CrossAssetDataThe Company File
···
LPTH

LightPath Technologies, Inc.

LightPath Technologies, Inc. is classed by the SEC under Semiconductors & Related Devices (industry code 3674), based in Orlando, FL. In its latest annual figures on file, for the fiscal year ended 2025-06-30, it reported revenue of $37 million and a loss of $15 million (its filed statements).

Product business Semiconductors & Related Devices Orlando, FL filings since 1996 5 of 9 filed, 4 estimated
Ask the desk about LPTH → Compare LPTH with VLN → Price chart on TradingView ↗ Full EDGAR file ↗ Watch LPTH →

Sector peers: VLNLASRAIPPOET

4.2/10headline grade
vs its business-model standard
3.3/10past 4.3/10present 4.8/10future

Three tenses, nine metrics. Unseen metrics stay unseen; the grade never fakes a number. Proxy era: provisional values, marked. Weighed as a product business: prior from its industry code (SEC 3674, Semiconductors & Related Devices); the filing read can change it. All three tenses have at least two readings, so the archetype blend applies as printed.

The grade, in three tenses

Headline 4.2 out of ten, 5 of 9 metrics filed and 4 estimated: past 3.3 out of ten, present 4.3 out of ten, future 4.8 out of ten. The past asks what it actually did, the present what it is doing right now, the future what it is set up to do next.

The nine metrics

  • Surviving crises (past): 1.9 out of ten. 6 warning events since 2017; the latest 2025-05-16. 19th percentile among 99 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
  • Track record (past): 5.1 out of ten. CrossAssetData estimate 5.1/10, confidence 20 of 100 (family median). 50th percentile among 93 sector filers. A CrossAssetData estimate, not a filed reading: family median, confidence 20 of 100; its next annual report on file with the inputs replaces this estimate with the filed reading.
  • Shareholder treatment (past): 1.8 out of ten. CrossAssetData estimate 1.8/10, confidence 35 of 100 (one part). 18th percentile among 94 sector filers. A CrossAssetData estimate, not a filed reading: one part, confidence 35 of 100; a filing that carries the missing parts replaces this estimate with the filed reading.
  • Financial health (present): 3.3 out of ten. ROE -14%: lost 14¢ per shareholder dollar. Leverage 23%: owes 23¢ per asset dollar. 33rd percentile among 95 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
  • Industry position (present): 4.7 out of ten. bottom 47% of 97 in its family; net margin -28.6%. 47th percentile among 97 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
  • Leadership (present): 5.8 out of ten. top 42% of 66 in its family for leadership; chief executive since 2020. 58th percentile among 66 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-09).
  • Room to expand (future): 4.4 out of ten. bottom 44% of 94 in its family for room to expand. 44th percentile among 94 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
  • Growth drivers (future): 5.0 out of ten. CrossAssetData estimate 5.0/10, confidence 20 of 100 (family median). 50th percentile among 93 sector filers. A CrossAssetData estimate, not a filed reading: family median, confidence 20 of 100; its next annual report on file with the inputs replaces this estimate with the filed reading.
  • Expectations vs reality (future): 5.2 out of ten. CrossAssetData estimate 5.2/10, confidence 20 of 100 (family median). 50th percentile among 88 sector filers. A CrossAssetData estimate, not a filed reading: family median, confidence 20 of 100; its next annual report on file with the inputs replaces this estimate with the filed reading.

The filing record

Newest annual report: Form 10-K filed 2026-09-11 for the period ended 2026-06-30 (on EDGAR). Newest quarterly report: Form 10-Q filed 2026-05-07 for the period ended 2026-03-31 (on EDGAR). Newest results release: Form 8-K filed 2026-09-10 (on EDGAR). Newest filing: Form D, 2026-10-09. Filings on record since 1996. Read from EDGAR 2026-10-12.

How the company works

Read from its Form 10-K filed 2026-09-11.

The people

Shmuel (Sam) Rubin has been president, chief executive and a director since March 2020, and the strategy of moving from parts to cameras dates from his arrival. He came from Thorlabs, where as general manager he ran its imaging systems division and its life science business worldwide and built its operation in China; before that he co-founded Xlight Photonics, an optical communications start-up. Albert Miranda joined in April 2021 and became chief financial officer that May, after twelve years as president and chief financial officer of Jenoptik North America and earlier finance roles in the optical products groups of Carl Zeiss. Rosh Electroptics, owned and controlled by Rubin's father and brother, has been a non-exclusive sales representative for the company in Israel since 2020. [1, 2, 3, 4, 5, 6]

M. Scott Faris, a director since December 2011, has chaired the board since December 2022; he founded Eqlipse Quantum, which launches quantum technology companies for defense, and ran Infleqtion from 2021 to 2024. Two seats came with the financing of the G5 Infrared purchase, in which North Run bought convertible preferred shares: North Run's co-managing member Thomas Ellis joined the board, and North Run named Mark Caylor as an independent director, who joined in October 2025 after running Northrop Grumman's Mission Systems sector from 2018 to 2024. The board also includes Joseph Menaker, president of ISP from 1998 until LightPath bought it in 2016, and Kim Crider, a retired Air Force major general who was the first chief technology and innovation officer of the US Space Force. [7, 8, 9, 10, 11, 12, 13, 14, 15]

At June 30, 2026 LightPath had 425 employees, 414 of them full time: 214 in the United States, 107 in Riga, Latvia, and 104 in Zhenjiang, China, at the plant it has agreed to sell. [16, 17]

How it operates

LightPath makes optics, the lenses and glass that focus light, above all for infrared imaging, the thermal cameras at the center of its growth. It sells at every level of the chain: raw optical glass, including its own BlackDiamond infrared glass; molded and machined lenses for infrared and visible light; lens assemblies; and whole cameras, uncooled thermal cameras made in Texas and cooled long-range surveillance cameras made in New Hampshire. It also bills engineering work, designing new products that it later makes for the customer. It calls the move from parts to assemblies and cameras LightPath 2.0 and 3.0: components once sold for single dollars or tens of dollars, assemblies for hundreds, and cameras and systems for tens of thousands and sometimes hundreds of thousands. [18, 19, 20, 21, 22, 23]

Its customers are mainly defense prime contractors and system integrators that build its materials, lenses, assemblies and cameras into their own systems, along with government agencies and makers of industrial, laser, inspection and medical equipment; it sells to integrators rather than end users. Sales are concentrated and shifting: in fiscal 2026 three customers took about 37% of revenue, one of them 24%, against 23% for the top three a year earlier, and two of fiscal 2025's three largest customers were not among fiscal 2026's three largest. Named programs include a missile program with Lockheed Martin and long-range cameras for border patrol and counter-drone systems. [24, 25, 26, 27]

Sales are counted by where products ship. In fiscal 2026, 48% of revenue came from outside the United States, up from 38%, nearly all of it (97%) from customers in Europe and Asia; the company adds that one of its largest customers assembles in Europe and ships to its own customers in the United States, so the foreign share overstates it. It makes its products in Orlando, Florida, where it has its headquarters; Riga, Latvia; Hudson, New Hampshire; Plano and Garland, Texas; and Zhenjiang, China. In July 2026 it agreed to sell the Zhenjiang business to Hengtu Optical Technology, owned by members of that plant's management, for $4,500,000 payable within five years of closing, which is expected in September 2026; the plant is to keep supplying LightPath as an outside vendor. [28, 29, 30, 31, 32, 33, 34, 35]

It buys optical glass from many suppliers, among them CDGM Glass, Ohara and Sumita Optical Glass, and infrared crystal and glass from suppliers around the world, and it melts its own BD6 chalcogenide glass in Orlando as a low-cost internal source. Some key materials, including germanium and sensors, come from single or limited sources. Germanium is the pinch point: the filing estimates that over 60% of world supply comes from China, which began restricting its export in July 2023 and in December 2024 barred dual-use exports to US military users. LightPath has cut the germanium orders it accepts and is redesigning customers' systems around its BlackDiamond glass. [36, 37, 38, 39, 40, 41, 42]

The specifics

LightPath was incorporated in Delaware in 1992, the successor to a partnership formed in 1989 and a corporation formed in 1985, and for most of its life made precision molded lenses for visible light. It bought ISP Optics, an infrared optics maker with a plant in Riga, in December 2016; Visimid Technologies, a thermal imaging and night vision design firm in Plano, Texas, in July 2023; G5 Infrared, a maker of cooled long-range infrared cameras in Hudson, New Hampshire, in February 2025, for consideration valued at about $27.1 million; and the assets of Amorphous Materials, an infrared glass maker in Garland, Texas, in January 2026, for at most $10.0 million. Share sales brought in about $120.2 million net in fiscal 2026. [43, 44, 45, 46, 47, 48, 49, 50, 51, 35, 52, 53, 54, 20]

Its edge is BlackDiamond, a family of chalcogenide glasses, glasses that pass infrared light, which it melts itself and offers in place of germanium. The most important, the BDNL glasses, come from an exclusive license the US government granted in December 2021 for materials developed by the Naval Research Lab; the first, BDNL-4, went on sale in April 2024. Some keep their focus as temperatures change and some work across more than one band of the spectrum, which lets its Mantis camera see in both midwave and longwave infrared. Molded lenses are the original LightPath technology; it calls itself the original developer of precision glass molding. It relies mainly on trade secrets and know-how, with a recent patent on flame detection, an allowed application for heated lenses that clear ice and fog, and a pending one on calibrating cameras without a shutter. [55, 56, 57, 58, 59, 60, 61, 62, 63, 64]

It names competitors by product: makers of diamond-turned germanium, silicon and zinc selenide optics in infrared; volume molders of aspheric lenses in Asia in visible light; and in assemblies and cameras, catalog sellers such as Ophir Optronics (part of MKS Instruments), Controp Precision Technologies, Teledyne FLIR and Clear Align. Its largest customers can be rivals too: Lockheed Martin, Anduril Industries, Teledyne FLIR, RTX and Elbit Systems design optical assemblies in house. [65, 66, 67, 68]

Defense rules shape the business. The Orlando plant is registered with the US State Department under ITAR, the arms export rules, a registration that covers Plano and Hudson too, and the Riga plant holds an ITAR license to make controlled items. The Defense Department, the Defense Logistics Agency, the European Space Agency and the US Army have funded work to qualify its glasses. Switching a complex defense or airborne system to a new glass can take up to two years to requalify, and once qualified, a material tends to stay for the life of a program. [69, 70, 71, 72]

What drives growth, line by line

Revenue for the year to June 2026 rose 93% to $71.7 million from $37.2 million, the first year with G5 Infrared for all twelve months (the prior year had it for less than five) and with AML from January. Gross margin rose to 36% from 27%. The company still lost $19.7 million from operations and $20.5 million in all, mainly because the earnouts owed for G5, payments tied to its results, came in $14.1 million above what was recorded when it was bought. [73, 74, 75, 76, 77, 78]

Assemblies and Modules. Now the largest line: $31.9 million, up 281%, and 44% of revenue against 23% a year earlier. G5 Infrared's cameras and modules brought about $23.1 million of the $23.5 million increase, including the program with a large global technology customer and other defense and security buyers, mainly for border patrol and counter-drone systems. The filing says these products typically carry higher gross margins than components. [79, 74, 80]

Infrared Components. $21.2 million, up about 52%, roughly three tenths of revenue. G5's coating services added about $1.3 million and the newly bought AML about $2.2 million; the remaining $3.8 million came from higher sales to defense and industrial customers in the United States and Europe. [81]

Visible Components. $15.5 million, up 32%, on sales to industrial customers in Asia, the United States and Europe. The company says the sale of its Chinese subsidiary will reduce visible components revenue once it closes, which it expects in September 2026. [82]

Engineering Services. Nearly flat, and the smallest line. Less came from Visimid's contract with Lockheed Martin, a matter of timing, offset by an engineering project for another defense customer. The company expects engineering revenue from a current Lockheed Martin program to decline as the program moves from development into production, with new programs bringing comparable or higher engineering revenue. [83, 84]

What comes next, in the company's own words: backlog stood at $110.9 million at June 30, 2026, with about $85.6 million due for delivery within a year; the year's $73.6 million increase includes about $58.0 million of orders from a leading global technology customer for advanced infrared camera systems to ship in calendar 2026 and 2027. It anticipates higher capital spending in fiscal 2027 to support that backlog. [85, 86, 87]

What the desk infers (inferred, not filed)

  • The customer that took 24% of fiscal 2026 revenue is most likely the large global technology customer whose camera program drove G5 Infrared's growth, not a defense prime contractor. Because: One customer took 24% of fiscal 2026 revenue, when the largest a year earlier took 9%, and two of fiscal 2025's three largest customers fell out of the top three. [25, 26] G5 Infrared's camera and module sales rose about $23.1 million, including the previously announced program with a large global technology customer. [79] Backlog includes about $58.0 million of orders from a leading global technology customer for advanced infrared camera systems. [86] Confidence 65 of 100. Wrong if: A filing or disclosure that identifies the customer behind 24% of fiscal 2026 revenue as a defense prime contractor or a government agency.
  • About three quarters of fiscal 2026's added revenue came from businesses bought in 2025 and 2026, above all G5 Infrared, rather than from LightPath's original lens lines: the company is growing as much by buying as by selling more of what it already made. Because: Revenue rose from $37.2 million to $71.7 million. [73] G5 Infrared's cameras and modules added about $23.1 million. [79] G5's coating services added about $1.3 million and AML about $2.2 million, while other infrared sales rose $3.8 million. [81] Visible components, made by the original business, rose $3.8 million, and engineering services were nearly flat. [88, 83] The prior year included G5 Infrared for less than five months. [75] Confidence 80 of 100. Wrong if: A filing breaking out organic revenue that shows the businesses LightPath owned before February 2025 supplied most of fiscal 2026's revenue growth.
  • Much of the visible components line is made at the Zhenjiang plant LightPath is selling, the low-cost volume site behind its original molded-lens business. Because: The Zhenjiang plant was the lower-cost site for larger volumes of optical components and assemblies, with a precision glass molding area and coatings for visible optics. [31, 89] Visible components compete mostly on unit price at volume against molders in Asia. [66] The year's visible components growth came mainly from industrial customers in Asia, and the company says the sale will reduce visible components revenue. [82] Confidence 70 of 100. Wrong if: A filing showing that most visible components revenue comes from lenses molded in Orlando rather than in Zhenjiang.

Sources

  1. LightPath Technologies, Inc., Form DEF 14A filed 2025-10-28: “Mr. Rubin has served as our President, Chief Executive Officer, and as a Director since March 2020.”
  2. LightPath Technologies, Inc., Form 10-K filed 2026-09-11: “Since our Chief Executive Officer, Mr. Sam Rubin, joined the Company in 2020, we have been developing a new strategy that will transition the Company from a pure component manufacturer to a supplier of imaging subsystems and systems.”
  3. LightPath Technologies, Inc., Form DEF 14A filed 2025-10-28: “Prior to joining us, Mr. Rubin was formerly the General Manager at Thorlabs Inc. (“Thorlabs”). In Mr. Rubin’s prior senior executive role at Thorlabs, he was responsible for Thorlabs’ Imaging Systems Division, a standalone organization with its own sales and marketing, as well as global responsibility for all of Thorlabs’ Life Science activities. Among the positions he held at Thorlabs, Mr. Rubin founded and grew Thorlabs’s fast growing operation in China”
  4. LightPath Technologies, Inc., Form DEF 14A filed 2025-10-28: “Prior to joining Thorlabs, Mr. Rubin co-founded Xlight Photonics, an optical communication startup, which was later sold to a telecommunications private equity firm.”
  5. LightPath Technologies, Inc., Form DEF 14A filed 2025-10-28: “Mr. Miranda joined the Company in April 2021 and was appointed as our Chief Financial Officer on May 7, 2021. Mr. Miranda was previously employed with Jenoptik North America, Inc. (“Jenoptik”) for twelve years and held the positions of President and Chief Financial Officer. Prior to his employment with Jenoptik, he held senior level finance and operational positions in optical products groups within Carl Zeiss AG”
  6. LightPath Technologies, Inc., Form DEF 14A filed 2025-10-28: “The Company is party to a Sales Representative Agreement, dated as of October 8, 2020, pursuant to which Rosh Electroptics LTD. (“Rosh”) is a non-exclusive sales representative for the Company in Israel. Shmuel Rubin, our Chief Executive Officer, is the son of Ephraim Rubin and brother of Meir Rubin, who are the owners, directors and other control parties of Rosh.”
  7. LightPath Technologies, Inc., Form DEF 14A filed 2025-10-28: “Mr. Faris has served as a director of the Company since December 2011, and was appointed Chair, effective December 20, 2022.”
  8. LightPath Technologies, Inc., Form DEF 14A filed 2025-10-28: “In April 2024 Mr. Faris founded Eqlipse Quantum, a commercialization accelerator focused on launching and financing transformational dual-use quantum enabled companies for critical defense and intelligence requirements. From October 2021 to April 2024, Mr. Faris served as Chief Executive Officer of Infleqtion (formerly Cold Quanta, Inc.).”
  9. LightPath Technologies, Inc., Form 10-K filed 2026-09-11: “In conjunction with the financing of the acquisition of G5 Infrared, the Company designated a new series of preferred stock, Series G Convertible Preferred Stock, which is convertible into shares of Class A Common Stock. Concurrent with the entry into the G5 MIPA on February 13, 2025, we entered into (i) a Securities Purchase Agreement (the “Securities Purchase Agreement”) by and among the Company and North Run Capital, AIGH Investment Partners, LP”
  10. LightPath Technologies, Inc., Form DEF 14A filed 2025-10-28: “In accordance with this covenant, Thomas Ellis was appointed to the Board, effective as of the Closing. Mr. Ellis is a member of each of North Run Advisors, LLC and North Run Opportunities. In addition, North Run has nominated Mark Caylor as the designated independent director.”
  11. LightPath Technologies, Inc., Form DEF 14A filed 2025-10-28: “Mr. Ellis has served as a Co-Managing Member at North Run, a public security investment firm, since December 2002.”
  12. LightPath Technologies, Inc., Form DEF 14A filed 2025-10-28: “Mr. Caylor has served as a director of the Company since October 9, 2025. Prior to joining the Board, from January 2018 to July 2024, Mr. Caylor served as the corporate vice president and president of Northrop Grumman’s Mission Systems sector, a global provider of advanced solutions for defense and intelligence customers.”
  13. LightPath Technologies, Inc., Form DEF 14A filed 2025-10-28: “From 1998 to 2016, he served as President of ISP, and as a director of its wholly owned subsidiary, ISP Latvia, until we acquired ISP in December 2016.”
  14. LightPath Technologies, Inc., Form DEF 14A filed 2025-10-28: “A retired Major General in the United States Air Force, after serving in progressive leadership roles from 1986-2019, she also served as the first Chief Technology and Innovation Officer for the United States Space Force, Pentagon Washington D.C. from 2019 to 2021.”
  15. LightPath Technologies, Inc., Form DEF 14A filed 2025-10-28: “Pursuant to the Purchase Agreement, we agreed to increase the size of the Board to a total of eight directors, to appoint one designee of North Run and an independent director selected by the North Run and agreed to by us to the Board”
  16. LightPath Technologies, Inc., Form 10-K filed 2026-09-11: “As of June 30, 2026, we had 425 employees globally, including 414 full-time and 11 part-time employees, with 214 employees in the U.S., 107 employees located in Riga, Latvia, and 104 employees located in Zhenjiang, China.”
  17. LightPath Technologies, Inc., Form 10-K filed 2026-09-11: “In July 2026, we announced the divestiture of LPOIZ, our Chinese subsidiary, which will reduce our revenue from visible components following the closing of the transaction, which is expected to occur in September 2026.”
  18. LightPath Technologies, Inc., Form 10-K filed 2026-09-11: “As much of our current and future growth is centered around thermal imaging, naturally our new product efforts are too.”
  19. LightPath Technologies, Inc., Form 10-K filed 2026-09-11: “We are vertically integrated, with offerings ranging from raw optical materials to semi-finished components and finished assemblies, modules and cameras.”
  20. LightPath Technologies, Inc., Form 10-K filed 2026-09-11: “Today, the majority of the revenue of this group is derived from cameras made in our Texas facility (uncooled camera systems and modules), cameras made in our New Hampshire facility (cooled cameras for long range surveillance and detection), and optical assemblies such as standard off the shelf lens assemblies, and custom lens assemblies.”
  21. LightPath Technologies, Inc., Form 10-K filed 2026-09-11: “The purpose of those engineering services that we offer is not only to provide purely engineering services for a customer, but also to engineer new products which we later manufacture for the customer.”
  22. LightPath Technologies, Inc., Form 10-K filed 2026-09-11: “We refer to these as LightPath 2.0 and 3.0, as that symbolizes the evolution of the Company. LightPath 2.0 refers to our assemblies and LightPath 3.0 refers to our cameras and related subsystems and systems.”
  23. LightPath Technologies, Inc., Form 10-K filed 2026-09-11: “Historically, as a pure component Company, the average selling prices (“ASPs”) of those products were measured in single dollars or tens of dollars, whereas with the development of our assemblies product line (i.e. LightPath 2.0), ASPs for those products are measured in hundreds of dollars. When we added cameras, subsystems and systems (LightPath 3.0), ASPs for those products are measured in tens of thousands, and sometimes hundreds of thousands of dollars.”
  24. LightPath Technologies, Inc., Form 10-K filed 2026-09-11: “Our customers are principally defense prime contractors and system integrators that incorporate our materials, optical components, assemblies and cameras into their own systems, together with government agencies, industrial and laser equipment OEMs, industrial inspection and measurement equipment manufacturers, medical instrumentation manufacturers and research institutions. We sell primarily to integrators rather than to end users.”
  25. LightPath Technologies, Inc., Form 10-K filed 2026-09-11: “In fiscal year 2026, we had sales to three customers that comprised an aggregate of approximately 37% of our annual revenue with one customer at 24% of our sales, another customer at 7% of our sales, and the third customer at 6% of our sales. In fiscal year 2025, we had sales to three customers that comprised an aggregate of approximately 23% of our annual revenue with one customer at 9% of our sales”
  26. LightPath Technologies, Inc., Form 10-K filed 2026-09-11: “However, two of the three largest customers for fiscal year 2025 are still significant customers, however they were not among the three largest for fiscal year 2026.”
  27. LightPath Technologies, Inc., Form 10-K filed 2026-09-11: “Examples of how those differentiators translate into revenue include our multispectral Mantis camera, our missile program with Lockheed Martin, our long range cameras for border patrol and C-UAS applications”
  28. LightPath Technologies, Inc., Form 10-K filed 2026-09-11: “In fiscal year 2026, 48% of our net revenue was derived from sales outside of the U.S., with 97% of our foreign sales derived from customers in Europe and Asia. In fiscal year 2025, 38% of our net revenue was derived from sales outside of the U.S.”
  29. LightPath Technologies, Inc., Form 10-K filed 2026-09-11: “However, those percentages are based on ship-to location, and one of our largest customers integrates products in Europe and ships to their customers in the U.S., so our international sales is actually less than this indicates.”
  30. LightPath Technologies, Inc., Form 10-K filed 2026-09-11: “Today, LightPath is a global company with facilities in the United States and the Republic of Latvia. Our corporate headquarters is located in Orlando, Florida.”
  31. LightPath Technologies, Inc., Form 10-K filed 2026-09-11: “LPOIZ’s manufacturing facility (the “Zhenjiang Facility”) provided a lower cost structure for production of larger volumes of optical components and assemblies. In July 2026, we announced that we had entered into a definitive agreement to sell and transfer 100% of our equity interest in LPOIZ, including the Zhenjiang Facility and its operations in China, to Hengtu Optical Technology Co., Ltd., which is owned by members of LPOIZ's incumbent management team. The transaction is expected to close in September 2026. As a condition to the sale, LPOIZ agreed to continue to supply products to LightPath as a third-party vendor.”
  32. LightPath Technologies, Inc., Form 10-K filed 2026-09-11: “for payment of cash consideration of $4,500,000 (the “Purchase Price”). The Purchase Price is payable in full no later than the fifth anniversary of the closing of the LPOIZ Transaction”
  33. LightPath Technologies, Inc., Form 10-K filed 2026-09-11: “AML specializes in infrared glass fabrication, and operates from a manufacturing facility in Garland, Texas.”
  34. LightPath Technologies, Inc., Form 10-K filed 2026-09-11: “Our manufacturing is largely performed in our combined 58,500 square feet of production facilities in Orlando, Florida, G5 Infrared’s 27,000 square feet of production facilities in Hudson, New Hampshire, ISP Latvia’s 29,000 square feet of production facilities in Riga, Latvia, and LPOIZ’s 39,500 square feet of production facilities in Zhenjiang, China.”
  35. LightPath Technologies, Inc., Form 10-K filed 2026-09-11: “Visimid’s facility is located in Plano, Texas.”
  36. LightPath Technologies, Inc., Form 10-K filed 2026-09-11: “These glasses or equivalents are available from a large number of suppliers, including CDGM Glass Company Ltd., Ohara Corporation, and Sumita Optical Glass, Inc.”
  37. LightPath Technologies, Inc., Form 10-K filed 2026-09-11: “We utilize major infrared material suppliers located around the globe for a broad spectrum of infrared crystal and glass. The development of our manufacturing capability for BD6 glass and other germanium alternatives provides a low-cost internal source for infrared glass.”
  38. LightPath Technologies, Inc., Form 10-K filed 2026-09-11: “Our Orlando Facility contains glass melting capability for BD6 chalcogenide glass”
  39. LightPath Technologies, Inc., Form 10-K filed 2026-09-11: “We currently purchase several key materials (including Germanium and sensors) or have outside vendors perform process steps, such as lens coatings, used in or during the manufacture of our products from single or limited source suppliers.”
  40. LightPath Technologies, Inc., Form 10-K filed 2026-09-11: “It is estimated that over 60% of the global Germanium supply originates from China, with Russia historically being the second largest supplier, until the trade restrictions related to the Ukraine war.”
  41. LightPath Technologies, Inc., Form 10-K filed 2026-09-11: “The initial restrictions imposed in July 2023 required all international customers to provide an end user statement for approval before receiving an export license. Following that announcement, supply of Germanium was disrupted, though not completely stopped. This also resulted in significant price increases in the cost of Germanium material. Following these restrictions we proactively canceled a number of customer orders for Germanium, to reduce our exposure in case of a supply disruption. Then, in December 2024, China imposed additional restrictions applicable to exports to the United States, including a prohibition on exports of dual-use items to U.S. military users or for military uses”
  42. LightPath Technologies, Inc., Form 10-K filed 2026-09-11: “We have taken proactive steps to minimize the orders we accept for Germanium products and therefore minimize our exposure to this risk, and are actively working with our customers to redesign their systems to use our BlackDiamond materials instead of Germanium-based materials.”
  43. LightPath Technologies, Inc., Form 10-K filed 2026-09-11: “was incorporated under Delaware law in 1992 as the successor to LightPath Technologies Limited Partnership, a New Mexico limited partnership formed in 1989, and its predecessor, Integrated Solar Technologies Corporation, a New Mexico corporation formed in 1985.”
  44. LightPath Technologies, Inc., Form 10-K filed 2026-09-11: “Historically, we operated with a focus on optical component manufacturing, and specifically on our leadership position as a precision molded lens manufacturer for visual light applications.”
  45. LightPath Technologies, Inc., Form 10-K filed 2026-09-11: “In December 2016, we acquired ISP Optics Corporation, a New York corporation (“ISP”), and its wholly-owned subsidiary, ISP Optics Latvia, SIA”
  46. LightPath Technologies, Inc., Form 10-K filed 2026-09-11: “In July 2023, we acquired Liebert Consulting, LLC, dba Visimid Technologies (“Visimid”), an engineering and design firm, specializing in thermal imaging, night vision and internet of things (“IOT”) applications.”
  47. LightPath Technologies, Inc., Form 10-K filed 2026-09-11: “In February 2025, we acquired G5 Infrared LLC (“G5 Infrared”), a New Hampshire limited liability company. G5 Infrared is a leading vertically-integrated manufacturer of high-performance infrared camera systems and imaging solutions, specializing in advanced thermal imaging technology and long-range mission-critical detection solutions.”
  48. LightPath Technologies, Inc., Form 10-K filed 2026-09-11: “The fair value of the aggregate consideration was approximately $27.1 million which consisted of (i) $20.3 million in cash, (ii) 1,972,501 shares of the Company’s Class A Common Stock and (iii) potential earnout consideration”
  49. LightPath Technologies, Inc., Form 10-K filed 2026-09-11: “In January 2026, we acquired the assets of Amorphous Materials, Inc. through our newly-formed, wholly-owned subsidiary, Amorphous Materials, LLC, a Delaware limited liability company (“AML”).”
  50. LightPath Technologies, Inc., Form 10-K filed 2026-09-11: “Aggregate consideration payable by the Company to Seller under the Asset Purchase Agreement in connection with the Transaction will not exceed $10.0 million”
  51. LightPath Technologies, Inc., Form 10-K filed 2026-09-11: “Cash provided by financing activities for fiscal year 2026 reflects approximately $120.2 million in net proceeds from public and private equity placements”
  52. LightPath Technologies, Inc., Form 10-K filed 2026-09-11: “ISP is a vertically integrated manufacturer offering a full range of infrared products from custom infrared optical elements to catalog and high-performance lens assemblies.”
  53. LightPath Technologies, Inc., Form 10-K filed 2026-09-11: “ISP Latvia’s manufacturing facility is located in Riga, Latvia (the “Riga Facility”).”
  54. LightPath Technologies, Inc., Form 10-K filed 2026-09-11: “G5 Infrared operates from a state-of-the-art manufacturing facility in Hudson, New Hampshire.”
  55. LightPath Technologies, Inc., Form 10-K filed 2026-09-11: “Over the last few years LightPath has been investing in developing and commercializing our BlackDiamond glasses (which are labeled with a “BD” prefix) as alternatives to using Germanium.”
  56. LightPath Technologies, Inc., Form 10-K filed 2026-09-11: “The crown jewels of our materials, the BDNL type, are exclusive to us, and the most impactful to our products and to the market as a whole in terms of technology, innovation and value creation. In December 2021 we secured an exclusive license from the U.S. government for the Chalcogenide materials that have been developed by the NRL. Following a two-year effort to transition those new materials into production, we began making available for commercial use some of those new materials, starting with the introduction of BDNL-4 in April 2024.”
  57. LightPath Technologies, Inc., Form 10-K filed 2026-09-11: “and other materials we are currently developing under an exclusive license with the Naval Research Lab.”
  58. LightPath Technologies, Inc., Form 10-K filed 2026-09-11: “For example, some BlackDiamond materials have a negative, or even zero thermo-optic coefficient, making them very useful when designing a system that needs to operate across a wide range of temperatures.”
  59. LightPath Technologies, Inc., Form 10-K filed 2026-09-11: “Mantis is an uncooled camera that images in both midwave and longwave parts of the spectrum, a capability made possible with the use of one of our BDNL materials.”
  60. LightPath Technologies, Inc., Form 10-K filed 2026-09-11: “Although there are several other competitors that can mold optical elements, we have an established leadership position in this area as the original developer of the technology”
  61. LightPath Technologies, Inc., Form 10-K filed 2026-09-11: “We primarily rely upon trade secrets and unpatented proprietary know-how to protect certain process inventions, lens designs, and innovations.”
  62. LightPath Technologies, Inc., Form 10-K filed 2026-09-11: “We have recently received a patent directed to using an uncooled broadband camera for flame detection coupled with detection of humans or other low temperature signals within the overall imaging area”
  63. LightPath Technologies, Inc., Form 10-K filed 2026-09-11: “We have received a Notice of Allowance is for an optical element formed from a moldable material, with a transparent layer of a different material applied to the optical surface for use in resistive heating of the element in an infrared camera to be used to provide heating on an optic for de-icing or de-fogging.”
  64. LightPath Technologies, Inc., Form 10-K filed 2026-09-11: “A patent application directed shutterless calibration by using pulsed infrared sources that can illuminate all pixels in the focal plane array with short pulses of light, which can then be used for non-uniformity correction, has not yet received any action.”
  65. LightPath Technologies, Inc., Form 10-K filed 2026-09-11: “Infrared Components. We compete with suppliers of conventionally fabricated crystalline infrared optics, including single-point diamond-turned germanium, silicon and zinc selenide components, and with regional optical fabrication shops.”
  66. LightPath Technologies, Inc., Form 10-K filed 2026-09-11: “Visible Components. We compete with volume molders of aspheric lenses located in Asia and with the captive molding operations of larger optics manufacturers. Competition in this product group is driven substantially by unit price at volume”
  67. LightPath Technologies, Inc., Form 10-K filed 2026-09-11: “Standard catalog products sold without customization, available from vendors including Ophir Optronics Solutions Ltd. (a subsidiary of MKS Instruments, Inc.), Controp Precision Technologies Ltd., Teledyne FLIR and Clear Align LLC.”
  68. LightPath Technologies, Inc., Form 10-K filed 2026-09-11: “Customer in-house engineering. Some customers, principally large defense prime contractors, design and build optical assemblies internally rather than sourcing them. Companies in this category are frequently both competitors and customers, and include Lockheed Martin Corporation, Anduril Industries, Inc., Teledyne FLIR, RTX Corporation and Elbit Systems Ltd.”
  69. LightPath Technologies, Inc., Form 10-K filed 2026-09-11: “The Orlando Facility is International Traffic in Arms Regulations (“ITAR”) compliant and registered with the U.S. Department of State; included in this registration are the Plano, Texas and Hudson, New Hampshire facilities. The Riga Facility has a DSP-5 ITAR license and Technical Assistance Agreement in place that allows this facility to manufacture items with ITAR requirements.”
  70. LightPath Technologies, Inc., Form 10-K filed 2026-09-11: “As announced on several separate occasions, LightPath has received funded development contracts from the U.S. DoD, the Defense Logistics Agency, the European Space Agency, and the U.S. Army, among others. Those fundings are all aimed at accelerating the qualification of the materials for use in their respective applications.”
  71. LightPath Technologies, Inc., Form 10-K filed 2026-09-11: “In some cases, such as complex defense and airborne systems, the re-qualification of such redesigned systems is a lengthy process that can take up to two years.”
  72. LightPath Technologies, Inc., Form 10-K filed 2026-09-11: “Because a change in optical material generally requires a customer to requalify an existing design, adoption cycles in this product group are long, and material selections tend to persist for the life of a program once qualified.”
  73. LightPath Technologies, Inc., Form 10-K filed 2026-09-11: “Revenue for fiscal year 2026 was approximately $71.7 million, an increase of 93%, as compared to $37.2 million in fiscal year 2025.”
  74. LightPath Technologies, Inc., Form 10-K filed 2026-09-11: “Gross margin as a percentage of revenue was 36% for fiscal year 2026 as compared to 27% for fiscal year 2025. The increase in gross margin for fiscal year 2026 was driven by the increase in sales across nearly all product groups, as well as improved gross margins across each of the product groups. Fiscal year 2026 also includes a full year of G5 Infrared revenue and gross profit, particularly in the assemblies and modules product group. The assemblies and modules product group increased from 23% of revenue in fiscal year 2025, to 44% of revenue in fiscal year 2026, and these products typically have higher gross margins than the component product groups.”
  75. LightPath Technologies, Inc., Form 10-K filed 2026-09-11: “Note that fiscal 2026 includes G5 Infrared for a full year, whereas the prior year included less than five months. In addition, we acquired AML during fiscal 2026, which contributed to infrared components since acquisition in January.”
  76. The record on this page: the filed annual figures (EDGAR's company facts)
  77. LightPath Technologies, Inc., Form 10-K filed 2026-09-11: “The increase in net loss for fiscal year 2026, as compared to fiscal year 2025, is primarily attributable to the approximately $14.1 million increase in the change in fair value of acquisition liabilities, which is included in operating expenses”
  78. LightPath Technologies, Inc., Form 10-K filed 2026-09-11: “Change in fair value of acquisition liabilities increased by $14.1 million for fiscal year 2026, as compared to the prior fiscal year primarily related to the earnouts associated with the G5 Infrared acquisition, where the amounts earned were greater than the fair values estimated and recorded at the date of acquisition.”
  79. LightPath Technologies, Inc., Form 10-K filed 2026-09-11: “Revenue from assemblies and modules for fiscal year 2026 was $31.9 million, an increase of $23.5 million, or 281%, as compared to the prior fiscal year. Of this increase, approximately $23.1 million is due to an increase in G5 Infrared sales of cameras and modules, including the previously announced program with a large global technology customer as well as other defense and security customers.”
  80. LightPath Technologies, Inc., Form 10-K filed 2026-09-11: “This increase is primarily driven by sales of G5 Infrared sales of cameras and modules, including the previously announced program with a large global technology customer and other defense and security customers, primarily for border patrol and C-UAS systems.”
  81. LightPath Technologies, Inc., Form 10-K filed 2026-09-11: “Revenue generated by the infrared components product group for fiscal year 2026 was $21.2 million, an increase of approximately 52%, as compared to the prior fiscal year. Of this increase, approximately $1.3 million is due to an increase in G5 Infrared sales of coating services. AML contributed $2.2 million to the increase in sales of infrared components for fiscal year 2026. The remaining $3.8 million increase in revenue is primarily due to increases in sales to defense and industrial customers in the U.S. and Europe.”
  82. LightPath Technologies, Inc., Form 10-K filed 2026-09-11: “Revenue from the visible components product group for fiscal year 2026 was $15.5 million, an increase of 32%, as compared to the prior fiscal year. The increase was primarily driven by sales to industrial customers in Asia, as well as in the U.S. and Europe. In July 2026, we announced the divestiture of LPOIZ, which will reduce our revenue from visible components following the closing of the transaction, which is expected to occur in September 2026.”
  83. LightPath Technologies, Inc., Form 10-K filed 2026-09-11: “Revenue from engineering services for fiscal year 2026 was nearly flat, as compared to the prior fiscal year. Revenue from Visimid’s contract with Lockheed Martin was less than in the prior fiscal year, due to timing, partially offset by a non-recurring engineering project for another defense customer.”
  84. LightPath Technologies, Inc., Form 10-K filed 2026-09-11: “Management expects that the engineering revenue from a current Lockheed Martin program will decline, as the program transitions from development into production, yet other new programs that are starting now will generate comparable or higher engineering services revenue.”
  85. LightPath Technologies, Inc., Form 10-K filed 2026-09-11: “Of the total backlog of $110.9 million as of June 30, 2026, approximately $85.6 million is requested by the customer for delivery within one year, which is expected to be converted into revenues during fiscal year 2027.”
  86. LightPath Technologies, Inc., Form 10-K filed 2026-09-11: “The increase in total backlog from June 30, 2025 to June 30, 2026 of $73.6 million includes approximately $58.0 million in orders from a leading global technology customer for advanced infrared camera systems expected to ship in calendar year 2026 and 2027”
  87. LightPath Technologies, Inc., Form 10-K filed 2026-09-11: “We anticipate a higher level of capital expenditures during fiscal year 2027, to support the demand currently in backlog and to enhance our capacity and capabilities”
  88. LightPath Technologies, Inc., Form 10-K filed 2026-09-11: “Revenue generated by the visible components product group was approximately $15.5 million for fiscal year 2026, an increase of $3.8 million, or 32%, as compared to the prior fiscal year.”
  89. LightPath Technologies, Inc., Form 10-K filed 2026-09-11: “LPOIZ’s Zhenjiang Facility features a precision glass molding manufacturing area, clean room, machine shop, dicing area, and thin film coating chambers for anti-reflective coatings on both visible and infrared optics and related metrology equipment.”

Where the revenue comes from

Product and service lines in fiscal 2026: Assemblies and Modules 44%, Infrared Components 30%, Visible Components 22%, Engineering Services 4%. By geography: United States 52%, United Kingdom 21%, Israel 11%, Europe 7%, China 6%, Asia 3%. As tagged in its annual report (Form 10-K, filed 2026-09-11).

Who runs it

Rubin, Shmuel (President & CEO); Miranda, Albert (CFO); Ellis, Thomas B (director); North, Run Strategic Opportunities Fund I, Lp (director); North, Run - Due North Partners, Lp (director); Caylor, Mark A (director); Creviston, Steven E (director); Crider, Kimberly Anne (director); Faris, M. Scott (director); Menaker, Joseph (director); and 1 more. 11 officers and directors have filed their own trades in the last fifteen months, names and titles as filed with the SEC, through 2026-09-30.

This file: Overview · Past · Present · Future · Filings · every company on file

Every stock is a company. We grade the company behind the stock. CrossAssetData is a company research product: no investment advice, no price targets, no price predictions; every claim carries its source, and unseen means unseen. The full file draws when the page's script runs: the essentials, the balance sheet, the estimators, the trend, and every filing of the last ten years.