LightPath Technologies, Inc.
- Open
- 9.78
- Day high
- 9.92
- Day low
- 9.60
- Prev close
- 10.06
- Volume
- 721K
- Mkt cap
- $640M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 5.7
- P/S
- 10.2
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$50.0M over the last 3 months (0 open-market buys, 1 sale)
- 🏛Institutions reducing (13F)
LightPath Technologies, Inc. (LPTH) is a Technology company listed on NASDAQ. The stock is up 109% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 1 sale (SEC Form 4).
LightPath Technologies, Inc. (LPTH) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
LPTH earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $-0.02 | $-0.02 | +0.0% | $19M | +12.4% |
| Feb 11, 2026 | $-0.04 | $-200.12 | -500200.5% | — | — |
| Sep 25, 2025 | $-0.03 | $-0.07 | -133.3% | $12M | +1.5% |
| May 15, 2025 | $-0.05 | $-0.10 | -100.0% | $9M | -23.4% |
| Feb 13, 2025 | $-0.04 | $-0.07 | -75.0% | $7M | -14.8% |
| Nov 7, 2024 | $-0.05 | $-0.04 | +20.0% | $8M | +1.2% |
| Sep 19, 2024 | $-0.05 | $-0.06 | -28.6% | $9M | +3.1% |
| May 9, 2024 | $-0.04 | $-0.07 | -75.0% | $8M | -6.6% |
| Feb 8, 2024 | $-0.04 | $-0.05 | -25.0% | $7M | -4.5% |
| Nov 9, 2023 | $-0.03 | $-0.04 | -33.3% | $8M | -1.9% |
| Sep 14, 2023 | $-0.01 | $-0.02 | -100.0% | $10M | +6.2% |
| May 11, 2023 | $-0.03 | $-0.03 | -14.3% | $7M | -18.0% |
LPTH insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 4, 2026 | North Run Strategic Opportunities Fund I, LPdirector, 10 percent owner: | Sell | 3,571,400 | $14.00 |
| May 20, 2026 | North Run Strategic Opportunities Fund I, LPdirector, 10 percent owner: | Sell | 55,284 | $12.32 |
| May 14, 2026 | North Run Strategic Opportunities Fund I, LPdirector, 10 percent owner: | Sell | 45,000 | $12.29 |
| May 14, 2026 | North Run Strategic Opportunities Fund I, LPdirector, 10 percent owner: | Sell | 83,052 | $12.25 |
| May 14, 2026 | North Run Strategic Opportunities Fund I, LPdirector, 10 percent owner: | Sell | 165,000 | $12.16 |
| Mar 30, 2026 | Rubin Shmuelofficer: President & CEO | Buy | 180 | $9.70 |
| Mar 26, 2026 | North Run Strategic Opportunities Fund I, LPdirector, 10 percent owner: | Sell | 302,352 | $12.31 |
| Mar 26, 2026 | North Run Strategic Opportunities Fund I, LPdirector, 10 percent owner: | Sell | 54,557 | $12.06 |
| Mar 19, 2026 | North Run Strategic Opportunities Fund I, LPdirector, 10 percent owner: | Sell | 104,454 | $12.01 |
| Mar 19, 2026 | North Run Strategic Opportunities Fund I, LPdirector, 10 percent owner: | Sell | 16,000 | $12.00 |
| Mar 4, 2026 | North Run Strategic Opportunities Fund I, LPdirector, 10 percent owner: | Sell | 381,004 | $12.18 |
| Mar 4, 2026 | North Run Strategic Opportunities Fund I, LPdirector, 10 percent owner: | Sell | 55,000 | $12.09 |
| Mar 4, 2026 | North Run Strategic Opportunities Fund I, LPdirector, 10 percent owner: | Sell | 238,991 | $12.03 |
| Feb 27, 2026 | North Run Strategic Opportunities Fund I, LPdirector, 10 percent owner: | Sell | 300,092 | $12.18 |
| Feb 24, 2026 | North Run Strategic Opportunities Fund I, LPdirector, 10 percent owner: | Sell | 376,762 | $12.15 |
Source: LPTH SEC Form 4 filings, latest Jun 4, 2026. For informational purposes only — not investment advice.
See the full LPTH insider & 13F page →LightPath Technologies, Inc. company profile
Overview
LightPath Technologies, Inc. (NASDAQ:LPTH) is a specialized optical components and systems manufacturer founded in 1985 and headquartered in Orlando, Florida. The company went public in 1996 and has evolved from a traditional precision optics component supplier into a vertically integrated solutions provider focused on defense, automotive, and industrial applications. LightPath operates manufacturing facilities in Orlando, Florida and Riga, Latvia, serving customers across North America, Europe, and Asia through direct sales and distribution channels.
Business
LightPath Technologies operates in the precision optics industry, designing and manufacturing specialized optical components and assemblies that manipulate light for various applications. The company's products are essential components in systems that require precise control of infrared and visible light, such as thermal imaging cameras, laser systems, and optical sensors. The company's core offerings are divided into four main business segments: 1. **Infrared Components** (approximately 40% of revenue): These include precision-molded glass aspheric lenses and diamond-turned infrared optics made from specialized materials like germanium and the company's proprietary BlackDiamond chalcogenide glass. These components are critical for thermal imaging systems used in defense applications, automotive night vision, and industrial monitoring. BlackDiamond glass serves as an alternative to traditional germanium, offering advantages in certain applications while reducing dependence on geopolitically sensitive materials. 2. **Visible Components** (approximately 31% of revenue): This segment produces precision molded glass aspheric optics for applications using visible light, including barcode scanners, optical data storage systems, machine vision equipment, and telecommunications devices. These components require extremely precise manufacturing to achieve the optical performance needed for high-tech applications. 3. **Assemblies and Modules** (approximately 20% of revenue): LightPath manufactures complete optical assemblies and camera modules, representing the company's evolution toward higher-value solutions. This includes proprietary thermal imaging cameras like the MANTIS multispectral infrared camera for greenhouse gas detection and various defense-oriented imaging systems. 4. **Engineering Services** (approximately 9% of revenue): The company provides custom optical design and engineering services, helping customers develop specialized optical solutions for unique applications. The precision optics industry serves as a critical enabler for advanced technologies across multiple sectors, from autonomous vehicles requiring thermal imaging for safety systems to defense applications needing sophisticated targeting and surveillance capabilities.
Revenue model
LightPath generates revenue primarily through direct product sales to original equipment manufacturers (OEMs) and system integrators, with some additional income from engineering services contracts. The company's customers include major defense contractors like Lockheed Martin, automotive suppliers developing advanced driver assistance systems, and industrial equipment manufacturers requiring specialized optical components. The business model centers on manufacturing precision optical components with high barriers to entry due to technical complexity and specialized manufacturing processes. Revenue streams include: 1. **Component Sales**: Traditional business selling individual optical elements to customers who integrate them into larger systems 2. **Assembly and Module Sales**: Higher-margin complete optical assemblies and camera systems 3. **Engineering Services**: Custom design and development work, often leading to production contracts 4. **Licensing**: Exclusive licensing arrangements for proprietary materials like BlackDiamond glass Several factors significantly impact the company's margins and profitability. **Positive margin drivers** include the shift toward higher-value assemblies and systems rather than individual components, proprietary materials that command premium pricing, and defense applications that typically offer better margins than commercial markets. The company's exclusive BlackDiamond glass technology provides differentiation and pricing power in certain applications. **Negative margin pressures** come from supply chain constraints, particularly around germanium availability due to Chinese export restrictions, competitive pricing pressure in commodity optical components, and the high fixed costs associated with precision manufacturing equipment. Currency fluctuations affect international sales, while geopolitical tensions can disrupt both supply chains and customer demand patterns. The automotive market, while promising long-term growth, currently faces regulatory delays that could postpone expected revenue ramps.
Competitive moat
LightPath Technologies possesses a moderate competitive moat built primarily around specialized manufacturing capabilities and proprietary materials technology. The company's strongest competitive advantage lies in its exclusive licensing agreement with the U.S. Naval Research Laboratory for BlackDiamond chalcogenide glass materials, which provides unique properties for infrared applications and serves as an alternative to germanium-based optics. The precision optics manufacturing process itself creates barriers to entry through the significant capital investment required for specialized equipment, the technical expertise needed for consistent quality production, and the lengthy qualification processes required by customers in defense and automotive applications. LightPath's dual manufacturing locations in the U.S. and Latvia provide supply chain flexibility and help navigate geopolitical restrictions. However, the company's moat faces several vulnerabilities. The optical components industry includes large, well-capitalized competitors with broader product portfolios and greater resources for research and development. Many of LightPath's traditional products face commoditization pressure, particularly in visible light applications where manufacturing has increasingly moved to lower-cost regions. The company's strategic shift toward complete assemblies and camera systems represents an attempt to strengthen its competitive position by moving up the value chain, but this also brings LightPath into competition with established camera and imaging system manufacturers who may have stronger customer relationships and broader technological capabilities. **Potential disruption** could come from advances in alternative optical technologies, changes in manufacturing processes that reduce the advantages of LightPath's specialized capabilities, or larger competitors developing competing materials to challenge BlackDiamond glass. The company's relatively small size also limits its ability to invest in R&D at the scale of larger competitors.
Risks & safety
LightPath Technologies presents **moderate financial risk** with concerning cash flow trends but reasonable balance sheet strength. **Cash and Liquidity Position:** - Cash and short-term investments: $6.5 million (Q3 2025) - Current ratio: 2.30, indicating adequate short-term liquidity - Operating cash flow: -$3.2 million (Q3 2025), showing ongoing cash burn - Free cash flow: -$3.7 million (Q3 2025), reflecting continued investment needs **Debt and Solvency:** - Debt-to-equity ratio: 0.29, representing manageable leverage - Total debt relatively low compared to assets - Interest coverage challenged by negative EBITDA **Valuation Metrics:** - Trading at 1.6x book value - Negative P/E due to losses, but EV/EBITDA of -11.9x suggests potential value if operations improve - Recent G5 Infrared acquisition expected to add $51 million annual revenue **Other Considerations:** - Recent acquisition significantly expands revenue base but adds integration risk - Dependence on defense spending and automotive market timing - Supply chain vulnerabilities from geopolitical tensions
Recent development
Over the past few years, LightPath has undergone a significant strategic transformation from a traditional optical components supplier to a vertically integrated solutions provider. The most significant recent development was the **acquisition of G5 Infrared in early 2025**, which dramatically expanded the company's capabilities in cooled infrared camera systems and is expected to generate approximately $51 million in revenue over the next 12 months. The company has made substantial progress in developing its proprietary **BlackDiamond glass technology** as an alternative to germanium-based optics, receiving Phase 2 funding from the Defense Logistics Agency for material qualification. This development has become increasingly important as China has implemented export restrictions on germanium, creating supply chain challenges for the broader optics industry. **Key defense programs** have advanced significantly, particularly the partnership with Lockheed Martin on a next-generation missile program that could potentially generate $50-100 million in annual revenue if selected for production. The company has also secured sole-source status for Apache helicopter infrared imaging systems and developed the SPEIR naval surface vessel infrared camera system. LightPath has expanded its **automotive market initiatives**, developing thermal imaging solutions for advanced driver assistance systems in anticipation of new Department of Transportation safety regulations requiring emergency braking systems by 2029. The company has also launched new products including the MANTIS multispectral infrared camera for greenhouse gas detection and optical gas imaging cameras for the oil and gas industry. **Manufacturing strategy** has evolved to reduce dependence on Chinese supply chains while maintaining flexible production capabilities across multiple locations. The company has also been developing **counter-UAV and border security systems**, capitalizing on growing defense and security market demands.
LPTH company profile · for informational purposes only — not investment advice.
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