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Lightpath Technologies cash flow, quarter by quarter

Latest: Q4 FY26 · from the cash-flow statements filed with the SEC

Free cash flow−$9.5M in Q4 FY26

Operating cash flow−$5.1M
Capital spending−$4.4M
Free cash flow−$9.5M
Cash conversion cycle118 days

Analysis

In Q4 FY26, Lightpath Technologies generated −$5.1M of operating cash flow and spent $4.4M on capital projects, leaving free cash flow of −$9.5M. That is $6.2M less than in Q4 FY25 (−$3.3M).

Operating cash flow was −$5.1M against net income of −$4.1M. The largest differences: inventory −$4.8M, receivables −$4.4M, payables +$2.3M.

Its cash conversion cycle was 118 days (receivables 56 + inventory 111 − payables 49).

Free cash flow

Lightpath Technologies: free cash flow by quarterLightpath Technologies: free cash flow by quarter−$1.8MQ1 FY25−$818KQ2 FY25−$3.7MQ3 FY25−$3.3MQ4 FY25−$1.2MQ1 FY26$2.0MQ2 FY26−$7.7MQ3 FY26−$9.5MQ4 FY26
Operating cash flow less capital spending.
Lightpath Technologies: operating cash flow against capital spendingLightpath Technologies: operating cash flow against capital spendingOperating cash flowCapital spending−$1.7M$80KQ1 FY25−$737K$80KQ2 FY25−$3.2M$421KQ3 FY25−$2.6M$682KQ4 FY25−$1.1M$77KQ1 FY26$2.8M$868KQ2 FY26−$6.8M$899KQ3 FY26−$5.1M$4.4MQ4 FY26
Latest (Q4 FY26): Operating cash flow −$5.1M, Capital spending $4.4M.

Capital allocation, year by year

Lightpath Technologies: where the cash came from (up) and went (down), by fiscal yearLightpath Technologies: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsFY22: Operating cash flow $1.5MFY22: Net borrowing −$148KFY22: Capital spending −$1.6M$1.5MFY22FY23: Operating cash flow −$2.8MFY23: Net borrowing −$1.7MFY23: Shares issued $9.2MFY23: Asset sales $209KFY23: Capital spending −$3.1M$9.4MFY23FY24: Operating cash flow $521KFY24: Net borrowing −$2.2MFY24: Capital spending −$2.2M$521KFY24FY25: Operating cash flow −$8.3MFY25: Net borrowing $6.3MFY25: Shares issued $18.7MFY25: Asset sales $11KFY25: Capital spending −$1.3MFY25: Acquisitions −$18.5M$25.0MFY25FY26: Operating cash flow −$10.2MFY26: Net borrowing −$5.7MFY26: Shares issued $112MFY26: Asset sales $475KFY26: Capital spending −$6.3M$113MFY26
Over these 5 years operating cash flow totalled −$19.4M; the largest uses were operating cash flow ($21.4M) and acquisitions ($18.5M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$93.2M
Debt$4.9M
Net cash$88.3M
Due within a year$173K
Cash runway2.4 years

Lightpath Technologies is burning cash: its operations consume cash, a free cash flow of −$38.1M a year at the current rate against $93.2M of cash and investments: a runway of about 2.4 years; $173K of debt also comes due within a year, which the cash covers before any new financing.

Lightpath Technologies: debt maturities by year (FY25)Lightpath Technologies: debt maturities by year (FY25)$173KYear 1$5.3MYear 2$77KYear 3
Principal due in each year as disclosed in the annual report, against $93.2M of cash and investments now.

Where the cash came from and went

Lightpath Technologies: sources (+) and uses (−) of cash, Q4 FY26Lightpath Technologies: sources (+) and uses (−) of cash, Q4 FY26Shares issued$47.1MCash drawn (+) / kept (−)−$38.0MOperating cash flow−$5.1MCapital spending−$4.4MAsset & business sales$475KNet borrowing (+) / repaid (−)−$97KExchange rates$29K

From profit to cash

Lightpath Technologies: net income to operating cash flow, Q4 FY26Lightpath Technologies: net income to operating cash flow, Q4 FY26Net income−$4.1MDepreciation & amortization$1.3MStock-based pay$1.6MDeferred taxes$96KGains on disposals−$459KReceivables−$4.4MInventory−$4.8MPayables$2.3MPrepaid and other assets−$61KOperating cash flow−$5.1M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q4 FY265611149118
Q3 FY26469944100
Q2 FY265111751117
Q1 FY265811256114
Q4 FY256412263123
Q3 FY256313261134
Q2 FY256511148127
Q1 FY255511049117

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q4 FY26−$5.1M−$4.4M—−$97K$47.1M−$38.0M−$9.5M
Q3 FY26−$6.8M−$899K—−$89K−$73K$18.3M−$7.7M
Q2 FY26$2.8M−$868K——$57.4M−$62.1M$2.0M
Q1 FY26−$1.1M−$77K—−$57K$7.9M−$6.6M−$1.2M
Q4 FY25−$2.6M−$682K$1.8M−$109K−$167K$1.6M−$3.3M
Q3 FY25−$3.2M−$421K−$20.3M$3.6M$4K−$3.3M−$3.7M
Q2 FY25−$737K−$80K—−$46K—$1.1M−$818K
Q1 FY25−$1.7M−$80K—$2.9M$10K−$800K−$1.8M

Lightpath Technologies: income statement and cash flow

Lightpath Technologies, Q4 FY26: revenue $21.2M (+73% year over year), operating margin -20.3%. The chart follows the revenue to costs, profit and cash.

Lightpath Technologies: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.