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

LightPath Technologies, Inc., a leading provider of next-generation optics and imaging systems for both defense and commercial applications, has released its financial results for the fiscal 2025 fourth quarter and full year ended June 30, 2025. The company has shown significant growth in revenue and backlog, driven by robust demand for its Germanium-free optics, particularly in defense and public safety sectors.

Financial Highlights

For the fourth quarter of fiscal 2025, LightPath reported a revenue increase of 41.4% to $12.2 million, compared to $8.6 million in the same quarter of the prior fiscal year. However, the company faced a net loss of $7.1 million, a significant increase from the $2.4 million loss in the same period last year. The gross profit for the quarter was $2.7 million, up 6.6% from the previous year, but the gross margin percentage decreased due to higher inventory reserve charges.

For the full fiscal year 2025, revenue increased by 17.4% to $37.2 million, compared to $31.7 million in fiscal 2024. The net loss for the year was $14.9 million, compared to $8.0 million in the prior year. Adjusted EBITDA loss for the year was $5.1 million, compared to a loss of $2.8 million in fiscal 2024.

Business and Operational Highlights

LightPath has secured several significant orders and investments, including an $18.2 million purchase order for infrared cameras from a leading global technology customer, with a follow-on $22.1 million order expected in 2027. The company also received an $8.0 million strategic investment from Ondas Holdings and Unusual Machines to support its growth in the drone/UAV sector. Additionally, LightPath commenced production of two high-end cooled IR camera products and launched its first industrial-grade mid-wave IR optical gas imaging camera.

Strategic Initiatives and Corporate Developments

The company has been actively redesigning its product line to utilize its proprietary BlackDiamond™ glass instead of Germanium, driven by customer demand for more secure supply chains. LightPath also secured a $2.2 million engineering development model order from L3Harris Technologies for the Navy's SPEIR program and $9.7 million in orders for cooled IR cameras for counter UAV applications.

Management's Perspective

Sam Rubin, Chief Executive Officer of LightPath, emphasized the company's strategic shift away from Germanium optics and the scaling of its BlackDiamond™ glass into key defense verticals. Rubin highlighted the strong order growth and customer demand for secure supply chains amid geopolitical uncertainties. He also noted the company's focus on scaling deliveries and converting a robust pipeline into sustainable revenue growth through fiscal 2026 and beyond.

Future Outlook

LightPath expects continued growth in demand for its Germanium-free products and aims to generate sustainable revenue growth through fiscal 2026 and beyond. The company is focused on converting market demand into sales of its BlackDiamond™-based camera systems, moving up the value chain, and building long-term value for its stockholders.

SEC Filing: LIGHTPATH TECHNOLOGIES INC [ LPTH ] - 8-K - Sep. 25, 2025