Here are 1-3 brief analogies to describe Lightwave Logic (LWLG):

• ARM Holdings for optical communication materials.
• Gore-Tex for high-speed data transmission materials.

• Electro-optic Polymers: Advanced polymer materials designed for high-speed, low-power optical signal modulation.
• Photonic Devices (Modulators/Switches): High-performance optical components, such as modulators and switches, built using their proprietary electro-optic polymers for applications in data communications.

Lightwave Logic (symbol: LWLG) sells primarily to other companies (B2B) rather than individuals. Due to the company's current stage of commercialization and the nature of its business as a component supplier, Lightwave Logic does not publicly disclose specific "major customers" by name.

According to their SEC filings and public statements, the company is engaged in design and evaluation agreements with various potential customers and partners. These relationships are typically under Non-Disclosure Agreements (NDAs), and Lightwave Logic has indicated that it does not yet derive substantial revenue from specific customers.

Lightwave Logic's technology is aimed at companies operating in high-speed data communications. Therefore, their target customers are generally:

• High-Speed Optical Transceiver Manufacturers: Companies that produce components for data centers, telecommunication networks, and other high-bandwidth applications.
• Photonic Integrated Circuit (PIC) Developers and Optical Engine Manufacturers: Companies that integrate advanced optical components into larger modules for various high-speed data transmission needs.
• System Integrators and Equipment Providers: Businesses serving the data center, telecommunications, aerospace, and defense industries that incorporate cutting-edge optical solutions into their final products.

Yves LeMaitre, Chief Executive Officer

Yves LeMaitre was appointed CEO of Lightwave Logic in December 2024, bringing over 30 years of executive experience in photonics and global IT. He currently serves as a Strategic Board Advisor to Trumpf Photonic Components and a strategic advisor to Sanmina AMT's Optical, RF & Micro-Electronics division. Prior to joining Lightwave Logic, he was the CEO of Astrobeam.Space, where he launched the development of laser beam steering for satellite-to-satellite communication. He was also the Head of the Optical Coherent Division of IPG Photonics, overseeing its divestiture to Lumentum in 2022. He held various roles of increasing responsibility, including Chief Strategy Officer, at Oclaro (later acquired by Lumentum) over a decade. LeMaitre has been involved in the sale of companies, having advised on the divestiture of IPG Photonics' Optical Coherent Division to Lumentum, and RIO Lasers, where he was President, was acquired by Luna Innovations. There is no information indicating a specific pattern of managing private equity-backed companies.

James S. Marcelli, CFO & COO

James S. Marcelli was appointed Chief Financial Officer (CFO) effective December 11, 2024, in addition to his role as Chief Operating Officer (COO). He has served as an officer and director of Lightwave Logic since August 2008 and was previously the company's President and CEO from August 2008 to April 2012. Marcelli is responsible for the day-to-day operations and serves as the principal financial officer. With over 35 years of experience, he has served as president and CEO of multiple start-up and growth companies in high-tech manufacturing and business services, including two companies he founded. He is also the founder of Sanmina Corp. He has held senior management positions with Teradyne Corporation and Sanmina Corporation. Marcelli plans to retire at the end of 2025 but will remain a member of the Board of Directors until December 31, 2025. While he founded companies and has a consulting company that offers services for business sales, specific instances of him selling companies he managed to an acquirer or a pattern of managing private equity-backed companies are not explicitly detailed.

Thomas E. Zelibor, President

Thomas E. Zelibor serves as the President of Lightwave Logic, a role he assumed in December 2024. He previously held the positions of CEO of Lightwave Logic from 2011 to 2017 and Chairman from 2011 to 2022. Zelibor also founded Lightwave Logic in 2001. His background includes serving as CEO of Flatirons Solutions and the U.S. Space Foundation, a not-for-profit organization. In his military career, he was the U.S. Navy's chief information officer, managing a multi-billion-dollar annual budget and directing IT policy, Navy space, processes, and cybersecurity strategy. There is no information available regarding him selling companies he managed or a pattern of managing private equity-backed companies.

Ronald A. Bucchi, Non-Executive Independent Chairman

Ronald A. Bucchi was appointed Non-Executive Independent Chairman of the Board in December 2024. He joined the Lightwave Logic Board in June 2012. He is a self-employed C.P.A. with a specialized practice focusing on CEO consulting, strategic planning, mergers, acquisitions, business sales, and tax for domestic and international companies. Bucchi is also a member of the board of directors of First Connecticut Bancorp, Inc., and is the Treasurer and a member of the Board of Directors of the Petit Family Foundation, Inc. His consulting work involves business sales, but there is no explicit information detailing his personal involvement in selling companies he managed to an acquirer or a pattern of managing private equity-backed companies.

Robert Blum, SVP, Sales & Marketing

Robert Blum serves as the Senior Vice President of Sales & Marketing at Lightwave Logic. No detailed public background information is available for Robert Blum regarding founding or managing other companies, selling companies to acquirers, or a pattern of managing private equity-backed companies.

Rapid advancements and market adoption of competing high-performance electro-optic modulator technologies, particularly thin-film lithium niobate (TFLN) solutions. While Lightwave Logic's polymer technology offers compelling performance advantages in speed and power efficiency, aggressive development and potential breakthroughs by companies focusing on TFLN could lead to solutions that achieve comparable performance, superior manufacturability, lower cost, or easier integration with existing foundry processes. This would directly challenge the market opportunity for LWLG's polymer-based modulators in next-generation high-speed optical transceivers for data centers and telecommunications.

Lightwave Logic (LWLG) operates in the markets for electro-optic modulators and polymer photonic integrated circuits, utilizing proprietary electro-optic (EO) polymers for high-speed data transmission in various applications, including fiber-optic data communications, telecommunications, and data centers.

Addressable Markets:

• Optical Modulators Market: The global optical modulators market was valued at approximately USD 5.44 billion in 2024 and is projected to reach USD 71.39 billion by 2033, growing at a Compound Annual Growth Rate (CAGR) of about 33.1% from 2025 to 2033. Other estimates for the global market size include USD 6.67 billion in 2025, projected to climb to USD 14.74 billion by 2030 (CAGR of 17.19%), and USD 5.12 billion in 2023, expected to reach USD 21.13 billion by 2032 (CAGR of 17.07%). Asia-Pacific is a leading region, holding a 38.90% share in 2024 and continuing to expand the fastest.
• Electro-Optic Modulator Market: The global electro-optic modulator market was valued at USD 28.02 billion in 2024 and is expected to reach nearly USD 48.50 billion by 2032, with a growth rate of 7.1% from 2025 to 2032. North America dominated the global electro-optics market in 2024. A sub-segment, the global amplitude electro-optic modulators market, was valued at USD 28.02 billion in 2024 and is projected to reach USD 64.10 billion by 2032, growing at a CAGR of 10.90%. In 2024, North America dominated the global amplitude electro-optic modulators market with a 32.2% revenue share, and the U.S. specifically captured an 81% revenue share within North America.
• Non-Linear Optical Polymers Market: The worldwide non-linear optical polymers industry is expected to generate a revenue of USD 1,220.6 million in 2025 and is projected to reach USD 9,767 million by 2035, exhibiting a CAGR of 23.1% between 2025 and 2035. The U.S. industry for non-linear optical polymers is anticipated to grow at a CAGR of 22.8% from 2025 to 2035.

1. Commercialization of Electro-Optic (EO) Polymers for High-Speed Data Transmission: Lightwave Logic's core business revolves around commercializing its proprietary electro-optic polymers, which enable high-speed and low-power data transmission. The company is specifically targeting the burgeoning telecom and AI-driven data center markets, with a strategic roadmap that includes fostering a customer base for product integration into silicon chips, expected to be completed by 2026.
2. Expansion of Licensing and Technology Transfer Agreements: A key component of Lightwave Logic's business model is leveraging its materials development through patent licensing and technology transfers to foundries. The company anticipates significant revenue growth from these agreements, building on its first commercial material supply license agreement established in May 2023, with additional licensing and technology transfer agreements actively in development.
3. Sales of Devices Incorporating Polymer Modulators: Beyond licensing its technology, Lightwave Logic expects to generate revenue from the direct sales of devices that integrate its advanced polymer modulators. The company is engaged in collaborative development of custom modulators, such as 1.6 Tbps transceivers, designed for specific applications like AI servers.
4. Strategic Partnerships and New Market Expansion: Lightwave Logic is actively expanding its market reach through strategic partnerships and by exploring new applications beyond its current focus on fiber optic data communications and telecommunications. This includes initiatives like expanding its semiconductor foundry relationships and a notable expansion into the Asian market through a partnership aimed at boosting silicon photonics adoption for AI data centers, as well as exploring automotive, aerospace, and defense sectors.
5. Progression of Design Wins to Volume Production: A significant driver of future revenue will be the successful conversion of design wins into volume production with key customers. A notable example is a Fortune Global 500 company that has advanced to Stage 3 of Lightwave Logic's design win cycle, moving towards building, processing, and testing Silicon Photonics PICs with EO polymers for final products in hyperscale data centers or AI factories, with expectations of high-volume manufacturing commencing in mid-2027 and revenues potentially reaching $1.0 billion by 2028.

Share Issuance

• Lightwave Logic's shares outstanding increased from approximately 101.76 million as of March 31, 2021, to approximately 125.27 million as of November 7, 2025.
• The company relies on opportunistic share issuances to finance its development activities, indicating a pattern of raising capital through stock offerings.

Inbound Investments

• As of March 17, 2025, Lightwave Logic entered into a purchase agreement with Lincoln Park Capital Fund, LLC for the sale of up to $30,000,000 in common stock, along with up to an additional 735,294 commitment shares.
• The company has an "at the market" sales agreement with Roth Capital Partners, LLC, allowing for the offering and sale of common stock with an aggregate offering price of up to $32,921,834.

Capital Expenditures

• Lightwave Logic's Capital Expenditure was approximately -$2.05 million as of October 21, 2025.
• A significant portion of the company's capital is allocated to research and development (R&D) to advance its proprietary electro-optic polymer technology.