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Lightpath Technologies
(NASDAQ:LPTH)
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Rating:54Neutral
Price Target:
$8.50
▼(-35.51% Downside)
Action:Reiterated
Date:09/12/26
LPTH scores as a balanced-to-cautious setup: a very strong earnings narrative (rapid growth, margin expansion, positive adjusted EBITDA, and a large backlog supported by a strong cash position) is offset by historically weak profitability and free-cash-flow consistency and by currently bearish technical momentum (price below key moving averages with negative MACD).
Positive Factors
Revenue and margin growth
Rapid revenue expansion alongside higher gross margins indicates stronger demand and improving product economics. The shift toward assemblies, modules and cameras also supports a more valuable mix, which can strengthen earnings potential and competitive positioning over the next several quarters.
Negative Factors
Persistent losses and cash burn
Ongoing net losses and inconsistent operating and free cash flow show that revenue growth has not yet produced dependable self-funded economics. Continued cash burn could require additional financing or constrain investment if operating improvements fail to outpace expansion needs.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue and margin growth
Rapid revenue expansion alongside higher gross margins indicates stronger demand and improving product economics. The shift toward assemblies, modules and cameras also supports a more valuable mix, which can strengthen earnings potential and competitive positioning over the next several quarters.
Read all positive factors
Lightpath Technologies Key Performance Indicators (KPIs)
Any
Revenue by Geography
Shows how much revenue comes from each region, revealing where LightPath’s customers and demand are concentrated. Heavy reliance on one market raises exposure to local economic cycles, trade rules, or supply-chain problems, while broader geographic mix points to more stable growth and greater opportunity to scale.
Shows how much revenue comes from each region, revealing where LightPath’s customers and demand are concentrated. Heavy reliance on one market raises exposure to local economic cycles, trade rules, or supply-chain problems, while broader geographic mix points to more stable growth and greater opportunity to scale.
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The Fly
The FlyLightpath Technologies (LPTH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$580.33M
Dividend YieldN/A
Average Volume (3M)2.85M
Price to Earnings (P/E)―
Beta (1Y)1.92
Revenue Growth92.79%
EPS Growth-11.98%
CountryUS
Employees420
SectorTechnology
Sector Strength88
IndustryHardware, Equipment & Parts
Share Statistics
EPS (TTM)-0.40
Shares Outstanding70,088,720
10 Day Avg. Volume3,262,923
30 Day Avg. Volume2,851,645
Financial Highlights & Ratios
PEG Ratio-7.74
Price to Book (P/B)5.51
Price to Sales (P/S)12.17
P/FCF Ratio-52.91
Enterprise Value/Market Cap1.70
Enterprise Value/Revenue13.75
Enterprise Value/Gross Profit38.23
Enterprise Value/Ebitda-118.71
Forecast
1Y Price Target
$15.13Price Target Upside14.76% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)0.02
Revenue Forecast (FY)$103.75M
Lightpath Technologies Business Overview & Revenue Model
Company Description
LightPath Technologies, Inc. specializes in the engineering, production, and distribution of optical elements and integrated systems. Their product range includes precisely molded glass aspheric lenses, as well as infrared aspheric lenses created ...
Lightpath Technologies Earnings Call Summary
Earnings Call Date:Sep 10, 2026
(Q4-2026)
| % Change Since: |
Next Earnings Date:Nov 05, 2026
Earnings Call Sentiment Positive
The call was strongly positive, led by 93% full-year revenue growth, record quarterly revenue, gross-margin expansion, a swing to positive adjusted EBITDA, a 197% increase in backlog, substantial cash and no debt. Management also reported expanding production programs, new orders and continued investment in capacity. The main challenges were the continuing GAAP net loss, higher operating expenses and noncash earn-out charges, delays in NGSRI and the G5 redesign, unconverted border-patrol funding, and supply-chain constraints affecting glass and detectors. Overall, the positive operating and financial trends significantly outweighed the stated challenges.Positive Updates
Strong Full-Year Revenue Growth
Fiscal 2026 revenue increased 93%, from $37 million to $71.7 million, or nearly $72 million.
Negative Updates
Fourth-Quarter Net Loss Continued
LightPath reported a fourth-quarter net loss of $4.1 million, or $0.06 per basic and diluted share, although this improved from a $7.1 million loss, or $0.16 per share, in the same year-ago quarter.
Read all updates
Q4-2026 Updates
Positive
Negative
Strong Full-Year Revenue Growth
Fiscal 2026 revenue increased 93%, from $37 million to $71.7 million, or nearly $72 million.
Read all positive updates
Company Guidance
For fiscal 27, management said “fiscal 27 CapEx will be higher than fiscal 26,” with a “larger and more ambitious” plan to expand all locations, add shifts in all locations, and meet backlog and demand “through fiscal 27 and into fiscal year 28,” including getting ahead of demand in key areas such as Black Diamond glass; the company said glass is “by far” its biggest capacity constraint, detector lead times have grown from “6 months to 10 months, even more now,” and the 2 July orders totaling $24 million are for 2027 delivery, with deliveries spread over months and expected to be renewed “in the years to come,” while backlog was $110.9 million, approximately $85.6 million requested for delivery within 12 months, and management said it “expects to see” demand for zoom lenses and complete uncooled zoom cameras translate into orders “fairly quickly” once fully production ready.Lightpath Technologies Financial Statement Overview
Summary
Income Statement
22
Negative
Balance Sheet
55
Neutral
Cash Flow
28
Negative
| Breakdown | Jun 2026 | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 71.72M | 37.20M | 31.73M | 32.93M | 35.56M |
| Gross Profit | 25.80M | 10.13M | 8.63M | 11.07M | 11.81M |
| EBITDA | 3.87M | -4.91M | -2.96M | -458.35K | 999.74K |
| Net Income | -20.55M | -14.87M | -8.01M | -4.05M | -3.54M |
Balance Sheet | |||||
| Total Assets | 194.01M | 81.51M | 48.09M | 53.54M | 50.71M |
| Cash, Cash Equivalents and Short-Term Investments | 93.20M | 4.88M | 3.48M | 4.69M | 5.51M |
| Total Debt | 10.93M | 15.19M | 10.36M | 12.38M | 14.73M |
| Total Liabilities | 35.63M | 65.86M | 17.89M | 17.58M | 20.98M |
| Stockholders Equity | 158.38M | 15.64M | 30.20M | 35.95M | 29.73M |
Cash Flow | |||||
| Free Cash Flow | -16.49M | -9.59M | -1.66M | -5.89M | -162.49K |
| Operating Cash Flow | -10.23M | -8.33M | 521.04K | -2.81M | 1.46M |
| Investing Cash Flow | -12.79M | -19.74M | -2.67M | -2.87M | -1.63M |
| Financing Cash Flow | 111.02M | 29.30M | -1.47M | 7.46M | -636.17K |
Lightpath Technologies Technical Analysis
Negative
13.18
Price Trends
9.96
Negative
11.46
Negative
11.98
Negative
Market Momentum
-0.70
Negative
44.10
Neutral
74.16
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LPTH, the sentiment is Negative. The current price of 13.18 is above the 20-day moving average (MA) of 8.80, above the 50-day MA of 9.96, and above the 200-day MA of 11.98, indicating a bearish trend. The MACD of -0.70 indicates Negative momentum. The RSI at 44.10 is Neutral, neither overbought nor oversold. The STOCH value of 74.16 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for LPTH.
Lightpath Technologies Risk Analysis
Lightpath Technologies disclosed 31 risk factors in its most recent earnings report. Lightpath Technologies reported the most risks in the "Ability to Sell" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Lightpath Technologies Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | $5.70B | 94.75 | 4.90% | ― | 7.61% | -7.28% | |
66 Neutral | $113.01B | 52.64 | 17.25% | 0.85% | 18.80% | 56.55% | |
63 Neutral | $14.76B | 33.37 | 15.83% | 0.44% | 16.23% | 65.58% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
54 Neutral | $580.33M | -20.66 | -22.17% | ― | 92.79% | -11.98% | |
54 Neutral | $47.18B | 55.08 | 8.37% | 5.73% | 22.51% | ― | |
42 Neutral | $291.63M | -116.21 | -16.50% | ― | 1.48% | -53.38% |
* Technology Sector Average
LPTH
Lightpath Technologies
8.28
0.08
0.98%
GLW
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131.20
41.69
46.58%
NOVT
Novanta
150.66
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17.14%
COHR
Coherent Corp
239.59
101.53
73.54%
MKSI
MKS
218.24
77.43
54.99%
OPTX
Syntec Optics Holdings
7.24
4.63
177.39%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.