LightPath Technologies (LPTH)
Market Price (8/11/2026): $12.63 | Market Cap: $740.5 MilSector: Information Technology | Industry: Electronic Components
LightPath Technologies (LPTH)
Market Price (8/11/2026): $12.63Market Cap: $740.5 MilSector: Information TechnologyIndustry: Electronic Components
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 87% Megatrend and thematic driversMegatrends include Autonomous Technologies, Electric Vehicles & Autonomous Driving, and Artificial Intelligence. Themes include Machine Vision, Show more. | Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 16% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -6.2 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -9.8% Stock price has recently run up significantly12M Rtn12 month market price return is 246% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -12%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -16% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -7.5% High stock price volatilityVol 12M is 121% Key risksLPTH key risks include [1] persistent financial distress and unprofitability, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 87% |
| Megatrend and thematic driversMegatrends include Autonomous Technologies, Electric Vehicles & Autonomous Driving, and Artificial Intelligence. Themes include Machine Vision, Show more. |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 16% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -6.2 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -9.8% |
| Stock price has recently run up significantly12M Rtn12 month market price return is 246% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -12%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -16% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -7.5% |
| High stock price volatilityVol 12M is 121% |
| Key risksLPTH key risks include [1] persistent financial distress and unprofitability, Show more. |
Qualitative Assessment
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LightPath Technologies (LPTH) stock has remained largely at the same level since 4/30/2026 because of the following key factors:
1. Mixed Fiscal Q3 2026 Financial Results Presented a Nuanced Picture.
LightPath Technologies (LPTH) reported its fiscal Q3 2026 results (for the quarter ended March 31, 2026) on May 7, 2026. While the company achieved a significant 109% year-over-year increase in revenue to $19.1 million and a 161% rise in gross profit to $7 million, along with a third consecutive quarter of positive adjusted EBITDA of $1.1 million, the reported EPS of -$0.07 missed analyst estimates of -$0.01 by 600%. The net loss also increased by 15% to $(4.1) million. This combination of strong revenue growth and positive adjusted EBITDA, alongside an earnings per share miss and increased net loss, likely created investor uncertainty and tempered significant upward stock movement.
2. Significant Stock Dilution from a $100 Million Offering.
On June 2, 2026, LightPath Technologies announced a $100 million registered direct primary and secondary offering of Class A Common Stock. Such an offering typically increases the number of outstanding shares, leading to dilution for existing shareholders. This dilution pressure can offset positive operational news and keep the stock price from appreciating, as the market adjusts for the increased share count.
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LightPath Technologies (LPTH) stock has remained largely at the same level since 4/30/2026 because of the following key factors:
1. Mixed Fiscal Q3 2026 Financial Results Presented a Nuanced Picture.
LightPath Technologies (LPTH) reported its fiscal Q3 2026 results (for the quarter ended March 31, 2026) on May 7, 2026. While the company achieved a significant 109% year-over-year increase in revenue to $19.1 million and a 161% rise in gross profit to $7 million, along with a third consecutive quarter of positive adjusted EBITDA of $1.1 million, the reported EPS of -$0.07 missed analyst estimates of -$0.01 by 600%. The net loss also increased by 15% to $(4.1) million. This combination of strong revenue growth and positive adjusted EBITDA, alongside an earnings per share miss and increased net loss, likely created investor uncertainty and tempered significant upward stock movement.
2. Significant Stock Dilution from a $100 Million Offering.
On June 2, 2026, LightPath Technologies announced a $100 million registered direct primary and secondary offering of Class A Common Stock. Such an offering typically increases the number of outstanding shares, leading to dilution for existing shareholders. This dilution pressure can offset positive operational news and keep the stock price from appreciating, as the market adjusts for the increased share count.
3. Shifting Analyst Outlook and Concerns over Future Profitability.
Despite some analysts maintaining a "Strong Buy" consensus rating with price targets significantly above current levels, there was a notable shift in expectations regarding future profitability. By July 2026, some analysts revised their forecasts, no longer expecting LightPath Technologies to break even in fiscal year 2027 and instead projecting a loss of $300.0k for that year, a reversal from a previous expectation of a $4.8 million profit. This downgrade in future earnings potential likely weighed on investor sentiment and contributed to the stock's flat performance.
4. Divestiture of China Operations Introduced Revenue Adjustments.
LightPath Technologies signed a definitive agreement on July 23, 2026, to divest its China operations for $4.5 million, to be paid in installments over five years. While this strategic move aligns the company with a "Western-aligned, NDAA-compliant manufacturing footprint" and reduces geopolitical risk, it also entails excluding an average of approximately $4.5 million in annual third-party revenue that the China operations generated in preliminary fiscal years 2025 and 2026. The immediate impact of this revenue reduction, coupled with the long-term payment structure for the divestiture, could have contributed to the stock remaining at a steady level.
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Stock Movement Drivers
Fundamental Drivers
The -1.9% change in LPTH stock from 4/30/2026 to 8/10/2026 was primarily driven by a -19.8% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 4302026 | 8102026 | Change |
|---|---|---|---|
| Stock Price ($) | 12.81 | 12.57 | -1.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 53 | 63 | 18.9% |
| P/S Multiple | 11.4 | 11.7 | 2.9% |
| Shares Outstanding (Mil) | 47 | 59 | -19.8% |
| Cumulative Contribution | -1.9% |
Market Drivers
4/30/2026 to 8/10/2026| Return | Correlation | |
|---|---|---|
| LPTH | -1.9% | |
| Market (SPY) | 7.6% | 50.7% |
| Sector (XLK) | 16.8% | 55.2% |
Fundamental Drivers
The 20.6% change in LPTH stock from 1/31/2026 to 8/10/2026 was primarily driven by a 43.1% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 1312026 | 8102026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.42 | 12.57 | 20.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 44 | 63 | 43.1% |
| P/S Multiple | 10.3 | 11.7 | 14.2% |
| Shares Outstanding (Mil) | 43 | 59 | -26.2% |
| Cumulative Contribution | 20.6% |
Market Drivers
1/31/2026 to 8/10/2026| Return | Correlation | |
|---|---|---|
| LPTH | 20.6% | |
| Market (SPY) | 12.0% | 42.5% |
| Sector (XLK) | 29.7% | 48.7% |
Fundamental Drivers
The 320.4% change in LPTH stock from 7/31/2025 to 8/10/2026 was primarily driven by a 219.2% change in the company's P/S Multiple.| (LTM values as of) | 7312025 | 8102026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.99 | 12.57 | 320.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 34 | 63 | 86.7% |
| P/S Multiple | 3.7 | 11.7 | 219.2% |
| Shares Outstanding (Mil) | 41 | 59 | -29.4% |
| Cumulative Contribution | 320.4% |
Market Drivers
7/31/2025 to 8/10/2026| Return | Correlation | |
|---|---|---|
| LPTH | 320.4% | |
| Market (SPY) | 23.3% | 38.0% |
| Sector (XLK) | 42.4% | 39.9% |
Fundamental Drivers
The 602.2% change in LPTH stock from 7/31/2023 to 8/10/2026 was primarily driven by a 500.5% change in the company's P/S Multiple.| (LTM values as of) | 7312023 | 8102026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.79 | 12.57 | 602.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 32 | 63 | 95.2% |
| P/S Multiple | 2.0 | 11.7 | 500.5% |
| Shares Outstanding (Mil) | 35 | 59 | -40.1% |
| Cumulative Contribution | 602.2% |
Market Drivers
7/31/2023 to 8/10/2026| Return | Correlation | |
|---|---|---|
| LPTH | 602.2% | |
| Market (SPY) | 74.8% | 26.0% |
| Sector (XLK) | 112.9% | 29.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| LPTH Return | -38% | -50% | 3% | 180% | 206% | 21% | 233% |
| Peers Return | 10% | -4% | 16% | 45% | 43% | 39% | 252% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 107% |
Monthly Win Rates [3] | |||||||
| LPTH Win Rate | 33% | 33% | 50% | 67% | 58% | 50% | |
| Peers Win Rate | 62% | 45% | 48% | 67% | 65% | 62% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| LPTH Max Drawdown | -63% | -65% | -40% | -37% | -61% | -48% | |
| Peers Max Drawdown | -22% | -34% | -27% | -19% | -27% | -26% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: COHR, TDY, LHX, DRS, RTX. See LPTH Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/10/2026 (YTD)
How Low Can It Go
| Event | LPTH | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -37.7% | -18.8% |
| % Gain to Breakeven | 60.6% | 23.1% |
| Time to Breakeven | 35 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -38.5% | -9.5% |
| % Gain to Breakeven | 62.6% | 10.5% |
| Time to Breakeven | 370 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -24.7% | -6.7% |
| % Gain to Breakeven | 32.8% | 7.1% |
| Time to Breakeven | 70 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -59.4% | -24.5% |
| % Gain to Breakeven | 146.6% | 32.4% |
| Time to Breakeven | 796 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -39.8% | -33.7% |
| % Gain to Breakeven | 66.1% | 50.9% |
| Time to Breakeven | 21 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -29.6% | -19.2% |
| % Gain to Breakeven | 42.1% | 23.8% |
| Time to Breakeven | 487 days | 105 days |
In The Past
LightPath Technologies's stock fell -37.7% during the 2025 US Tariff Shock. Such a loss loss requires a 60.6% gain to breakeven.
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| Event | LPTH | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -37.7% | -18.8% |
| % Gain to Breakeven | 60.6% | 23.1% |
| Time to Breakeven | 35 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -38.5% | -9.5% |
| % Gain to Breakeven | 62.6% | 10.5% |
| Time to Breakeven | 370 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -24.7% | -6.7% |
| % Gain to Breakeven | 32.8% | 7.1% |
| Time to Breakeven | 70 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -59.4% | -24.5% |
| % Gain to Breakeven | 146.6% | 32.4% |
| Time to Breakeven | 796 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -39.8% | -33.7% |
| % Gain to Breakeven | 66.1% | 50.9% |
| Time to Breakeven | 21 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -29.6% | -19.2% |
| % Gain to Breakeven | 42.1% | 23.8% |
| Time to Breakeven | 487 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -33.0% | -3.7% |
| % Gain to Breakeven | 49.2% | 3.9% |
| Time to Breakeven | 35 days | 6 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -30.0% | -6.8% |
| % Gain to Breakeven | 42.9% | 7.3% |
| Time to Breakeven | 35 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -45.5% | -17.9% |
| % Gain to Breakeven | 83.3% | 21.8% |
| Time to Breakeven | 1528 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -36.4% | -15.4% |
| % Gain to Breakeven | 57.3% | 18.2% |
| Time to Breakeven | 12 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -83.8% | -53.4% |
| % Gain to Breakeven | 516.7% | 114.4% |
| Time to Breakeven | 154 days | 1085 days |
In The Past
LightPath Technologies's stock fell -37.7% during the 2025 US Tariff Shock. Such a loss loss requires a 60.6% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About LightPath Technologies (LPTH)
LightPath Technologies, Inc. (LPTH) designs, develops, manufactures, and distributes advanced optical components and assemblies. The company specializes in creating precision-engineered products that manipulate light, with its core offerings including high-quality precision molded glass aspheric optics and both molded and diamond-turned infrared aspheric lenses, alongside a variety of other specialized optical components.
These optical solutions are critical across a diverse range of high-technology industries and applications. LightPath's products are integral to defense systems, medical devices, laser-aided industrial tools, and automotive safety applications. Furthermore, they are utilized in barcode scanners, optical data storage, hybrid fiber coax datacom, telecommunications, machine vision, and sensor technologies. The company reaches its global customer base through direct sales in North America, Europe, and Asia, as well as via distributors and catalogs internationally.
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Here are 1-3 brief analogies for LightPath Technologies (LPTH):
- Think of them as the Intel for precision optical components.
- They are like a specialized Corning, focusing on advanced optical lenses for various high-tech applications.
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- Precision Molded Glass Aspheric Optics: These are specialized optical elements with non-spherical surfaces, precisely formed from glass to enhance optical performance.
- Molded and Diamond-Turned Infrared Aspheric Lenses: Lenses designed for infrared light manipulation, fabricated using advanced molding or diamond-turning processes.
- Optical Components and Assemblies: A broad range of parts and integrated units that manipulate light, serving various industrial, medical, and defense applications.
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LightPath Technologies (LPTH) sells its optical components and assemblies primarily to other companies, operating on a Business-to-Business (B2B) model. While LPTH's public filings indicate a reliance on a limited number of customers for a significant portion of its revenue, the company does not publicly disclose the names of its specific major customer companies due to confidentiality.
Instead, LightPath Technologies serves a diverse range of customers across various industries who integrate LPTH's products into their own offerings. Based on the company's descriptions, its products are used in:
- Defense Products: Customers include defense contractors utilizing optics for various military and security applications.
- Medical Devices: Manufacturers of medical equipment that incorporate precision optics for diagnostic, therapeutic, or imaging purposes.
- Industrial Tools and Applications: Companies producing laser-aided industrial tools, machine vision systems, barcode scanners, and other sensing or data acquisition equipment.
- Automotive Safety Applications: Suppliers to the automotive industry for systems like advanced driver-assistance systems (ADAS) and other safety features.
- Telecommunications and Datacom: Businesses in optical data storage, hybrid fiber coax datacom, and general telecommunications infrastructure.
These categories represent the types of companies that are major consumers of LightPath Technologies' specialized optical components and assemblies.
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Sam Rubin, President, Chief Executive Officer, Director
Sam Rubin was appointed President and CEO of LightPath Technologies in 2020. He has 30 years of experience in the photonics industry. Rubin co-founded Xlight Photonics, a company that commercialized fast-tuneable laser technology, which later merged with Civcom and was then sold to a Brazilian Telecom Company. Prior to joining LightPath, he spent 15 years at Thorlabs, where he held various senior roles, managing divisions, building a global marketing team, and overseeing initiatives in lean manufacturing, product development, mergers and acquisitions, and ERP implementation. He also successfully grew Thorlabs China. Rubin holds an MBA in Finance from NYU Stern School of Business and a BSc in Electrical Engineering from Ben Gurion University. He is credited with transitioning LightPath from a component manufacturer to a solutions and system provider, shifting manufacturing focus from China to the U.S., and increasing defense revenue. Under his leadership, LightPath has acquired Visimid Technologies and G5 Infrared.
Albert Miranda, Chief Financial Officer
Albert Miranda serves as the Chief Financial Officer for LightPath Technologies. He is recognized as a strategic executive leader with a track record of delivering high financial growth across a diverse range of products and services. His experience spans various demanding industries, including healthcare, defense and security, consumer electronics, automotive, and semiconductors.
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Here are the key risks to LightPath Technologies' business:
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Geopolitical and Supply Chain Risks: LightPath Technologies faces significant challenges due to its reliance on international sales and sourcing of materials, particularly from Europe and Asia. Geopolitical tensions, such as the Russia-Ukraine conflict and the Hamas/Israel war, have disrupted supply chains and increased costs. A critical aspect of this risk is the company's dependency on certain materials like Germanium, which is subject to export restrictions from China, complicating the supply situation and potentially affecting availability and cost.
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Lack of Consistent Profitability and Execution Risk: Despite experiencing revenue growth, LightPath Technologies continues to face losses, and its current stock valuation heavily relies on future expectations and near-perfect execution of its strategic initiatives. The company needs to demonstrate its ability to consistently convert a substantial order backlog into tangible results and achieve sustained profitability within its projected timeframe. Operating expenses have risen, and GAAP results are reportedly distorted by acquisition-related accounting adjustments.
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Customer Concentration Risk: LightPath Technologies derives a notable portion of its total revenue from a limited number of key customers. For example, its top three customers comprised 23% of total revenue in fiscal year 2025. The loss of business from one or more of these significant customers, or a substantial reduction in their orders, could have an adverse impact on the company's revenues and overall financial performance.
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The clear emerging threats for LightPath Technologies (LPTH) are:
- Computational Optics and Imaging: The rapid advancement of computational algorithms that can correct optical aberrations, perform digital refocusing, and synthesize images using simpler, less complex, or even lensless optical hardware. This trend could reduce the demand for highly precise and complex physical lenses, shifting the value proposition from sophisticated optical hardware to software-driven solutions in various applications.
- Metamaterials and Flat Optics (Metalenses): The development and increasing commercial viability of engineered metamaterials and flat optical elements (metalenses). These ultra-thin, lightweight components, which manipulate light at a sub-wavelength scale, have the potential to replace traditional bulky refractive and reflective lenses in many applications, simplifying optical systems and enabling new form factors.
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LightPath Technologies (LPTH) operates within several significant addressable markets for its optical components and assemblies.
Precision Molded Glass Aspheric Optics
- The global aspherical lens market was valued at approximately USD 11.6 billion in 2025 and is projected to grow to USD 25.9 billion by 2035, exhibiting a Compound Annual Growth Rate (CAGR) of 8.4%. This market is driven by the increasing demand for compact and lightweight optical devices across consumer electronics, automotive, and industrial sectors.
- More specifically, the global Aspherical Optical Glass Molded Lens market size was valued at USD 3,987 million (approximately USD 4 billion) in 2025, with projections to reach USD 5,846 million by 2034, growing at a CAGR of 6.6% during this period.
- The U.S. aspherical lens market alone reached an estimated USD 2.7 billion in 2025.
Molded and Diamond-Turned Infrared Aspheric Lenses
- The global Infrared Lens (IR Lens) market size is estimated at USD 785.35 million in 2024 and is projected to reach USD 1,305.78 million by 2032, growing at a CAGR of 6.45% from 2025 to 2032. This market is driven by rising demand for advanced imaging technologies and security systems, with North America leading due to advanced defense spending and strong technology infrastructure.
- The global Optical Lens For Infrared Device Market was valued at USD 690 million in 2022 and is anticipated to reach USD 2,100 million by 2032, with a CAGR of 10.3%.
- The global far infrared lens market size was estimated at USD 173.33 million in 2025 and is expected to reach USD 242.32 million by 2032, at a CAGR of 4.90%.
- Additionally, the global athermal infrared lens market, a specialized segment, was valued at USD 184 million in 2025 and is projected to reach USD 267 million by 2034, showing a CAGR of 5.6%.
Other Optical Components and Assemblies
- The broader global advanced optics market, which encompasses optical components for defense, medical, laser aided industrial tools, automotive safety, telecommunications, and other industries, was valued at USD 338.20 billion in 2025. This market is projected to grow to USD 710.90 billion by 2034, with an 8.50% CAGR. Asia Pacific held the largest share of this market in 2025.
- The global optical components market as a whole stood at USD 7.76 billion in 2024 and is expected to reach USD 12.13 billion by 2033, growing at a CAGR of approximately 5.1%. Demand from telecommunications and information facilities contributed to over 45% of optical element consumption in 2024.
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LightPath Technologies (LPTH) is expected to experience future revenue growth over the next 2-3 years, driven by several strategic initiatives and market opportunities.
- Conversion of a Robust Order Backlog and Growth in Assemblies & Modules: LightPath Technologies has accumulated a substantial order backlog, reported at nearly $100 million as of Q2 FY2026, which is anticipated to translate into significant revenue over the coming years. The company's Assemblies & Modules segment has demonstrated robust growth, serving as a key driver for overall revenue expansion.
- Strategic Shift towards Integrated Systems and Vertical Integration: The company is strategically transitioning from being a primary component supplier to a provider of more integrated systems and higher-value optics and imaging technology. This move up the value chain aims to enhance LightPath's market position, particularly in the defense and industrial sectors, by offering comprehensive solutions and fostering stronger customer relationships.
- Expansion of Proprietary BlackDiamond™ Glass Technology and Germanium-Free Products: LightPath is actively expanding the adoption of its proprietary BlackDiamond™ glass, a secure and differentiated alternative to germanium for infrared imaging. This strategic shift away from germanium optics, especially within critical defense markets, positions the company favorably to benefit from current and future defense sourcing requirements, such as the National Defense Authorization Act (NDAA).
- Integration and Leverage of the G5 Infrared Acquisition: The acquisition of G5 Infrared has significantly bolstered LightPath's capabilities in high-end infrared (IR) camera systems and subsystems. This integration has already resulted in substantial new orders for G5 Infrared products, contributing significantly to revenue growth, particularly within defense and aerospace applications.
- Market Expansion into New Applications: LightPath is actively pursuing growth by expanding into various new applications and markets. This includes securing strategic investments to support growth in the drone/unmanned aerial vehicle (UAV) sector and obtaining significant purchase orders for advanced IR camera systems for public safety applications. The company is also exploring opportunities in naval platforms, airborne systems, dismounted soldier equipment, and commercial optical gas imaging (OGI) cameras for emissions detection.
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Share Issuance
- LightPath Technologies’ shares outstanding increased by 11.76% in one year and 8.57% quarter-over-quarter, reaching 57.71 million shares outstanding.
- In September 2025, LightPath Technologies completed a private placement, issuing 1.6 million shares at $5.00 per share, which generated $8.0 million in proceeds.
- To finance the acquisition of G5 Infrared, the company undertook a Securities Purchase Agreement, resulting in approximately $32.2 million in proceeds through the issuance of Series G Convertible Preferred Stock and warrants.
Inbound Investments
- In September 2025, LightPath Technologies secured an $8.0 million strategic investment from Ondas Holdings and Unusual Machines to support its growth in providing IR imaging solutions for the drone/UAV sector.
Outbound Investments
- LightPath Technologies acquired Visimid Technologies in July 2023 to enhance its capabilities in cameras and sensors and accelerate its strategic shift towards value-added infrared systems.
- In February 2025, the company completed the acquisition of G5 Infrared, contributing $5.6 million to the sales backlog and expanding its product offerings in infrared assemblies.
- In January 2026, LightPath Technologies acquired the assets of Amorphous Materials, Inc. (AMI), which provides complementary Chalcogenide glass melting technologies for large diameter optics.
Capital Expenditures
- LightPath Technologies anticipates moderate capital expenditures for fiscal year 2026, driven by projected sales growth and strategic initiatives.
- Over the 12 months ending around late 2025/early 2026, capital expenditures totaled -$2.05 million.
- The company expanded its production capabilities by building out additional space at its Orlando Facility in August 2023 and leasing a larger facility in Plano, Texas, in July 2025 to enhance Visimid's engineering and development.
Latest Trefis Analyses
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 256.92 |
| Mkt Cap | 43.0 |
| Rev LTM | 6,488 |
| Op Inc LTM | 991 |
| FCF LTM | 753 |
| FCF 3Y Avg | 649 |
| CFO LTM | 886 |
| CFO 3Y Avg | 791 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 11.2% |
| Rev Chg 3Y Avg | 10.8% |
| Rev Chg Q | 12.3% |
| QoQ Delta Rev Chg LTM | 2.9% |
| Op Inc Chg LTM | 24.4% |
| Op Inc Chg 3Y Avg | 8.4% |
| Op Mgn LTM | 10.9% |
| Op Mgn 3Y Avg | 8.9% |
| QoQ Delta Op Mgn LTM | 0.5% |
| CFO/Rev LTM | 13.8% |
| CFO/Rev 3Y Avg | 11.5% |
| FCF/Rev LTM | 10.7% |
| FCF/Rev 3Y Avg | 8.4% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Infrared components | 14 | 14 | 14 | 19 | 21 |
| Visible components | 12 | 11 | 13 | ||
| Assemblies and modules | 8 | 4 | 5 | ||
| Engineering services | 3 | 2 | 0 | 2 | 2 |
| Precision molded optics (PMO) | 15 | 16 | |||
| Total | 37 | 32 | 33 | 36 | 38 |
| $ Mil | 2003 | 2002 | 2000 |
|---|---|---|---|
| Optical Lens | -2 | ||
| Laser Componet | -6 | ||
| Corporate and Other | -11 | ||
| Telecom | -11,706 | ||
| Traditonal Optics | -4,006 | -365 | |
| Opto-electronics | -7,540 | ||
| Total | -19 | -15,712 | -7,906 |
| $ Mil | 2003 | 2002 | 2000 |
|---|---|---|---|
| Optical Lens | 6 | ||
| Corporate and Other | 4 | ||
| Laser Componet | 2 | ||
| Telecom | 16,734 | ||
| Traditonal Optics | 5,283 | 1,755 | |
| Opto-electronics | 38,225 | ||
| Total | 12 | 22,017 | 39,981 |
Price Behavior
| Market Price | $12.57 | |
| Market Cap ($ Bil) | 0.7 | |
| First Trading Date | 02/28/1996 | |
| Distance from 52W High | -30.7% | |
| 50 Days | 200 Days | |
| DMA Price | $13.04 | $11.39 |
| DMA Trend | up | down |
| Distance from DMA | -3.6% | 10.4% |
| 3M | 1YR | |
| Volatility | 118.3% | 121.8% |
| Downside Capture | 468.97 | 326.03 |
| Upside Capture | 377.78 | 398.42 |
| Correlation (SPY) | 51.6% | 38.1% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 4.65 | 4.52 | 4.08 | 3.37 | 3.44 | 1.47 |
| Up Beta | 10.27 | 7.13 | 4.82 | 3.62 | 3.81 | 1.59 |
| Down Beta | 0.13 | 1.75 | 2.79 | 1.95 | 3.27 | 1.40 |
| Up Capture | 76% | 382% | 450% | 620% | 1879% | 582% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 6 | 16 | 26 | 55 | 126 | 343 |
| Down Capture | 637% | 419% | 363% | 246% | 174% | 105% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 16 | 27 | 37 | 71 | 124 | 360 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with LPTH | |
|---|---|---|---|---|
| LPTH | 243.3% | 121.3% | 1.57 | - |
| Sector ETF (XLK) | 42.3% | 25.9% | 1.32 | 39.8% |
| Equity (SPY) | 23.4% | 12.8% | 1.37 | 37.9% |
| Gold (GLD) | 28.7% | 28.4% | 0.88 | 13.2% |
| Commodities (DBC) | 37.2% | 20.1% | 1.46 | -1.9% |
| Real Estate (VNQ) | 12.4% | 13.8% | 0.60 | 2.4% |
| Bitcoin (BTCUSD) | -44.9% | 43.0% | -1.27 | 24.7% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with LPTH | |
|---|---|---|---|---|
| LPTH | 40.6% | 84.8% | 0.77 | - |
| Sector ETF (XLK) | 20.4% | 25.8% | 0.70 | 29.1% |
| Equity (SPY) | 13.5% | 17.2% | 0.61 | 27.8% |
| Gold (GLD) | 18.9% | 18.6% | 0.83 | 7.0% |
| Commodities (DBC) | 9.2% | 19.6% | 0.36 | 7.9% |
| Real Estate (VNQ) | 2.1% | 18.9% | 0.01 | 13.4% |
| Bitcoin (BTCUSD) | 10.6% | 52.9% | 0.39 | 14.5% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with LPTH | |
|---|---|---|---|---|
| LPTH | 21.6% | 80.5% | 0.60 | - |
| Sector ETF (XLK) | 24.4% | 24.9% | 0.89 | 21.3% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 19.2% |
| Gold (GLD) | 12.1% | 16.2% | 0.61 | 5.8% |
| Commodities (DBC) | 7.7% | 18.1% | 0.34 | 4.9% |
| Real Estate (VNQ) | 4.6% | 20.7% | 0.18 | 11.7% |
| Bitcoin (BTCUSD) | 58.3% | 66.2% | 0.98 | 8.1% |
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Returns Analyses
Earnings Returns History
Updated 7/23/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/7/2026 | -4.3% | 1.0% | 25.0% |
| 2/11/2026 | 21.5% | 32.4% | 2.3% |
| 11/12/2025 | -8.3% | -15.0% | 0.7% |
| 9/25/2025 | 21.5% | 25.7% | 30.0% |
| 5/15/2025 | 1.6% | -5.2% | 18.7% |
| 2/13/2025 | -18.8% | -27.9% | -40.7% |
| 11/7/2024 | -1.3% | -1.3% | 17.1% |
| 9/19/2024 | -0.8% | 10.2% | 29.1% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 13 | 12 |
| # Negative | 11 | 10 | 11 |
| Median Positive | 3.2% | 10.2% | 14.6% |
| Median Negative | -5.0% | -13.6% | -10.2% |
| Max Positive | 23.7% | 32.4% | 30.0% |
| Max Negative | -18.8% | -27.9% | -40.7% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/7/2026 | -4.3% | 1.0% | 25.0% |
| 2/11/2026 | 21.5% | 32.4% | 2.3% |
| 11/12/2025 | -8.3% | -15.0% | 0.7% |
| 9/25/2025 | 21.5% | 25.7% | 30.0% |
| 5/15/2025 | 1.6% | -5.2% | 18.7% |
| 2/13/2025 | -18.8% | -27.9% | -40.7% |
| 11/7/2024 | -1.3% | -1.3% | 17.1% |
| 9/19/2024 | -0.8% | 10.2% | 29.1% |
| 5/9/2024 | 8.3% | 3.8% | -9.8% |
| 2/8/2024 | 4.5% | 3.2% | -7.1% |
| 11/9/2023 | -5.0% | -12.2% | -5.0% |
| 9/14/2023 | -4.6% | -19.7% | -17.1% |
| 5/11/2023 | 1.5% | 14.1% | 8.1% |
| 2/9/2023 | 1.0% | 5.5% | 3.7% |
| 11/10/2022 | 2.0% | 17.6% | 8.8% |
| 9/14/2022 | -16.2% | -20.8% | -31.8% |
| 5/12/2022 | 23.7% | 32.0% | -2.3% |
| 2/10/2022 | -18.2% | -16.3% | -17.4% |
| 11/4/2021 | 1.5% | -4.6% | -4.1% |
| 9/9/2021 | 0.0% | 5.6% | -10.2% |
| 2/3/2021 | -6.5% | -2.2% | -20.5% |
| 11/5/2020 | -2.3% | 5.5% | 27.0% |
| 9/10/2020 | 5.4% | 15.2% | 12.1% |
| SUMMARY STATS | |||
| # Positive | 12 | 13 | 12 |
| # Negative | 11 | 10 | 11 |
| Median Positive | 3.2% | 10.2% | 14.6% |
| Median Negative | -5.0% | -13.6% | -10.2% |
| Max Positive | 23.7% | 32.4% | 30.0% |
| Max Negative | -18.8% | -27.9% | -40.7% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/11/2026 | 10-Q |
| 09/30/2025 | 11/12/2025 | 10-Q |
| 06/30/2025 | 09/26/2025 | 10-K |
| 03/31/2025 | 05/20/2025 | 10-Q |
| 12/31/2024 | 02/13/2025 | 10-Q |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 09/19/2024 | 10-K |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/08/2024 | 10-Q |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 09/14/2023 | 10-K |
| 03/31/2023 | 05/11/2023 | 10-Q |
| 12/31/2022 | 02/09/2023 | 10-Q |
| 09/30/2022 | 11/10/2022 | 10-Q |
| 06/30/2022 | 09/15/2022 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/11/2026 | 10-Q |
| 09/30/2025 | 11/12/2025 | 10-Q |
| 06/30/2025 | 09/26/2025 | 10-K |
| 03/31/2025 | 05/20/2025 | 10-Q |
| 12/31/2024 | 02/13/2025 | 10-Q |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 09/19/2024 | 10-K |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/08/2024 | 10-Q |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 09/14/2023 | 10-K |
| 03/31/2023 | 05/11/2023 | 10-Q |
| 12/31/2022 | 02/09/2023 | 10-Q |
| 09/30/2022 | 11/10/2022 | 10-Q |
| 06/30/2022 | 09/15/2022 | 10-K |
| 03/31/2022 | 05/12/2022 | 10-Q |
| 12/31/2021 | 02/10/2022 | 10-Q |
| 09/30/2021 | 11/10/2021 | 10-Q |
| 06/30/2021 | 09/13/2021 | 10-K |
| 03/31/2021 | 05/06/2021 | 10-Q |
| 12/31/2020 | 02/03/2021 | 10-Q |
| 09/30/2020 | 11/05/2020 | 10-Q |
| 06/30/2020 | 09/10/2020 | 10-K |
| 03/31/2020 | 05/07/2020 | 10-Q |
| 12/31/2019 | 02/06/2020 | 10-Q |
| 09/30/2019 | 11/07/2019 | 10-Q |
| 06/30/2019 | 09/12/2019 | 10-K |
Insider Activity
Updated 6/4/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | North, Run Strategic Opportunities Fund I, LP | See footnote | Sell | 6042026 | 14.00 | 3,571,400 | 49,999,600 | 41,087,592 | Form | |
| 2 | North, Run Strategic Opportunities Fund I, LP | See footnote | Sell | 5202026 | 12.32 | 55,284 | 681,099 | 36,157,081 | Form | |
| 3 | North, Run Strategic Opportunities Fund I, LP | See footnote | Sell | 5142026 | 12.16 | 165,000 | 2,006,400 | 36,359,762 | Form | |
| 4 | North, Run Strategic Opportunities Fund I, LP | See footnote | Sell | 5142026 | 12.29 | 45,000 | 553,050 | 38,776,326 | Form | |
| 5 | North, Run Strategic Opportunities Fund I, LP | See footnote | Sell | 5142026 | 12.25 | 83,052 | 1,017,387 | 39,201,372 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | North, Run Strategic Opportunities Fund I, LP | See footnote | Sell | 6042026 | 14.00 | 3,571,400 | 49,999,600 | 41,087,592 | Form | |
| 2 | North, Run Strategic Opportunities Fund I, LP | See footnote | Sell | 5202026 | 12.32 | 55,284 | 681,099 | 36,157,081 | Form | |
| 3 | North, Run Strategic Opportunities Fund I, LP | See footnote | Sell | 5142026 | 12.16 | 165,000 | 2,006,400 | 36,359,762 | Form | |
| 4 | North, Run Strategic Opportunities Fund I, LP | See footnote | Sell | 5142026 | 12.29 | 45,000 | 553,050 | 38,776,326 | Form | |
| 5 | North, Run Strategic Opportunities Fund I, LP | See footnote | Sell | 5142026 | 12.25 | 83,052 | 1,017,387 | 39,201,372 | Form | |
| 6 | Rubin, Shmuel | President & CEO | Direct | Buy | 3302026 | 9.70 | 180 | 1,745 | 2,528,883 | Form |
| 7 | North, Run Strategic Opportunities Fund I, LP | See footnote | Sell | 3262026 | 12.31 | 302,352 | 3,721,953 | 40,415,749 | Form | |
| 8 | North, Run Strategic Opportunities Fund I, LP | See footnote | Sell | 3262026 | 12.06 | 54,557 | 657,957 | 34,316,923 | Form | |
| 9 | North, Run Strategic Opportunities Fund I, LP | See footnote | Sell | 3192026 | 12.00 | 16,000 | 192,000 | 34,800,876 | Form | |
| 10 | North, Run Strategic Opportunities Fund I, LP | See footnote | Sell | 3192026 | 12.01 | 104,454 | 1,254,493 | 35,022,037 | Form | |
| 11 | North, Run Strategic Opportunities Fund I, LP | See footnote | Sell | 3042026 | 12.09 | 55,000 | 664,950 | 36,518,171 | Form | |
| 12 | North, Run Strategic Opportunities Fund I, LP | See footnote | Sell | 3042026 | 12.18 | 381,004 | 4,640,629 | 37,459,919 | Form | |
| 13 | North, Run Strategic Opportunities Fund I, LP | See footnote | Sell | 3042026 | 12.03 | 238,991 | 2,875,062 | 41,582,068 | Form | |
| 14 | North, Run Strategic Opportunities Fund I, LP | See footnote | Sell | 2272026 | 12.18 | 300,092 | 3,655,121 | 35,998,258 | Form | |
| 15 | North, Run Strategic Opportunities Fund I, LP | See footnote | Sell | 2242026 | 12.02 | 131,281 | 1,577,998 | 39,131,278 | Form | |
| 16 | North, Run Strategic Opportunities Fund I, LP | See footnote | Sell | 2242026 | 12.01 | 6,500 | 78,065 | 40,676,609 | Form | |
| 17 | North, Run Strategic Opportunities Fund I, LP | See footnote | Sell | 2242026 | 12.53 | 595,573 | 7,461,587 | 42,513,870 | Form |
Industry Resources
| Information Technology Resources |
| TechCrunch |
| Wired |
| CIO |
| MIT Technology Review |
| Gartner Insights |
| Ars Technica |
| Electronic Components Resources |
| Electronic Products |
| DigiKey Insights |
| Mouser Insights |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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