Brian Kinstlinger

Jaeson Schmidt

Glenn Mattson

Scott Buck

Orin Hirschman

Richard Shannon

Gene Inger

- LightPath Technologies reported **Q4 2025 revenue of $12.2 million**, marking a **41.4% increase** compared to the prior year's quarter, with the recently acquired G5 Infrared contributing **$4.2 million** to revenue.  **[889971_2158171_6]** **[889971_2158171_8]**  The company posted a **net loss of $7.1 million** and an **adjusted EBITDA loss of $1.9 million** for the quarter.  **[889971_2158171_6]** 
- The company's backlog has grown significantly to **$90 million**, with over **two-thirds** attributed to systems and subsystems.  **[889971_2158171_2]** **[889971_2158171_6]**  This includes **$40 million** in orders for infrared cameras for border surveillance and counter-UAS programs, expected for delivery in calendar years 2026 and 2027, with approximately **60%** of the total backlog anticipated to ship in fiscal year 2026.  **[889971_2158171_2]** **[889971_2158171_10]** 
- LightPath is undergoing a strategic transformation, shifting from a component manufacturer to focusing on **subsystems and systems** in infrared imaging, utilizing its proprietary **BlackDiamond glass** as an alternative to germanium, especially in response to China's export restrictions on germanium.  **[889971_2158171_1]** **[889971_2158171_2]** **[889971_2158171_3]** 
- A strategic investment of **$8 million** was received from Ondas Holdings and Unusual Machines, aimed at expanding efforts in the drone market and thermal imaging manufacturing in the U.S. and Europe.  **[889971_2158171_5]** **[889971_2158171_7]** 
- Management expects **margin expansion**, with gross margins projected to reach **35%** in the short term and **40%** in the midterm as the product mix increasingly shifts towards finished infrared camera systems.  **[889971_2158171_7]** **[889971_2158171_10]**

LightPath Technologies Reports Strong Q4 2025 Revenue Growth and Significant Backlog Increase

- LightPath Technologies reported **fiscal 2025 fourth-quarter revenue** of **$12.2 million**, a **41.4% increase** compared to the prior year's quarter, and **full-year revenue** of **$37.2 million**, up **17.4%** from fiscal 2024.  **[889971_20250925FL83052:0]** **[889971_20250925FL83052:2]** **[889971_20250925FL83052:5]** 
- The company secured significant new orders, including an **$18.2 million** purchase order for IR cameras with a **$22.1 million** follow-on, a **$2.2 million** order from L3Harris Technologies, and **$9.7 million** in orders for cooled IR cameras for defense applications.  **[889971_20250925FL83052:0]** 
- LightPath received an **$8.0 million strategic investment** and commenced production of Germanium-free IR cameras utilizing its proprietary BlackDiamond™ Glass, driven by customer demand for secure supply chains.  **[889971_20250925FL83052:0]** **[889971_20250925FL83052:1]** 
- For fiscal 2025, the company reported a **net loss** of **$(7.1) million** for the fourth quarter and **$(14.9) million** for the full year.  **[889971_20250925FL83052:0]**

LightPath Technologies Reports Fiscal 2025 Fourth Quarter and Full Year Results

LightPath Technologies reported its financial results for the fourth quarter and full fiscal year ended June 30, 2025.

| Metric | Q4 2024 | Q4 2025 | FY 2024 | FY 2025 |
|---|---|---|---|---|
| Revenue ($USD Millions) | **$8.6**  **[889971_0001654954-25-011119_lpth_ex991.htm:0]**  | **$12.2**  **[889971_0001654954-25-011119_lpth_ex991.htm:0]**  | **$31.7**  **[889971_0001654954-25-011119_lpth_ex991.htm:0]**  | **$37.6**  **[889971_0001654954-25-011119_lpth_ex991.htm:0]**  |
| Net Loss ($USD Millions) | **$(2.4)**  **[889971_0001654954-25-011119_lpth_ex991.htm:0]**  | **$(7.1)**  **[889971_0001654954-25-011119_lpth_ex991.htm:0]**  | **$(8.0)**  **[889971_0001654954-25-011119_lpth_ex991.htm:0]**  | **$(14.9)**  **[889971_0001654954-25-011119_lpth_ex991.htm:0]**  |
| Adjusted EBITDA ($USD Millions) | **$(1.1)**  **[889971_0001654954-25-011119_lpth_ex991.htm:0]**  | **$(2.0)**  **[889971_0001654954-25-011119_lpth_ex991.htm:0]**  | **$(2.8)**  **[889971_0001654954-25-011119_lpth_ex991.htm:0]**  | **$(5.1)**  **[889971_0001654954-25-011119_lpth_ex991.htm:0]**  |
| Loss per common share ($USD) | **$(0.06)**  **[889971_0001654954-25-011119_lpth_ex991.htm:11]**  | **$(0.16)**  **[889971_0001654954-25-011119_lpth_ex991.htm:11]**  | **$(0.21)**  **[889971_0001654954-25-011119_lpth_ex991.htm:11]**  | **$(0.36)**  **[889971_0001654954-25-011119_lpth_ex991.htm:11]**  |

- LightPath Technologies announced significant purchase orders, including an **$18.2 million** order for infrared (IR) cameras expected in CY 2026, followed by a **$22.1 million** order for CY 2027.  **[889971_0001654954-25-011119_lpth_ex991.htm:0]** **[889971_0001654954-25-011119_lpth_ex991.htm:1]** 
- The company also secured an initial **$2.2 million** engineering development model order from L3Harris Technologies and **$9.7 million** in orders for cooled IR cameras for counter UAV applications, with planned delivery in fiscal 2026.  **[889971_0001654954-25-011119_lpth_ex991.htm:0]** **[889971_0001654954-25-011119_lpth_ex991.htm:1]** 
- A strategic investment of **$8.0 million** was secured from Ondas Holdings and Unusual Machines to support growth in IR imaging solutions for the drone/UAV sector.  **[889971_0001654954-25-011119_lpth_ex991.htm:0]** 
- LightPath commenced production of two high-end cooled IR camera products redesigned to utilize its proprietary **BlackDiamond™ Glass** in place of Germanium, driven by customer demand for secure supply chains.  **[889971_0001654954-25-011119_lpth_ex991.htm:0]** **[889971_0001654954-25-011119_lpth_ex991.htm:1]**

LightPath Technologies Reports Fiscal 2025 Fourth Quarter and Full Year Financial Results

- LightPath Technologies secured a **$22.1 million** follow-on purchase order for advanced infrared camera systems, with delivery scheduled for **CY 2027**.  **[889971_20250917FL75532:0]** 
- This order increases the total value of advanced IR camera orders from a global technology leader to **$40.3 million**, including a prior **$18.2 million** order for delivery in **CY 2026**.  **[889971_20250917FL75532:0]** 
- The company highlighted its ongoing transition to a vertically integrated camera solutions provider, leveraging its technology for defense and commercial applications.  **[889971_20250917FL75532:0]**

LightPath Technologies Secures $22.1 Million Follow-on Order for IR Camera Systems

- LightPath Technologies, Inc. (LPTH) announced an **$8.0 million strategic investment** through a private placement of its Class A common stock.  **[889971_0001654954-25-010772_lpth_ex991.htm:0]** 
- The investment is provided by **Ondas Holdings Inc.** and **Unusual Machines, Inc.**, with each company purchasing **$4 million** in shares.  **[889971_0001654954-25-010772_lpth_ex991.htm:0]** 
- A total of **1,600,000 shares** of common stock will be sold at a price of **$5.00 per share**.  **[889971_0001654954-25-010772_lpth_ex991.htm:0]** **[889971_0001654954-25-010772_lpth_8k.htm:1]** 
- The proceeds from this private placement will be used for **working capital** to advance key commercialization initiatives and for general corporate purposes.  **[889971_0001654954-25-010772_lpth_ex991.htm:0]** **[889971_0001654954-25-010772_lpth_ex101.htm:29]** 
- The investment, expected to close on or about **September 17, 2025**, aims to support LightPath's technology deployment in drone applications, focusing on next-generation optics and imaging systems.  **[889971_0001654954-25-010772_lpth_ex991.htm:0]** **[889971_0001654954-25-010772_lpth_8k.htm:1]**

LightPath Technologies Announces $8.0 Million Strategic Investment

- LightPath Technologies secured an **$18.2 million** purchase order for advanced infrared camera systems, with deliveries expected in **CY 2026**.  **[889971_20250903FL64242:0]** 
- The company also anticipates receiving future purchase orders totaling up to **$22 million** for a second tranche of products to be delivered in **CY 2027**.  **[889971_20250903FL64242:0]** 
- This new order and agreement are expected to meaningfully grow LightPath's defense and government backlog by up to **$40 million** over CY 2026 and 2027.  **[889971_20250903FL64242:0]** 
- The company attributes this momentum to geopolitical tailwinds in the defense industry, including a shift away from Germanium due to export restrictions imposed by China.  **[889971_20250903FL64242:0]**

LIGHTPATH TECHNOLOGIES (LPTH)