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WKN: 776051 | ISIN: US5322578056 | Ticker-Symbol: LPZB
Frankfurt
21.11.24
16:04 Uhr
1,390 Euro
-0,080
-5,44 %
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LIGHTPATH TECHNOLOGIES INC Chart 1 Jahr
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LIGHTPATH TECHNOLOGIES INC 5-Tage-Chart
PR Newswire
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LightPath Technologies Reports First Quarter Fiscal 2025 Financial Results

Finanznachrichten News

ORLANDO, Fla., Nov. 7, 2024 /PRNewswire/ -- LightPath Technologies, Inc. (NASDAQ: LPTH) ("LightPath," the "Company," or "we"), a leading provider of next-generation optics and imaging systems for both defense and commercial applications, today announced financial results for its fiscal 2025 first quarter ended September 30, 2024.

Financial Summary:


Three Months Ended September 30,


$ in millions

2024

2023

% Change

Revenue

$8.4

$8.1

4 %

Gross Profit

$2.8

$2.3

22 %

Operating Expenses

$4.2

$3.6

18 %

Net Loss

($1.6)

($1.3)

21 %

EBITDA* Loss (non-GAAP)

($0.5)

($0.4)

25 %






Fiscal 2025 First Quarter Highlights:

  • Secured Order for Thermal Imaging Assemblies for New Program with Tier-1 Defense Customer
  • Awarded Phase 2 Funding in U.S. Defense Department Partnership to Qualify Additional Germanium Substitutes
  • Achieved Key Qualification Milestone with Lockheed Martin for U.S. Army Missile Program
  • Received Infrared Lens Assemblies Order from Existing European Defense Customer
  • Successfully Transitioned Key Customer from Germanium to BlackDiamond Glass Optics
  • Launched Several Innovative Products, Including:
    • Next-Generation Mantis Camera into $500 Million Global Furnace Monitoring Market
    • New Optical Gas Imaging Camera for Oil & Gas Applications, Launched at the CH4 Connections Conference
    • Introduced First AI-ready EdgeIR Cameras in Collaboration with Maris Tech

Management Commentary

Sam Rubin, President and Chief Executive Officer of LightPath, stated, "The first quarter of fiscal 2025 was highlighted by new orders and continued product innovation to support our strategic transition plan towards becoming a next-generation optics and imaging solutions provider. Momentum toward LightPath 2.0, as we refer to our product groups for customized lens assemblies and solutions and related engineering services, was underscored by an increase from 19% of revenue in the first quarter of 2024, to 30% in the first quarter of 2025.

Our continued focus on defense drove both near-term orders as well as development contracts for more lucrative opportunities in the medium-term. We received an initial development contract from a new European defense customer for the use of BlackDiamond glass in optical systems, as well as a follow-on order from a European defense customer for infrared lens assemblies for use in first-person view drone applications. These orders are a validation of our recent efforts to obtain a European Defense license - allowing us to tap into a critical new market - and expand the capabilities at our Latvia facility.

We also hit key qualification milestones for new defense programs. We received qualification of our advanced thermal camera system by Lockheed Martin as part of a bid to produce a design of a major missile program for the U.S. Army. We will now start delivering flightworthy hardware for implementation into Lockheed Martin's initial live test units. In addition, an existing key defense customer using Germanium lenses successfully completed the qualification and evaluation of new optics made from our proprietary Black Diamond chalcogenide-based glass.

During the quarter, we continued to launch application-specific variations of our thermal imaging cameras, each of which introduces capabilities previously unavailable within a single camera. We launched a new Optical Gas Imaging ("OGI") camera platform to detect fugitive emissions. Our first variation for oil and gas applications is useful for detecting methane, volatile organic compounds, hydrocarbons, and other industrial gases that can be harmful to the environment or human health. We also introduced new versions of the Mantis camera, including a high-temperature furnace monitoring camera and a long-range detection camera, as well as AI-enabled thermal cameras. Each of these bring incredibly incremental capabilities to our offerings, enabling us to capture market niches untapped by larger players in the market.

Looking ahead, we will continue to drive the future of imaging as seen through our proprietary BlackDiamond optics, leveraging our clear advantage in capabilities as compared to legacy Germanium-based solutions. With defined catalysts in the automotive, defense and camera solutions markets, I have never been more confident in our path ahead. As we move into 2025, our team firmly believes that we are well positioned to continue our transformation and build sustainable value for our shareholders over the long-term," concluded Rubin.

First Quarter Fiscal 2025 Financial Results

Revenue for the first quarter of fiscal 2025 increased 4% to $8.4 million, as compared to $8.1 million in the same quarter of the prior fiscal year. Revenue was split amongst the Company's product groups in the first quarter of fiscal 2025 as follows:

Product Group Revenue
($ in millions)**

First Quarter of Fiscal 2025

First Quarter of Fiscal 2024

% Change

Infrared ("IR") Components

$2.6

$3.8

(32 %)

Visible Components

$3.3

$2.7

23 %

Assemblies & Modules

$1.1

$1.3

(13 %)

Engineering Services

$1.4

$0.3

378 %

** Numbers may not foot due to rounding

  • Revenue generated by infrared components decreased 32% year-over-year to $2.6 million in the first quarter of fiscal 2025, primarily due to a decrease in sales against a large annual contract for Germanium-based products, which was not renewed in the second quarter of fiscal 2024 due to the Company's decision to reduce the amount of optics produced from Germanium, both to reduce risk of supply chain disruption, and more importantly, to work with customers to convert their systems to use optics made of LightPath's BlackDiamond materials.
  • Revenue from the visible components product group increased 23% year-over-year to $3.3 million in the first quarter of fiscal 2025, primarily due to an increase in sales to customers in the defense and medical industries, as well as sales through catalog and distribution channels.
  • Revenue from assemblies and modules decreased 13% year-over-year to $1.1 million in the first quarter of fiscal 2025, with the majority of the decrease driven by timing of shipments against a multi-year contract with a defense customer, partially offset by an increase in sales of infrared camera cores.
  • Revenue from engineering services increased 378% year-over-year to $1.4 million in the first quarter of fiscal 2025, primarily driven by the Company's contract with Lockheed Martin, where revenue is generally recognized based on the achievement of milestones.

Gross profit increased 22% to $2.8 million, or 34% of total revenues, in the first quarter of 2025, as compared to $2.3 million, or 29% of total revenues, in the same quarter of the prior fiscal year. The increase in gross margin as a percentage of revenue was primarily driven by a more favorable product mix weighted towards visible components sales and engineering services, which typically have higher margins than infrared components.

Operating expenses increased 18% to $4.2 million for the first quarter of fiscal 2025, as compared to approximately $3.6 million in the same quarter of the prior fiscal year. The increase was primarily due to higher legal and consulting fees related to business development initiatives, as well as increased sales and marketing spend to promote new products.

Net loss in the first quarter of fiscal 2025 totaled $1.6 million, or $0.04 per basic and diluted share, as compared to $1.3 million, or $0.04 per basic and diluted share, in the same quarter of the prior fiscal year. The increase in net loss was primarily attributable to the increased legal and consulting expenses related to business development initiatives.

EBITDA* loss for the quarter ended September 30, 2024, was approximately $0.5 million, compared to a loss of $0.4 million for the same period of the prior fiscal year. The decrease in EBITDA in the first quarter of fiscal 2025 was primarily attributable to the additional legal and consulting expenses related to business development initiatives.

Cash and cash equivalents as of September 30, 2024 totaled $4.3 million, as compared to $3.5 million as of June 30, 2024. As of September 30, 2024, total debt stood at $3.9 million and backlog totaled $21.0 million.

Conference Call

LightPath will host an investor conference call and webcast at 5:00 p.m. Eastern time on Thursday, November 7, 2024, to discuss the Company's fiscal 2025 first quarter financial results, provide a corporate update, and conclude with Q&A from telephone participants. To participate, please use the following information:

First Quarter Fiscal 2025 Earnings Conference Call
Date: Thursday, November 7, 2024
Time: 5:00 p.m. Eastern time
Dial-in Number: 1-800-717-1738
International Dial-in Number: 1-646-307-1865

Conference ID: 1194439
Webcast: LPTH Q1 FY2025 Earnings Conference Call

Please join at least five minutes before the start of the call to ensure timely participation.

A replay of the call will be available approximately one hour after completion through November 21, 2024. To listen to the replay, dial 1-877-512-2921 within the United States or 1-412-317-6671 when calling internationally, and enter conference ID #1194439. A webcast replay will also be available using the webcast link above.

About LightPath Technologies

LightPath Technologies, Inc. (NASDAQ: LPTH) is a leading provider of next-generation optics and imaging systems for both defense and commercial applications. As a vertically integrated solutions provider with in-house engineering design support, LightPath's family of custom solutions range from proprietary BlackDiamond chalcogenide-based glass materials - sold under exclusive license from the U.S. Naval Research Laboratory - to complete infrared optical systems and thermal imaging assemblies. The Company's primary manufacturing footprint is located in Orlando, Florida with additional facilities in Texas, Latvia and China. To learn more, please visit www.lightpath.com.

*Use of Non-GAAP Financial Measures

To provide investors with additional information regarding financial results, this press release includes references to EBITDA, which is a non-GAAP financial measure. The Company calculates EBITDA by adjusting net income to exclude net interest expense, income tax expense or benefit, depreciation, and amortization.

A "non-GAAP financial measure" is generally defined as a numerical measure of a company's historical or future performance that excludes or includes amounts, or is subject to adjustments, so as to be different from the most directly comparable measure calculated and presented in accordance with GAAP. The Company's management believes that this non-GAAP financial measure, when considered together with the GAAP financial measure, provide information that is useful to investors in understanding period-over-period operating results separate and apart from items that may, or could, have a disproportionately positive or negative impact on results in any particular period. Management also believes that this non-GAAP financial measure enhances the ability of investors to analyze underlying business operations and understand performance. In addition, management may utilize these non-GAAP financial measures as guides in forecasting, budgeting, and planning. Non-GAAP financial measures should be considered in addition to, and not as a substitute for, or superior to, financial measures presented in accordance with GAAP. A reconciliation of these non-GAAP financial measures with the most directly comparable financial measures calculated in accordance with GAAP is presented in the table below.

LIGHTPATH TECHNOLOGIES, INC.

Reconciliation of Non-GAAP Financial Measures and Regulation G Disclosure






(unaudited)



Three Months Ended September 30,



2024


2023

Net loss

$ (1,622,745)


$ (1,342,376)

Depreciation and amortization

989,562


813,556

Income tax provision

15,636


39,546

Interest expense

149,360


57,611


EBITDA

$ (468,187)


$ (431,663)


% of revenue

-6 %


-5 %

Forward-Looking Statements

This press release includes statements that constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "forecast," "guidance," "plan," "estimate," "will," "would," "project," "maintain," "intend," "expect," "anticipate," "prospect," "strategy," "future," "likely," "may," "should," "believe," "continue," "opportunity," "potential," and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements are based on information available at the time the statements are made and/or management's good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or suggested by the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, the impact of varying demand for the Company products; the ability of the Company to obtain needed raw materials and components from its suppliers; general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth; geopolitical tensions, the Russian-Ukraine conflict, and the Hamas/ Israel war; the effects of steps that the Company could take to reduce operating costs; rising inflation and increased interest rates, which diminish capital market cash flow and borrowing power; our inability to sustain profitable sales growth, convert inventory to cash, or reduce our costs to maintain competitive prices for our products; circumstances or developments that may make us unable to implement or realize the anticipated benefits, or that may increase the costs, of our current and planned business initiatives; and those detailed by us in our public filings with the Securities and Exchange Commission (the "SEC"), including in Item 1A, Risk Factors, in our Annual Report on Form 10-K for the year ended June 30, 2024 and Quarterly Reports on Form 10-Q. Should one or more of these risks, uncertainties, or facts materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by the forward-looking statements contained herein. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Except as required under the federal securities laws and the rules and regulations of the Securities and Exchange Commission, we do not have any intention or obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.

Contact
Lucas A. Zimmerman
MZ Group - MZ North America
[email protected]
949-259-4987

LIGHTPATH TECHNOLOGIES, INC.

Condensed Consolidated Balance Sheets

(unaudited)










September 30,


June 30,

Assets

2024


2024

Current assets:






Cash and cash equivalents

$ 4,280,637


$ 3,480,268


Trade accounts receivable, net of allowance of $20,870 and $25,676

5,196,840


4,928,931


Inventories, net

6,790,204


6,551,059


Prepaid expenses and deposits

538,580


445,900


Other current assets

2,218


131,177





Total current assets

16,808,479


15,537,335









Property and equipment, net

14,921,499


15,210,612

Operating lease right-of-use assets

6,514,321


6,741,549

Intangible assets, net

3,254,963


3,650,739

Goodwill



6,764,127


6,764,127

Deferred tax assets, net

123,000


123,000

Other assets



58,001


59,602





Total assets

$ 48,444,390


$ 48,086,964

Liabilities and Stockholders' Equity




Current liabilities:





Accounts payable

$ 2,661,862


$ 3,231,713


Accrued liabilities

1,413,876


1,911,867


Accrued payroll and benefits

1,487,707


1,446,452


Operating lease liabilities, current

1,028,981


1,059,998


Loans payable, current portion

2,963,855


209,170


Finance lease obligation, current portion

183,656


177,148





Total current liabilities

9,739,937


8,036,348









Deferred tax liabilities, net

331,755


326,197

Accrued liabilities, noncurrent

315,480


611,619

Finance lease obligation, less current portion

491,106


528,753

Operating lease liabilities, noncurrent

7,836,512


8,058,502

Loans payable, less current portion

284,881


325,880




Total liabilities

18,999,671


17,887,299









Commitments and Contingencies












Stockholders' equity:





Preferred stock: Series D, $.01 par value, voting;






500,000 shares authorized; none issued and outstanding

-


-


Common stock: Class A, $.01 par value, voting;






94,500,000 shares authorized; 39,612,737 and 39,254,643 shares issued and outstanding

396,127


392,546


Additional paid-in capital

245,733,382


245,140,758


Accumulated other comprehensive income

781,530


509,936


Accumulated deficit

(217,466,320)


(215,843,575)





Total stockholders' equity

29,444,719


30,199,665





Total liabilities and stockholders' equity

$ 48,444,390


$ 48,086,964

LIGHTPATH TECHNOLOGIES, INC.

Condensed Consolidated Statements of Comprehensive Income (Loss)

(unaudited)










Three Months Ended






September 30,






2024


2023

Revenue, net


$ 8,400,381


$ 8,077,248

Cost of sales

5,555,952


5,745,542




Gross profit

2,844,429


2,331,706

Operating expenses:





Selling, general and administrative

3,270,583


2,661,168


New product development

476,441


639,889


Amortization of intangible assets

395,776


281,271


Loss on disposal of property and equipment

78,437


-




Total operating expenses

4,221,237


3,582,328




Operating loss

(1,376,808)


(1,250,622)

Other income (expense):





Interest expense, net

(149,360)


(57,611)


Other income (expense), net

(80,941)


5,403


Total other expense, net

(230,301)


(52,208)




Loss before income taxes

(1,607,109)


(1,302,830)

Income tax provision

15,636


39,546




Net loss

$ (1,622,745)


$ (1,342,376)

Foreign currency translation adjustment

271,594


(125,208)




Comprehensive loss

$ (1,351,151)


$ (1,467,584)

Loss per common share (basic)

$ (0.04)


$ (0.04)

Number of shares used in per share calculation (basic)

39,561,480


37,431,748

Loss per common share (diluted)

$ (0.04)


$ (0.04)

Number of shares used in per share calculation (diluted)

39,561,480


37,431,748

LIGHTPATH TECHNOLOGIES, INC.

Condensed Consolidated Statements of Changes in Stockholders' Equity

(unaudited)






Accumulated






Class A

Additional

Other


Total




Common Stock

Paid-in

Comprehensive

Accumulated

Stockholders'




Shares

Amount

Capital

Income

Deficit

Equity


Balances at June 30, 2024


39,254,643

$ 392,546

$ 245,140,758

$ 509,936

$ (215,843,575)

$ 30,199,665


Issuance of common stock for:









Employee Stock Purchase Plan


8,232

82

10,290

-

-

10,372


Exercise of Stock Options, RSUs & RSAs, net


70,309

703

(703)

-

-

-


Issuance of common stock for acquisition of Visimid


279,553

2,796

318,562

-

-

321,358


Stock-based compensation on stock options, RSUs & RSAs


-

-

264,475

-

-

264,475


Foreign currency translation adjustment


-

-

-

271,594

-

271,594


Net loss


-

-

-

-

(1,622,745)

(1,622,745)


Balances at September 30, 2024


39,612,737

$ 396,127

$ 245,733,382

$ 781,530

$ (217,466,320)

$ 29,444,719




















Balances at June 30, 2023


37,344,739

$ 373,447

$ 242,808,771

$ 606,536

$ (207,836,229)

$ 35,952,525


Issuance of common stock for:









Employee Stock Purchase Plan


14,607

146

19,573

-

-

19,719


Exercise of Stock Options, RSUs & RSAs, net


14,482

145

(145)

-

-

-


Issuance of common stock for acquisition of Visimid


81,610

816

149,184

-

-

150,000


Stock-based compensation on stock options, RSUs & RSAs


-

-

240,075

-

-

240,075


Foreign currency translation adjustment


-

-

-

(125,208)

-

(125,208)


Net loss


-

-

-

-

(1,342,376)

(1,342,376)


Balances at September 30, 2023


37,455,438

$ 374,554

$ 243,217,458

$ 481,328

$ (209,178,605)

$ 34,894,735


LIGHTPATH TECHNOLOGIES, INC.

Condensed Consolidated Statements of Cash Flows

(unaudited)




Three Months Ended September 30,


2024


2023

Cash flows from operating activities:




Net loss

$ (1,622,745)


$ (1,342,376)

Adjustments to reconcile net loss to net cash (used in) provided by operating activities:




Depreciation and amortization

989,562


813,556

Interest from amortization of loan issuance costs

45,833


-

Loss on disposal of property and equipment

78,437


-

Stock-based compensation on stock options, RSUs & RSAs, net

264,475


240,075

Provision for credit losses

-


19

Change in operating lease assets and liabilities

(25,779)


24,946

Inventory write-offs to allowance

21,770


-

Deferred taxes

5,558


2,979

Changes in operating assets and liabilities:




Trade accounts receivable

(267,909)


1,399,160

Other current assets

128,959


(27,083)

Inventories

(260,915)


144,978

Prepaid expenses and deposits

(91,079)


13,335

Accounts payable and accrued liabilities

(966,368)


(129,600)

Net cash (used in) provided by operating activities

(1,700,201)


1,139,989





Cash flows from investing activities:




Purchase of property and equipment

(79,732)


(955,002)

Proceeds from sale of equipment

10,648


-

Proceeds from sale-leaseback of equipment

-


364,710

Acquisition of Visimid Technologies, net of cash acquired

(125,000)


(572,141)

Net cash used in investing activities

(194,084)


(1,162,433)





Cash flows from financing activities:




Proceeds from sale of common stock from Employee Stock Purchase Plan

10,372


19,719

Loan issuance costs

(300,000)


-

Borrowings on loans payable

3,000,000


-

Payments on loans payable

(53,695)


(206,518)

Repayment of finance lease obligations

(43,444)


(27,062)

Net cash (used in) provided by financing activities

2,613,233


(213,861)

Effect of exchange rate on cash and cash equivalents

81,421


(48,227)

Change in cash, cash equivalents and restricted cash

800,369


(284,532)

Cash, cash equivalents and restricted cash, beginning of period

3,408,268


7,144,490

Cash, cash equivalents and restricted cash, end of period

$ 4,208,637


$ 6,859,958





Supplemental disclosure of cash flow information:




Interest paid in cash

$ 20,990


$ 58,397

Income taxes paid

$ 16,903


$ 33,407

Supplemental disclosure of non-cash investing & financing activities:




Purchase of equipment through finance lease arrangements

-


$ 46,688

SOURCE LightPath Technologies

© 2024 PR Newswire
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