Robust Demand for Germanium-Free Optics Drives Meaningful Backlog Growth with Defense and Public Safety Customers
ORLANDO, Fla., Sept. 25, 2025 -- 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 2025 fourth quarter and full year ended June 30, 2025.
Financial Summary:
Three Months Ended June 30, | Year Ended June 30, | |||||||||||||||||||||||
$ in millions | 2025 | 2024 | % | 2025 | 2024 | % | ||||||||||||||||||
Revenue | $ | 12.2 | $ | 8.6 | 41.4 | % | $ | 37.6 | $ | 31.7 | 17.3 | % | ||||||||||||
Gross Profit | $ | 2.7 | $ | 2.5 | 6.6 | % | $ | 10.1 | $ | 8.6 | 17.4 | % | ||||||||||||
Operating Expenses | $ | 7.2 | $ | 4.7 | 52.0 | % | $ | 22.0 | $ | 16.5 | 33.4 | % | ||||||||||||
Net Income (Loss) | $ | (7.1) | $ | (2.4) | -199.8 | % | $ | (14.9) | $ | (8.0) | -85.7 | % | ||||||||||||
Adjusted EBITDA* (non-GAAP) | $ | (2.0) | $ | (1.1) | -77.1 | % | $ | (5.1) | $ | (2.8) | -83.8 | % | ||||||||||||
Fourth Quarter Fiscal 2025 & Subsequent Highlights:
- Announced $18.2 million purchase order for infrared ("IR") cameras from a leading global technology customer expected to be delivered in CY 2026, and a follow-on $22.1 million purchase order for a second tranche expected to be delivered in CY 2027.
- Secured $8.0 million strategic investment from Ondas Holdings and Unusual Machines to support LightPath's continued growth and leadership as a provider of IR imaging solutions to the growing drone/UAV sector.
- Commenced production of two high-end cooled IR camera products, redesigned from our subsidiary, G5 Infrared, LLC's ("G5") original design to utilize LightPath's Proprietary BlackDiamond™ Glass in place of Germanium.
- G5 launched its first industrial-grade mid-wave IR ("MWIR") optical gas imaging ("OGI") camera alongside a successful test at a certified facility, validating its performance in-line with the U.S. EPA guidelines.
- Awarded an initial $2.2 million engineering development model ("EDM") order for IR cameras by L3Harris Technologies to support the Navy's Shipboard Panoramic Electro-Optic/Infrared (SPEIR) Program.
- Secured an aggregate of $9.7 million in orders for cooled IR cameras with an existing defense customer for counter UAV applications, for planned delivery in fiscal 2026.
- Participated in leading industry and investor conferences including the Canaccord 45th Annual Growth Conference,
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