LightPath Technologies Reports Fiscal 2026 Third Quarter Financial Results

PR Newswire

ORLANDO, Fla., May 7, 2026

ORLANDO, Fla., May 7, 2026 /PRNewswire/ -- LightPath Technologies, Inc. (NASDAQ: LPTH) ("LightPath," the "Company," "we," or "our"), a leading provider of next-generation optics and imaging systems for both defense and commercial applications, today announced financial results for its fiscal third quarter ended March 31, 2026.

logo (PRNewsfoto/LightPath Technologies)

Financial Summary:



Three Months Ended March 31,


$ in millions


2026



2025



% Change


Revenue


$

19.1



$

9.2




109

%

Gross Profit


$

7.0



$

2.7




161

%

Operating Expenses*


$

11.2



$

6.1




83

%

Net Loss


$

(4.1)



$

(3.6)




15

%

Adjusted EBITDA** (non-GAAP)


$

1.1



$

(1.6)




170

%

*Inclusive of $3.4 million and $0.1 million, respectively, for change in fair value of acquisition earnout liabilities.

**Reconciliation of this non-GAAP financial measure is provided below.

Third Quarter Fiscal 2026 & Subsequent Highlights: 

Management Commentary 

Sam Rubin, President and Chief Executive Officer of LightPath, said: "The third quarter of fiscal 2026 demonstrated continued execution against our vertically integrated strategy, with revenue growing 109% year over year to $19.1 million and gross profit expanding 161% year over year to $7.0 million. We delivered our third consecutive quarter of positive adjusted EBITDA and ended the quarter with a record order backlog of $110.6 million, up 196% from the start of the fiscal year. The scale and quality of our backlog is the clearest indication yet that LightPath has established itself as a mission critical supplier for some of the most important optical and infrared imaging programs in the U.S. and allied defense industrial base.

"The strategic thesis we have been executing against for the past several years continues to be reinforced by customer behavior and U.S. government policy. The Fiscal Year 2026 National Defense Authorization Act directs the U.S. Department of War to eliminate reliance on optical glass and optical systems sourced from certain foreign nations by January 1, 2030. Our broad offering of BlackDiamond™ chalcogenide glasses, including those licensed exclusively from the U.S. Naval Research Laboratory, along with our infrared cameras, assemblies, and thermal imaging systems, are already designed, manufactured, and delivered in alignment with those requirements. With the addition of AM, we now operate two U.S. based BlackDiamond™ glass production sites and have expanded our infrared glass portfolio to roughly 20 proprietary compositions, which is among the broadest selection of infrared materials available anywhere.

"Our February Investor Day laid out where we go from here. We are organizing the business around three pillars of growth: optical assemblies, infrared camera systems, and large defense programs of record. Each pillar has an addressable market measured in hundreds of millions to billions of dollars, and each is enabled by the same underlying BlackDiamond™, molding, coating, and camera technologies. Programs such as NGSRI, SPEIR, Apache, border surveillance, and counter UAS are no longer theoretical; they are in production or nearing it, and they increasingly carry BlackDiamond™ content. We are on track to complete the redesign of G5's cooled infrared camera family onto BlackDiamond™ by the end of summer 2026, and beleive that this will position LightPath to meet long range camera demand at scale while competitors continue to work through the Germanium supply constraint.

"With a strong balance sheet, two operating glass manufacturing facilities, an expanded camera portfolio, and a deeper senior commercial leadership team following the appointments of Doug Schoen and Ryan Workman, we believe LightPath is well positioned to continue converting our record backlog into revenue, expand margins as volume scales, and pursue further accretive M&A that accelerates our transition into a platform provider of mission critical optical and imaging solutions," concluded Rubin.

Third Quarter Fiscal 2026 Financial Results

Revenue for the third quarter of fiscal 2026 increased 109% to $19.1 million, as compared to $9.2 million in the same quarter of the prior fiscal year. Revenue was split amongst the Company's product groups in the third quarter of fiscal 2026 and the same quarter of the prior fiscal year as follows:

Product Group Revenue ($ in millions)***


Third Quarter of
Fiscal 2026



Third Quarter of
Fiscal 2025



% Change


Infrared ("IR") Components


$

6.1



$

3.6




69 %


Visible Components


$

4.0



$

2.8




40 %


Assemblies & Modules


$

8.4



$

1.9




355 %


Engineering Services


$

0.6



$

0.8




(29) %


*** Numbers may not foot due to rounding

Gross profit increased 161.1% to $7.0 million, or 36% of total revenues, in the third quarter of fiscal 2026, as compared to $2.7 million, or 29% of total revenues, in the same year-ago quarter. The increase in gross margin as a percentage of revenue was primarily driven by the increase in revenue from assemblies and modules, which generally carry higher margins, as well as an improved infrared component mix and manufacturing yields.

Operating expenses for the third quarter of fiscal 2026 include a fair value adjustment of $3.4 million related to the G5 earnout liability, which will continue to be adjusted through operating expenses until it is fully paid out. Excluding this amount, operating expenses increased $1.8 million, or 30%, to $7.8 million for the third quarter of fiscal 2026, as compared to $6.0 million in the same year-ago quarter. The increase was primarily driven by integration of G5 Infrared and AM, increased sales and marketing spend, higher information technology spend to meet customer security requirements, and increased SG&A personnel costs.

Net loss in the third quarter of fiscal 2026 totaled $4.1 million, or $0.07 per basic and diluted share, as compared to $3.6 million, or $0.44 per basic and diluted share, in the same year-ago quarter. The year-over-year change in net loss was primarily attributable to the change in fair value of acquisition liabilities for the earnout related to the acquisition of G5 Infrared.

Adjusted EBITDA** for the third quarter of fiscal 2026 was $1.1 million, as compared to an adjusted EBITDA loss of $1.6 million for the same year-ago quarter. The increase was primarily attributable to the increase in gross profit, driven by higher sales, partially offset by increased SG&A and new product development costs.

Cash and cash equivalents as of March 31, 2026 totaled $55.2 million, as compared to $4.9 million as of June 30, 2025. Total backlog as of March 31, 2026 was approximately $110.6 million, an increase of 196% compared to $37.4 million as of June 30, 2025.

Third Quarter Fiscal 2026 Earnings Call

Management will host an investor conference call at 5:00 p.m. Eastern time today, Thursday, May 7, 2026, to discuss the Company's third quarter fiscal 2026 financial results, provide a corporate update, and conclude with Q&A from telephone participants. To participate, please use the following information:

Q3 FY2026 Earnings Conference Call
Date: Thursday, May 7, 2026
Time: 5:00 p.m. Eastern time
U.S. Dial-in: 1-833-316-1983
International Dial-in: 1-785-838-9310
Conference ID: LIGHT
Webcast: LPTH Q3 FY2026 Earnings Conference Call

Please join at least five minutes before the start of the call to ensure timely participation.

A playback of the call will be available through Thursday, May 21, 2026. To listen, please call 1-844-512-2921 within the United States and Canada or 1-412-317-6671 when calling internationally, using replay pin number 11161627. A webcast replay will also be available using the webcast link above.

About LightPath Technologies

LightPath Technologies, Inc. (NASDAQ: LPTH) is a leading provider of next-generation optics and imaging systems for both defense and commercial applications. As a vertically integrated solutions provider with in-house engineering design support, LightPath's family of custom solutions range from proprietary BlackDiamond™ chalcogenide-based glass materials – sold under exclusive license from the U.S. Naval Research Laboratory – to complete infrared optical systems and thermal imaging assemblies. The Company's primary manufacturing footprint is located in Orlando, Florida with additional facilities in Texas, New Hampshire, Latvia and China. To learn more, please visit www.lightpath.com.

**Use of Non-GAAP Financial Measures

To provide investors with additional information regarding financial results, this press release includes references to EBITDA and adjusted EBITDA, which are non-GAAP financial measures. The Company calculates EBITDA by adjusting net income to exclude net interest expense, income tax expense or benefit, depreciation, and amortization. We also calculate adjusted EBITDA, which excludes, as applicable: (1) stock compensation expenses; (2) the loss on extinguishment of debt; (3) the effect of the non-cash income or expense associated with the mark-to-market adjustments, related to the warrants; (4) the effect of non-cash income or expenses associated with the fair value adjustments related to the acquisition earnout liabilities; (5) acquisition costs, including legal fees and due diligence; and (6) the effect of foreign exchange gains or losses.

A "non-GAAP financial measure" is generally defined as a numerical measure of a company's historical or future performance that excludes or includes amounts, or is subject to adjustments, so as to be different from the most directly comparable measure calculated and presented in accordance with GAAP. The Company's management believes that these non-GAAP financial measures, when considered together with the GAAP financial measures, provide information that is useful to investors in understanding period-over-period operating results separate and apart from items that may, or could, have a disproportionately positive or negative impact on results in any particular period. Management also believes that these non-GAAP financial measures enhance the ability of investors to analyze underlying business operations and understand performance. In addition, management may utilize these non-GAAP financial measures as guides in forecasting, budgeting, and planning. Non-GAAP financial measures should be considered in addition to, and not as a substitute for, or superior to, financial measures presented in accordance with GAAP. A reconciliation of these non-GAAP financial measures with the most directly comparable financial measures calculated in accordance with GAAP is presented in the table below.

LIGHTPATH TECHNOLOGIES, INC.
Reconciliation of Non-GAAP Financial Measures and Regulation G Disclosure



(unaudited)







Three Months Ended



Nine Months Ended




March 31,



March 31,




2026



2025



2026



2025


Net loss


$

(4,106,287)



$

(3,582,460)



$

(16,404,698)



$

(7,817,202)


Depreciation and amortization



1,263,005




1,463,150




3,717,691




3,356,752


Income tax provision



91,390




100,031




203,216




160,192


Interest (income) expense



(271,641)




486,833




282,235




805,246


EBITDA


$

(3,023,533)



$

(1,532,446)



$

(12,201,556)



$

(3,495,012)


Stock-based compensation



562,966




239,134




1,261,577




745,155


Loss on extinguishment of debt






418,502




506,280




418,502


Change in fair value of warrant liability






(870,554)







(870,554)


Change in fair value of acquisition earnout liabilities



3,393,000




130,445




12,234,529




130,445


Acquisition costs



145,539







220,175





Foreign exchange loss (gain)



59,195




(7,627)




115,264




(11,701)


Adjusted EBITDA


$

1,137,167



$

(1,622,546)



$

2,136,269



$

(3,083,165)


% of revenue



6

%



-18

%



4

%



-12

%

Forward-Looking Statements

This press release includes statements that constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "forecast," "guidance," "plan," "estimate," "will," "would," "project," "maintain," "intend," "expect," "anticipate," "prospect," "strategy," "future," "likely," "may," "should," "believe," "continue," "opportunity," "potential," and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, without limitation, statements regarding expectations, beliefs, hopes, intentions or strategies regarding, among other things, the Company's ability to execute on its growth strategy to deliver revenue growth and value to its shareholders; the Company's belief that it has established itself as a mission critical supplier for programs in the U.S. and allied defense industrial base; the Company's expectations regarding customer behavior and U.S. government policy; the Company's expectations regarding its timing of the redesign of G5's infrared products; the Company's ability to grow its backlog, expand margins as volume scales and pursue acquisitions, as well as other statements that are other than historical fact. These forward-looking statements are based on information available at the time the statements are made and/or management's good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or suggested by the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, the likelihood that the impact of varying demand for the Company products; the U.S. government's initiatives to move away from using optical systems from certain foreign nations; the inability of the Company to sustain profitable sales growth, convert inventory to cash, or reduce its costs to maintain competitive prices for its products; circumstances or developments that may make the Company unable to implement or realize the anticipated benefits, or that may increase the costs, of its current and planned business initiatives; the Company's reliance on a few key customers; the ability of the Company to obtain needed raw materials and components from its suppliers; the impact that international tariffs may have on our business and results of operations; the impact of political and other risks as a result of our sales to internal customers and/or our sourcing of materials from international suppliers; general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth; geopolitical tensions, the Russian-Ukraine conflict, and the Hamas-Israel war; the effects of steps that the Company could take to reduce operating costs; and those factors detailed by the Company in its public filings with the Securities and Exchange Commission (the "SEC"), including its Annual Report on Form 10-K and other filings with the SEC. Should one or more of these risks, uncertainties, or facts materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by the forward-looking statements contained herein. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Except as required under the federal securities laws and the rules and regulations of the SEC, we do not have any intention or obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.

LIGHTPATH TECHNOLOGIES, INC.
Condensed Consolidated Balance Sheets
(unaudited)



March 31,



June 30,




2026



2025


Assets









Current assets:









Cash and cash equivalents


$

55,235,181



$

4,877,036


Trade accounts receivable, net of allowance of $49,017 and $24,495



10,797,645




9,455,310


Inventories, net



13,344,705




12,858,838


Prepaid expenses and deposits



3,440,598




1,142,661


Other current assets



185,503




40,150


Total current assets



83,003,632




28,373,995











Property and equipment, net



15,828,239




15,864,061


Operating lease right-of-use assets



8,406,283




7,429,378


Intangible assets, net



17,589,628




15,987,923


Goodwill



19,315,177




13,753,921


Deferred tax assets, net



22,233




22,571


Other assets



99,987




73,917


Total assets


$

144,265,179



$

81,505,766


Liabilities and Stockholders' Equity









Current liabilities:









Accounts payable


$

6,030,975



$

7,421,430


Accrued liabilities



10,813,017




5,686,396


Accrued payroll and benefits



3,125,747




2,359,152


Operating lease liabilities, current



1,177,423




1,254,062


Loans payable, current portion



113,085




172,567


Finance lease obligation, current portion



271,015




206,518


Total current liabilities



21,531,262




17,100,125


Deferred tax liabilities, net



88,099




152,760


Accrued liabilities, noncurrent






823,000


Finance lease obligation, less current portion



460,316




421,363


Operating lease liabilities, noncurrent



9,197,980




8,326,250


Loans payable, less current portion



103,661




4,804,990


Total liabilities



31,381,318




31,628,488











Commitments and Contingencies


















Series G Convertible Preferred Stock; $0.01 par value; 44,000 shares authorized; 17,346
and 24,956 shares issued and outstanding


$

23,794,184



$

34,232,510











Stockholders' equity:









Preferred stock: Series D, $0.01 par value, voting; 500,000 shares authorized; none issued
and outstanding







Common stock: Class A, $0.01 par value, voting; 94,500,000 shares authorized; 61,207,012
and 42,949,307 shares issued and outstanding



612,070




429,493


Additional paid-in capital



334,313,395




244,953,346


Accumulated other comprehensive income



1,285,667




978,686


Accumulated deficit



(247,121,455)




(230,716,757)


Total stockholders' equity



89,089,677




15,644,768


Total liabilities, convertible preferred stock and stockholders' equity


$

144,265,179



$

81,505,766


LIGHTPATH TECHNOLOGIES, INC.
Condensed Consolidated Statements of Comprehensive Income (Loss)
(unaudited)



Three Months Ended



Nine Months Ended




March 31,



March 31,




2026



2025



2026



2025


Revenue, net


$

19,149,814



$

9,167,627



$

50,559,747



$

24,992,837


Cost of sales



12,193,531




6,503,526




33,100,562




17,553,476


Gross profit



6,956,283




2,664,101




17,459,185




7,439,361


Operating expenses:

















Selling, general and administrative



6,296,286




4,448,359




16,539,617




11,075,005


New product development



1,041,794




757,938




2,658,051




1,998,775


Amortization of intangible assets



477,245




779,025




1,378,295




1,469,512


Change in fair value of acquisition earnout liabilities



3,393,000




130,445




12,234,529




130,445


Loss on disposal of property and equipment






2,068




4,016




80,505


Total operating expenses



11,208,325




6,117,835




32,814,508




14,754,242


Operating loss



(4,252,042)




(3,453,734)




(15,355,323)




(7,314,881)


Other income (expense):

















Interest income (expense), net



271,641




(486,833)




(282,235)




(805,246)


Loss on extinguishment of debt






(418,502)




(506,280)




(418,502)


Change in fair value of warrant liability






870,554







870,554


Other expense (income), net



(34,496)




6,086




(57,644)




11,065


Total other income (expense)



237,145




(28,695)




(846,159)




(342,129)


Loss before income taxes



(4,014,897)




(3,482,429)




(16,201,482)




(7,657,010)


Income tax provision



91,390




100,031




203,216




160,192


Net loss


$

(4,106,287)



$

(3,582,460)



$

(16,404,698)



$

(7,817,202)


Foreign currency translation adjustment



1,739




120,572




306,981




(58,869)


Comprehensive loss


$

(4,104,548)



$

(3,461,888)



$

(16,097,717)



$

(7,876,071)


Loss per common share (basic)


$

(0.07)



$

(0.09)



$

(0.33)



$

(0.19)


Number of shares used in per share calculation (basic)



58,628,741




41,363,643




49,572,872




40,209,657


Loss per common share (diluted)


$

(0.07)



$

(0.09)



$

(0.33)



$

(0.19)


Number of shares used in per share calculation (diluted)



58,628,741




41,363,643




49,572,872




40,209,657


LIGHTPATH TECHNOLOGIES, INC.
Condensed Consolidated Statements of Changes in Stockholders' Equity
(unaudited)




Temporary Equity















Accumulated












Series G Convertible



Class A



Additional



Other







Total




Preferred Stock



Common Stock



Paid-in



Comprehensive



Accumulated



Stockholders'




Shares



Amount



Shares



Amount



Capital



Income



Deficit



Equity


Balances at June 30, 2025



24,956



$

34,232,510




42,949,307



$

429,493



$

244,953,346



$

978,686



$

(230,716,757)



$

15,644,768


Issuance of common stock for:

































Exercise of stock options, RSUs &RSAs, net









8,583




86




(86)











Issuance of common stock under private equity placement









1,600,000




16,000




7,878,045










7,894,045


Issuance of common stock for acquisition of Visimid









112,323




1,123




348,877










350,000


Stock-based compensation on stock options, RSUs &RSAs















349,624










349,624


Foreign currency translation adjustment


















92,383







92,383


Net loss





















(2,893,002)




(2,893,002)


Balances at September 30, 2025



24,956



$

34,232,510




44,670,213



$

446,702



$

253,529,806



$

1,071,069



$

(233,609,759)



$

21,437,818


Issuance of common stock for:

































Exercise of stock options, RSUs &RSAs, net









120,234




1,203




(1,203)











Exercise of warrants









739,730




7,397




(7,397)











Issuance of common stock under public equity placement









8,912,500




89,125




65,251,709










65,340,834


Stock-based compensation on stock options, RSUs & RSAs















348,986










348,986


Foreign currency translation adjustment


















212,859







212,859


Net loss





















(9,405,409)




(9,405,409)


Balances at December 31, 2025



24,956



$

34,232,510




54,442,677



$

544,427



$

319,121,901



$

1,283,928



$

(243,015,168)



$

77,935,088


Issuance of common stock for:

































Employee Stock Purchase Plan









2,302




23




24,839










24,862


Exercise of stock options, RSUs & RSAs, net









112,723




1,127




11,376










12,503


Exercise of warrants









2,728,968




27,290




(27,290)











Fees for issuance of common stock under public equity placement















(98,293)










(98,293)


Issuance of common stock for acquisition of Amorphous









83,518




835




1,026,245










1,027,080


Issuance of common stock for acquisition of G5









297,445




2,974




3,146,968










3,149,942


Conversion of Series G Preferred to Common



(7,610)




(10,438,326)




3,539,379




35,394




10,402,932










10,438,326


Stock-based compensation on stock options, RSUs & RSAs















704,717










704,717


Foreign currency translation adjustment


















1,739







1,739


Net loss





















(4,106,287)




(4,106,287)


Balances at March 31, 2026



17,346



$

23,794,184




61,207,012



$

612,070



$

334,313,395



$

1,285,667



$

(247,121,455)



$

89,089,677



































Balances at June 30, 2024





$




39,254,643



$

392,546



$

245,140,758



$

509,936



$

(215,843,575)



$

30,199,665


Issuance of common stock for:

































Employee Stock Purchase Plan









8,232




82




10,290










10,372


Exercise of Stock Options, RSUs & RSAs, net









70,309




703




(703)











Issuance of common stock for acquisition of Visimid









279,553




2,796




318,562










321,358


Stock-based compensation on stock options, RSUs & RSAs















264,475










264,475


Foreign currency translation adjustment


















271,594







271,594


Net loss





















(1,622,745)




(1,622,745)


Balances at September 30, 2024





$




39,612,737



$

396,127



$

245,733,382



$

781,530



$

(217,466,320)



$

29,444,719


Issuance of common stock for:

































Exercise of Stock Options, RSUs & RSAs, net









229,097




2,291




(2,291)











Shares issued as compensation









49,000




490




89,180










89,670


Stock-based compensation on stock options, RSUs & RSAs















231,581










231,581


Foreign currency translation adjustment


















(451,035)







(451,035)


Net loss





















(2,611,997)




(2,611,997)


Balances at December 31, 2024





$




39,890,834



$

398,908



$

246,051,852



$

330,495



$

(220,078,317)



$

26,702,938


Issuance of preferred stock under private equity placement, net of fees



24,956




19,648,488




















Issuance of common stock for:

































Employee Stock Purchase Plan









1,137




11




4,002










4,013


Exercise of Stock Options, RSUs & RSAs, net









238,641




2,387




788










3,175


Issuance of common stock for acquisition of Visimid









102,700




1,027




391,561










392,588


Issuance of common stock for acquisition of G5









1,972,501




19,725




4,852,343










4,872,068


Issuance of common stock under private equity placement, net of fees









687,750




6,878




1,584,014










1,590,892


Issuance of warrants under private placement, net of fees















177,445










177,445


Preferred cumulative dividends plus accretion






14,751,134










(14,751,134)










(14,751,134)


Stock-based compensation on stock options, RSUs & RSAs















194,303










194,303


Foreign currency translation adjustment


















120,572







120,572


Net loss





















(3,582,460)




(3,582,460)


Balances at March 31, 2025



24,956



$

34,399,622




42,893,563



$

428,936



$

238,505,174



$

451,067



$

(223,660,777)



$

15,724,400


LIGHTPATH TECHNOLOGIES, INC.
Condensed Consolidated Statements of Cash Flows
(unaudited)



Nine Months Ended




March 31,




2026



2025


Cash flows from operating activities:









Net loss


$

(16,404,698)



$

(7,817,202)


Adjustments to reconcile net loss to net cash used in operating activities:









Depreciation and amortization



3,717,691




3,356,752


Interest from amortization of loan issuance costs



90,124




161,905


Amortization of fair value of loan



90,321





Loss on extinguishment of debt



506,280




418,502


Change in fair value of warrant liability






(870,554)


Change in fair value of acquisition earnout liabilities



12,234,529




130,445


Earnout payment for acquisition of G5, net of financing portion



(3,813,587)





Loss on disposal of property and equipment



4,016




80,505


Stock-based compensation on stock options, RSUs & RSAs, net



1,261,577




745,155


Provision for credit losses



(26,034)




(3,014)


Change in operating lease assets and liabilities



(181,814)




(91,582)


Inventory write-offs to allowance



215,129




135,625


Deferred taxes



(64,323)




(2,368)


Changes in operating assets and liabilities, net of acquisitions:









Trade accounts receivable



(1,200,965)




(822,043)


Other current assets



(145,353)




73,362


Inventories



(247,597)




(1,206,340)


Prepaid expenses and deposits



(2,182,257)




(360,439)


Accounts payable and accrued liabilities



1,030,382




389,844


Net cash used in operating activities



(5,116,579)




(5,681,447)











Cash flows from investing activities:









Purchase of property and equipment



(1,844,395)




(580,726)


Proceeds from sale of equipment






10,648


Acquisition of Amorphous



(7,000,111)





Acquisition of G5






(20,250,011)


Net cash used in investing activities



(8,844,506)




(20,820,089)











Cash flows from financing activities:









Proceeds from exercise of stock options



12,503




3,175


Proceeds from sale of common stock from Employee Stock Purchase Plan



24,862




14,385


Proceeds from issuance of common stock under public equity placement, net of fees



65,242,541





Proceeds from issuance of common stock under private equity placement, net of fees



7,894,045




437,725


Proceeds from issuance of preferred stock under private equity placement, net of fees






18,842,138


Proceeds from issuance of warrants under private equity placement, net of fees






4,620,561


Earnout payment for acquisition of G5, net of operating portion



(3,536,471)





Deferred payment for acquisition of Visimid






(125,000)


Borrowings on loans payable






6,659,596


Loan issuance costs






(597,465)


Payments on loans payable



(5,442,930)




(149,118)


Repayment of finance lease obligations



(168,089)




(133,711)


Net cash provided by financing activities



64,026,461




29,572,286


Effect of exchange rate on cash and cash equivalents



292,769




(72,133)


Change in cash and cash equivalents



50,358,145




2,998,617


Cash and cash equivalents, beginning of period



4,877,036




3,480,268


Cash and cash equivalents, end of period


$

55,235,181



$

6,478,885











Supplemental disclosure of cash flow information:









Interest paid in cash


$

390,457



$

66,136


Income taxes paid


$

194,527



$

118,016


Supplemental disclosure of non-cash investing & financing activities:









Purchase of equipment through finance lease arrangements


$

275,471



$

93,048


Operating right-of-use assets acquired in exchange for operating lease liabilities


$

1,956,911



$


Issuance of common stock for acquisition of Visimid


$

350,000



$

713,946


Issuance of common stock for acquisition of G5, including earnouts


$

3,149,942



$

4,872,068


Issuance of common stock for acquisition of AML, including earnouts


$

1,027,080



$


Accrual of earnout consideration for acquisition of G5


$



$

3,536,471


Accrual of earnout consideration for acquisition of AML


$

1,780,000



$


Extinguishment of debt in exchange for common stock, preferred stock, warrants and a note


$



$

3,057,110


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SOURCE LightPath Technologies