	0.77	1.50	1.56	1.28	1.70
Changes in Operating Assets and Liabilities, net	-0.50	-1.22	-5.70	-2.13	-0.93	-0.87	3.62	-1.35	-3.55	3.20	0.41
Net Cash From Investing Activities	-0.69	-1.13	-14	-2.52	-1.25	-2.26	-3.16	-1.63	-2.87	-2.67	-20
Net Cash From Continuing Investing Activities	-0.69	-1.13	-14	-2.52	-1.25	-2.26	-3.16	-1.63	-2.87	-2.67	-20
Purchase of Property, Plant & Equipment	-0.69	-1.13	-2.22	-2.52	-1.93	-2.44	-3.16	-1.63	-3.08	-2.18	-1.26
Acquisitions	-	-	-12	-	-	-	-	-	0.00	-0.85	-18
Sale of Property, Plant & Equipment	0.00	0.01	-	0.00	0.68	0.19	-	0.00	0.00	0.00	0.01
Other Investing Activities, net	-	-	-	-	-	-	-	-	0.21	0.36	0.00
Net Cash From Financing Activities	0.96	0.24	14	-1.31	-1.40	-0.62	-0.84	-0.64	7.46	-1.47	29
Net Cash From Continuing Financing Activities	0.96	0.24	14	-1.31	-1.40	-0.62	-0.84	-0.64	7.46	-1.47	29
Repayment of Debt	-0.17	-0.18	-0.27	-5.07	-7.27	-0.58	-1.29	-0.95	-1.93	-0.13	-0.79
Issuance of Debt	-	-	5.00	2.94	5.81	0.40	0.28	0.27	0.14	0.28	6.66
Issuance of Preferred Equity	-	-	-	-	-	-	-	-	-	0.00	19
Issuance of Common Equity	1.14	0.02	8.77	0.05	0.04	0.02	0.03	0.05	9.24	0.85	5.07
Other Financing Activities, net	0.00	0.40	0.71	0.76	0.01	-0.46	0.14	-	-	-2.46	-0.33
Effect of Exchange Rate Changes	0.09	0.63	-0.03	-0.36	0.34	-0.07	0.66	-	-	-0.05	0.17
Cash Interest Paid	0.02	0.04	0.33	0.55	0.50	0.33	0.20	0.16	0.22	0.20	0.27
Cash Income Taxes Paid	0.00	0.00	0.68	0.39	0.41	0.53	1.05	0.27	0.43	0.17	0.21

This table details how cash moves in and out of LightPath Technologies' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Change in Cash & Equivalents	-1.14	-0.28	-0.98	-2.72	0.32	0.80	-1.00	3.28	-1.60	6.63	62
Net Cash From Operating Activities	-1.89	1.14	-0.29	-0.39	0.06	-1.70	-0.74	-3.24	-2.65	-1.14	2.82
Net Cash From Continuing Operating Activities	-0.27	1.14	-0.28	-0.40	0.06	-1.70	-0.74	-3.24	-2.65	-1.14	2.82
Net Income / (Loss) Continuing Operations	0.81	-1.34	-1.71	-2.60	-2.35	-1.62	-2.61	-3.58	-7.06	-2.89	-9.41
Consolidated Net Income / (Loss)	0.81	-1.34	-1.71	-2.60	-2.35	-1.62	-2.61	-3.58	-7.06	-2.89	-9.41
Depreciation Expense	0.82	0.81	1.13	1.04	1.06	0.99	0.90	1.46	0.79	1.22	1.24
Amortization Expense	0.00	0.00	-	-	-	0.05	0.08	0.04	0.12	0.09	0.09
Non-Cash Adjustments To Reconcile Net Income	0.46	0.24	0.47	0.16	0.41	0.34	0.32	0.71	0.32	1.58	-0.36
Changes in Operating Assets and Liabilities, net	-2.36	1.43	-0.17	1.00	0.95	-1.45	0.57	-1.88	3.17	-1.14	11
Net Cash From Investing Activities	-0.61	-1.16	-0.68	-0.53	-0.29	-0.07	-0.08	-21	1.08	-0.08	-0.87
Net Cash From Continuing Investing Activities	-0.61	-1.16	-0.68	-0.53	-0.29	-0.07	-0.08	-21	1.08	-0.08	-0.87
Purchase of Property, Plant & Equipment	-0.75	-0.96	-0.53	-0.41	-0.29	-0.08	-0.08	-0.42	-0.68	-0.08	-0.87
Net Cash From Financing Activities	-0.08	-0.21	-0.09	-1.77	0.60	2.49	-0.10	27	-0.28	7.78	60
Net Cash From Continuing Financing Activities	-0.08	-0.21	-0.09	-1.77	0.60	2.49	-0.10	27	-0.28	7.78	60
Repayment of Debt	-0.21	-0.23	0.17	-0.03	-0.04	-0.40	-0.01	-0.34	-0.05	-0.11	-5.41
Issuance of Common Equity	-0.01	0.02	-	0.12	0.71	0.01	-	5.06	-	7.89	65
Cash Interest Paid	0.05	0.06	0.05	0.05	0.03	0.02	0.02	0.03	0.21	0.18	0.20
Cash Income Taxes Paid	0.11	0.03	0.08	0.01	0.05	0.02	0.04	0.06	0.09	0.06	0.11

This table presents LightPath Technologies' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	6/30/2015	6/30/2016	6/30/2017	6/30/2018	6/30/2019	6/30/2020	6/30/2021	6/30/2022	6/30/2023	6/30/2024	6/30/2025
Total Assets	13	16	47	47	46	48	55	51	54	48	82
Total Current Assets	8.37	11	20	19	20	21	21	18	22	16	28
Cash & Equivalents	1.64	2.91	8.09	5.51	4.60	5.39	6.77	5.51	4.69	3.48	4.88
Accounts Receivable	3.30	3.76	5.92	5.42	6.56	6.32	4.79	5.21	6.63	4.93	9.46
Inventories, net	3.18	3.84	5.07	6.40	7.68	8.98	8.66	6.99	7.41	6.55	13
Prepaid Expenses	0.24	0.65	0.64	1.06	0.75	0.57	0.48	0.46	0.57	0.45	1.14
Other Current Assets	-	-	-	-	-	-	-	-	0.00	0.13	0.04
Plant, Property, & Equipment, net	4.28	4.37	10	12	12	12	13	12	13	15	0.00
Total Noncurrent Assets	0.07	0.07	17	16	15	15	21	21	19	17	53
Goodwill	-	-	5.85	5.85	5.85	5.85	5.85	5.85	5.85	6.76	14
Intangible Assets	-	-	10	9.06	7.84	6.71	5.58	4.46	3.33	3.65	16
Noncurrent Deferred & Refundable Income Taxes	-	-	0.29	0.62	0.65	0.66	0.15	0.14	0.14	0.12	0.02
Other Noncurrent Operating Assets	0.07	0.07	0.11	0.38	0.29	1.30	9.04	10	9.64	6.80	23
Total Liabilities & Shareholders' Equity	13	16	47	47	46	48	55	51	54	48	82
Total Liabilities	4.71	4.66	17	12	13	13	21	21	18	18	32
Total Current Liabilities	2.70	3.21	5.75	5.80	6.36	7.40	8.45	7.73	6.83	8.04	17
Short-Term Debt	0.22	0.17	1.35	1.77	0.58	0.98	0.85	1.00	1.02	0.21	0.17
Accounts Payable	1.55	1.36	1.54	2.03	2.23	2.56	2.92	3.07	2.57	3.23	7.42
Accrued Expenses	0.08	0.33	0.97	0.69	1.34	0.99	1.07	0.56	0.66	1.91	5.69
Current Employee Benefit Liabilities	0.84	1.36	1.90	1.23	1.73	1.83	2.81	2.08	1.50	1.45	2.36
Other Current Liabilities	-	-	-	-	0.40	1.04	0.80	1.02	1.07	1.24	1.46
Total Noncurrent Liabilities	2.02	1.44	11	5.96	6.16	5.60	13	13	11	9.85	15
Long-Term Debt	-	-	9.93	5.12	5.00	4.44	4.06	3.22	1.55	0.33	4.80
Capital Lease Obligations	0.31	0.18	0.14	0.55	-	0.28	0.07	0.01	0.34	0.53	0.42
Noncurrent Deferred & Payable Income Tax Liabilities	-	-	0.18	-	-	-	0.00	0.54	0.47	0.33	0.15
Other Noncurrent Operating Liabilities	1.20	0.72	0.49	-	0.64	0.89	8.46	9.48	8.39	8.67	9.15
Commitments & Contingencies	-	-	-	-	-	-	-	-	-	-	0.00
Redeemable Noncontrolling Interest	-	-	-	-	-	-	-	-	-	-	34
Total Equity & Noncontrolling Interests	8.00	11	30	35	33	35	34	30	36	30	16
Total Preferred & Common Equity	8.00	11	30	35	33	35	34	30	36	30	16
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	8.00	11	30	35	33	35	34	30	36	30	16
Common Stock	213	215	226	230	231	231	232	233	243	246	245
Retained Earnings	-205	-204	-196	-195	-198	-197	-200	-204	-208	-216	-231
Accumulated Other Comprehensive Income / (Loss)	0.05	0.13	0.30	0.47	0.81	0.74	2.12	0.94	0.61	0.51	0.98

This table presents LightPath Technologies' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	9/30/2024	12/31/2024	3/31/2025	9/30/2025	12/31/2025
Total Assets	55	54	50	48	46	81	87	149
Total Current Assets	20	19	16	17	16	28	35	97
Cash & Equivalents	4.32	3.54	3.01	4.28	3.20	6.48	12	74
Accounts Receivable	5.05	4.71	4.66	5.20	5.28	7.65	9.59	8.58
Inventories, net	7.50	7.52	6.83	6.79	6.43	13	13	13
Prepaid Expenses	0.56	0.48	0.48	0.54	0.65	1.21	1.18	1.33
Other Current Assets	-	0.19	0.42	0.00	0.09	0.06	0.01	0.02
Plant, Property, & Equipment, net	16	16	16	15	14	15	15	0.00
Total Noncurrent Assets	20	19	18	17	16	38	37	52
Goodwill	8.92	6.76	6.76	6.76	6.76	9.74	14	14
Intangible Assets	3.05	4.52	4.09	3.25	2.96	21	16	15
Noncurrent Deferred & Refundable Income Taxes	0.14	0.14	0.14	0.12	0.12	0.12	0.02	0.02
Other Noncurrent Operating Assets	7.64	7.50	7.23	6.57	6.28	6.54	7.78	23
Total Liabilities & Shareholders' Equity	55	54	50	48	46	81	87	149
Total Liabilities	20	20	18	19	19	31	32	36
Total Current Liabilities	8.52	9.73	7.75	9.74	10	12	18	24
Short-Term Debt	1.27	2.14	0.32	2.96	3.02	0.19	0.14	0.12
Accounts Payable	2.91	2.90	2.80	2.66	3.11	5.74	5.50	5.98
Accrued Expenses	1.74	1.99	1.88	1.41	1.45	3.08	8.23	14
Current Employee Benefit Liabilities	1.48	1.46	1.48	1.49	1.45	1.75	2.34	2.50
Other Current Liabilities	1.13	1.24	1.26	1.21	1.20	1.48	1.54	1.57
Total Noncurrent Liabilities	12	11	10	9.26	8.90	53	48	12
Long-Term Debt	1.24	0.33	0.28	0.28	0.22	4.69	4.87	0.14
Capital Lease Obligations	0.34	0.33	0.57	0.49	0.50	0.46	0.37	0.35
Noncurrent Deferred & Payable Income Tax Liabilities	0.47	0.47	0.47	0.33	0.32	1.50	0.15	0.09
Other Noncurrent Operating Liabilities	9.85	9.50	8.93	8.15	7.85	47	43	11
Commitments & Contingencies	-	-	-	-	-	-	-	0.00
Redeemable Noncontrolling Interest	-	-	-	-	-	-	-	34
Total Equity & Noncontrolling Interests	35	34	32	29	27	16	21	78
Total Preferred & Common Equity	35	34	32	29	27	16	21	78
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	35	34	32	29	27	16	21	78
Common Stock	244	244	245	246	246	239	254	320
Retained Earnings	-209	-211	-213	-217	-220	-224	-234	-243
Accumulated Other Comprehensive Income / (Loss)	0.48	0.74	0.63	0.78	0.33	0.45	1.07	1.28

This table displays calculated financial ratios and metrics derived from LightPath Technologies' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	6/30/2015	6/30/2016	6/30/2017	6/30/2018	6/30/2019	6/30/2020	6/30/2021	6/30/2022	6/30/2023	6/30/2024	6/30/2025
DEI Shares Outstanding	15,235,073.00	15,590,945.00	24,115,733.00	25,730,544.00	25,813,895.00	25,862,529.00	26,565,926.00	27,046,790.00	37,325,850.00	38,807,432.00	42,898,936.00
DEI Adjusted Shares Outstanding	15,235,073.00	15,590,945.00	24,115,733.00	25,730,544.00	25,813,895.00	25,862,529.00	26,565,926.00	27,046,790.00	37,325,850.00	38,807,432.00	42,898,936.00
DEI Earnings Per Adjusted Shares Outstanding	-0.05	0.09	0.32	0.04	-0.10	0.03	-0.12	-0.13	-0.11	-0.21	-0.35
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	15.44%	26.43%	64.24%	14.66%	3.76%	3.61%	10.00%	-7.55%	-7.38%	-3.67%	17.26%
EBITDA Growth	-130.82%	2,007.99%	134.58%	-34.45%	-46.57%	163.63%	-72.44%	-25.20%	-126.54%	-1,148.90%	-139.61%
EBIT Growth	-146.38%	342.37%	128.59%	-88.88%	-463.83%	228.95%	-203.33%	-20.33%	-44.08%	-119.52%	-71.64%
NOPAT Growth	31.29%	1,072.79%	438.22%	-82.07%	-146.95%	242.90%	-213.06%	-42.64%	-35.30%	-120.19%	-51.06%
Net Income Growth	-128.34%	297.77%	444.54%	-86.24%	-352.84%	132.34%	-467.42%	-11.21%	-14.25%	-97.87%	-85.74%
EPS Growth	-150.00%	260.00%	350.00%	-88.89%	-350.00%	130.00%	-500.00%	-8.33%	0.00%	0.00%	-71.43%
Operating Cash Flow Growth	192.57%	1,756.51%	227.65%	-47.61%	-84.30%	807.82%	26.77%	-69.06%	-291.89%	118.55%	-1,699.00%
Free Cash Flow Firm Growth	70.81%	134.99%	-5,608.50%	89.94%	168.71%	-33.53%	159.75%	-18.27%	-488.42%	73.29%	317.17%
Invested Capital Growth	9.69%	21.58%	294.97%	9.77%	-5.10%	1.28%	-8.90%	-10.45%	11.50%	-12.42%	-41.81%
Revenue Q/Q Growth	11.38%	1.33%	17.74%	-2.75%	1.99%	1.05%	-1.97%	1.64%	2.42%	-3.21%	10.63%
EBITDA Q/Q Growth	-137.68%	52.61%	40.78%	-40.39%	2.43%	52.77%	-70.73%	230.40%	15.30%	-59.34%	-110.21%
EBIT Q/Q Growth	-232.00%	86.87%	40.57%	-86.44%	2.46%	13,600.27%	-224.67%	46.26%	0.12%	-26.48%	-51.15%
NOPAT Q/Q Growth	70.59%	-9.05%	304.00%	-71.12%	-104.37%	278.26%	-459.47%	42.71%	-0.51%	-21.92%	-25.86%
Net Income Q/Q Growth	-191.24%	97.60%	361.14%	-87.12%	-55.30%	155.87%	-927.53%	30.49%	11.98%	-23.91%	-46.23%
EPS Q/Q Growth	-400.00%	300.00%	260.00%	-88.89%	-66.67%	150.00%	0.00%	27.78%	0.00%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	113.12%	-23.06%	55.21%	-44.76%	1,580.36%	65.53%	-4.20%	-27.09%	-1,569.85%	136.37%	-48.33%
Free Cash Flow Firm Q/Q Growth	72.20%	-83.62%	11.35%	58.82%	304.45%	-75.37%	1,376.12%	-66.21%	-111.26%	75.86%	-60.99%
Invested Capital Q/Q Growth	-11.20%	4.58%	20.19%	-2.20%	-7.50%	0.54%	-9.71%	3.11%	13.93%	-6.52%	10.87%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	43.77%	53.87%	51.89%	38.52%	37.09%	39.59%	34.96%	33.23%	33.63%	27.21%	27.23%
EBITDA Margin	-0.96%	14.47%	20.67%	11.82%	6.08%	15.48%	3.88%	3.14%	-0.90%	-11.66%	-23.83%
Operating Margin	-1.89%	11.63%	14.58%	1.15%	-3.38%	6.13%	-4.79%	-7.39%	-10.79%	-24.67%	-31.78%
EBIT Margin	-4.99%	9.56%	13.31%	1.29%	-4.53%	5.63%	-5.29%	-6.89%	-10.72%	-24.42%	-35.75%
Profit (Net Income) Margin	-5.24%	8.19%	27.15%	3.26%	-7.94%	2.48%	-8.28%	-9.96%	-12.29%	-25.24%	-39.98%
Tax Burden Percent	100.32%	87.65%	229.14%	454.93%	120.46%	53.16%	141.48%	132.21%	106.14%	100.85%	100.25%
Interest Burden Percent	104.63%	97.72%	89.05%	55.49%	145.62%	82.77%	110.58%	109.37%	108.03%	102.48%	111.56%
Effective Tax Rate	0.00%	12.35%	-129.14%	-354.93%	0.00%	46.84%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-2.75%	23.09%	45.77%	4.90%	-2.26%	3.29%	-3.87%	-6.11%	-8.27%	-18.41%	-37.66%
ROIC Less NNEP Spread (ROIC-NNEP)	47.29%	41.94%	-414.41%	-25.10%	-199.97%	-39.17%	250.16%	104.39%	48.33%	57.69%	658.76%
Return on Net Nonoperating Assets (RNNOA)	-6.60%	-8.15%	-7.87%	-1.64%	-5.53%	-0.74%	-5.48%	-5.08%	-4.05%	-5.80%	-27.22%
Return on Equity (ROE)	-9.35%	14.94%	37.90%	3.26%	-7.79%	2.55%	-9.35%	-11.19%	-12.32%	-24.21%	-64.89%
Cash Return on Invested Capital (CROIC)	-11.99%	3.62%	-73.42%	-4.41%	2.97%	2.02%	5.44%	4.92%	-19.14%	-5.17%	15.20%
Operating Return on Assets (OROA)	-5.82%	11.67%	12.13%	0.90%	-3.28%	4.21%	-3.98%	-4.65%	-6.77%	-15.25%	-20.52%
Return on Assets (ROA)	-6.11%	10.00%	24.74%	2.26%	-5.76%	1.85%	-6.23%	-6.73%	-7.76%	-15.76%	-22.95%
Return on Common Equity (ROCE)	-9.35%	14.94%	37.90%	3.26%	-7.79%	2.55%	-9.35%	-11.19%	-12.32%	-24.21%	-64.89%
Return on Equity Simple (ROE_SIMPLE)	-8.94%	12.94%	25.92%	3.00%	-8.01%	2.51%	-9.49%	-11.91%	-11.26%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-0.18	1.76	9.48	1.70	-0.80	1.14	-1.29	-1.84	-2.49	-5.48	-8.28
NOPAT Margin	-1.33%	10.20%	33.42%	5.23%	-2.36%	3.26%	-3.35%	-5.17%	-7.56%	-17.27%	-22.25%
Net Nonoperating Expense Percent (NNEP)	-50.04%	-18.85%	460.18%	30.00%	197.72%	42.46%	-254.03%	-110.50%	-56.60%	-76.10%	-696.42%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	-	-17.52%	-39.33%
Cost of Revenue to Revenue	56.23%	46.13%	48.11%	61.48%	62.91%	60.41%	65.04%	66.77%	66.37%	72.79%	72.77%
SG&A Expenses to Revenue	37.55%	38.10%	30.50%	28.34%	31.11%	25.63%	31.17%	31.56%	34.73%	38.76%	42.51%
R&D to Revenue	8.12%	3.87%	4.36%	4.98%	5.98%	4.90%	5.63%	5.87%	6.51%	7.57%	8.24%
Operating Expenses to Revenue	45.66%	42.24%	37.30%	37.37%	40.47%	33.45%	39.75%	40.61%	44.42%	51.87%	59.01%
Earnings before Interest and Taxes (EBIT)	-0.68	1.65	3.78	0.42	-1.53	1.97	-2.04	-2.45	-3.53	-7.75	-13
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-0.13	2.50	5.86	3.84	2.05	5.41	1.49	1.12	-0.30	-3.70	-8.86
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.35	2.48	2.19	1.67	0.70	2.50	2.01	1.12	1.40	1.62	8.45
Price to Tangible Book Value (P/TBV)	3.35	2.48	4.83	2.89	1.19	3.93	3.05	1.71	1.88	2.47	0.00
Price to Revenue (P/Rev)	1.96	1.57	2.30	1.82	0.70	2.47	1.75	0.94	1.53	1.54	3.55
Price to Earnings (P/E)	0.00	19.18	8.45	55.82	0.00	99.64	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	5.21%	11.83%	1.79%	0.00%	1.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	3.73	2.94	2.07	1.66	0.71	2.49	2.07	1.12	1.46	1.67	8.21
Enterprise Value to Revenue (EV/Rev)	1.88	1.42	2.41	1.85	0.73	2.48	1.71	0.90	1.40	1.47	3.57
Enterprise Value to EBITDA (EV/EBITDA)	0.00	9.83	11.67	15.64	11.92	16.01	44.02	28.66	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	14.87	18.13	143.12	0.00	44.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	13.95	7.22	35.37	0.00	76.03	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	312.70	16.10	13.69	22.95	59.50	23.22	13.88	21.85	0.00	89.21	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	88.98	0.00	0.00	23.28	124.11	36.20	21.57	0.00	0.00	39.71
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.07	0.03	0.38	0.21	0.17	0.16	0.15	0.14	0.08	0.04	0.35
Long-Term Debt to Equity	0.04	0.02	0.34	0.16	0.15	0.14	0.12	0.11	0.05	0.03	0.33
Financial Leverage	-0.14	-0.19	0.02	0.07	0.03	0.02	-0.02	-0.05	-0.08	-0.10	-0.04
Leverage Ratio	1.53	1.50	1.53	1.44	1.35	1.38	1.50	1.66	1.59	1.54	2.83
Compound Leverage Factor	1.60	1.46	1.36	0.80	1.97	1.14	1.66	1.82	1.71	1.57	3.15
Debt to Total Capital	6.19%	3.06%	27.76%	17.38%	14.30%	14.15%	12.90%	12.45%	7.50%	3.40%	25.66%
Short-Term Debt to Total Capital	2.56%	1.48%	3.28%	4.13%	1.49%	2.44%	2.20%	2.94%	2.63%	0.67%	0.82%
Long-Term Debt to Total Capital	3.64%	1.59%	24.47%	13.25%	12.81%	11.71%	10.70%	9.51%	4.87%	2.73%	24.84%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	93.81%	96.94%	72.24%	82.62%	85.70%	85.85%	87.10%	87.55%	92.50%	96.60%	74.34%
Debt to EBITDA	-4.03	0.14	1.95	1.93	2.72	1.05	3.33	3.79	-9.84	-0.29	-0.61
Net Debt to EBITDA	8.52	-1.03	0.57	0.24	0.48	0.06	-1.21	-1.15	14.28	0.65	-0.06
Long-Term Debt to EBITDA	-2.37	0.07	1.72	1.48	2.44	0.87	2.76	2.89	-6.39	-0.23	-0.59
Debt to NOPAT	-2.92	0.20	1.20	4.38	-6.99	5.00	-3.86	-2.30	-1.17	-0.19	-0.65
Net Debt to NOPAT	6.16	-1.46	0.35	0.55	-1.22	0.27	1.40	0.70	1.70	0.44	-0.06
Long-Term Debt to NOPAT	-1.71	0.10	1.06	3.34	-6.27	4.14	-3.20	-1.76	-0.76	-0.16	-0.63
Altman Z-Score	-17.77	-12.76	-2.35	-1.72	-3.93	-0.59	-2.36	-3.89	-2.98	-4.33	-1.37
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.10	3.47	3.43	3.34	3.09	2.87	2.45	2.35	3.18	1.93	1.66
Quick Ratio	1.83	2.07	2.44	1.88	1.76	1.58	1.37	1.39	1.66	1.05	0.84
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-0.79	0.28	-15	-1.53	1.05	0.70	1.81	1.48	-5.76	-1.54	3.34
Operating Cash Flow to CapEx	11.93%	135.60%	224.87%	104.02%	32.93%	165.48%	149.81%	90.01%	-91.30%	23.87%	-665.63%
Free Cash Flow to Firm to Interest Expense	-25.01	7.34	-36.78	-8.18	1.51	2.06	8.43	6.46	-20.33	-8.02	2.17
Operating Cash Flow to Interest Expense	2.60	40.55	12.09	14.01	0.59	11.00	21.97	6.38	-9.92	2.72	-5.42
Operating Cash Flow Less CapEx to Interest Expense	-19.23	10.64	6.71	0.54	-1.20	4.35	7.31	-0.71	-20.78	-8.66	-6.24
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.17	1.22	0.91	0.69	0.73	0.75	0.75	0.68	0.63	0.62	0.57
Accounts Receivable Turnover	4.57	4.89	5.86	5.74	5.63	5.43	6.92	7.11	5.56	5.49	5.17
Inventory Turnover	2.36	2.27	3.06	3.48	3.01	2.53	2.84	3.04	3.04	3.31	2.79
Fixed Asset Turnover	3.67	4.00	3.86	2.94	2.87	2.97	3.07	2.85	2.69	2.26	2.39
Accounts Payable Turnover	4.57	5.47	9.42	11.21	9.97	8.83	9.13	7.92	7.74	7.96	5.08
Days Sales Outstanding (DSO)	79.82	74.57	62.24	63.61	64.79	67.25	52.73	51.35	65.64	66.52	70.56
Days Inventory Outstanding (DIO)	154.52	160.75	119.16	104.76	121.12	144.00	128.71	120.25	120.19	110.33	130.85
Days Payable Outstanding (DPO)	79.85	66.74	38.75	32.57	36.63	41.35	40.00	46.10	47.16	45.88	71.81
Cash Conversion Cycle (CCC)	154.49	168.58	142.65	135.80	149.28	169.90	141.45	125.49	138.68	130.97	129.59
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	6.88	8.37	33	36	34	35	32	28	32	28	16
Invested Capital Turnover	2.08	2.26	1.37	0.94	0.95	1.01	1.15	1.18	1.09	1.07	1.69
Increase / (Decrease) in Invested Capital	0.61	1.49	25	3.23	-1.85	0.44	-3.10	-3.32	3.27	-3.94	-12
Enterprise Value (EV)	26	25	68	60	24	87	66	32	46	46	133
Market Capitalization	27	27	65	59	23	86	67	33	50	49	132
Book Value per Share	$0.53	$0.70	$1.23	$1.37	$1.30	$1.34	$1.26	$1.10	$0.96	$0.78	$0.36
Tangible Book Value per Share	$0.53	$0.70	$0.56	$0.79	$0.77	$0.85	$0.83	$0.72	$0.72	$0.51	($0.33)
Total Capital	8.53	11	41	43	39	40	39	34	39	31	21
Total Debt	0.53	0.35	11	7.44	5.58	5.70	4.97	4.23	2.92	1.06	5.40
Total Long-Term Debt	0.31	0.18	10	5.67	5.00	4.72	4.12	3.23	1.89	0.85	5.23
Net Debt	-1.12	-2.56	3.33	0.93	0.98	0.31	-1.80	-1.28	-4.23	-2.42	0.52
Capital Expenditures (CapEx)	0.69	1.13	2.22	2.52	1.25	2.26	3.16	1.63	3.08	2.18	1.25
Debt-free, Cash-free Net Working Capital (DFCFNWC)	4.25	5.20	7.24	8.85	9.23	9.45	6.33	5.93	8.81	4.23	6.57
Debt-free Net Working Capital (DFNWC)	5.89	8.11	15	15	14	15	13	11	16	7.71	11
Net Working Capital (NWC)	5.68	7.94	14	14	13	14	12	10	15	7.50	11
Net Nonoperating Expense (NNE)	0.53	0.35	1.78	0.64	1.88	0.27	1.90	1.70	1.56	2.53	6.60
Net Nonoperating Obligations (NNO)	-1.12	-2.56	3.33	0.93	0.98	0.31	-1.80	-1.28	-4.23	-2.42	0.52
Total Depreciation and Amortization (D&A)	0.55	0.85	2.09	3.42	3.58	3.44	3.53	3.57	3.23	4.05	4.43
Debt-free, Cash-free Net Working Capital to Revenue	31.11%	30.09%	25.51%	27.20%	27.35%	27.02%	16.45%	16.67%	26.74%	13.33%	17.66%
Debt-free Net Working Capital to Revenue	43.14%	46.93%	54.01%	47.21%	40.99%	42.43%	34.06%	32.16%	48.43%	24.30%	30.77%
Net Working Capital to Revenue	41.54%	45.97%	49.25%	41.78%	39.27%	39.62%	31.86%	29.35%	45.32%	23.64%	30.30%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.05)	$0.09	$0.39	$0.04	($0.10)	$0.03	($0.12)	($0.13)	($0.13)	$0.00	($0.36)
Adjusted Weighted Average Basic Shares Outstanding	15.24M	15.40M	20.00M	25.01M	25.79M	25.85M	26.31M	27.02M	31.64M	37.94M	40.87M
Adjusted Diluted Earnings per Share	($0.05)	$0.08	$0.36	$0.04	($0.10)	$0.03	($0.12)	($0.13)	($0.13)	$0.00	($0.36)
Adjusted Weighted Average Diluted Shares Outstanding	15.24M	16.88M	21.67M	26.81M	25.79M	27.47M	26.31M	27.02M	37.46M	39.55M	40.87M
Adjusted Basic & Diluted Earnings per Share	($0.05)	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	14.71M	15.63M	24.25M	25.77M	25.83M	26.01M	26.99M	27.07M	31.64M	37.94M	44.67M
Normalized Net Operating Profit after Tax (NOPAT)	-0.18	1.80	2.90	0.26	-0.85	1.08	-1.28	-1.84	-2.49	-5.39	-8.21
Normalized NOPAT Margin	-1.33%	10.43%	10.21%	0.80%	-2.52%	3.10%	-3.34%	-5.17%	-7.56%	-16.99%	-22.06%
Pre Tax Income Margin	-5.22%	9.34%	11.85%	0.72%	-6.59%	4.66%	-5.85%	-7.53%	-11.58%	-25.03%	-39.88%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-21.60	43.89	9.13	2.25	-2.19	5.80	-9.45	-10.68	-12.46	-40.38	-8.65
NOPAT to Interest Expense	-5.74	46.81	22.93	9.09	-1.14	3.36	-5.99	-8.01	-8.78	-28.56	-5.39
EBIT Less CapEx to Interest Expense	-43.43	13.99	3.75	-11.22	-3.98	-0.84	-24.12	-17.76	-23.32	-51.76	-9.47
NOPAT Less CapEx to Interest Expense	-27.57	16.91	17.55	-4.38	-2.94	-3.29	-20.65	-15.10	-19.65	-39.93	-6.20
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from LightPath Technologies' official financial filings.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	8.73%	9.64%	-13.66%	3.91%	-10.85%	4.00%	1.49%	19.07%	41.41%	79.26%	120.23%
EBITDA Growth	243.98%	-15.63%	-301.69%	-575.67%	-1,826.01%	2.16%	-212.38%	29.01%	-356.86%	-191.95%	-411.37%
EBIT Growth	0.55%	-3.06%	-183.93%	-150.18%	-218.43%	-17.07%	-51.43%	-0.90%	-190.31%	-74.44%	-257.88%
NOPAT Growth	-2.29%	-1.23%	-220.46%	-169.02%	-175.35%	-10.09%	-39.31%	-28.65%	-109.93%	-82.00%	-246.07%
Net Income Growth	40.52%	2.78%	-146.90%	-123.30%	-191.01%	-20.89%	-52.42%	-37.92%	-199.77%	-78.28%	-260.09%
EPS Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-75.00%	-185.71%
Operating Cash Flow Growth	-269.91%	374.46%	13.96%	-133.46%	103.42%	-249.14%	-154.79%	-722.84%	-4,196.12%	32.78%	482.93%
Free Cash Flow Firm Growth	-238.24%	-263.08%	-415.11%	-299.32%	162.45%	114.04%	125.94%	447.67%	249.64%	1,067.68%	-1,195.71%
Invested Capital Growth	11.50%	25.85%	19.86%	6.74%	-12.42%	-6.40%	-11.04%	-50.94%	-41.81%	-47.02%	43.89%
Revenue Q/Q Growth	30.70%	-16.60%	-9.43%	5.24%	12.14%	-2.71%	-11.61%	23.47%	33.18%	23.33%	8.59%
EBITDA Q/Q Growth	133.73%	-672.10%	-5.26%	-232.60%	13.82%	67.57%	-236.06%	24.41%	-454.57%	79.28%	-488.63%
EBIT Q/Q Growth	27.25%	-67.67%	-27.19%	-61.26%	7.41%	38.36%	-64.53%	-7.45%	-166.40%	62.96%	-237.55%
NOPAT Q/Q Growth	16.43%	-55.85%	-42.60%	-44.85%	14.47%	37.69%	-80.44%	-33.77%	-39.57%	45.98%	-243.11%
Net Income Q/Q Growth	30.47%	-65.96%	-27.66%	-51.58%	9.38%	31.06%	-60.96%	-37.15%	-96.96%	59.00%	-225.11%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-75.00%	0.00%	0.00%	0.00%	-185.71%
Operating Cash Flow Q/Q Growth	-1,018.64%	160.35%	-125.39%	-36.21%	116.41%	-2,728.07%	56.63%	-339.89%	18.31%	56.87%	347.08%
Free Cash Flow Firm Q/Q Growth	-315.31%	-88.33%	12.43%	41.70%	164.95%	-57.65%	61.80%	681.20%	-34.68%	41.44%	-251.82%
Invested Capital Q/Q Growth	13.93%	-2.65%	-0.85%	-2.92%	-6.52%	4.03%	-5.76%	-46.46%	10.87%	-5.28%	155.95%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	31.81%	28.87%	29.64%	20.86%	29.24%	33.86%	26.01%	29.06%	22.04%	29.77%	36.82%
EBITDA Margin	0.78%	-5.34%	-6.21%	-19.63%	-15.08%	-5.03%	-19.12%	-11.70%	-48.73%	-8.19%	-44.39%
Operating Margin	-8.29%	-15.48%	-24.38%	-33.55%	-25.59%	-16.39%	-33.46%	-36.25%	-37.99%	-16.64%	-52.58%
EBIT Margin	-7.67%	-15.42%	-21.65%	-33.17%	-27.39%	-17.35%	-32.30%	-28.11%	-56.23%	-16.89%	-52.49%
Profit (Net Income) Margin	-8.35%	-16.62%	-23.42%	-33.74%	-27.26%	-19.32%	-35.18%	-39.08%	-57.79%	-19.21%	-57.52%
Tax Burden Percent	101.46%	103.04%	104.64%	100.22%	97.76%	100.97%	101.73%	102.87%	98.29%	102.89%	100.33%
Interest Burden Percent	107.35%	104.63%	103.40%	101.47%	101.81%	110.25%	107.05%	135.13%	104.56%	110.57%	109.22%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-6.35%	-13.16%	-19.74%	-26.74%	-19.10%	-12.30%	-26.04%	-38.52%	-45.02%	-23.11%	-58.49%
ROIC Less NNEP Spread (ROIC-NNEP)	2.63%	-0.21%	-3.53%	-12.38%	5.19%	16.64%	42.51%	41.78%	357.08%	11.06%	-49.14%
Return on Net Nonoperating Assets (RNNOA)	-0.22%	0.02%	0.33%	1.99%	-0.52%	-1.18%	-1.79%	-2.76%	-14.76%	-1.45%	25.63%
Return on Equity (ROE)	-6.57%	-13.14%	-19.41%	-24.76%	-19.62%	-13.48%	-27.83%	-41.28%	-59.78%	-24.56%	-32.86%
Cash Return on Invested Capital (CROIC)	-19.14%	-31.91%	-30.03%	-22.13%	-5.17%	-12.01%	-9.26%	38.66%	15.20%	20.47%	-76.17%
Operating Return on Assets (OROA)	-4.85%	-10.09%	-13.92%	-20.71%	-17.10%	-10.72%	-20.80%	-14.42%	-32.28%	-10.92%	-28.51%
Return on Assets (ROA)	-5.28%	-10.88%	-15.06%	-21.06%	-17.02%	-11.93%	-22.65%	-20.04%	-33.18%	-12.42%	-31.24%
Return on Common Equity (ROCE)	-6.57%	-13.14%	-19.41%	-24.76%	-19.62%	-13.48%	-27.83%	-41.28%	-59.78%	-24.56%	-24.76%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-11.49%	-14.92%	-20.38%	0.00%	0.00%	0.00%	-64.68%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-0.56	-0.88	-1.25	-1.81	-1.55	-0.96	-1.74	-2.33	-3.25	-1.75	-6.02
NOPAT Margin	-5.80%	-10.84%	-17.06%	-23.49%	-17.91%	-11.47%	-23.42%	-25.38%	-26.59%	-11.65%	-36.81%
Net Nonoperating Expense Percent (NNEP)	-8.97%	-12.95%	-16.21%	-14.36%	-24.29%	-28.94%	-68.55%	-80.30%	-402.10%	-34.17%	-9.35%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-3.42%	-5.50%	-4.95%	-2.90%	-5.71%	-11.05%	-15.43%	-6.54%	-7.66%
Cost of Revenue to Revenue	68.19%	71.13%	70.36%	79.14%	70.76%	66.14%	73.99%	70.94%	77.96%	70.23%	63.18%
SG&A Expenses to Revenue	31.07%	32.95%	39.07%	41.20%	41.76%	38.93%	45.20%	48.52%	38.82%	29.11%	35.83%
R&D to Revenue	6.36%	7.92%	8.31%	7.40%	6.75%	5.67%	10.30%	8.27%	8.72%	5.76%	4.58%
Operating Expenses to Revenue	40.16%	44.35%	54.02%	54.41%	54.84%	50.25%	59.46%	65.31%	60.03%	46.41%	89.40%
Earnings before Interest and Taxes (EBIT)	-0.74	-1.25	-1.58	-2.55	-2.36	-1.46	-2.40	-2.58	-6.87	-2.54	-8.58
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	0.08	-0.43	-0.45	-1.51	-1.30	-0.42	-1.42	-1.07	-5.95	-1.23	-7.26
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.40	1.56	1.40	1.65	1.62	1.84	5.24	5.13	8.45	16.52	6.30
Price to Tangible Book Value (P/TBV)	1.88	2.37	2.11	2.52	2.47	2.79	8.25	0.00	0.00	0.00	9.99
Price to Revenue (P/Rev)	1.53	1.61	1.45	1.60	1.54	1.69	4.35	2.40	3.55	8.08	9.29
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.46	1.63	1.44	1.70	1.67	1.86	5.16	5.46	8.21	22.73	11.53
Enterprise Value to Revenue (EV/Rev)	1.40	1.50	1.36	1.54	1.47	1.67	4.37	2.37	3.57	7.94	8.56
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	89.21	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	9.29	39.71	76.92	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.08	0.08	0.08	0.04	0.04	0.13	0.14	0.34	0.35	0.25	0.01
Long-Term Debt to Equity	0.05	0.05	0.02	0.03	0.03	0.03	0.03	0.33	0.33	0.24	0.00
Financial Leverage	-0.08	-0.12	-0.09	-0.16	-0.10	-0.07	-0.04	-0.07	-0.04	-0.13	-0.52
Leverage Ratio	1.59	1.64	1.63	1.53	1.54	1.61	1.65	2.76	2.83	2.67	1.40
Compound Leverage Factor	1.70	1.72	1.69	1.55	1.56	1.78	1.77	3.74	2.96	2.95	1.53
Debt to Total Capital	7.50%	7.54%	7.67%	3.57%	3.40%	11.27%	12.27%	25.34%	25.66%	20.07%	0.53%
Short-Term Debt to Total Capital	2.63%	3.36%	5.86%	0.98%	0.67%	8.93%	9.91%	0.88%	0.82%	0.54%	0.10%
Long-Term Debt to Total Capital	4.87%	4.18%	1.81%	2.58%	2.73%	2.34%	2.36%	24.46%	24.84%	19.53%	0.43%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	30.36%
Common Equity to Total Capital	92.50%	92.46%	92.33%	96.43%	96.60%	88.73%	87.73%	74.66%	74.34%	79.93%	69.11%
Debt to EBITDA	-9.84	-8.03	-2.71	-0.51	-0.29	-1.01	-0.80	-1.27	-0.61	-0.56	-0.04
Net Debt to EBITDA	14.28	11.32	2.98	0.86	0.65	0.15	-0.12	0.27	-0.06	0.63	4.70
Long-Term Debt to EBITDA	-6.39	-4.45	-0.64	-0.37	-0.23	-0.21	-0.15	-1.22	-0.59	-0.54	-0.03
Debt to NOPAT	-1.17	-1.14	-0.83	-0.26	-0.19	-0.67	-0.62	-0.81	-0.65	-0.59	-0.04
Net Debt to NOPAT	1.70	1.61	0.92	0.44	0.44	0.10	-0.09	0.17	-0.06	0.68	5.47
Long-Term Debt to NOPAT	-0.76	-0.63	-0.20	-0.19	-0.16	-0.14	-0.12	-0.78	-0.63	-0.58	-0.04
Altman Z-Score	-2.81	-2.92	-3.36	-3.59	-3.96	-3.84	-1.66	-1.76	-1.11	3.63	6.55
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	24.65%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.18	2.34	1.93	2.01	1.93	1.73	1.53	2.30	1.66	1.98	3.97
Quick Ratio	1.66	1.10	0.85	0.99	1.05	0.97	0.83	1.16	0.84	1.19	3.36
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-3.83	-7.22	-6.32	-3.69	2.39	1.01	1.64	13	8.37	12	-18
Operating Cash Flow to CapEx	-251.19%	193.12%	-32.37%	-96.56%	22.30%	-2,461.06%	-916.92%	-771.29%	-388.80%	-1,483.94%	325.36%
Free Cash Flow to Firm to Interest Expense	-70.26	-125.31	-117.54	-97.89	55.91	6.79	9.70	14.15	26.74	44.03	-22.71
Operating Cash Flow to Interest Expense	-34.62	19.79	-5.38	-10.47	1.51	-11.38	-4.36	-3.58	-8.47	-4.25	3.57
Operating Cash Flow Less CapEx to Interest Expense	-48.40	9.54	-22.00	-21.31	-5.27	-11.85	-4.84	-4.05	-10.65	-4.54	2.47
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.63	0.65	0.64	0.62	0.62	0.62	0.64	0.51	0.57	0.65	0.54
Accounts Receivable Turnover	5.56	6.92	6.69	6.94	5.49	6.25	6.44	5.46	5.17	5.93	7.62
Inventory Turnover	3.04	3.10	3.10	3.13	3.31	3.21	3.33	2.43	2.79	3.27	3.71
Fixed Asset Turnover	2.69	2.55	2.38	2.30	2.26	2.10	2.11	2.14	2.39	2.93	0.00
Accounts Payable Turnover	7.74	8.56	8.50	7.64	7.96	8.23	7.73	5.54	5.08	7.86	8.12
Days Sales Outstanding (DSO)	65.64	52.71	54.58	52.61	66.52	58.36	56.68	66.82	70.56	61.55	47.93
Days Inventory Outstanding (DIO)	120.19	117.83	117.76	116.51	110.33	113.89	109.48	150.51	130.85	111.76	98.44
Days Payable Outstanding (DPO)	47.16	42.65	42.95	47.75	45.88	44.37	47.20	65.83	71.81	46.41	44.94
Cash Conversion Cycle (CCC)	138.68	127.90	129.38	121.37	130.97	127.87	118.96	151.50	129.59	126.89	101.43
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	32	31	31	30	28	29	27	15	16	15	39
Invested Capital Turnover	1.09	1.21	1.16	1.14	1.07	1.07	1.11	1.52	1.69	1.98	1.59
Increase / (Decrease) in Invested Capital	3.27	6.34	5.07	1.88	-3.94	-1.98	-3.38	-15	-12	-14	12
Enterprise Value (EV)	46	50	44	50	46	54	141	80	133	348	452
Market Capitalization	50	54	47	52	49	54	140	81	132	354	491
Book Value per Share	$0.96	$0.93	$0.90	$0.83	$0.78	$0.74	$0.67	$0.39	$0.36	$0.48	$1.72
Tangible Book Value per Share	$0.72	$0.61	$0.60	$0.55	$0.51	$0.49	$0.43	($0.39)	($0.33)	($0.18)	$1.08
Total Capital	39	38	36	33	31	33	30	21	21	27	113
Total Debt	2.92	2.85	2.80	1.17	1.06	3.74	3.74	5.34	5.40	5.38	0.60
Total Long-Term Debt	1.89	1.58	0.66	0.85	0.85	0.78	0.72	5.15	5.23	5.24	0.48
Net Debt	-4.23	-4.01	-3.08	-1.99	-2.42	-0.54	0.54	-1.14	0.52	-6.13	-73
Capital Expenditures (CapEx)	0.75	0.59	0.89	0.41	0.29	0.07	0.08	0.42	0.68	0.08	0.87
Debt-free, Cash-free Net Working Capital (DFCFNWC)	8.81	5.86	5.31	4.97	4.23	5.75	5.24	9.56	6.57	6.04	-0.88
Debt-free Net Working Capital (DFNWC)	16	13	11	8.13	7.71	10	8.44	16	11	18	73
Net Working Capital (NWC)	15	11	9.05	7.80	7.50	7.07	5.42	16	11	17	73
Net Nonoperating Expense (NNE)	0.25	0.47	0.47	0.79	0.81	0.66	0.87	1.26	3.81	1.14	3.39
Net Nonoperating Obligations (NNO)	-4.23	-4.01	-3.08	-1.99	-2.42	-0.54	0.54	-1.14	0.52	-6.13	-73
Total Depreciation and Amortization (D&A)	0.82	0.81	1.13	1.04	1.06	1.04	0.98	1.50	0.92	1.31	1.33
Debt-free, Cash-free Net Working Capital to Revenue	26.74%	17.41%	16.35%	15.15%	13.33%	17.95%	16.28%	28.42%	17.66%	13.77%	-1.66%
Debt-free Net Working Capital to Revenue	48.43%	37.80%	34.46%	24.79%	24.30%	31.30%	26.24%	47.69%	30.77%	40.00%	137.72%
Net Working Capital to Revenue	45.32%	34.03%	27.87%	23.80%	23.64%	22.06%	16.85%	47.14%	30.30%	39.67%	137.50%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	($0.04)	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	($0.07)	($0.20)
Adjusted Weighted Average Basic Shares Outstanding	31.64M	37.43M	37.50M	37.99M	37.94M	39.56M	39.73M	41.36M	40.87M	43.29M	47.00M
Adjusted Diluted Earnings per Share	$0.00	($0.04)	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	($0.07)	($0.20)
Adjusted Weighted Average Diluted Shares Outstanding	31.64M	37.43M	37.50M	38.81M	37.94M	39.66M	40.16M	42.90M	40.87M	43.29M	47.00M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	31.64M	37.47M	37.50M	37.99M	37.94M	39.56M	39.73M	41.36M	44.67M	45.43M	57.71M
Normalized Net Operating Profit after Tax (NOPAT)	-0.56	-0.88	-1.25	-1.81	-1.55	-0.91	-1.74	-2.33	-3.25	-1.75	-0.73
Normalized NOPAT Margin	-5.80%	-10.84%	-17.06%	-23.49%	-17.91%	-10.82%	-23.42%	-25.38%	-26.59%	-11.63%	-4.45%
Pre Tax Income Margin	-8.23%	-16.13%	-22.39%	-33.66%	-27.89%	-19.13%	-34.58%	-37.99%	-58.79%	-18.67%	-57.33%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-13.61	-21.61	-29.45	-67.84	-55.24	-9.76	-14.19	-2.85	-21.94	-9.46	-10.85
NOPAT to Interest Expense	-10.29	-15.20	-23.21	-48.03	-36.13	-6.45	-10.29	-2.57	-10.37	-6.52	-7.61
EBIT Less CapEx to Interest Expense	-27.39	-31.86	-46.07	-78.68	-62.01	-10.22	-14.66	-3.31	-24.11	-9.74	-11.94
NOPAT Less CapEx to Interest Expense	-24.08	-25.44	-39.83	-58.87	-42.90	-6.92	-10.76	-3.03	-12.55	-6.81	-8.70
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

LightPath Technologies (LPTH) — a concise, data-driven read based on the last four years of quarterly statements. The highlights below focus on revenue trends, profitability, and cash flow dynamics that could matter to retail investors.

Q2 2026 operating cash flow from continuing operations turned positive at about $2.82 million, signaling improved near-term cash generation from core activities.
Funding activity provided strong liquidity in Q2 2026, with net financing cash around $59.93 million, driven by a substantial equity issuance of about $65.34 million.
The balance sheet shows solid liquidity, with cash & equivalents near $73.6 million and total current assets around $97.0 million in Q2 2026.
Revenue has trended up over the period, with Q2 2026 operating revenue of about $16.35 million versus roughly $7.62 million in Q2 2025, indicating meaningful top-line growth.
Gross margin remains respectable in the mid-30s percentage range (Q2 2026 gross profit about $6.02 million on $16.35 million revenue).
Net income remains negative across quarters (Q2 2026 net income around -$9.41 million), highlighting ongoing profitability challenges even as cash flow improves.
The company carries a sizable redeemable noncontrolling interest and a notable accumulated deficit, which could imply future dilution or balance-sheet considerations.
There is a notable reliance on equity financing to fund operations, seen in the large equity issuance in Q2 2026 and related financing activity.
Persistent net losses continue to press on earnings (Q2 2026 net income -$9.41 million; similar negatives appear across earlier quarters).
Investing cash outflows remain sizable, including substantial outlays for acquisitions and PPE (e.g., around -$20.7 million in Q3 2025), which weighs on free cash flow.
Near-term liquidity appears contingent on financing, raising dilution risk if market conditions weaken or investor demand moderates.

05/07/26 02:08 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About LightPath Technologies' Financials

When does LightPath Technologies' financial year end?

According to the most recent income statement we have on file, LightPath Technologies' fiscal year ends in June. Their fiscal year 2025 ended on June 30, 2025.

How has LightPath Technologies' net income changed over the last 10 years?

LightPath Technologies' net income appears to be on an upward trend, with a most recent value of -$14.87 million in 2025, rising from -$715.28 thousand in 2015. The previous period was -$8.01 million in 2024. Check out LightPath Technologies' forecast to explore projected trends and price targets.

What is LightPath Technologies' operating income?

LightPath Technologies' total operating income in 2025 was -$11.82 million, based on the following breakdown:

Total Gross Profit: $10.13 million
Total Operating Expenses: $21.95 million

How has LightPath Technologies' revenue changed over the last 10 years?

Over the last 10 years, LightPath Technologies' total revenue changed from $13.66 million in 2015 to $37.20 million in 2025, a change of 172.3%.

How much debt does LightPath Technologies have?

LightPath Technologies' total liabilities were at $31.63 million at the end of 2025, a 76.8% increase from 2024, and a 570.8% increase since 2015.

How much cash does LightPath Technologies have?

In the past 10 years, LightPath Technologies' cash and equivalents has ranged from $1.64 million in 2015 to $8.09 million in 2017, and is currently $4.88 million as of their latest financial filing in 2025.

How has LightPath Technologies' book value per share changed over the last 10 years?

Over the last 10 years, LightPath Technologies' book value per share changed from 0.53 in 2015 to 0.36 in 2025, a change of -30.5%.

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Financial statements for NASDAQ:LPTH last updated on 4/14/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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LightPath Technologies (LPTH) Financials

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LightPath Technologies (LPTH) Financials

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