LightPath Technologies, Inc.

Third-quarter fiscal 2026 revenue was $19.1 million, up 109% from $9.2 million a year ago. Gross profit was $7 million, or 36% of revenue, versus $2.7 million, or 29%, last year. Net loss was $4.1 million, or $0.07 per share, versus a net loss of $3.6 million, or $0.09 per share, in the prior-year quarter. Adjusted EBITDA was positive $1.1 million versus an adjusted EBITDA loss of $1.6 million a year ago. Backlog was approximately $110.6 million, up 196% from $37.4 million at June 30, 2025. Cash and cash equivalents were $55.2 million as of March 31, 2026, versus $4.9 million as of June 30, 2025. Management said Q3 CapEx approved was $6 million. For operating expenses, excluding a $3.4 million fair value adjustment tied to the G5 earn-out liability, Opex increased to $7.8 million from $6 million. No formal quarterly or full-year revenue/EPS guidance was given, but management said backlog is mostly for the next 12 months, capacity is being expanded now, and margin expansion should continue in coming quarters.

Sam Rubin framed the quarter as proof that LightPath has moved from a component supplier to a vertically integrated infrared optics and camera systems provider. He emphasized the company’s BlackDiamond glass, the Amorphous acquisition, and G5 Infrared as key enablers of larger optics, more camera redesign wins, and a supply chain aligned with U.S. defense sourcing requirements. His tone was confident and expansionary, repeatedly stressing that demand is already ahead of capacity and that the next phase is rapid scaling over the next three years.

Albert Miranda highlighted the hard numbers: revenue of $19.1 million, gross profit of $7 million, 36% gross margin, positive adjusted EBITDA of $1.1 million, and backlog of about $110.6 million. He noted operating expenses included a $3.4 million fair value adjustment for the G5 earn-out liability, and that excluding it, Opex was $7.8 million, up 30% year over year. He also pointed to $55.2 million in cash, said the company used $7 million for the AML acquisition and $7.3 million toward the G5 year-1 earnout, and described year-to-date operating cash outflow as $1.3 million excluding the GAAP earn-out quirk. His message was that the balance sheet provides runway for CapEx and working capital, and that margins should continue to expand as scale builds.

Analysts focused on how broad the expected demand step-up will be, how much of it is tied to specific defense funding streams, and what capacity expansion means for revenue and CapEx. Management said the near-term step-up should come from both existing camera customers and new customers adopting BlackDiamond-based products, while assemblies should broaden into new markets now that larger optics are possible. On CapEx, Al Miranda said Q3 CapEx approved was $6 million and that spend will be capacity-driven. On margins, he said the path from 36% to 40% gross margin should still happen, though perhaps with a quarter or two of delay due to scaling costs.