LightPath Technologies, Inc. (NASDAQ: LPTH) announced financial results for its fiscal year 2026, which ended June 30, 2026. The company reported total revenue of $71.7 million for the year, representing a 92.7% increase compared to $37.2 million in the prior year. Revenue growth was driven by acquisitions of G5 Infrared and Amorphous Materials, Inc. (AML), as well as increased demand for infrared components, visible components, and assemblies and modules.
For the fourth quarter of fiscal 2026, revenue reached $21.2 million, up 73.8% from $12.2 million in the prior year. The company noted that growth in infrared components was driven by materials sales from AML and shipments to defense and industrial customers, while assemblies and modules revenue increased due to deliveries of G5 Infrared camera and module programs.
Gross profit for fiscal 2026 totaled $25.8 million, or 36.0% of revenue, a significant improvement from $10.1 million, or 27.2% of revenue, in the prior year. This margin expansion was attributed to a favorable product mix, specifically the increased contribution from assemblies and modules, which carry higher margins than components. The company also reported a net loss of $20.5 million for the year, or $0.38 per share, compared to a net loss of $14.9 million, or $0.36 per share, in fiscal 2025.
Adjusted EBITDA for fiscal 2026 was $4.2 million, or 6% of revenue, compared to an adjusted EBITDA loss of $5.1 million in the prior year. The company ended the fiscal year with a record order backlog of approximately $110.9 million, a 197% increase from $37.4 million at the end of the prior year. Of this backlog, approximately $85.6 million is scheduled for delivery within the next twelve months.
In other corporate developments, LightPath completed a $50.0 million primary offering of common stock at $14.00 per share in June 2026, resulting in a cash balance of $93.2 million. The company also signed a definitive agreement to divest its subsidiary, LightPath (Zhenjiang) Optical Instrumentation Co., Ltd., for $4.5 million, payable in installments over five years, to complete its transition to a Western-aligned manufacturing footprint.
Management highlighted that the company is positioned to benefit from legislation enacted in December 2025 directing the Department of Defense to eliminate reliance on covered nations for optical glass and systems. The company stated that defense programs are currently in the qualification cycles, which run two to three years, and that its BlackDiamond glass portfolio is designed to meet these requirements.
