Lightwave Logic, Inc.

lightwavelogic.com

What Do They Do?

Sells electro-optic polymer materials and related intellectual property for semiconductor foundries, photonic-device designers, and optical-module makers.

How Do They Make Money?

A licensee pays an upfront fee and minimum royalties annually over a four-year material-supply and license agreement, with additional royalties tied to licensed-product sales; customers also pay for joint-development work.

FY2025 revenue

Who Are Their Customers?

Works with semiconductor foundries, silicon-photonics device designers, and optical-module makers or system integrators serving AI, cloud-computing, data-center, and telecommunications markets.

Customers above 10% of revenue, FY2025

of revenue from two customers (55%, 45%)

FY2024: 100% from two customers

Do Revenues Turn Into Profits?

No. It lost $20.3M in FY2025.

Operating income, FY2025

−8765% of revenue

▼ −10% (Loss) vs FY2024 (−$23.1M, −24151%)

Net income, FY2025

−8576% of revenue

▼ −10% (Loss) vs FY2024 (−$22.5M, −23571%)

Free cash flow, FY2025

−6367% of revenue

▼ −15% (Loss) vs FY2024 (−$17.8M, −18637%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +28%; vs $25.6K in Q2 FY2025
Net income: ▲ +33% (Loss); vs −$5M in Q2 FY2025

Jul 20, 2026 Appointed Fred Graffam as chief financial officer He took the role immediately, while Ana Quan became vice president of finance and corporate controller.

Growing. Revenue grew 5.8x in 2 years, from $40.5K in FY2023 to $236.9K in FY2025, about 142% a year.

From devices to materials and licensing The older report described Lightwave Logic as developing its own modulators and photonic integrated circuits, with in-house fabrication and foundry partners to scale them. The latest report centers on supplying electro-optic polymer materials and licensing related intellectual property for customers’ device platforms, rather than making finished photonic devices.

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