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Lightpath Technologies (LPTH) earnings and revenue breakdown

Latest: Q4 FY26 · 10-K filed Sep 11, 2026 · Lightpath Technologies (LPTH) Q4 FY26 earnings results →

Q4 FY26 Revenue up 73% year over year to $21.2M · 20¢ of every $1 of revenue lost · operating margin -20.3%

Lightpath Technologies made $21.2M in Q4 FY26 (+73% Y/Y): Assemblies and Modules $10.4M, Infrared Components $5.8M, Visible Components $4.2M. Operating margin -20.3%, net loss $4.1M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-K filed Sep 11, 2026.

Revenue$21.2M
Year over year+73%
Operating margin-20.3%
Net earnings−$4.1M
Operating cash flow−$5.1M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $21.2M in Q4 FY26, up 73% year over year and up 11% from the previous quarter. Assemblies and Modules was the largest line at 49% of revenue.

Gross margin was 39.4%, up 17.4 points from Q4 FY25. Operating costs exceeded revenue by $4.3M, an operating margin of -20.3%. Operating expenses grew 76% against revenue growth of 73%. The fastest-growing cost line was Other operating costs (+144%). The quarter ended with a net loss of $4.1M, wider than the previous quarter's $4.1M loss.

Operating cash flow was −$5.1M. Non-cash charges added back $1.3M of depreciation and amortization and $1.6M of share-based compensation. Working capital and other items used $3.9M. Capital expenditures of $4.4M exceeded it, leaving free cash flow of −$9.5M.

Quarterly history

Lightpath Technologies revenue by quarterLightpath Technologies revenue by quarter$7.4MQ2 FY25$9.2MQ3 FY25$12.2MQ4 FY25$15.1MQ1 FY26$16.4MQ2 FY26$19.1MQ3 FY26$21.2MQ4 FY26
Lightpath Technologies net earnings by quarterLightpath Technologies net earnings by quarter−$2.6MQ2 FY25−$3.6MQ3 FY25−$7.1MQ4 FY25−$2.9MQ1 FY26−$9.4MQ2 FY26−$4.1MQ3 FY26−$4.1MQ4 FY26
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q4 FY2610-KSep 11, 2026$21.2M+73%-20.3%−$4.1M−$5.1M
Q3 FY2610-QMay 7, 2026$19.1M+109%-22.2%−$4.1M−$6.8M
Q2 FY2610-QFeb 11, 2026$16.4M+120%-52.6%−$9.4M$2.8M
Q1 FY2610-QNov 12, 2025$15.1M+79%-16.6%−$2.9M−$1.1M
Q4 FY2510-KSep 26, 2025$12.2M+41%-36.9%−$7.1M−$2.6M
Q3 FY2510-QMay 20, 2025$9.2M+19%-37.7%−$3.6M−$3.2M
Q2 FY2510-QFeb 13, 2025$7.4M+2%-33.5%−$2.6M−$737K

Charts

Lightpath Technologies: revenue growth, year over year and quarter over quarterLightpath Technologies: revenue growth, year over year and quarter over quarterY/YQ/Q+2%Q2 FY25+19%+23%Q3 FY25+41%+33%Q4 FY25+79%+23%Q1 FY26+120%+9%Q2 FY26+109%+17%Q3 FY26+73%+11%Q4 FY26
Latest (Q4 FY26): Y/Y +73%, Q/Q +11%.
Lightpath Technologies: where the cash came from (+) and went (−), FY26Lightpath Technologies: where the cash came from (+) and went (−), FY26Shares issued$112MCash drawn (+) / kept (−)−$88.3MOperating cash flow−$10.2MOther investing−$7.0MCapital spending−$6.3MNet borrowing (+) / repaid (−)−$5.7MOther financing$4.4MAsset & business sales$475KExchange rates$322K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Lightpath Technologies: profit against cash, quarter by quarterLightpath Technologies: profit against cash, quarter by quarterNet incomeOperating cash flow−$1.6M−$1.7MQ1 FY25−$2.6M−$737KQ2 FY25−$3.6M−$3.2MQ3 FY25−$7.1M−$2.6MQ4 FY25−$2.9M−$1.1MQ1 FY26−$9.4M$2.8MQ2 FY26−$4.1M−$6.8MQ3 FY26−$4.1M−$5.1MQ4 FY26
Latest (Q4 FY26): Net income −$4.1M, Operating cash flow −$5.1M.
Lightpath Technologies: diluted shares by fiscal yearLightpath Technologies: diluted shares by fiscal year26MFY2127MFY2232MFY2338MFY2441MFY2553MFY26
+102.8% since FY21: more shares outstanding (issuance, stock pay).
Lightpath Technologies: long-term debt falling due (FY25)Lightpath Technologies: long-term debt falling due (FY25)$173K2026$5.3M2027$77K2028
Cash $4.9M, short-term investments —, long-term debt — at 2025-06-30.
Lightpath Technologies in its industry: growth against margin (80 companies, SIC 3674)Lightpath Technologies in its industry: growth against margin (80 companies, SIC 3674)revenue growth, year over year →↑ operating marginmedian +36%median 11%NVDAMUAVGOINTCAMDAMATTXNADINXPIMRVLAMKRONMCHPQARMFSLRMPWRNXTSWKSQorvo, Inc.UCTTALABPENGCRUSDIODCRDOVIAVMTSIOSISSMTCKLICARRYICHRSEDGSITMSYNAENPHLSCCIPGPFORMALGMAAOITESLABRMBSMXLPLABSHLSCBRSAOSLSkyWater Technology, LLCWOLFPOWINLSTAMBALASRAXTIINDIMXAMBQFTCIAIPTYGOMRAMNVTSKOPNBZAIGUERLEDSGSITNVECSODIQUIKPRSOGCTSMOBXALMUASTIIPWRLPTH (+73%, -20%)
Semiconductors & Related Devices; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

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🔄Rotation against the market and its industry (RRG)interactive

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📈Investments: gains and what it boughtinteractive

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About Lightpath Technologies

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.

In its own words, from its annual report, filed Sep 26, 2025.

Lightpath Technologies against its Semiconductors & Related Devices peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +73% against the peers' median +45%. Operating margin: -20.3% against the peers' median 40.1%.

CompanyQuarterRevenueY/YOp. margin
LPTH Lightpath TechnologiesQ4 FY26$21.2M+73%-20.3%
NVDA NVIDIAQ2 FY27$96.2B+106%66.2%
MU Micron TechnologyQ4 FY26$54.2B+379%80.7%
AVGO BroadcomQ3 FY26$29.6B+86%53.9%
INTC IntelQ3 2026$16.5B+21%15.3%
AMD Advanced Micro DevicesQ3 2026$13.4B+45%21.2%
AMAT Applied MaterialsQ3 FY26$9.1B+25%33.7%
TXN Texas InstrumentsQ3 2026$6.1B+28%47.5%
ADI Analog DevicesQ3 FY26$4.0B+40%40.1%

Source: Lightpath Technologies 10-K on SEC EDGAR · CIK 889971 · Semiconductors & Related Devices

13F: who owns LPTH and who is buying

Largest holders of LPTH (13F)Largest holders of LPTH (13F)BlackRock$73.1MHood River Capital Management LLC$58.2MVanguard Capital Management LLC$44.4MDriehaus Capital Management LLC$35.5MTidal Investments LLC$31.9MVanguard Group$26.3MGeode Capital Management, LLC$23.7MBank of America$19.6MTema ETFS LLC$17.8MGoldman Sachs Group$17.7M
Funds' net buying of LPTH by quarter (13F)Funds' net buying of LPTH by quarter (13F)−$427K2024-09$967K2024-12−$1.1M2025-03$1.4M2025-06$19.4M2025-09$112M2025-12$53.4M2026-03$252M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on LPTH

History

Every quarter: Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results · Q3 FY25 results · Q2 FY25 results

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