Lightpath (LPTH)
NASDAQ:LPTH
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Lightpath Technologies
(NASDAQ:LPTH)
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Rating:64Neutral
Price Target:
$17.00
▲(20.06% Upside)
Action:Reiterated
Date:06/04/26
LPTH’s score is driven by strong operational momentum and visibility from the earnings call (rapid revenue growth, sharply higher backlog, improving gross margin, and consecutive positive adjusted EBITDA) plus a constructive technical uptrend. These positives are tempered by weaker underlying financial performance (persistent GAAP losses and inconsistent/negative free cash flow) and an unfavorable earnings-based valuation signaled by a negative P/E, despite improved liquidity from the recent capital raise.
Positive Factors
Record revenue and backlog growth
A very large, multi-quarter backlog and recent 109% YoY revenue surge provide durable top-line visibility that supports multi-period production planning, prioritization of higher-margin assemblies, and more reliable revenue conversion versus spot order flows, reducing near-term demand uncertainty.
Negative Factors
Persistent GAAP losses and inconsistent cash flow
Despite adjusted EBITDA improvement, recurring GAAP net losses and uneven operating cash flow indicate the business has not yet achieved sustainable earnings power. This structural cash burn necessitates continued external financing, increases execution risk, and can pressure long-term returns unless margins and cash conversion improve.
Read all positive and negative factors
Positive Factors
Negative Factors
Record revenue and backlog growth
A very large, multi-quarter backlog and recent 109% YoY revenue surge provide durable top-line visibility that supports multi-period production planning, prioritization of higher-margin assemblies, and more reliable revenue conversion versus spot order flows, reducing near-term demand uncertainty.
Read all positive factors
Lightpath Technologies Key Performance Indicators (KPIs)
Lightpath Technologies (LPTH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.11B
Dividend YieldN/A
Average Volume (3M)4.17M
Price to Earnings (P/E)―
Beta (1Y)1.46
Revenue Growth86.66%
EPS Growth-97.48%
CountryUS
Employees304
SectorTechnology
Sector Strength88
IndustryHardware, Equipment & Parts
Share Statistics
EPS (TTM)-0.50
Shares Outstanding62,789,406
10 Day Avg. Volume4,914,399
30 Day Avg. Volume4,166,628
Financial Highlights & Ratios
PEG Ratio-0.12
Price to Book (P/B)8.05
Price to Sales (P/S)3.38
P/FCF Ratio-13.12
Enterprise Value/Market Cap0.63
Enterprise Value/Revenue11.10
Enterprise Value/Gross Profit36.25
Enterprise Value/Ebitda-1.79K
Forecast
1Y Price Target
$16.17Price Target Upside14.17% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)-0.21
Revenue Forecast (FY)$66.76M
Lightpath Technologies Business Overview & Revenue Model
Company Description
LightPath Technologies, Inc. designs, develops, manufactures, and distributes optical components and assemblies. The company offers precision molded glass aspheric optics, molded and diamond-turned infrared aspheric lenses, and other optical compo...
How the Company Makes Money
Lightpath Technologies makes money primarily by selling optical and infrared components and assemblies to other businesses and organizations (B2B). Its core revenue streams typically include: (1) product sales of precision molded glass optics (e.g...
Lightpath Technologies Earnings Call Summary
Earnings Call Date:May 07, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Sep 10, 2026
Earnings Call Sentiment Positive
The call conveyed strong operational momentum: record revenue (+109% YoY), a large and growing backlog (+196%), materially improved gross profit (+161%) and positive adjusted EBITDA. Strategic acquisitions (G5, Amorphous) and vertical integration position the company to capture NDAA-driven demand and larger, higher-margin assemblies and camera systems. Key risks and near-term challenges include a continued GAAP net loss, earn-out-related expense volatility, ongoing capacity constraints despite recent doubling, near-term CapEx needs, and timing uncertainty for some government-funded programs. On balance, the positives (rapid top-line growth, backlog, cash runway, strategic positioning) outweigh the manageable lowlights, but execution on capacity expansion and program funding timelines will be critical.Positive Updates
Record Revenue Growth
Q3 FY2026 revenue of $19.1M, up 109% YoY from $9.2M; YTD revenue doubled from $25M to $50M over the last 12 months.
Negative Updates
Net Loss Remains
Q3 net loss of $4.1M ($0.07 per share) vs. net loss of $3.6M ($0.09) a year ago; GAAP net loss persists despite improvement in adjusted operating metrics.
Read all updates
Q3-2026 Updates
Positive
Negative
Record Revenue Growth
Q3 FY2026 revenue of $19.1M, up 109% YoY from $9.2M; YTD revenue doubled from $25M to $50M over the last 12 months.
Read all positive updates
Company Guidance
Management guided to a near-term "step function" in demand over the next few months as cameras and assemblies are redesigned to use BlackDiamond, and reiterated expectations for margin expansion and rapid scaling over the next 3 years; key metrics cited include Q3 revenue of $19.1M (up 109% YoY from $9.2M), Q3 gross profit $7.0M (36% margin, up from 29% a year ago), adjusted EBITDA of +$1.1M (third consecutive positive quarter vs. -$1.6M year‑ago), net loss of $4.1M ($0.07/sh), cash of $55.2M (vs. $4.9M 6/30/25), total backlog ~$110.6M (up 196% from $37.4M), assemblies & cameras = 44% of Q3 revenue and >$75M of backlog (Counter‑UAS backlog ~ $30M), YTD revenue doubled to $50M from $25M, Amorphous acquisition and internal work doubled glass capacity and expands optic size capability from ~5" to up to 10", $6M of CapEx approved in Q3 to meet backlog (additional capacity spending expected), $7M used for AML and $7.3M paid toward the G5 earn‑out (operating cash outflow ex‑earnout ~$1.3M YTD), and management noted NDAA-driven demand (compliance deadline Jan 1, 2030) with an airborne award anticipated toward late summer/early autumn.Lightpath Technologies Financial Statement Overview
Summary
Income Statement
22
Negative
Balance Sheet
48
Neutral
Cash Flow
27
Negative
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 62.77M | 37.20M | 31.73M | 32.93M | 35.56M | 38.46M |
| Gross Profit | 19.22M | 10.13M | 8.63M | 11.07M | 11.81M | 13.45M |
| EBITDA | -389.40K | -4.91M | -2.96M | -458.35K | 999.74K | 2.23M |
| Net Income | -23.46M | -14.87M | -8.01M | -4.05M | -3.54M | -3.19M |
Balance Sheet | ||||||
| Total Assets | 144.27M | 81.51M | 48.09M | 53.54M | 50.71M | 54.61M |
| Cash, Cash Equivalents and Short-Term Investments | 55.24M | 4.88M | 3.48M | 4.69M | 5.51M | 6.77M |
| Total Debt | 11.32M | 15.19M | 10.36M | 12.38M | 14.73M | 14.23M |
| Total Liabilities | 31.38M | 65.86M | 17.89M | 17.58M | 20.98M | 21.03M |
| Stockholders Equity | 112.88M | 15.64M | 30.20M | 35.95M | 29.73M | 33.58M |
Cash Flow | ||||||
| Free Cash Flow | -1.84T | -9.59M | -1.66M | -5.89M | -162.49K | 1.57M |
| Operating Cash Flow | -7.77M | -8.33M | 521.04K | -2.81M | 1.46M | 4.73M |
| Investing Cash Flow | -7.76M | -19.74M | -2.67M | -2.87M | -1.63M | -3.16M |
| Financing Cash Flow | 63.75M | 29.30M | -1.47M | 7.46M | -636.17K | -843.43K |
Lightpath Technologies Technical Analysis
Positive
14.16
Price Trends
13.47
Positive
12.50
Positive
10.11
Positive
Market Momentum
0.95
Negative
50.54
Neutral
38.67
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LPTH, the sentiment is Positive. The current price of 14.16 is below the 20-day moving average (MA) of 14.67, above the 50-day MA of 13.47, and above the 200-day MA of 10.11, indicating a bullish trend. The MACD of 0.95 indicates Negative momentum. The RSI at 50.54 is Neutral, neither overbought nor oversold. The STOCH value of 38.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
82 Outperform | $399.52M | 33.57 | 17.69% | ― | 11.50% | 9.24% | |
64 Neutral | $1.11B | -37.31 | -41.18% | ― | 86.66% | -97.48% | |
62 Neutral | $247.17M | 53.72 | 2.37% | 2.25% | 4.82% | ― | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
57 Neutral | $450.67M | -6.26 | -9.42% | 5.93% | -8.43% | 30.33% | |
52 Neutral | $82.69M | -67.36 | -12.20% | ― | 9.64% | 45.26% | |
47 Neutral | $90.17M | -10.64 | -314.53% | ― | 114.02% | 72.01% |
* Technology Sector Average
LPTH
Lightpath Technologies
14.93
11.94
399.33%
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1.88
0.08
4.44%
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11.37
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43.29%
RELL
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16.20
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77.83%
LINK
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4.91
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MPTI
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88.38
41.74
89.49%
Lightpath Technologies Corporate Events
Business Operations and StrategyPrivate Placements and Financing
LightPath Raises Capital Through Registered Direct Share Offering
Positive
Jun 3, 2026
On June 1, 2026, LightPath Technologies entered into a securities purchase agreement with North Run Strategic Opportunities Fund I and institutional investors for a combined primary and secondary registered direct offering of 7,142,800 Class A sha...
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.