LIGHTPATH TECHNOLOGIES INC

Listed Company

LPTHCIK 0000889971NasdaqNon-AcceleratedSmaller ReportingSemiconductors & Related DevicesDelawareFY ends Jun 30

Period

FY 2025

Revenue

$37.20M

Net Income

$-14.87M

Total Assets

$81.51M

Equity

$15.64M

Shares Out

57.71M

Op. Cash Flow

$-8.33M

Business

LightPath Technologies Inc designs, manufactures and supplies optical and photonics products and integrated imaging subsystems and systems. It offers infrared and visible optical components, precision molded aspheric lenses, proprietary BlackDiamond glass materials, optical coatings, optical assemblies, camera modules and engineering/design services for thermal imaging, night vision and IoT applications. The company operates through four product groups—infrared components, visible components, assemblies and modules, and engineering services—and via subsidiaries including ISP, Visimid and G5 Infrared. It sells globally to defense, public safety, industrial, commercial, telecom and medical customers via direct sales, OEM channels and trade shows, with manufacturing in the U.S., China and Latvia.

Summary from filing dated 2025-09-26

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-06-30	FY 2024 2024-06-30	FY 2023 2023-06-30	FY 2022 2022-06-30	FY 2021 2021-06-30
Revenue, net	37	32	33	36	38
Cost of sales	27	23	22	24	25
Gross profit	10	9	11	12	13
Selling, general and administrative	16	12	11	11	12
New product development	3	2	2	2	2
Amortization of intangible assets	1	2	1	1	1
Change in fair value of acquisition liabilities	2	0	—	—	—
Loss on disposal of property and equipment	99,334	124,584	—	9,235	8,951
Total operating expenses	22	16	15	14	15
Operating loss	−12	−8	−4	−3	−2
Interest expense, net	−1	−191,862	−283,266	−229,475	−215,354
Loss on extinguishment of debt	−418,502	0	—	—	—
Change in fair value of warrant liability	−1	0	—	—	—
Other income (expense), net	−122,080	78,670	−258,296	−52,040	−409,524
Total other income (expense), net	−3	−113,192	—	—	−409,524
Loss before income taxes	−15	−8	—	—	−2
Income tax provision	37,790	67,490	234,034	862,907	933,915
Net loss	−15	−8	−4	−4	−3
Foreign currency translation adjustment	468,750	−96,600	−328,589	−1	—
Comprehensive loss	−14	−8	−4	−5	−2
Loss per common share (basic)	−0.36	−0.21	−0.13	−0.13	−0.12
Number of shares used in per share calculation (basic)	41	38	32	27	26
Loss per common share (diluted)	−0.36	−0.21	−0.13	−0.13	−0.12
Number of shares used in per share calculation (diluted)	41	38	—	27	26

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-06-30	FY 2024 2024-06-30	FY 2023 2023-06-30	FY 2022 2022-06-30	FY 2021 2021-06-30
Cash and cash equivalents	5	3	7	—	—
Trade accounts receivable, net of allowance of $24,495 and $25,676	9	5	7	—	5
Inventories, net	13	7	7	7	9
Prepaid expenses and deposits	1	445,900	570,293	464,804	475,364
Other current assets	40,150	131,177	0	—	—
Total current assets	28	16	22	18	21
Property and equipment, net	16	15	13	12	13
Operating lease right-of-use assets	7	7	10	10	9
Intangible assets, net	16	4	3	4	6
Goodwill	14	7	6	6	6
Deferred tax assets, net	22,571	123,000	—	143,000	147,000
Other assets	73,917	59,602	65,939	—	27,737
Total assets	82	48	54	51	55
Accounts payable	7	3	3	3	3
Accrued liabilities	6	2	662,242	558,750	1
Accrued payroll and benefits	2	1	1	2	3
Operating lease liabilities, current	1	1	969,890	965,622	799,507
Loans payable, current portion	172,567	209,170	1	998,692	634,846
Finance lease obligation, current portion	206,518	177,148	103,646	55,348	212,212
Total current liabilities	17	8	7	8	8
Deferred tax liabilities, net	152,760	326,197	465,000	541,015	0
Accrued liabilities, noncurrent	823,000	611,619	0	—	—
Finance lease obligation, less current portion	421,363	528,753	341,201	11,454	66,801
Operating lease liabilities, noncurrent	8	8	8	9	8
Loans payable, less current portion	5	325,880	2	3	4
Total liabilities	32	18	18	21	21
Series G Convertible Preferred Stock; $0.01 par value; 44,000 shares authorized; 24,956 shares issued and outstanding	34	0	—	—	—
Preferred stock: Series D, $.01 par value, voting; 500,000 shares authorized; none issued and outstanding	0	0	0	0	0
Common stock: Class A, $.01 par value, voting; 94,500,000 shares authorized; 42,949,307 and 39,254,643 shares issued and outstanding	429,493	392,546	373,447	270,468	269,859
Additional paid-in capital	245	245	243	232	—
Accumulated other comprehensive income	978,686	509,936	606,536	935,125	2
Accumulated deficit	−231	−216	−208	−204	−200
Total stockholders' equity	16	30	36	30	34
Total liabilities, convertible preferred stock and stockholders' equity	82	48	54	51	55

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-06-30	FY 2024 2024-06-30	FY 2023 2023-06-30	FY 2022 2022-06-30	FY 2021 2021-06-30
Net loss	−15	−8	−4	−4	−3
Depreciation and amortization	4	4	3	4	4
Interest from amortization of loan issuance costs	213,829	0	58,774	51,974	18,572
Amortization of fair value of loan	71,215	0	—	—	—
Change in fair value of warrant liability	1	0	—	—	—
Change in fair value of acquisition earnout liabilities	2	0	—	—	—
Loss on disposal of property and equipment	94,860	124,584	—	—	—
Stock-based compensation on stock options, RSUs & RSAs, net	1	1	—	825,250	642,865
Provision for credit losses	−3,014	−4,426	8,158	7,713	−35,799
Change in operating lease assets and liabilities	−273,624	183,393	−231,561	−222,047	—
Inventory write-offs to allowance	143,362	136,676	316,297	456,538	157,399
Deferred taxes	−221,977	−121,803	−73,015	545,015	—
Trade accounts receivable	−3	1	−1	−562,651	2
Other current assets	91,027	−131,177	0	—	—
Inventories	−1	960,739	−741,604	1	167,496
Prepaid expenses and deposits	−325,915	133,810	−97,792	10,560	137,810
Accounts payable and accrued liabilities	2	680,457	−977,622	−1	1
Net cash (used in) provided by operating activities	−8	521,037	−3	1	5
Purchase of property and equipment	−1	−2	−3	−2	−3
Proceeds from sale of equipment	10,648	0	209,169	0	0
Proceeds from sale-leaseback of equipment	0	364,710	—	—	—
Acquisition of G5	−18	0	—	—	—
Acquisition of Visimid, net of cash acquired	0	−847,141	—	—	—
Net cash used in investing activities	−20	−3	−3	−2	−3
Proceeds from exercise of stock options	3,175	0	—	0	142,692
Proceeds from sale of common stock from Employee Stock Purchase Plan	14,385	39,677	—	—	—
Proceeds from issuance of common stock under public equity placement	0	806,332	—	—	—
Proceeds from issuance of common stock under private equity placement, net of fees	437,725	0	9	0	—
Proceeds from issuance of preferred stock under private equity placement, net of fees	19	0	—	—	—
Proceeds from issuance of warrants under private equity placement	5	0	—	—	—
Deferred payment for acquisition of Visimid	−125,000	0	—	—	—
Borrowings on loans payable	7	278,926	141,245	266,850	—
Loan issuance costs	−597,465	0	—	—	—
Payments on loans payable	−204,100	−2	—	—	—
Repayment of finance lease obligations	−187,626	−131,901	−73,003	−212,211	−278,462
Net cash provided by (used in) financing activities	29	−1	7	−636,174	−843,429
Effect of exchange rate on cash and cash equivalents	170,204	−53,583	−141,769	−468,143	657,495
Change in cash, cash equivalents and restricted cash	1	−4	2	−1	1
Interest paid in cash	273,476	196,541	221,773	157,407	199,524
Income taxes paid	206,121	166,858	428,914	267,585	1
Purchase of equipment through finance lease arrangements	93,048	396,058	451,048	0	—
Operating right-of-use assets acquired in exchange for operating lease liabilities	0	92,136	0	—	—
Issuance of common stock for acquisition of Visimid	713,946	486,054	—	—	—
Issuance of common stock for acquisition of G5	5	0	—	—	—
Accrual of earnout consideration for acquisition of G5	4	0	—	—	—
Extinguishment of debt in exchange for common stock, preferred stock, warrants and a note	3	0	—	—	—

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