LPTH earnings analysis
What we found in LPTH's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
LightPath Technologies reported a robust Q3 for fiscal 2026 with revenue of $19.1 million, well above the estimated $17.1 million. However, the net loss widened to $4.1 million, translating to a loss per share of $0.07, not meeting the -$0.01 expected loss. Management noted a record order backlog of $110.6 million, attributed to increased demand in infrared components, though operating expenses rose significantly, impacting the firm's profitability.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Exceeds Estimates
- Actual revenue of $19.1 million surpassed estimates of $17.1 million, representing a 109% increase year-over-year.
- Strong Year-Over-Year Growth
- Revenue grew by approximately $10 million compared to $9.2 million in Q3 2025.
- Record Backlog
- Total backlog reached $110.6 million, up 196% from $37.4 million on June 30, 2025.
- Gross Profit Increase
- Gross profit rose to approximately $7.0 million, a 161% increase compared to the same quarter last year.
- Improved Gross Margin
- Gross margin percentage improved to 36% from 29% a year earlier.
- Influx of New Products
- Successful integration of G5 Infrared's revenue significantly boosted revenue from assemblies and modules.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Widened Net Loss
- Net loss for Q3 2026 widened to $4.1 million from $3.6 million in Q3 2025, mainly due to increased operating expenses.
- Increased Operating Expenses
- SG&A costs rose to $6.3 million, a 42% increase year-over-year, attributed to higher sales and marketing expenditures.
- Dependence on Defense Contracts
- Revenue growth primarily driven by defense sector demand, increasing reliance on government contracts and funding.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.07
- Gross margin
- 36%
- Segment
- infrared components
- Segment
- visible components
- Segment
- assemblies and modules
- Segment
- engineering services
What they said about what is next.
Outlook remains cautiously optimistic due to strong backlog, but no specific numeric guidance provided.
The filing reads about the same as the one before it.
What came before.
- 10-Q · February 11, 2026
- LightPath reported strong top-line growth and gross margin expansion in Q2 (Dec 31, 2025) with revenue of $16.35M and gross margin of 36.8%, driven in part by acquisitions and equity financing. However, operating loss…
- 10-Q · May 20, 2025
- LightPath reported Q3 FY2025 revenue of approximately $9.2 million, up $1.5 million or 19% year-over-year, with gross profit of ~$2.6 million (29% margin). Despite top-line and mix improvements, net loss widened to…
- 10-K · September 19, 2024
- LightPath’s 10-K emphasizes a strategic pivot from component manufacturing to higher-value imaging subsystems and systems (LightPath 2.0/3.0), leveraging proprietary BlackDiamond glass and proprietary molding…
- 10-K · September 14, 2023
- LightPath positions itself as a shift-from-components-to-solutions photonics company, targeting "optical engineered solutions" and investing in proprietary materials and camera cores. Key strategic moves include an…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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