LightPath Technologies Inc

lightpath.com

What Do They Do?

Manufactures optical components, infrared materials, cameras and optical systems for defense contractors, system integrators, government agencies and industrial equipment makers.

How Do They Make Money?

Customers pay for optical components, assemblies and modules when the products are delivered. They pay for engineering projects when the agreed deliverable is provided.

revenue

Segment	Share	How money arrives
Infrared Components Sold outright	30% FY2023: 44%	Sold outright
Visible Components Sold outright	22% FY2023: 41%	Sold outright
Assemblies and Modules Sold outright	44% FY2023: 14%	Sold outright
Engineering Services Sold outright	4.4% FY2023: 1.3%	Sold outright

Who Are Their Customers?

Defense contractors and system integrators are the main buyers, alongside government agencies, industrial equipment makers, medical instrument makers and research institutions. Sales are direct to contractors and integrators, through government contracts, and through distributors for standard products and some international markets.

Customers above 10% of revenue, FY2026

of revenue from three customers (24%, 7%, 6%)

FY2025: 22% from three customers

Do Revenues Turn Into Profits?

No. It lost $20.5M in FY2026.

Operating income, FY2026

−27% of revenue

▲ +66% (Loss) vs FY2025 (−$11.8M, −32%)

Net income, FY2026

−29% of revenue

▲ +38% (Loss) vs FY2025 (−$14.9M, −40%)

Free cash flow, FY2026

−23% of revenue

▲ +72% (Loss) vs FY2025 (−$9.6M, −26%)

How Are They Changing?

Growing. Revenue grew 2.0x in 4 years, from $35.6M in FY2022 to $71.7M in FY2026, about 19% a year.

Expanded camera and system offerings The older report described a business centered on optical components, with strategy to partner on complete optical subsystems. The latest report adds cameras, camera subsystems and systems to that offering, alongside further acquisitions that added imaging and infrared materials capabilities.

Selling the China operations The older report described China-based manufacturing as part of the company’s facilities and as a lower-cost source for larger-volume components and assemblies. The latest report says it has agreed to sell those operations and keep buying products from the buyer as a third-party vendor.

Revenue over time

Infrared Components Visible Components Assemblies and Modules Engineering Services

$100M$50M$0

FY2023 FY2024 FY2025 FY2026

Who Do They Compete With?

Competes with MKS Instruments, Controp Precision Technologies, Teledyne FLIR, Clear Align, Lockheed Martin, Anduril Industries, RTX, and Elbit Systems

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