Operational cash flow remains strained, with a $1.8 trillion free cash flow deficit in 2026Q3 driven by aggressive capital expenditures and volatile working capital requirements.
| Metric | TTM | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 | Jun'10 | Jun'09 | Jun'08 | Jun'07 | Jun'06 | Jun'05 | Jun'04 | Jun'03 | Jun'02 | Jun'01 | Jun'00 | Jun'99 | Jun'98 | Jun'97 | Jun'96 |
|---|
| Cash from Operations | -7.77M | -8.33M | 521.04K | -2.81M | 1.46M | 4.73M | 3.73M | 411.19K | 2.62M | 5M | 1.53M | 178.96K | -88.78K | 556.16K | 405.73K | 94.9K | -470.7K | -1.47M | -3.39M | -1.86M | -1.99M | -1.1M | -2.49M | -9.68M | -12.85M | -14.97M | -3.26M | -2.7M | -3.6M | -2.9M | -2.3M |
| Operating CF Margin % | - | -22.39% | 1.64% | -8.53% | 4.12% | 12.3% | 10.67% | 1.22% | 8.05% | 17.62% | 8.83% | 1.31% | -0.75% | 4.72% | 3.6% | 0.95% | -5.09% | -19.6% | -38.42% | -13.91% | -16.32% | -9.36% | -29.86% | -142.7% | -102.77% | -57.27% | -143.65% | -245.45% | -450% | -414.29% | -1150% |
| Operating CF Growth % | -3789.96% | -1699% | 118.55% | -291.89% | -69.06% | 26.77% | 807.82% | -84.3% | -47.61% | 227.65% | 752.53% | 301.59% | -115.96% | 37.07% | 327.53% | 120.16% | 67.93% | 56.72% | -82.61% | 6.52% | -80.51% | 55.76% | 74.3% | 24.67% | 14.15% | -359.9% | -20.57% | 25% | -24.14% | -26.09% | - |
| Net Income | -23.46M | -14.87M | -8.01M | -4.05M | -3.54M | -3.19M | 866.93K | -2.68M | 1.06M | 7.7M | 1.41M | -715.28K | -313.25K | 215.32K | -864.87K | -1.6M | -560.96K | -3.82M | -5.47M | -2.61M | -3.37M | -3.48M | -5.6M | -21.19M | -50.68M | -60.76M | -15.61M | -3.6M | -4.3M | -3M | -2.9M |
| Depreciation & Amortization | 3.72T | 4.15M | 4.05M | 3.17M | 3.62M | 3.51M | 3.42M | 3.46M | 3.4M | 2.08M | 847.99K | 537.14K | 666.32K | 813.23K | 1.12M | 912.93K | 700.48K | 565.99K | 459.35K | 472.22K | 791.15K | 1.67M | 3.04M | 4.32M | 10.92M | 16.26M | 3.09M | 400K | 300K | 200K | 1M |
| Stock-Based Compensation | 1.26T | 1.04M | 1.02M | 1.31M | 825.25K | 642.87K | 250.74K | 394.79K | 373.55K | 394.88K | 348.74K | 284.95K | 356.81K | 268.31K | 272.04K | 246.15K | 160.42K | 156.27K | 415.24K | 296.75M | 279.81M | 434.68K | -69.64K | 4.81M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -64.32B | -221.98K | -121.8K | -73.02K | 545.01K | 512K | -7K | -28K | -533.81K | -5.49M | 0 | -17.23K | -8.31K | 4.68K | 875.84K | 1.7M | -9.14K | 92.39K | -412.17K | -296.86M | -279.82M | -434.68K | 69.64K | -4.81M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 11.49T | 2.02M | 440.23K | 73.3K | 303.41K | -38.49K | -99.77K | 529.49K | 109.08K | 69.88K | 44.75K | 13.27K | 35.34K | 3.88K | -1.08M | -1.27M | 639.96K | 1.58M | 495.56K | 310.52K | 370.01K | 284.46K | 303.48K | 7.9M | 21.48M | 34.04M | 7.9M | 800K | 900K | 300K | 300K |
| Working Capital Changes | -2.96M | -447.78K | 3.14M | -3.25M | -285.11K | 3.29M | -702.52K | -1.27M | -1.79M | 244.47K | -1.13M | 76.11K | -825.69K | -749.26K | 74.65K | 111.52K | -1.4M | -35.74K | 1.12M | 88.25K | 230.08K | 425K | -236.34K | -711.33K | 5.43M | -4.51M | 1.36M | -300K | -500K | -400K | -700K |
| Change in Receivables | -3.01M | -2.63M | 1.5M | -1.43M | -425.55K | 1.56M | 224.92K | -833.66K | 618.39K | -1.04M | -650.75K | -560.13K | -337.11K | 3.77K | -311K | -13.3K | -827.23K | 379.95K | 15.89K | 56.83M | 90.2M | -138.89K | 185.12K | 199.24K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -426.95K | -1.39M | 960.74K | -741.6K | 1.22M | 167.5K | -1.43M | -1.41M | -1.33M | -318.64K | -916.9K | 141.61K | -1.11M | -257.3K | 109.25K | -484.96K | -154.4K | 340.28K | 529.77K | 23.47K | -135.3K | -361.69K | -382.46K | 1.33M | 2.9M | -2.66M | -531.7K | -100K | -200K | -200K | -100K |
| Change in Payables | 2.75M | 0 | 680.46K | 0 | 0 | 0 | 0 | 883.18K | -178.14K | 1.23M | 724.15K | 66.69K | 857.14K | -349.17K | 166.04K | 446.06K | -802.77K | -653.68K | 525.78K | -401.18M | 807.42M | -38.91K | -2.16M | 678.94K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -7.76M | -19.74M | -2.67M | -2.87M | -1.63M | -3.16M | -2.26M | -1.25M | -2.52M | -14M | -1.13M | -693.63K | -1.98M | -1.1M | -628.59K | -887.91K | -978.59K | -525.97K | -642.36K | -829.95K | -559.52K | -21K | -221.51K | -38.66K | -3.38M | -14.57M | -8.94M | -1.2M | -300K | -800K | -300K |
| Capital Expenditures | -1.84T | -1.26M | -2.18M | -3.08M | -1.63M | -3.16M | -2.44M | -1.93M | -2.52M | -2.22M | -1.13M | -693.63K | -1.98M | -1.1M | -628.59K | -908.39K | -987.73K | -563.76K | -660K | -829.95K | -569.43K | -133.63K | -358.33K | -172.72K | -2.76M | -7.23M | -5.15M | -400K | -200K | -500K | -300K |
| CapEx % of Revenue | 2938361% | 3.39% | 6.88% | 9.34% | 4.57% | 8.21% | 6.99% | 5.72% | 7.74% | 7.84% | 6.55% | 5.08% | 16.75% | 9.31% | 5.57% | 9.08% | 10.68% | 7.53% | 7.48% | 6.22% | 4.68% | 1.14% | 4.3% | 2.55% | 22.05% | 27.66% | 227.18% | 36.36% | 25% | 71.43% | 150% |
| Acquisitions | 1.76M | -18.49M | -847.14K | 0 | 0 | 0 | 0 | 683.25K | 0 | -11.78M | 5.92K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -18.41K | -2.16M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 1.84T | 10.65K | 364.71K | 209.17K | 0 | 0 | 186.99K | 683.25K | 0 | 0 | 5.92K | 0 | 0 | 0 | 0 | 20.48K | 9.14K | 37.79K | 17.64K | 0 | 9.91K | 112.63K | 136.82K | 134.06K | -622.47K | -7.32M | -1.63M | -800K | -100K | -300K | 0 |
| Cash from Financing | 63.75M | 29.3M | -1.47M | 7.46M | -636.17K | -843.43K | -621.71K | -1.4M | -1.31M | 14.21M | 236.91K | 962.51K | 1.7M | -212.04K | 1.61M | 230.43K | 2.37M | 2.18M | 3.1M | 215.61K | 3.85M | 1.05M | 1.87M | -88.55K | 138.13K | 85.51K | 70.51M | 100K | 7.2M | 300K | 7M |
| Debt Issued (Net) | -5.72M | 6.27M | -2.31M | -1.78M | -626.66K | -1.02M | -668.58K | -1.45M | -2.06M | 4.81M | -182.93K | -172.77K | 157.54K | -183.6K | 0 | -14.25K | -157.81K | 2.16M | 77.9K | 159.42K | 258.23K | 66.67K | 0 | -88.55K | -153.93K | -1.48M | 863.33K | 0 | 0 | 0 | -400K |
| Equity Issued (Net) | 73.01M | 19.11M | 806.33K | 9.2M | 0 | 0 | 0 | 0 | 0 | 8.75M | 0 | 1.12M | 0 | 0 | 1.6M | 12.14K | 2.38M | 14.22K | 3.02M | 56.19K | 3.59M | 986.46K | 1.87M | 0 | 292.05K | 1.57M | 69.65M | 0 | 7.2M | 300K | 7.4M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -582 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -100K | 0 |
| Other Financing | -3.54M | 3.92M | 39.68K | 40.38K | -9.51K | 172.67K | 46.88K | 52.2K | 747.66K | 653.09K | 419.83K | 13.23K | 1.55M | -28.43K | 13.6K | 232.54K | 147.73K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 100K | 0 | 0 | 0 |
| Net Change in Cash | 48.76M | 1.4M | -3.66M | 1.64M | -1.27M | 1.39M | 782.69K | -1.9M | -1.58M | 5.18M | 1.26M | 446.84K | -368.13K | -788.87K | 1.43M | -535.45K | 884.4K | 221.49K | -932.91K | -2.47M | 1.3M | -68.49K | -836.62K | -9.81M | -16.1M | -29.46M | 58.31M | -3.8M | 3.3M | -3.4M | 4.4M |
| Free Cash Flow | -1.84T | -9.59M | -1.66M | -5.89M | -162.49K | 1.57M | 1.29M | -1.52M | 101.3K | 2.78M | 394.62K | -514.67K | -2.07M | -541.31K | -222.86K | -813.49K | -1.46M | -2.03M | -4.05M | -2.69M | -2.56M | -1.23M | -2.85M | -9.86M | -15.61M | -22.2M | -8.4M | -3.1M | -3.8M | -3.4M | -2.6M |
| FCF Margin % | -2938373.37% | -25.79% | -5.24% | -17.87% | -0.46% | 4.09% | 3.69% | -4.51% | 0.31% | 9.79% | 2.28% | -3.77% | -17.5% | -4.59% | -1.97% | -8.13% | -15.77% | -27.13% | -45.9% | -20.13% | -21% | -10.5% | -34.16% | -145.25% | -124.82% | -84.93% | -370.83% | -281.82% | -475% | -485.71% | -1300% |
| FCF Growth % | -28429467.56% | -477.32% | 71.77% | -3522.88% | -110.33% | 21.95% | 184.83% | -1601.09% | -96.35% | 603.45% | 176.67% | 75.15% | -282.6% | -142.9% | 72.6% | 44.22% | 28.22% | 49.85% | -50.77% | -5.13% | -107.11% | 56.64% | 71.12% | 36.87% | 29.69% | -164.19% | -171.1% | 18.42% | -11.76% | -30.77% | - |
| FCF per Share | -31459.03 | -0.23 | -0.04 | -0.19 | -0.01 | 0.06 | 0.05 | -0.06 | 0.00 | 0.13 | 0.02 | -0.03 | -0.15 | -0.04 | -0.02 | -0.09 | -0.18 | -0.33 | -0.76 | -0.60 | -0.65 | -0.37 | -1.01 | -3.81 | -6.31 | -9.32 | -7.01 | -5.81 | -3.95 | -4.07 | -3.15 |
| FCF Conversion (FCF/Net Income) | 78616.81x | 0.56x | -0.07x | 0.69x | -0.41x | -1.49x | 4.31x | -0.15x | 2.47x | 0.65x | 1.08x | -0.25x | 0.28x | 2.58x | -0.47x | -0.06x | 0.84x | 0.38x | 0.62x | 0.71x | 0.59x | 0.32x | 0.44x | 0.46x | 0.25x | 0.25x | 0.21x | 0.75x | 0.84x | 0.97x | 0.79x |
| Interest Paid | 373.4K | 273.48K | 196.54K | 221.77K | 157.41K | 199.52K | 330.91K | 500.99K | 546.31K | 334.59K | 37.63K | 18.28K | 1.34K | 1.87K | 1.67K | 2.24K | 3.48K | 34.82K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 170.27K | 206.12K | 166.86K | 428.91K | 267.58K | 1.05M | 526.23K | 406.53K | 386.47K | 680.05K | 4.3K | 2.32K | 2.99K | 2.35K | 4.17K | 4.43K | 5.94K | 9.75K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent Cash Burn Rate
According to recent financial disclosures, the relationship between net income and operating cash flow remains highly distorted, with stock-based compensation reaching $1.3 trillion in 2026Q3, which significantly complicates the assessment of the company's underlying operational cash generation capabilities relative to its reported net losses.
The wide variance between net income and operating cash flow suggests that non-cash charges are playing an outsized role in the company's financial reporting. Investors should monitor whether this reliance on equity-based incentives masks a deeper inability to generate organic cash from core manufacturing activities.
As reported in quarterly filings, LightPath Technologies continues to experience persistent free cash flow deficits, with the 2026Q3 period showing a significant outflow of $1.8 trillion, highlighting the ongoing challenge of funding operations through internal cash generation rather than external capital or existing reserves.
The consistent failure to achieve positive free cash flow suggests that the company's current growth phase is highly capital-intensive. This trajectory warrants further investigation into whether the recent revenue acceleration can eventually translate into self-sustaining cash flow or if the business model requires perpetual external funding.
Based on the provided data, capital expenditures have shown extreme volatility, with the 2026Q3 period recording a massive $1.8 trillion outflow, which appears to be a significant departure from historical spending levels and suggests a potential shift toward aggressive, high-risk investment in manufacturing capacity.
The high capital intensity relative to revenue indicates that the company is heavily reinvesting in its specialized glass-melting and molding infrastructure. Analysts should interpret this as a high-stakes bet on future production efficiency that currently places significant pressure on the company's available cash resources.
Analysis of recent SEC filings indicates that working capital changes have been inconsistent, with a $4.1 million outflow in 2026Q3, suggesting that the company is struggling to optimize its cash conversion cycle as it scales its operations and manages inventory for complex optical assemblies.
The fluctuation in working capital may reflect the lumpy nature of defense and aerospace contracts, where timing of payments and inventory build-up can create temporary cash crunches. This volatility implies that the company's cash position is highly sensitive to the execution and billing cycles of its largest customers.
Quick answers to the most common questions about buying LPTH stock.
LightPath Technologies, Inc. (LPTH) generated $-8.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
LightPath Technologies, Inc. (LPTH) reported negative free cash flow of $9.6M in 2025, indicating capital requirements exceeded cash from operations.
LightPath Technologies, Inc. (LPTH) spent $1.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.