10-K · September 10, 2026
LightPath delivered a strong growth year, with revenue up 93% to $71.7 million, gross margin rising to 36%, adjusted EBITDA turning positive at $4.2 million, and backlog reaching $110.9 million. Growth was concentrated…
LPTH earnings analysis
10-Q · Filed November 10, 2026 · Our reading of the company's report
The latest report
LightPath reported $20.8 million of revenue and $(0.02) diluted EPS, while Assemblies and Modules revenue grew 76% and gross margin reached 41.4%. The record $132.9 million backlog supports the growth outlook, but…
Read full summary
LightPath reported $20.8 million of revenue and $(0.02) diluted EPS, while Assemblies and Modules revenue grew 76% and gross margin reached 41.4%. The record $132.9 million backlog supports the growth outlook, but management provided no numeric revenue or EPS guidance. The supplied 10-Q text indicates no material risk-factor changes and confirms effective disclosure controls.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.02
- Gross margin
- 41.4%
- Segment
- Assemblies and Modules revenue grew 76% year over year; the filing does not provide a separate dollar revenue figure in the supplied text.
What stood out
-
Strong revenue and segment growth
Revenue was $20.8 million and diluted EPS was $(0.02). Assemblies and Modules revenue increased 76% year over year, indicating strong demand in the higher-value product mix.
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Higher-value mix lifted margins
Gross margin expanded to 41.4%, supported by the higher-value mix. The filing commentary indicates management expects continued gross-margin improvement, but no quantified margin outlook was provided.
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Record backlog supports growth
Backlog reached a record $132.9 million, providing substantial potential revenue conversion. Management’s stated priority is converting that backlog into future sales.
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Controls remained effective
Management concluded that disclosure controls were effective as of September 30, 2026, and reported no significant changes in internal control over financial reporting during the quarter.
What to watch
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Incremental equity dilution
The company issued 661 shares of restricted stock to a consultant for investor-relations services on or about July 1, 2026. Although the issuance is small relative to the company’s equity base, it creates incremental dilution and signals use of equity for services.
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Existing risks remain unchanged
The filing states that there were no material changes to the risk factors disclosed in the fiscal 2026 Form 10-K, so previously disclosed operating, liquidity, customer-concentration, and execution risks remain applicable.
Management's outlook
No numeric fiscal 2027 revenue or EPS guidance was provided. Management emphasized converting the record $132.9 million backlog and expects future revenue growth, gross-margin improvement, and adjusted EBITDA improvement.
Earlier filings 4
10-Q · May 7, 2026
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,…
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…
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