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Lightpath Technologies Inc (LPTH) stock

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NASDAQ: LPTH Nasdaq Electronic Equipment & Instruments Next results ~November 12, 2026

C Fundamentals grade

Lightpath Technologies Inc is a US-listed company in the electronic equipment & instruments industry. Its financial year ends in June.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$4.9

Revenue-to-maturity cash-flow model

Base case. Range ~$4.1–$5.8 across our lower- and higher-growth cases (25%–35% a year).

Price vs value

No Buy/Hold/Sell rating is issued: only 1 valuation models apply; a rating needs 3.

Lightpath Technologies Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders1 buying, 4 selling1 purchase and 18 sales by directors and officers, last 12 monthsInsider trades
  • Funds114 adding, 60 cuttingOf 32 active managers that changed their stake, 17 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Lightpath Technologies files

Where Lightpath Technologies stands after its latest 10-K

Revenue for the twelve months to June 2026 was $72m, up 92.8% on a year earlier, faster than the 86.7% growth a quarter earlier. That growth ranks 2 of 41 among the electronic equipment & instruments companies we cover. Free-cash-flow margin rose to -23.0% from -25.8% a year earlier. Operating margin widened to -27.4% from -31.8%. The diluted share count is up 30.6% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 2 of our 3 financial-health checks. Our revenue-to-maturity cash-flow model value is $4.70 a share, against a share price of $8.48.

Source: 10-K filed September 11, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 12, 2026 (estimated)

Lightpath Technologies Inc's trailing-twelve-month revenue grew 92.8% year on year, with a free-cash-flow margin of -23.0%. Where it stands out: revenue growth of 92.8% ranks 5 of 53 electronic equipment & instruments companies we cover. Where it lags: change in share count of 30.6% ranks 41 of 46 electronic equipment & instruments companies we cover.

Current signal Revenue growth accelerating: TTM revenue growth rose to 92.8% (+6.1pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 92.8% over the last 12 months, against a median of 9.8% for electronic equipment & instruments companies we cover.
  • Growth speeding up. The growth rate is 6.1 points higher than a quarter earlier.
  • Margins widening. Operating margin is up 4.4 points on a year ago.
  • Net cash. Cash exceeds long-term debt by $0.1bn.

Things to watch

  • Loss-making. Operating margin is -27.4%: costs exceed revenue.
  • Burning cash. Free cash flow was -23.0% of revenue over the last 12 months.
  • Share dilution. Diluted shares rose 30.6% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 109% and a beta of 3.2 against the S&P 500.
  • Heavily shorted. 17.2% of the shares available to trade are sold short (4.3 days of average volume to cover).
  • Missing expectations. Earnings per share fell short of the consensus estimate in 2 of the last four quarters.

Latest results: FY2026 Q4

Filed September 11, 2026
Earnings per share
$0.01 against an average estimate of $0.01: beat by 27.0%
Revenue
$21m, up 73.3% on a year earlier
Share reaction
-9.3% in the first session after the results on September 10, 2026, against +0.2% for the S&P 500
Next report
November 12, 2026; average EPS estimate -$0.02

Lightpath Technologies' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-5.8%
  • 1 week+2.7%
  • 1 month-30.9%
  • This year-29.4%
  • 1 year-12.1%
  • 5 years+279.6%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$71.7M
Operating margin
-27.4%
Net margin
-28.6%
EPS (TTM, diluted)
$-0.38

Growth

Revenue growth
+92.8%
Change in growth rate
+6.1 pts
Share count change
+30.6%

Cash

Free cash flow (TTM)
-$16.5M
FCF margin
-23.0%
Stock pay % of revenue
4.0%

Earnings

Last results
September 10, 2026
Next results (est.)
December 10, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Agreement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Lightpath Technologies Inc valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: only 1 valuation models apply; a rating needs 3.

Valuation models

We value Lightpath Technologies Inc as an operating company, with every model that fits that kind of business. Cost of equity 11.1%: the 10-year Treasury yield (4.9%) plus a beta of 1.36 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$4.9 ~$4.1–$5.8 Primary model, counts double
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: no positive earnings in the latest twelve months
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. ~$0.5 ~$1.3–$5.8 Left out: out of range vs price (0.06x)
Combined value Weighted average of the models that apply: the primary model (revenue-to-maturity model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$4.9 ~$4.1–$5.8 1 model

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Lightpath Technologies Inc with Electronic Equipment & Instruments in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20162017201820192020202120222023202420252026
Share price$1.74$2.70$2.30$0.91$3.34$2.54$1.23$1.35$1.26$3.08$16.35
Market value$29m$58m$62m$23m$92m$67m$33m$43m$48m$126m$873m
+ Net debt (− = net cash)−$3m$3m$1m$976792$31327−$2m−$2m−$2m−$3m−$72046−$93m
Enterprise value$26m$61m$63m$24m$92m$65m$31m$41m$45m$126m$779m
Multiples
Price / sales 1.7x2.1x1.9x0.7x2.6x1.7x0.9x1.3x1.5x3.4x12.2x
Price / earnings 20.8x7.6x58.2x—105.8x——————
Price / free cash flow 74.4x21.1xn/m—71.1x42.5x—————
EV / EBITDA 9.3x9.9x16.6x10.5x16.5x38.8x31.2x————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

28 /100

Weak moat

How hard Lightpath Technologies's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 1 / 20

    Cash operating profit has been a median 2.8% of total assets over 10 years.

  • Pricing power 8 / 20

    Gross margin has been a median 35.5%, moving by 6.6 percentage points (standard deviation) across 10 years.

  • Durability 10 / 20

    Operating margin has been a median -6.1%; its worst year was -31.8%.

  • Cash conversion 4 / 20

    Free cash flow was positive in 4 of 10 years, at a median -2.5% of revenue.

  • Discipline 10 / 20

    The diluted share count rose 102.8% over five years; stock-based pay has been a median 2.0% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (33 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 12, 2026, after the close. Analysts expect revenue of $22m and EPS of −$0.02 (range −$0.02 to −$0.02) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$0.05 −89% $107m +49%
Next $0.11 +320% $152m +42%

Next year's EPS estimate has moved −78.4% in 90 days, across 1 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −266.7% on 90 days ago. In the last 30 days, 0 analysts raised Lightpath Technologies Inc's forecast and 1 cut it.

Consensus EPS forecast Lightpath Technologies Inc, last 90 days
−$0.20 $0.00 $0.20 $0.40 $0.60 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $0.03 Current fiscal year, 60 days ago: $0.03 Current fiscal year, 30 days ago: $0.02 Current fiscal year, 7 days ago: $0.02 Current fiscal year, Now: −$0.05 −$0.05 Next fiscal year, 90 days ago: $0.51 Next fiscal year, 60 days ago: $0.51 Next fiscal year, 30 days ago: $0.51 Next fiscal year, 7 days ago: $0.51 Next fiscal year, Now: $0.11 $0.11

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $0.03$0.51
60 days ago $0.03$0.51
30 days ago $0.02$0.51
7 days ago $0.02$0.51
Now −$0.05$0.11

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.01 $0.01 +27.0%
Mar 2026 $0.00 −$0.01 0.0%
Dec 2025 −$0.02 −$0.02 −5.0%
Sept 2025 −$0.09 −$0.03 +69.0%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, September 10, 2026

No numeric guidance in Lightpath Technologies Inc's latest earnings release (filed September 10, 2026). Some companies give their outlook only on the earnings call.

Analyst recommendations

5 analysts, Oct 2026
Buy5100%
Hold00%
Sell00%

Monthly trend

  1. Oct 2026145
  2. Sep 2026145
  3. Aug 2026145
  4. Jul 202644

Counts of recommendations published by analysts covering Lightpath Technologies Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
17.2%
of tradable shares
Days to cover
4.27
at average volume
Short interest, 1 month
+5%
to October 15, 2026
Held by institutions
79%
of shares
Held by insiders
1.1%
of shares
Employees
414
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −12.1%

$8.68 on October 31, 2025 to $7.63

ThenNowEffect
Revenue (last 12 months) $37m $72m +92.8%
P/S multiple 9.5x 5.7x −40.5%
Share count 41m 53m −23.4%

Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
LPTH−38%−50%+3%+180%+206%−29%
Industry peers (median)0%−37%+25%−1%−7%−15%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
LPTH33%33%50%67%58%36%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
LPTH−63%−65%−40%−37%−61%−61%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 86% from November 3, 2017 to December 2, 2019. Getting back needed a 629% gain, reached on July 30, 2020, 241 days after the low.

Price behaviour

52-week range
$6.18 – $18.15
From 52-week high
−58.0%
vs 50-day average
−20.8%
vs 200-day average
−35.9%
Volatility (1 year)
109%
Beta vs S&P 500
3.18

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±9.8%
After a week
4 up, 8 down
typical move ±11.9%
After a month
6 up, 6 down
typical move ±15.4%
Results releasedNext dayS&P 500 next day5 days21 days
September 10, 2026 −9.3% +0.2% −0.3% −4.1%
May 7, 2026 −10.6% +0.5% −5.6% +16.9%
February 11, 2026 +13.4% −1.6% +23.5% −4.5%
November 12, 2025 −17.2% −1.6% −16.4% +0.7%
September 25, 2025 +15.2% +0.1% +19.1% +23.2%
May 15, 2025 −3.8% +1.1% −10.2% +12.5%
February 13, 2025 −24.8% +1.1% −30.5% −40.2%
November 7, 2024 −2.5% +1.2% −2.5% +15.6%
September 19, 2024 +2.4% +1.5% +13.8% +33.3%
May 9, 2024 +3.6% +0.7% −0.7% −13.7%
February 8, 2024 +3.2% +0.6% +1.9% −8.3%
November 9, 2023 −11.4% +0.8% −18.1% −11.4%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Lightpath Technologies Inc in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Lightpath Technologies Inc
$30M $40M $50M $60M $70M $80M FY24 Q1 FY24 Q4 FY25 Q3 FY26 Q4 Revenue (TTM), FY24 Q1: $33.6M Revenue (TTM), FY24 Q2: $32.5M Revenue (TTM), FY24 Q3: $32.8M Revenue (TTM), FY24 Q4: $31.7M Revenue (TTM), FY25 Q1: $32M Revenue (TTM), FY25 Q2: $32.2M Revenue (TTM), FY25 Q3: $33.6M Revenue (TTM), FY25 Q4: $37.2M Revenue (TTM), FY26 Q1: $43.9M Revenue (TTM), FY26 Q2: $52.8M Revenue (TTM), FY26 Q3: $62.8M Revenue (TTM), FY26 Q4: $71.7M $71.7M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY24 Q1 $33.6M
FY24 Q2 $32.5M
FY24 Q3 $32.8M
FY24 Q4 $31.7M
FY25 Q1 $32M
FY25 Q2 $32.2M
FY25 Q3 $33.6M
FY25 Q4 $37.2M
FY26 Q1 $43.9M
FY26 Q2 $52.8M
FY26 Q3 $62.8M
FY26 Q4 $71.7M
Revenue growth, TTM YoY Lightpath Technologies Inc
-50% 0% 50% 100% FY24 Q1 FY24 Q4 FY25 Q3 FY26 Q4 Revenue growth, TTM YoY, FY24 Q1: -0.5% Revenue growth, TTM YoY, FY24 Q2: -1.7% Revenue growth, TTM YoY, FY24 Q3: 1.9% Revenue growth, TTM YoY, FY24 Q4: -3.7% Revenue growth, TTM YoY, FY25 Q1: -4.7% Revenue growth, TTM YoY, FY25 Q2: -1.0% Revenue growth, TTM YoY, FY25 Q3: 2.6% Revenue growth, TTM YoY, FY25 Q4: 17.3% Revenue growth, TTM YoY, FY26 Q1: 36.9% Revenue growth, TTM YoY, FY26 Q2: 64.1% Revenue growth, TTM YoY, FY26 Q3: 86.7% Revenue growth, TTM YoY, FY26 Q4: 92.8% 92.8%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY24 Q1 -0.5%
FY24 Q2 -1.7%
FY24 Q3 1.9%
FY24 Q4 -3.7%
FY25 Q1 -4.7%
FY25 Q2 -1.0%
FY25 Q3 2.6%
FY25 Q4 17.3%
FY26 Q1 36.9%
FY26 Q2 64.1%
FY26 Q3 86.7%
FY26 Q4 92.8%
Operating margin (TTM) Lightpath Technologies Inc
-40% -30% -20% -10% 0% FY24 Q1 FY24 Q4 FY25 Q3 FY26 Q4 Operating margin (TTM), FY24 Q1: -10.6% Operating margin (TTM), FY24 Q2: -14.8% Operating margin (TTM), FY24 Q3: -19.6% Operating margin (TTM), FY24 Q4: -24.7% Operating margin (TTM), FY25 Q1: -24.8% Operating margin (TTM), FY25 Q2: -26.9% Operating margin (TTM), FY25 Q3: -28.3% Operating margin (TTM), FY25 Q4: -31.8% Operating margin (TTM), FY26 Q1: -29.5% Operating margin (TTM), FY26 Q2: -36.1% Operating margin (TTM), FY26 Q3: -31.6% Operating margin (TTM), FY26 Q4: -27.4% -27.4%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY24 Q1 -10.6%
FY24 Q2 -14.8%
FY24 Q3 -19.6%
FY24 Q4 -24.7%
FY25 Q1 -24.8%
FY25 Q2 -26.9%
FY25 Q3 -28.3%
FY25 Q4 -31.8%
FY26 Q1 -29.5%
FY26 Q2 -36.1%
FY26 Q3 -31.6%
FY26 Q4 -27.4%
FCF margin (TTM) Lightpath Technologies Inc
-30% -20% -10% 0% FY24 Q1 FY24 Q4 FY25 Q3 FY26 Q4 FCF margin (TTM), FY24 Q1: -15.0% FCF margin (TTM), FY24 Q2: -16.5% FCF margin (TTM), FY24 Q3: -12.4% FCF margin (TTM), FY24 Q4: -5.2% FCF margin (TTM), FY25 Q1: -11.3% FCF margin (TTM), FY25 Q2: -11.3% FCF margin (TTM), FY25 Q3: -19.3% FCF margin (TTM), FY25 Q4: -25.8% FCF margin (TTM), FY26 Q1: -20.6% FCF margin (TTM), FY26 Q2: -11.9% FCF margin (TTM), FY26 Q3: -16.4% FCF margin (TTM), FY26 Q4: -23.0% -23.0%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY24 Q1 -15.0%
FY24 Q2 -16.5%
FY24 Q3 -12.4%
FY24 Q4 -5.2%
FY25 Q1 -11.3%
FY25 Q2 -11.3%
FY25 Q3 -19.3%
FY25 Q4 -25.8%
FY26 Q1 -20.6%
FY26 Q2 -11.9%
FY26 Q3 -16.4%
FY26 Q4 -23.0%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2011 Jun 2011 2012 Jun 2012 2013 Jun 2013 2014 Jun 2014 2015 Jun 2015 2016 Jun 2016 2017 Jun 2017 2018 Jun 2018 2019 Jun 2019 2020 Jun 2020 2021 Jun 2021 2022 Jun 2022 2023 Jun 2023 2024 Jun 2024 2025 Jun 2025 2026 Jun 2026
Income
Revenue 10 11 12 12 14 17 28 33 34 35 38 36 33 32 37 72
Gross profit 4 4 5 5 6 9 15 13 13 14 13 12 11 9 10 26
EBITDA 0 0 1 0 0 3 6 4 2 6 2 1 −0 −4 −8 −15
Operating income −1 −1 0 −0 −0 2 4 0 −1 2 −2 −3 −4 −8 −12 −20
Net income −2 −1 0 −0 −1 1 8 1 −3 1 −3 −4 −4 −8 −15 −21
Diluted EPS −$0.17 −$0.09 $0.02 −$0.02 −$0.05 $0.08 $0.36 $0.04 −$0.10 $0.03 −$0.12 −$0.13 −$0.13 −$0.21 −$0.36 −$0.38
Growth (year on year)
Revenue — +12.8% +4.4% +0.4% +15.4% +26.4% +64.2% +14.7% +3.8% +3.6% +10.0% −7.6% −7.4% −3.7% +17.3% +92.8%
EBITDA — — — −71.7% −3.9% +926.0% +117.6% −39.3% −38.5% +139.6% −70.1% −40.6% −138.4% — — —
Operating income — — — — — — +105.9% −91.0% — — −185.9% — — — — —
Net income — — — — — — +444.5% −86.2% −352.8% — −467.4% — — — — —
Diluted EPS — — — — — — +350.0% −88.9% −350.0% — −500.0% — — — — —
Margins
Gross margin 39.2% 35.8% 43.9% 45.5% 43.8% 53.9% 51.9% 38.5% 37.1% 39.6% 35.0% 33.2% 33.6% 27.2% 27.2% 36.0%
EBITDA margin 0.6% 1.8% 8.7% 2.4% 2.0% 16.5% 21.9% 11.6% 6.9% 15.9% 4.3% 2.8% −1.2% −11.9% −20.6% −20.4%
Operating margin −8.6% −8.2% 1.8% −3.2% −1.9% 11.6% 14.6% 1.1% −3.4% 6.1% −4.8% −7.4% −10.8% −24.7% −31.8% −27.4%
Net margin −16.0% −7.7% 1.8% −2.6% −5.2% 8.2% 27.2% 3.3% −7.9% 2.5% −8.3% −10.0% −12.3% −25.2% −40.0% −28.6%
Free-cash-flow margin −8.1% −2.0% −4.6% −17.5% −4.4% 2.3% 9.8% 0.3% −4.5% 3.7% 4.1% −0.5% −17.9% −5.2% −25.8% −23.0%
Cash flow
Cash from operations 0 0 1 −0 0 2 5 3 0 4 5 1 −3 1 −8 −10
Capital spending 1 1 1 2 1 1 2 3 2 2 3 2 3 2 1 6
Free cash flow −1 −0 −1 −2 −1 0 3 0 −2 1 2 −0 −6 −2 −10 −16
Stock-based pay 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 3
Free cash flow after stock pay −1 −0 −1 −2 −1 0 2 −0 −2 1 1 −1 −7 −3 −11 −19
Balance sheet
Cash 1 2 2 1 2 3 8 6 5 5 7 6 5 3 5 93
Total debt 0 0 — 0 0 0 11 7 6 5 5 3 3 1 5 —
Net debt (negative = net cash) −1 −2 −2 −1 −2 −3 3 1 1 0 −2 −2 −2 −3 −0 −93
Diluted shares 10m 10m 13m 14m 15m 17m 22m 27m 26m 27m 26m 27m 32m 38m 41m 53m
Returned to shareholders
Buybacks — — — — — 0 — — — — — — — — — —
Total returned — — — — — 0 — — — — — — — — — —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 3 checks passed · June 30, 2026
What it owns · $194m
Short-term assets $130mLonger-term assets $64m
What it owes, and who funded it · $185m
Short-term liabilities $26mLonger-term liabilities $9mShareholders' equity $149m
  • Short-term assets cover short-term liabilities $130m of assets due within a year against $26m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $130m short-term assets against $9m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Operating income of −$20m against $1m of interest.

From Lightpath Technologies Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+30.6%
year over year
R&D spending
5.3%
of revenue
Sales & admin spending
34.4%
of revenue
Days sales outstanding
77 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in electronic equipment & instruments
Last 12 months unless stated LPTH FEIM GNSS GEOS INVZ REKR Median
Revenue, last 12 months $72m $73m $57m $92m $55m $50m $104m
Revenue growth, last 12 months 92.8% 6.3% 86.7% −20.5% 127.0% 9.8% 9.8%
Revenue growth, 3-year average 29.6% 17.4% 3.0% −8.8% — 21.2% 7.2%
Revenue growth, latest quarter 73.3% 69.8% −26.0% −36.4% — 2.5% 16.5%
Gross margin 36.0% 33.0% 54.0% 8.0% 23.4% 61.7% 38.5%
Operating margin −27.4% 2.5% −3.2% −44.7% −123.0% −39.4% −7.3%
Operating margin, 3-year average −28.0% 8.6% −55.2% −12.6% — −82.4% −5.1%
Net margin −28.6% 3.7% −10.9% −43.1% −123.1% −43.8% −5.3%
Cash from operations / revenue −14.3% 3.8% −4.5% −34.2% −87.0% −21.6% −1.6%
Free-cash-flow margin −23.0% −0.3% −4.6% −40.2% −94.7% −26.2% −2.5%
Free-cash-flow margin, 3-year average −18.0% 4.2% −33.7% −21.0% — −57.7% 3.7%
Stock pay / revenue 4.0% — 2.9% 1.4% 29.0% 3.9% 3.0%
Change in share count 30.6% 2.6% 1.2% 0.7% 19.5% 29.8% 1.9%

Median of all 53 companies we cover in electronic equipment & instruments. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

53 electronic equipment & instruments companies
Measure Company Peer median Rank
Revenue growth Growth 92.8% 9.8% 5 of 53
Change in growth rate Growth +6.1pp +2.3pp 15 of 53
Gross margin Profitability 36.0% 39.7% 26 of 48
Operating margin Profitability -27.4% -7.3% 38 of 53
Net margin Profitability -28.6% -5.3% 37 of 53
Free-cash-flow margin Cash generation -23.0% -2.1% 34 of 52
Stock pay as % of revenue Cash generation 4.0% 3.0% 30 of 49
Long-term debt as % of assets Balance sheet 5.6% 15.2% 8 of 31
Change in share count Balance sheet 30.6% 1.9% 41 of 46
Days sales outstanding Balance sheet 77 days 68 days 34 of 52

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to June 30, 2026
Products and services
Line of business Revenue Share YoY
Assemblies and Modules $31.9M 44.4% ▲ 280.7%
Infrared Components $21.2M 29.6% ▲ 52.4%
Visible Components $15.5M 21.6% ▲ 32.0%
Engineering Services $3.2M 4.4% ▼ 1.0%
Geography
Region Revenue Share YoY
United States $37M 51.6% ▲ 61.4%
United Kingdom $15M 20.9% ▲ 336.7%
Israel $7.7M 10.7% ▲ 185.1%
Europe $4.7M 6.5% ▲ 57.1%
China $4.5M 6.3% ▲ 55.4%
Asia $1.8M 2.5% ▲ 81.9%
Other Foreign Countries $978,817 1.4% ▼ 20.7%

From Lightpath Technologies Inc's 10-K filed September 11, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$820M
Institutions reporting
164
Shares held vs prior quarter
▲ 48.5%
Positions opened / closed
57 / 25

Top buyers and sellers, Q2 2026: 114 institutions bought and 60 sold ; the biggest buyer was Blackrock, Inc (+3.3M shares) and the biggest seller Goldman Sachs Group Inc (−1.4M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $73.1M 4.5M 8.9% ▲ 292.8%
Hood River Capital Management LLC $58.2M 3.6M 7.1% ▲ 46.2%
Vanguard Capital Management LLC $44.4M 2.7M 5.4% ▲ 5.2%
Awm Investment Company, Inc. $41.5M 2.5M 5.1% ▲ 24.5%
Driehaus Capital Management LLC $35.5M 2.2M 4.3% ▲ 0.3%
Tema Etfs LLC $32.5M 2.0M 4.0% —
Tidal Investments LLC $31.9M 2.0M 3.9% ▲ 10315.1%
Geode Capital Management, LLC $23.7M 1.4M 2.9% ▲ 139.0%
Bank Of America Corp $19.6M 1.2M 2.4% ▲ 115.7%
Goldman Sachs Group Inc $17.7M 1.1M 2.2% ▼ 56.3%
Citadel Advisors LLC $17.3M 1.1M 2.1% ▲ 34.8%
State Street Corp $17.1M 1.0M 2.1% ▲ 308.7%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Lightpath Technologies Inc's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $1,746 1 trade by 1 insider, last 12 months Insider sales History → $90.1M 18 trades by 4 insiders · 0% under pre-set plans
Net ▼ $90.1M net selling
Insider Date Trade Shares Price Value
Hammer Todd B 10% owner June 3, 2026 Sell 3,571,400 $14.00 $50M
Hammer Todd B 10% owner May 18, 2026 Sell 55,284 $12.32 $681,099
North Run Strategic Opportunities Fund I Gp, Llc 10% owner May 14, 2026 Sell 165,000 $12.16 $2M
North Run Strategic Opportunities Fund I Gp, Llc 10% owner May 13, 2026 Sell 45,000 $12.29 $553,050
North Run Strategic Opportunities Fund I Gp, Llc 10% owner May 12, 2026 Sell 83,052 $12.25 $1M
Rubin Shmuel President & CEO March 27, 2026 Buy 180 $9.70 $1,746
North Run Strategic Opportunities Fund I Gp, Llc 10% owner March 25, 2026 Sell 302,352 $12.31 $3.7M
North Run Strategic Opportunities Fund I Gp, Llc 10% owner March 24, 2026 Sell 54,557 $12.06 $657,957
Ellis Thomas B Director March 18, 2026 Sell 16,000 $12.00 $192,000
Ellis Thomas B Director March 17, 2026 Sell 104,454 $12.01 $1.3M
Ellis Thomas B Director March 4, 2026 Sell 55,000 $12.09 $664,950
Ellis Thomas B Director March 3, 2026 Sell 381,004 $12.18 $4.6M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around December 10, 2026 estimated from the company's past filing pattern, not announced

  • September 10, 2026
  • May 7, 2026
  • February 11, 2026
  • November 12, 2025
  • September 25, 2025
  • May 15, 2025

Recent SEC filings

Data status

When each part of this page on Lightpath Technologies Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Lightpath Technologies Inc in brief

What does Lightpath Technologies Inc do?
Lightpath Technologies Inc is a US-listed company in the electronic equipment & instruments industry. Its financial year ends in June.
What is Lightpath Technologies Inc's stock ticker?
Lightpath Technologies Inc trades under the ticker LPTH on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Lightpath Technologies Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Lightpath Technologies Inc reported revenue of $71.7M, 92.8% higher than a year earlier, according to its SEC filings.
What is Lightpath Technologies Inc's free cash flow?
Lightpath Technologies Inc's free-cash-flow margin is -23.0% of revenue over the trailing twelve months, ranking 34 of the 52 electronic equipment & instruments companies we cover.
Who are Lightpath Technologies Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Hood River Capital Management LLC and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Lightpath Technologies Inc's market cap?
On June 30, 2026, Lightpath Technologies Inc's market capitalisation was about $873M and net debt of -$93.2M. Market figures come from third-party market data and may be delayed.
Who are Lightpath Technologies Inc's competitors?
In our Electronic Equipment & Instruments peer group, the companies closest to Lightpath Technologies Inc are Frequency Electronics Inc, Genasys Inc., Geospace Technologies Corp, Innoviz Technologies Ltd. and Rekor Systems, Inc. The side-by-side comparison below sets their revenue, margins and growth against Lightpath Technologies Inc's.
Are insiders buying or selling Lightpath Technologies Inc stock?
Over the last 12 months, Lightpath Technologies Inc's directors and officers reported 1 open-market purchases and 18 sales on Form 4. The insider trading page charts every trade.
When is Lightpath Technologies Inc's next earnings date?
Around November 12, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Lightpath Technologies Inc announces its own schedule.