Revenue growth has accelerated to 108.9% year-over-year as of 2026Q3, though operating margins remain negative at -0.8% due to high overhead costs.
| 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 |
|---|
| Sales/Revenue | 62.77M | 37.2M | 31.73M | 32.93M | 35.56M | 38.46M | 34.97M | 33.75M | 32.53M | 28.37M | 17.27M | 13.66M | 11.83M | 11.78M | 11.28M | 10M | 9.25M | 7.49M | 8.83M | 13.35M | 12.17M | 11.75M | 8.33M | 6.79M | 12.51M | 26.14M | 2.27M | 1.1M | 800K | 700K | 200K |
| Revenue Growth % | 86.66% | 17.26% | -3.67% | -7.38% | -7.55% | 10% | 3.61% | 3.76% | 14.66% | 64.24% | 26.43% | 15.44% | 0.43% | 4.42% | 12.84% | 8.11% | 23.51% | -15.15% | -33.89% | 9.69% | 3.56% | 41.08% | 22.79% | -45.75% | -52.16% | 1053.58% | 106.02% | 37.5% | 14.29% | 250% | - |
| Cost of Goods Sold | 43.55M | 27.07M | 23.09M | 21.86M | 23.74M | 25.02M | 21.13M | 21.23M | 20M | 13.65M | 7.97M | 7.68M | 6.44M | 6.61M | 7.25M | 6.08M | 4.94M | 5.45M | 7.6M | 10.31M | 10.12M | 9.4M | 6.28M | 8.15M | 15.16M | 15.28M | 637.51K | 0 | 0 | 0 | -100K |
| COGS % of Revenue | - | 72.77% | 72.79% | 66.37% | 66.77% | 65.04% | 60.41% | 62.91% | 61.48% | 48.11% | 46.13% | 56.23% | 54.46% | 56.08% | 64.25% | 60.78% | 53.36% | 72.72% | 86.05% | 77.19% | 83.13% | 79.94% | 75.42% | 120.09% | 121.19% | 58.46% | 28.13% | - | - | - | -50% |
| Gross Profit | 19.22M | 10.13M | 8.63M | 11.07M | 11.81M | 13.45M | 13.84M | 12.52M | 12.53M | 14.72M | 9.3M | 5.98M | 5.39M | 5.18M | 4.03M | 3.92M | 4.31M | 2.04M | 1.23M | 3.05M | 2.05M | 2.36M | 2.05M | -1.36M | -2.65M | 10.86M | 1.63M | 1.1M | 800K | 700K | 300K |
| Gross Margin % | 30.62% | 27.23% | 27.21% | 33.63% | 33.23% | 34.96% | 39.59% | 37.09% | 38.52% | 51.89% | 53.87% | 43.77% | 45.54% | 43.92% | 35.75% | 39.22% | 46.64% | 27.28% | 13.95% | 22.81% | 16.87% | 20.06% | 24.58% | -20.09% | -21.19% | 41.54% | 71.87% | 100% | 100% | 100% | 150% |
| Gross Profit Growth % | - | 17.37% | -22.06% | -6.26% | -12.14% | -2.85% | 10.57% | -0.07% | -14.89% | 58.2% | 55.61% | 10.95% | 4.14% | 28.27% | 2.88% | -9.11% | 111.2% | 65.95% | -59.58% | 48.36% | -12.93% | 15.12% | 250.23% | 48.55% | -124.4% | 566.73% | 48.07% | 37.5% | 14.29% | 133.33% | - |
| Operating Expenses | 26.76M | 21.95M | 16.46M | 14.63M | 14.44M | 15.29M | 11.7M | 13.74M | 12.15M | 10.58M | 7.25M | 6.24M | 5.77M | 4.96M | 4.96M | 4.8M | 4.15M | 4.55M | 6.69M | 5.72M | 5.52M | 5.78M | 8.02M | 17.95M | 31.36M | 51.11M | 13.63M | 3.9M | 4.4M | 3.8M | 2.9M |
| OpEx % of Revenue | - | 59.01% | 51.87% | 44.42% | 40.61% | 39.75% | 33.45% | 40.7% | 37.37% | 37.3% | 41.98% | 45.69% | 48.72% | 42.12% | 43.94% | 47.99% | 44.89% | 60.77% | 75.8% | 42.86% | 45.38% | 49.2% | 96.25% | 264.53% | 250.78% | 195.51% | 601.28% | 354.55% | 550% | 542.86% | 1450% |
| Selling, General & Admin | 15.04M | 0 | 0 | 0 | 0 | 0 | 0 | 10.5M | 9.22M | 8.65M | 6.58M | 5.13M | 4.51M | 3.99M | 3.88M | 3.77M | 3.26M | 3.64M | 5.44M | 4.52M | 4.43M | 4.23M | 5.17M | 6.49M | 16.38M | 30.46M | 9.09M | 2.9M | 3.5M | 2.8M | 1.9M |
| SG&A % of Revenue | - | - | - | - | - | - | - | 31.11% | 28.34% | 30.5% | 38.1% | 37.57% | 38.15% | 33.87% | 34.39% | 37.71% | 35.24% | 48.55% | 61.64% | 33.82% | 36.43% | 35.97% | 62.06% | 95.68% | 130.96% | 116.5% | 400.97% | 263.64% | 437.5% | 400% | 950% |
| Research & Development | 3.72M | 3.06M | 2.4M | 2.15M | 2.09M | 2.17M | 1.71M | 2.02M | 1.62M | 1.24M | 668.84K | 1.11M | 1.22M | 939.02K | 1.05M | 995.09K | 869.44K | 887.4K | 1.21M | 1.17M | 1.04M | 985.36K | 1.02M | 2.8M | 7.1M | 7.09M | 1.45M | 600K | 600K | 800K | 0 |
| R&D % of Revenue | - | 8.24% | 7.57% | 6.51% | 5.87% | 5.63% | 4.9% | 5.98% | 4.98% | 4.36% | 3.87% | 8.12% | 10.27% | 7.97% | 9.26% | 9.95% | 9.4% | 11.85% | 13.76% | 8.79% | 8.53% | 8.38% | 12.27% | 41.29% | 56.74% | 27.12% | 63.95% | 54.55% | 75% | 114.29% | - |
| Other Operating Expenses | 2M | 18.89M | 14.06M | 12.48M | 12.36M | 13.12M | 9.98M | 1.22M | 241.04K | 105.64K | 0 | 41.28K | 6.33K | 32.87K | 32.87K | 32.87K | 23.73K | 27.62K | 35.94K | 32.87K | 50.4K | 569.55K | 1.83M | 8.66M | 7.89M | 13.57M | 3.09M | 400K | 300K | 200K | 1M |
| Operating Income | -7.54M | -11.82M | -7.83M | -3.55M | -2.63M | -1.84M | 2.15M | -1.61M | 373.57K | 4.14M | 2.01M | -260.97K | -376.42K | 210.16K | -924.3K | -857.35K | 162.15K | -2.51M | -5.46M | -2.68M | -3.47M | -3.43M | -5.97M | -19.31M | -34.01M | -49.35M | -12M | -2.8M | -3.6M | -3.1M | -2.6M |
| Operating Margin % | -12.02% | -31.78% | -24.67% | -10.79% | -7.39% | -4.79% | 6.13% | -4.76% | 1.15% | 14.58% | 11.63% | -1.91% | -3.18% | 1.78% | -8.19% | -8.57% | 1.75% | -33.49% | -61.85% | -20.05% | -28.51% | -29.14% | -71.69% | -284.62% | -271.97% | -188.78% | -529.41% | -254.55% | -450% | -442.86% | -1300% |
| Operating Income Growth % | - | -51.06% | -120.19% | -35.3% | -42.64% | -185.86% | 233.65% | -529.66% | -90.97% | 105.89% | 869.99% | 30.67% | -279.11% | 122.74% | -7.81% | -628.75% | 106.46% | 54.06% | -103.97% | 22.87% | -1.32% | 42.65% | 69.07% | 43.22% | 31.08% | -311.35% | -328.5% | 22.22% | -16.13% | -19.23% | - |
| EBITDA | -3.03M | -7.67M | -3.78M | -379.97K | 990.51K | 1.67M | 5.57M | 1.86M | 3.78M | 6.22M | 2.86M | 276.18K | 289.91K | 1.02M | 199.74K | 55.58K | 862.62K | -1.94M | -5M | -2.2M | -2.68M | -1.76M | -2.93M | -14.99M | -23.09M | -33.09M | -8.91M | -2.4M | -3.3M | -2.9M | -1.6M |
| EBITDA Margin % | -4.83% | -20.63% | -11.91% | -1.15% | 2.79% | 4.34% | 15.93% | 5.51% | 11.61% | 21.92% | 16.54% | 2.02% | 2.45% | 8.68% | 1.77% | 0.56% | 9.32% | -25.93% | -56.65% | -16.51% | -22.01% | -14.94% | -35.16% | -220.9% | -184.63% | -126.58% | -393.05% | -218.18% | -412.5% | -414.29% | -800% |
| EBITDA Growth % | 39.06% | -103.1% | -894.35% | -138.36% | -40.6% | -70.06% | 199.59% | -50.78% | -39.25% | 117.59% | 934.64% | -4.74% | -71.67% | 412.36% | 259.35% | -93.56% | 144.42% | 61.16% | -126.83% | 17.72% | -52.62% | 40.08% | 80.45% | 35.09% | 30.22% | -271.5% | -271.15% | 27.27% | -13.79% | -81.25% | - |
| D&A (Non-Cash Add-back) | 4.51M | 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 |
| EBIT | -4.9M | -9.06M | -7M | -3.63M | -2.62M | -1.28M | 2.04M | -1.53M | 419.98K | 3.78M | 1.65M | -681.41K | -276.57K | 315.64K | -772.84K | -995.71K | 153.01K | -2.51M | -5.46M | -2.68M | -3.47M | -3.43M | -5.97M | -19.31M | -34.01M | -40.25M | -12M | -2.81M | -3.6M | -3.1M | -2.4M |
| Net Interest Income | -1.14M | -1.12M | -191.86K | -283.27K | -229.47K | -215.35K | -339.45K | -697.11K | -186.95K | -413.43K | -37.63K | -31.55K | -36.68K | -100.32K | -92.03K | -606.25K | -727.94K | -1.34M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 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 |
| Interest Expense | 1.14M | 1.12M | 191.86K | 283.27K | 229.47K | 215.35K | 339.45K | 697.11K | 186.95K | 413.43K | 37.63K | 31.55K | 36.68K | 100.32K | 92.03K | 606.25K | 727.94K | 1.34M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -15.84M | -3.01M | -113.19K | -258.3K | -52.04K | -409.52K | -514.28K | -1.09M | -140.54K | -775.33K | -395.52K | -456.63K | 63.17K | 5.16K | 59.43K | -744.62K | -162.15K | 0 | 0 | 61.95K | 9.13K | -54.58K | 374.59K | -5.58M | -16.47M | -20.44M | -3.14M | -700K | -700K | 100K | 100K |
| Pretax Income | -23.38M | -14.84M | -7.94M | -3.81M | -2.68M | -2.25M | 1.63M | -2.23M | 233.03K | 3.36M | 1.61M | -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 |
| Pretax Margin % | -37.25% | -39.88% | -25.03% | -11.58% | -7.53% | -5.85% | 4.66% | -6.59% | 0.72% | 11.85% | 9.34% | -5.24% | -2.65% | 1.83% | -7.66% | -16.02% | -6.06% | -51.05% | -61.95% | -19.58% | -27.68% | -29.61% | -67.19% | -312.32% | -405.25% | -232.43% | -688.8% | -327.27% | -537.5% | -428.57% | -1450% |
| Income Tax | 80.81K | 37.79K | 67.49K | 234.03K | 862.91K | 933.91K | 764K | 455.21K | -827.08K | -4.34M | 199.28K | 0 | 0 | 0 | 0 | 0 | 560.96K | 3.82M | 0 | 0 | 3.37M | 0 | 0 | 21.19M | 0 | 60.76M | 15.61M | 3.6M | 0 | 0 | 2.9M |
| Effective Tax Rate % | -0.35% | -0.25% | -0.85% | -6.14% | -32.21% | -41.48% | 46.84% | -20.46% | -354.93% | -129.14% | 12.35% | 0% | 0% | 0% | 0% | 0% | -100% | -100% | 0% | 0% | -100% | 0% | 0% | -100% | 0% | -100% | -100% | -100% | 0% | 0% | -100% |
| 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 |
| Net Margin % | -37.38% | -39.98% | -25.24% | -12.29% | -9.96% | -8.28% | 2.48% | -7.94% | 3.26% | 27.15% | 8.19% | -5.24% | -2.65% | 1.83% | -7.66% | -16.02% | -6.06% | -51.05% | -61.95% | -19.58% | -27.68% | -29.61% | -67.19% | -312.32% | -405.25% | -232.43% | -688.8% | -327.27% | -537.5% | -428.57% | -1450% |
| Net Income Growth % | -130.66% | -85.74% | -97.87% | -14.25% | -11.21% | -467.42% | 132.34% | -352.84% | -86.24% | 444.54% | 297.77% | -128.34% | -245.48% | 124.9% | 46.01% | -185.58% | 85.33% | 30.08% | -109.12% | 22.39% | 3.19% | 37.84% | 73.58% | 58.19% | 16.59% | -289.26% | -333.61% | 16.28% | -43.33% | -3.45% | - |
| Net Income (Continuing) | -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 | -18.92M | -50.68M | -60.76M | -15.61M | -3.6M | -4.3M | -3M | -2.9M |
| Discontinued Operations | 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 |
| Minority Interest | 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 | 40.22K | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.40 | -0.36 | -0.21 | -0.13 | -0.13 | -0.12 | 0.03 | -0.10 | 0.04 | 0.36 | 0.08 | -0.05 | -0.02 | 0.02 | -0.09 | -0.17 | -0.07 | -0.62 | -1.03 | -0.58 | -0.86 | -1.05 | -1.98 | -8.20 | -20.47 | -25.50 | -13.03 | -6.74 | -4.47 | -3.59 | -3.51 |
| EPS Growth % | -97.74% | -71.43% | -61.54% | 0% | -8.33% | -479.75% | 131.6% | -353.16% | -89.03% | 350% | 264.61% | -116.96% | -212% | 122.81% | 48.41% | -146.73% | 88.89% | 39.81% | -77.59% | 32.56% | 18.1% | 46.97% | 75.85% | 59.94% | 19.73% | -95.7% | -93.32% | -50.78% | -24.51% | -2.28% | - |
| EPS (Basic) | - | -0.36 | -0.21 | -0.13 | -0.13 | -0.12 | 0.03 | -0.10 | 0.04 | 0.39 | 0.09 | -0.05 | -0.02 | 0.02 | -0.09 | -0.17 | -0.07 | -0.62 | -1.03 | -0.58 | -0.86 | -1.05 | -1.98 | -8.20 | -20.47 | -25.50 | -13.03 | -6.74 | -4.47 | -3.62 | -3.51 |
| Diluted Shares Outstanding | 58.63M | 40.87M | 37.94M | 31.64M | 27.02M | 26.31M | 27.47M | 25.79M | 26.81M | 21.67M | 16.88M | 14.71M | 14M | 12.96M | 9.86M | 9.53M | 8.14M | 6.17M | 5.33M | 4.5M | 3.93M | 3.32M | 2.83M | 2.58M | 2.48M | 2.38M | 1.2M | 533.91K | 963K | 835.94K | 825.13K |
| Basic Shares Outstanding | 58.63M | 40.87M | 37.94M | 31.64M | 27.02M | 26.31M | 25.85M | 25.79M | 26.5M | 20M | 15.4M | 14.31M | 14M | 12.1M | 9.86M | 9.53M | 8.14M | 6.17M | 5.33M | 4.5M | 3.93M | 3.32M | 2.83M | 2.58M | 2.48M | 2.38M | 1.2M | 533.91K | 963K | 829K | 825.13K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Persistent Operating Losses
According to recent quarterly filings, LightPath Technologies achieved a significant revenue acceleration, with year-over-year growth reaching 108.9% in 2026Q3, marking a sharp departure from the stagnant or declining figures observed in early 2024, suggesting a potential inflection in market demand for its specialized optical solutions.
The recent surge in top-line performance appears to be driven by a successful transition toward integrated optical subsystems rather than legacy component sales. Investors should monitor whether this growth trajectory is sustainable or if it reflects the lumpy, project-based nature of defense and aerospace contracts that historically characterize the company's revenue profile.
As reported in financial statements, the company's gross margin reached 33.8% in 2026Q3, showing a recovery from the 20.9% trough seen in 2024Q3, yet the structural reliance on specialized manufacturing suggests that margin expansion remains highly sensitive to capacity utilization and raw material cost fluctuations.
While the recent margin improvement is encouraging, it remains insufficient to cover the company's fixed operating overhead. The volatility in quarterly gross margins indicates that the firm has not yet achieved the economies of scale necessary to stabilize profitability in its high-precision manufacturing environment.
Based on reported figures, LightPath Technologies continues to struggle with operating leverage, as evidenced by a 2026Q3 operating margin of -0.8%, which, despite significant revenue growth, indicates that SG&A and R&D expenses are scaling in tandem with, or faster than, the company's gross profit generation.
The inability to achieve positive operating income despite a doubling of revenue suggests that the current cost structure is heavily burdened by fixed overhead. This warrants further investigation into whether management can effectively control operating expenses as the business scales or if the current model is structurally predisposed to persistent losses.
Analysis of the income statement reveals that stock-based compensation reached $1.3 trillion in 2026Q3, a figure that significantly distorts the reported net loss of $4.1 million and complicates the assessment of true operational performance for shareholders evaluating the company's path to sustainable profitability.
The substantial increase in stock-based compensation suggests a potential misalignment between executive incentives and the company's current inability to generate positive net income. Investors should be cautious, as these non-cash charges mask the underlying cash burn and complicate the valuation of the firm's core manufacturing business.
Despite the recent top-line momentum, the company's history of negative operating margins and reliance on non-recurring engineering fees suggests that the current growth may be unsustainable, as indicated by the persistent net losses reported across the majority of the last ten quarters of financial data.
Short-sellers may focus on the company's inability to reach a break-even point despite significant revenue expansion, which could imply that the business model is fundamentally flawed or overly dependent on capital-intensive R&D. The lack of consistent profitability raises concerns about the company's long-term viability without further external financing.
Quick answers to the most common questions about buying LPTH stock.
For fiscal year 2025, LightPath Technologies, Inc. (LPTH) reported total revenue of $37.2M. This represents a 18501.3% increase compared to $0.2M in 1996.
LightPath Technologies, Inc. (LPTH) reported a net loss of $14.9M for the fiscal year ending 2025.
LightPath Technologies, Inc. (LPTH) reported an operating income of $-11.8M, resulting in an operating profit margin of -31.8%. This margin reflects the operational efficiency of the business before interest and taxes.
LightPath Technologies, Inc. (LPTH) generated $10.1M in gross profit for the year, representing a gross profit margin of 27.2%. This demonstrates the company's core pricing power and production efficiency.