LightPath Technologies(NASDAQ) LPTH

LightPath Technologies makes lenses that help machines see light. Their products help doctors and defense teams use infrared technology. These tools let devices detect heat in difficult environments.

What LightPath Builds

• Assemblies and Modules: Complete imaging units and camera subsystems; accounts for 44.4% of revenue in fiscal year 2026.
• Infrared Components: Specialized lenses made from materials that detect heat, representing 29.6% of revenue in fiscal year 2026.
• Visible Components: Traditional glass lenses used in industrial tools and scanners; accounts for 21.6% of revenue in fiscal year 2026.
• Engineering Services: Custom design and consulting for defense and commercial projects; roughly 4.4% of revenue in fiscal year 2026.

Expanding the Reach

• Acquired Visimid Technologies in July 2023 to add thermal imaging and night vision expertise.
• Purchased G5 Infrared in February 2025 to expand into cooled infrared cameras for counter unmanned aerial systems (C-UAS).
• Bought Amorphous Materials in January 2026 to increase infrared glass fabrication capabilities.
• Announced the sale of its Chinese subsidiary, LPOIZ, in July 2026 to focus on domestic manufacturing.

Leading with Materials

LightPath uses proprietary BlackDiamond glass as an alternative to Germanium, a rare metal often controlled by China. This reduces supply chain risks while providing a secure source for defense and government customers. The company also operates manufacturing sites in the United States and Latvia.

The Numbers Behind the Shift

• Revenue was $71.7 million in fiscal year 2026, up 93% year over year.
• Gross margin reached 36% in fiscal year 2026, up from 27% in fiscal year 2025.
• Sales backlog hit $110.9 million as of June 30, 2026, up 197% year over year.
• Adjusted EBITDA was $4.2 million in fiscal year 2026, compared to a loss of $5.1 million in fiscal year 2025.
• Cash and cash equivalents were $93.2 million as of June 30, 2026.

Bottom Line

LightPath has evolved from selling simple lens parts to providing complex thermal imaging systems. By controlling its own glass materials, the company has lowered supply risks while expanding into high-value defense markets.