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Lightpath Technologies Inc.

LPTH

Lightpath Technologies is a vertically integrated provider of optical solutions, specializing in the design and manufacture of precision molded aspheric lenses and infrared imaging systems.

Market cap
$650.64M+127%
Revenue$71.7M+92.8%
Net income-$20.5M-38.1%
Free cash flow-$16.5M-71.9%
Trailing twelve months · change vs. prior year

Earnings

Next report

Nov 10, 2026 (in 2 months)
Revenue estimate$21.8M
EPS estimate-$0.02

Financials

Q4 2026

Income statement

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Revenue$21.2M+73.3%
Net income-$4.1M+41.3%

Balance sheet

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Cash & equivalents$93.2M+1,811%
Total debt$11.0M+5.7%
Total equity$149.5M+855%
Total assets$194.0M+138%

Cash flow

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Operating cash flow-$5.1M-92.8%
CapEx$4.4M+549%
Free cash flow-$9.5M-186%

Valuation & ratios

Valuation

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Market cap$650.64M+127%
Enterprise value$568.45M+113%
P/S9.1×+2.0×

Profitability

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Net margin-28.6%-6.3pp
FCF margin-23%-2.2pp

Returns & leverage

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Return on equity-24.9%-9.5pp
Debt / equity0.1×-0.6×
Current ratio+3.3×

Segments

By product

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Assemblies And Modules$10.4M+127%
Infrared Components$5.8M+27.1%
Visible Components$4.2M+49.5%
Engineering Services$776.9K+196%

Competitors

Profile

Lightpath Technologies is a vertically integrated provider of optical solutions, specializing in the design and manufacture of precision molded aspheric lenses and infrared imaging systems. The company leverages proprietary materials and molding technologies to deliver components, assemblies, and complete camera modules for high-performance applications. Its value proposition centers on moving up the value chain from individual components to complex optical engineered solutions that reduce size, weight, and cost for its customers.

Competitive position

Lightpath is a leader in precision glass molding and a pioneer in germanium-alternative materials like BlackDiamond glass. It differentiates itself through vertical integration, controlling the process from raw material fabrication to finished camera system assembly.

GeographiesUnited States, Latvia, China, Europe, Asia
Customer segmentsDefense Prime Contractors, Government Agencies, Industrial OEMs, Medical Device Manufacturers
Business modelVertically Integrated Manufacturing, B2B Engineering Services, Original Equipment Manufacturer (OEM)
SuppliersGlass material suppliers (CDGM, Ohara, Sumita), Infrared crystal suppliers, Specialty chemical and inert gas vendors, Semiconductor detector manufacturers
CustomersDefense prime contractors, System integrators, Industrial equipment manufacturers, Government and law enforcement agencies
Listed1996
Employees327.0
CEOShmuel Rubin
FilingsSEC EDGAR

FAQ

What is Lightpath Technologies Inc.'s market cap?
Lightpath Technologies Inc. (LPTH) has a market capitalization of $650.6M and trades on NASDAQ.
What is Lightpath Technologies Inc.'s revenue and profitability?
Lightpath Technologies Inc. generated $71.7M in trailing twelve-month revenue with a net loss of $20.5M, representing a net margin of -28.6%. Gross margin stands at 26.8%, with free cash flow of -$16.5M. The latest reported period is Q4 2026.
Who are Lightpath Technologies Inc.'s competitors?
Lightpath Technologies Inc.'s key competitors include Teledyne FLIR, Coherent Corp., Leonardo DRS, and others. These companies compete in similar markets and product categories.
Who does Lightpath Technologies Inc. partner with?
Lightpath Technologies Inc.'s notable partners include Lockheed Martin, Space Florida, Hengtu Optical Technology Co., Ltd..
What subsidiaries does Lightpath Technologies Inc. have?
Lightpath Technologies Inc.'s subsidiaries include ISP Optics Corporation, Visimid Technologies, G5 Infrared LLC, and others.
Where is Lightpath Technologies Inc. headquartered?
Lightpath Technologies Inc. is headquartered in United States of America and employs approximately 327 people. It has been publicly traded since 1996.