LightPath FY2026: Revenue Nearly Doubles to $71.7M, Backlog Hits $110.9M
LPTH sits 89% above its 52-week low of $5.17.
Summary
LightPath's FY2026 annual report confirms the turnaround: revenue nearly doubled to $71.7M, gross margin expanded 9 points, and Adjusted EBITDA turned positive. A $110.9M backlog and $93.2M cash position provide a strong foundation for FY2027.
Key Events · Earnings and Guidance · LPTH
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Revenue Nearly Doubles to $71.7M
FY2026 revenue of $71.7 million, up 93% from $37.2 million in FY2025, driven by G5 Infrared's full-year contribution and the AML acquisition.
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Gross Margin Expands to 36%
Gross margin improved from 27% to 36% as higher-margin assemblies and modules grew to 44% of revenue from 23% last year.
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Adjusted EBITDA Turns Positive
Adjusted EBITDA of $4.2 million versus a $5.1 million loss in FY2025. Net loss of $20.5M includes a $15.6M non-cash earnout fair-value adjustment.
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Backlog Reaches $110.9M
Total backlog of $110.9 million as of June 30, 2026, with $85.6 million expected to convert to revenue in FY2027.
Analysis · LPTH · Manufacturing
LightPath's first full-year report since its G5 Infrared and AML acquisitions shows revenue up 93% to $71.7 million and gross margin expanding from 27% to 36%. The company turned Adjusted EBITDA positive at $4.2 million versus a $5.1 million loss last year. A $110.9 million backlog — with $85.6 million deliverable within 12 months — provides visibility into FY2027. The balance sheet is transformed: $93.2 million in cash after raising $120.2 million in equity during the year, eliminating the liquidity concerns that existed before the December and June offerings. The net loss of $20.5 million is driven almost entirely by a $15.6 million non-cash fair-value adjustment on the G5 earnout liability, not operational weakness.
How filings like this one have moved
In the 30 days to Sep 11, 2026, 30.5% of the 1993 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.21%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, LPTH was trading at $9.77 on NASDAQ in the Manufacturing sector, with a market capitalization of approximately $642.4M. The 52-week trading range was $5.17 to $18.94. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.