LightPath Technologies Reports First Quarter Fiscal 2025 Financial Results

In This Article:

ORLANDO, Fla., Nov. 7, 2024 /PRNewswire/ -- LightPath Technologies, Inc. (NASDAQ: LPTH) ("LightPath," the "Company," or "we"), a leading provider of next-generation optics and imaging systems for both defense and commercial applications, today announced financial results for its fiscal 2025 first quarter ended September 30, 2024.

logo (PRNewsfoto/LightPath Technologies)
logo (PRNewsfoto/LightPath Technologies)

Financial Summary: 


Three Months Ended September 30,


$ in millions

2024

2023

% Change

Revenue

$8.4

$8.1

4 %

Gross Profit

$2.8

$2.3

22 %

Operating Expenses

$4.2

$3.6

18 %

Net Loss

($1.6)

($1.3)

21 %

EBITDA* Loss (non-GAAP)

($0.5)

($0.4)

25 %






 

Fiscal 2025 First Quarter Highlights: 

  • Secured Order for Thermal Imaging Assemblies for New Program with Tier-1 Defense Customer

  • Awarded Phase 2 Funding in U.S. Defense Department Partnership to Qualify Additional Germanium Substitutes

  • Achieved Key Qualification Milestone with Lockheed Martin for U.S. Army Missile Program

  • Received Infrared Lens Assemblies Order from Existing European Defense Customer

  • Successfully Transitioned Key Customer from Germanium to BlackDiamond Glass Optics

  • Launched Several Innovative Products, Including:

    • Next-Generation Mantis Camera into $500 Million Global Furnace Monitoring Market

    • New Optical Gas Imaging Camera for Oil & Gas Applications, Launched at the CH4 Connections Conference

    • Introduced First AI-ready EdgeIR™ Cameras in Collaboration with Maris Tech

Management Commentary

Sam Rubin, President and Chief Executive Officer of LightPath, stated, "The first quarter of fiscal 2025 was highlighted by new orders and continued product innovation to support our strategic transition plan towards becoming a next-generation optics and imaging solutions provider. Momentum toward LightPath 2.0, as we refer to our product groups for customized lens assemblies and solutions and related engineering services, was underscored by an increase from 19% of revenue in the first quarter of 2024, to 30% in the first quarter of 2025.

Our continued focus on defense drove both near-term orders as well as development contracts for more lucrative opportunities in the medium-term. We received an initial development contract from a new European defense customer for the use of BlackDiamond glass in optical systems, as well as a follow-on order from a European defense customer for infrared lens assemblies for use in first-person view drone applications. These orders are a validation of our recent efforts to obtain a European Defense license – allowing us to tap into a critical new market – and expand the capabilities at our Latvia facility.

Waiting for permission
Allow microphone access to enable voice search

Try again.