A Business at a Glance
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LIGHTPATH TECHNOLOGIES INC
LPTH
$447M
Mkt Cap
$10.83
-12.45%
LIGHTPATH TECHNOLOGIES INC (LPTH) has a 5-year average return on invested capital (ROIC) of -22.3%. This is below average and may indicate limited pricing power.
LIGHTPATH TECHNOLOGIES INC (LPTH) has a market capitalization of $663M. It is classified as a small-cap stock.
LIGHTPATH TECHNOLOGIES INC (LPTH) does not currently pay a regular dividend.
LIGHTPATH TECHNOLOGIES INC (LPTH) operates in the Semiconductors & Related Devices industry, within the Technology sector.
LIGHTPATH TECHNOLOGIES INC (LPTH) reported annual revenue of $37 million in its most recent fiscal year, based on SEC EDGAR filings.
LIGHTPATH TECHNOLOGIES INC (LPTH) has a net profit margin of -40.0%. The company is currently unprofitable.
LIGHTPATH TECHNOLOGIES INC (LPTH) generated $-10 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
Our Company LightPath Technologies, Inc. (“LightPath”, the “Company”, “we”, “our”, or “us”) was incorporated under Delaware law in 1992 as the successor to LightPath Technologies Limited Partnership, a New Mexico limited partnership formed in 1989, and its predecessor, Integrated Solar Technologies Corporation, a New Mexico corporation formed in 1985. Today, LightPath is a global company with facilities in the United States, the People’s Republic of China and the Republic of Latvia. Our corporate headquarters is located in Orlando, Florida. Historically, we operated with a focus on optical component manufacturing, and specifically on our leadership position as a precision molded lens manufacturer for visual light applications. We expanded our addressable market with the acquisition of ISP (as defined below), a manufacturer of infrared optical components, in December 2016.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 63M | 37M | 32M | 33M | 36M | 38M |
| Net Income | -23M | -15M | -8.0M | -4.0M | -3.5M | -3.2M |
| EPS | $-0.47 | $-0.36 | $-0.21 | $-0.13 | $-0.13 | $-0.12 |
| Free Cash Flow | -10M | -9.6M | -1.7M | -5.9M | -162K | 1.6M |
| ROIC | -46.3% | -58.4% | -23.5% | -11.5% | -10.0% | -8.3% |
| Gross Margin | 32.1% | 27.2% | 27.2% | 33.6% | 33.2% | 35.0% |
| Debt/Equity | 0.00 | 0.32 | 0.02 | 0.05 | 0.11 | 0.13 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | -20M | -12M | -7.8M | -3.6M | -2.6M | -1.8M |
| Operating Margin | -31.9% | -31.8% | -24.7% | -10.8% | -7.4% | -4.8% |
| ROE | -26.3% | -64.9% | -24.2% | -12.3% | -11.2% | -9.3% |
| Shares Outstanding | 61M | 41M | 38M | 31M | 27M | 27M |
| Metric | 2014 | 2015 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 12M | 14M | 17M | 28M | 33M | 34M | 35M | 38M | 36M | 33M | 32M | 37M | 63M |
| Gross Margin | 45.5% | 43.8% | 53.9% | 51.9% | 38.5% | 37.1% | 39.6% | 35.0% | 33.2% | 33.6% | 27.2% | 27.2% | 32.1% |
| R&D | 1.2M | 1.1M | 669K | 1.2M | 1.6M | 2.0M | 1.7M | 2.2M | 2.1M | 2.1M | 2.4M | 3.1M | 3.7M |
| SG&A | 4.5M | 5.1M | 6.6M | 8.7M | 9.2M | 10M | 9.0M | 12M | 11M | 11M | 12M | 16M | 21M |
| EBIT | -376K | -259K | 2.0M | 4.1M | 374K | -1.1M | 2.1M | -1.8M | -2.6M | -3.6M | -7.8M | -12M | -20M |
| Op. Margin | -3.2% | -1.9% | 11.6% | 14.6% | 1.1% | -3.4% | 6.1% | -4.8% | -7.4% | -10.8% | -24.7% | -31.8% | -31.9% |
| Net Income | -313K | -715K | 1.4M | 7.7M | 1.1M | -2.7M | 867K | -3.2M | -3.5M | -4.0M | -8.0M | -15M | -23M |
| Net Margin | -2.6% | -5.2% | 8.2% | 27.2% | 3.3% | -7.9% | 2.5% | -8.3% | -10.0% | -12.3% | -25.2% | -40.0% | -37.4% |
| Non-Recurring | 77K | 87K | -20K | 89K | 0 | 77K | 107K | 148K | 466K | 238K | 12K | 44K | 44K |
| Returns on Capital | |||||||||||||
| ROIC | N/A | -8.6% | 32.3% | 20.9% | 1.1% | -6.8% | 3.8% | -8.3% | -10.0% | -11.5% | -23.5% | -58.4% | -46.3% |
| ROE | N/A | -8.9% | 12.9% | 37.9% | 3.3% | -7.8% | 2.5% | -9.3% | -11.2% | -12.3% | -24.2% | -64.9% | -26.3% |
| ROA | N/A | -5.6% | 9.1% | 24.7% | 2.3% | -5.8% | 1.9% | -6.2% | -6.7% | -7.8% | -15.8% | -23.0% | -16.3% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | -89K | 82K | 1.5M | 5.0M | 2.6M | 411K | 3.7M | 4.7M | 1.5M | -2.8M | 521K | -8.3M | -7.8M |
| Free Cash Flow | -2.1M | -607K | 395K | 2.8M | 101K | -1.5M | 1.3M | 1.6M | -162K | -5.9M | -1.7M | -9.6M | -10M |
| Owner Earnings | -1.1M | -740K | 329K | 2.5M | -1.2M | -3.4M | 58K | 580K | -3.0M | -7.3M | -4.5M | -14M | -14M |
| CapEx | 2.0M | 689K | 1.1M | 2.2M | 2.5M | 1.9M | 2.4M | 3.2M | 1.6M | 3.1M | 2.2M | 1.3M | 2.5M |
| Maint. CapEx | 666K | 537K | 848K | 2.1M | 3.4M | 3.5M | 3.4M | 3.5M | 3.6M | 3.2M | 4.0M | 4.1M | 4.9M |
| Growth CapEx | 1.3M | 152K | 283K | 143K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 666K | 537K | 848K | 2.1M | 3.4M | 3.5M | 3.4M | 3.5M | 3.6M | 3.2M | 4.0M | 4.1M | 4.9M |
| CapEx/OCF | N/A | N/A | N/A | 44.5% | 96.1% | 469.8% | 65.4% | 66.8% | 111.1% | N/A | 418.9% | N/A | 0.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | 0.0% | 0.0% | 0.0% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 357K | 285K | 349K | 395K | 374K | 395K | 251K | 643K | 825K | 1.3M | 1.0M | 1.0M | 1.6M |
| Debt Repayment | 180K | 0 | 0 | 0 | 0 | 0 | 0 | 278K | 681K | 1.9M | 2.5M | 188K | 188K |
| Balance Sheet | |||||||||||||
| Net Debt | N/A | -2.9M | -5.5M | 1.8M | -389K | 800K | -672K | -2.5M | -2.2M | -3.0M | -3.0M | 134K | -55M |
| Cash & Equiv. | 1.2M | 1.6M | 2.9M | 8.1M | 5.5M | 4.6M | 5.4M | 6.8M | 5.5M | 4.7M | 3.5M | 4.9M | 55M |
| Long-Term Debt | N/A | 310K | 179K | 9.9M | 5.1M | 5.0M | 4.4M | 4.1M | 3.2M | 1.6M | 326K | 4.8M | N/A |
| Debt/Equity | N/A | 0.05 | 0.03 | 0.33 | 0.14 | 0.16 | 0.14 | 0.13 | 0.11 | 0.05 | 0.02 | 0.32 | 0.00 |
| Interest Coverage | -280.3 | -14.2 | 53.4 | 10.0 | 2.0 | -1.6 | 6.3 | -8.6 | -11.4 | -12.5 | -40.8 | -10.6 | -10.6 |
| Equity | N/A | 8.0M | 11M | 30M | 35M | 33M | 35M | 34M | 30M | 36M | 30M | 16M | 89M |
| Total Assets | N/A | 13M | 16M | 47M | 47M | 46M | 48M | 55M | 51M | 54M | 48M | 82M | 144M |
| Total Liabilities | 3.4M | 4.7M | 4.7M | 17M | 12M | 13M | 13M | 21M | 21M | 18M | 18M | 32M | 31M |
| Intangibles | 35K | N/A | N/A | 10M | 9.1M | 7.8M | 6.7M | 5.6M | 4.5M | 3.3M | 3.7M | 16M | 18M |
| Retained Earnings | -205M | -205M | -204M | -196M | -195M | -198M | -197M | -200M | -204M | -208M | -216M | -231M | -247M |
| Working Capital | 5.0M | 5.7M | 7.9M | 14M | 14M | 13M | 14M | 12M | 10M | 15M | 7.5M | 11M | 61M |
| Current Assets | 7.5M | 8.4M | 11M | 20M | 19M | 20M | 21M | 21M | 18M | 22M | 16M | 28M | 83M |
| Current Liabilities | 2.5M | 2.7M | 3.2M | 5.8M | 5.8M | 6.4M | 7.4M | 8.4M | 7.7M | 6.8M | 8.0M | 17M | 22M |
| Per Share Data | |||||||||||||
| EPS | -0.02 | -0.05 | 0.08 | 0.36 | 0.04 | -0.10 | 0.03 | -0.12 | -0.13 | -0.13 | -0.21 | -0.36 | -0.47 |
| Owner EPS | -0.07 | -0.05 | 0.02 | 0.12 | -0.04 | -0.13 | 0.00 | 0.02 | -0.11 | -0.23 | -0.12 | -0.33 | -0.23 |
| Book Value | N/A | 0.56 | 0.62 | 1.39 | 1.33 | 1.25 | 1.20 | 1.26 | 1.09 | 1.15 | 0.79 | 0.38 | 1.46 |
| Cash Flow/Share | -0.01 | 0.01 | 0.09 | 0.23 | 0.10 | 0.02 | 0.13 | 0.18 | 0.05 | -0.09 | 0.01 | -0.20 | -0.30 |
| Dividends/Share | 0.00 | 0.00 | 0.00 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 15.7M | 14.3M | 17.7M | 21.4M | 26.5M | 26.8M | 28.9M | 26.5M | 27.2M | 31.1M | 38.1M | 41.3M | 61.2M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | N/A | 7.5 | 55.8 | N/A | 103.0 | N/A | N/A | N/A | N/A | N/A | -23.0 |
| P/FCF | N/A | N/A | N/A | 20.7 | 583.4 | N/A | 69.2 | 45.2 | N/A | N/A | N/A | N/A | N/A |
| EV/EBIT | N/A | N/A | N/A | 14.4 | 157.2 | N/A | 41.2 | N/A | N/A | N/A | N/A | N/A | N/A |
| Price/Book | N/A | N/A | N/A | 1.9 | 1.7 | 0.7 | 2.6 | 2.1 | 1.1 | 1.5 | 1.6 | 8.0 | 7.4 |
| Price/Sales | N/A | N/A | N/A | 1.5 | 2.0 | 1.4 | 1.0 | 2.1 | 1.6 | 1.7 | 1.8 | 2.3 | 10.6 |
| FCF Yield | N/A | N/A | N/A | 4.8% | 0.2% | -6.2% | 1.4% | 2.2% | -0.5% | -10.9% | -3.5% | -7.7% | -1.6% |
| Market Cap | 0 | 0 | 0 | 58M | 59M | 24M | 89M | 71M | 34M | 54M | 48M | 125M | 663M |
| Avg. Price | 0.00 | 0.00 | 0.00 | 2.05 | 2.45 | 1.72 | 1.17 | 3.05 | 2.04 | 1.39 | 1.46 | 2.08 | 10.83 |
| Year-End Price | 0.00 | 0.00 | 0.00 | 2.69 | 2.23 | 0.91 | 3.09 | 2.68 | 1.25 | 1.36 | 1.26 | 3.03 | 10.83 |
LIGHTPATH TECHNOLOGIES INC passes 0 of 9 quality checks, indicating weak fundamentals.
The company's 5-year average gross margin is 31.2%. At current prices, the estimated annualized return to fair value is -27.7%.
LIGHTPATH TECHNOLOGIES INC (LPTH) has a debt-to-equity ratio of 0.32. This indicates a conservatively financed balance sheet.
LIGHTPATH TECHNOLOGIES INC (LPTH) reported earnings per share (EPS) of $-0.36 in its most recent fiscal year.
LIGHTPATH TECHNOLOGIES INC (LPTH) has a return on equity (ROE) of -64.9%. A negative ROE may indicate losses or negative equity.
LIGHTPATH TECHNOLOGIES INC (LPTH) has a 5-year average gross margin of 31.2%. This indicates decent pricing power.
The Ledger Terminal provides 15 years of financial data for LIGHTPATH TECHNOLOGIES INC (LPTH), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
LIGHTPATH TECHNOLOGIES INC (LPTH) has a book value per share of $0.38, based on its most recent annual SEC filing.