LPTH
LightPath Technologies, Inc.

LightPath Technologies, Inc.LPTH

Technology · Electronic Components
7.06USD
+14.80%
Nov 08, 2026
LPTH overview ready
Supplier of precision visible and infrared optics for defense and aerospace
Vertically integrated supplier of precision visible and infrared optics, proprietary chalcogenide infrared glass, coatings, lens assemblies, and cooled/uncooled thermal-imaging camera systems for defense, aerospace, security and industrial customers.
Primary theme is lagging
Optical / Photonics is lagging (-26.6pp vs SPY over 21 sessions; 1 of 12 members ahead of SPY).
Price trend is broken
Longer-term context reads trend under pressure, with a near-term setup of distribution pressure.
The tactical setup reads distribution pressure, but the weekly structure is broken.
Demanding valuation
The price embeds expectations that run ahead of the cash it currently generates.
Fundamentals not measured
Primary risk
Dependence on defense procurement budgets and timing.
Market Nov 6Filing Jun 30Price action Nov 7Research Oct 2

Conviction Level

PriceAction1.4BusinessPerformance4.0BusinessQuality—Valuation2.1ThemeMomentum1.0Decelerating — Revenue is still growing (+73% YoY), but growth has slowed for 2 consecutive quarters, down from +120%. Reported earnings improved faster than operating income, so most of the improvement did not come from operations. — From filed financial statements. Describes the recent trajectory of the business, not the stock. 20 of the 100 Conviction points.

Conviction uses Price Action, Business Performance, Business Quality, Valuation. Theme Momentum is research context, not an input.

Theme momentumPrimary theme · group context, not entry timing
vs SPY
−26.6pp
Theme return
−31.6%
Beating SPY
1 of 12
21 sessions to Nov 6, 2026 · Theme Leadership V2
Price
Loading price history…

Price Action

Price trend is broken
Longer-term context reads trend under pressure, with a near-term setup of distribution pressure.
The tactical setup reads distribution pressure, but the weekly structure is broken.
EntryDamaged / breakdown

The technical structure itself is broken across timeframes — the weakest entry profile.

Key Financials

Market Cap
$494.5M
Avg Volume (60D)
3.0M
60 sessions
Revenue Growth YoY
+92.8%
FY2026 vs FY2025
Gross Margin
+36.0%
Trailing twelve months
Operating Margin
-27.4%
Trailing twelve months
Free Cash Flow Yield
-3.3%
Distance from 200DMA
-40.0%
Next Earnings
2026-11-10
P/E
N/M
Market metrics as of Nov 6, 2026
Financial results for the period ended Jun 30, 2026

Business Performance

Decelerating

Revenue is still growing (+73% YoY), but growth has slowed for 2 consecutive quarters, down from +120%. Reported earnings improved faster than operating income, so most of the improvement did not come from operations.

Latest reported: Q4 FY2026, ended Jun 30
Revenue growthSlowing
+73%
$21.2M in Q4 FY2026 · YoY
YoY growth, last 4 quarters
  1. +79%
  2. +120%
  3. +109%
  4. +73%
Earnings growthLoss narrowing
-$0.06
Diluted EPS -$0.06 vs -$0.16 a year earlier · GAAP, from the earnings release
Too few comparable EPS quarters: a loss or a turn to profit has no meaningful percentage.
Operating marginExpanding
-20.3%
+16.6 pp YoY · gross margin 39.4% (+17.4 pp)
Earnings improved more than operations did
The business is consuming cash
The share count is rising

Business Quality

Not assessed

Not assessed yet — the business is too early-stage for its economics to show in filings.

Fundamentals & Valuation

Both valuation perspectives agree this company is expensive.
LightPath Technologies, Inc. has an Expensive valuation stance because the price embeds expectations that run ahead of the cash it currently generates.

What changed

  • LPTH rose 14.8% in one session
    LPTH closed +14.8% while the broad market was close to flat (+0.3%).
    2026-11-06
  • LIGHTPATH TECHNOLOGIES INC — 8-K (items 8.01, 9.01)
    Reported on 8-K, dated 2026-11-05. LPTH closed -13.4% against a broad market that moved -4.4%.
    2026-11-05 · source
  • LPTH rose 12.7% in one session
    LPTH closed +12.7% while the broad market was close to flat (+0.6%).
    2026-10-27
  • LPTH fell 11.0% in one session
    LPTH closed -11.0% while the broad market was close to flat (-1.1%).
    2026-10-14

Company Research

Thesis
Vertically integrated supplier of precision visible and infrared optics, proprietary chalcogenide infrared glass, coatings, lens assemblies, and cooled/uncooled thermal-imaging camera systems for defense, aerospace, security and industrial customers.
Opportunity
High opportunity
Defense procurement and industrial-base investment in electro-optical/infrared sensing, imaging, targeting, surveillance and platform electronics needed to detect, identify and counter increasingly sophisticated threats.
Key risk
Dependence on defense procurement budgets and timing.

Economic classification

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Business & Markets

Technology · Electronic Components
What they do

LightPath Technologies designs, manufactures, and distributes precision optical components and assemblies, including visible and infrared optics, primarily serving defense, aerospace, security, and industrial markets globally.

How it earns

The company generates revenue through transactional sales of optical components, assemblies, and thermal imaging systems.

Products & services
Precision molded glass aspheric optics
Thermal imaging assemblies
Molded and diamond-turned infrared aspheric lenses
Spherical lenses
Cooled and uncooled thermal-imaging camera systems
Proprietary chalcogenide infrared glass and coatings
Customers & end markets
Defense contractors and military agencies
Aerospace companies
Security and surveillance providers
Industrial equipment manufacturers
Market position

Niche vertically integrated supplier specializing in precision visible and infrared optics and thermal imaging systems.

Demand drivers
Medium cyclicality

Demand is influenced by defense spending cycles and industrial investment trends.

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