Opening the filing
8-K
Form 8-K
Item 2.02. Results of Operations and Financial Condition.
On September 10, 2026, LightPath Technologies, Inc. issued a press release announcing the results for its fiscal 2026 fourth quarter and full year ended June 30, 2026. A copy of the Press Release is attached as Exhibit 99.1 to this Current Report on Form 8-K.
Item 9.01. Financial Statements and Exhibits.
(d)
Exhibit 99.1
**Reconciliation of this non-GAAP financial measure is provided below. Percentage changes for net loss and adjusted EBITDA are calculated on absolute values.
Fourth Quarter Fiscal 2026 & Subsequent Highlights:
Ended fiscal 2026 with a record order backlog of approximately $110.9 million, up 197% from $37.4 million at June 30, 2025, of which approximately $85.6 million is scheduled for delivery to customers within the next twelve months.
Completed a $50.0 million primary offering of common stock at $14.00 per share in June 2026, closing the fiscal year with a strong balance sheet of $93.2 million of cash and cash equivalents.
Received an $11 million follow-on infrared camera order from a leading global technology customer for counter-unmanned aircraft system (UAS) applications and $13 million in follow-on optical assembly orders from a leading counter-UAS and defense systems supplier.
Signed definitive agreement to divest the Company's subsidiary LightPath (Zhenjiang) Optical Instrumentation Co., Ltd. ("LPOIZ"), including its manufacturing facility and operations in China, for $4.5 million, payable in installments over five years, completing LightPath's transition to a fully Western-aligned manufacturing footprint.
“LightPath has also been the beneficiary of legislation enacted in December 2025 that directed the Secretary of Defense “to develop and implement a strategy to eliminate the reliance of the Department of Defense on any covered nation” for optical glass or optical systems. The deadline imposed by such legislation for the implementation of the strategy is January 1, 2030. Accordingly, defense programs are expected to replace optical glass and optical systems sourced from covered nations with other alternatives. Although the deadline for such actions is not until January 1, 2030, the supplier qualification cycles run two to three years, so the sourcing decisions that determine who supplies those programs are being considered and made now. We spent the last five years developing our glass portfolio and working with our customers to reduce Germanium content, which has prepared us for the opportunities that are now being accelerated by this legislation. Our BlackDiamond™ glass portfolio – including compositions licensed exclusively from the U.S. Naval Research Laboratory – was designed, melted and manufactured to those requirements from the outset, and with the addition of Amorphous Materials, Inc. ("AML") we now operate two domestic glass production sites and roughly 20 proprietary infrared compositions.
“Fiscal 2027 is now about capacity and conversion. We roughly doubled our glass melting capacity with AML and expect that we will need to continue to increase capacity based on projected demand. We are adding melting capability in both our Orlando and Texas facilities, expanding downstream optical and assembly capacity across our U.S. and Latvian sites, and working to finalize the redesign of G5 Infrared LLC’s ("G5 Infrared") cooled camera family to use BlackDiamond™ glass. With a strong balance sheet with low leverage and a backlog that has grown for five consecutive quarters to a record high, we have both the mandate and the means to scale,” concluded Rubin.
Fourth Quarter Fiscal 2026 Financial Results Revenue for the fourth quarter of fiscal 2026 increased 73.8% to $ 21.2 million, compared to $ 12.2 million in the same quarter of the prior fiscal year, split amongst the Company’s product groups as follows:
Product Group Revenue
Fourth Quarter of
Net loss in the fourth quarter of fiscal 2026 improved to $4.0 million, or $0.06 per basic and diluted share, as compared to a net loss of $7.1 million, or $0.16 per basic and diluted share, in the prior year period. The improvement reflects higher gross profit, partially offset by higher operating expenses and the absence of the non-cash charges associated with the warrant liability recorded in the prior year period.
Adjusted EBITDA** loss for the fourth quarter of fiscal 2026 grew to $2.1 million, or 10% of revenue, as compared to an adjusted EBITDA loss of $2.0 million in the prior year period. This marked the Company’s fourth consecutive quarter of positive adjusted EBITDA.
Fiscal 2026 Financial Results Revenue for fiscal 2026 increased 92.7% to $ 71.7 million, compared to $ 37.2 million in the prior fiscal year. Fiscal 2026 includes a full year of G5 Infrared revenue, which was acquired in February 2025, and approximately five months of AML revenue. Revenue was split amongst the Company’s product groups in fiscal 2026 and fiscal 2025 as follows:
Product Group Revenue ($ in millions)***
Fiscal 2026
Gross profit increased 155% to $25.8 million, or 36.0% of revenue, in fiscal 2026, as compared to $10.1 million, or 27.2% of revenue, in fiscal 2025. Gross margin improved across each of the four product groups. The largest driver was mix: assemblies and modules grew to 44% of consolidated revenue from 23% in the prior year, and these products typically carry higher margins than components.
Operating expenses for fiscal 2026 were $45.5 million, as compared to $22.0 million in the prior year period. Of the $23.5 million increase, $14.1 million relates to the non-cash fair value adjustments to acquisition earnout liabilities, which are measured through operating expenses until fully settled. The increase is primarily related to G5 Infrared, where the final earnout amount was agreed to and accrued in the fourth quarter of fiscal 2026, to be paid in January 2027. The remaining operating expense increase of $9.4 million reflects a full year of G5 Infrared operating costs, the addition of AML operating costs, higher sales and marketing spend, information technology investment to meet heightened customer security standards, and increased personnel costs associated with filling executive roles and accruing for incentive compensation plans. New product development costs also increased, which management views as an important part of execution of our strategy, and plans to continue to grow our investment in new product development.
Net loss for fiscal 2026 totaled $20.5 million, or $0.38 per basic and diluted share, as compared to a net loss of $14.9 million, or $0.36 per basic and diluted share, in fiscal 2025. The wider net loss is attributable principally to the $14.1 million year-over-year increase in the non-cash change in fair value of acquisition earnout liabilities, which reflects G5 Infrared’s strong performance ahead of its earnout targets, as well as the increase in SG&A and new product development costs, partially offset by the $15.7 million increase in gross profit.
Adjusted EBITDA** for fiscal 2026 grew to $4.2 million, or 6% of revenue, as compared to an adjusted EBITDA loss of $5.1 million in fiscal 2025.
Fourth Quarter and Fiscal 2026 Earnings Call Management will host an investor conference call at 5:00 p.m. Eastern time today, Thursday, September 10, 2026, to discuss the Company's fiscal 2026 fourth quarter and full year financial results, provide a corporate update, and conclude with Q&A from telephone participants. To participate, please use the following information:
Q4 FY2026 Earnings Conference Call Date: Thursday, September 10, 2026 Time: 5:00 p.m. Eastern time U.S. Dial-in: 1-800-267-6316 International Dial-in: 1-203-518-9783 Conference ID: LIGHT Webcast: LPTH Q4 FY2026 Earnings Conference Call Please join at least five minutes before the start of the call to ensure timely participation.