Build an Inve Case for LPTH → Read the full call → US$ mn · quarterly
LightPath Technologies (LPTH) earnings
LightPath Technologies earnings: last reported Thu, 10 Sep 2026, for the quarter ended Jun 2026.
LightPath Technologies earnings callsLightPath Technologies earnings calls (LPTH)
Latest concall · Q2 2026 · call held call held 10 Sept 2026
LightPath Technologies Q4 FY26 — Record Revenue and Strong Margin Expansion Driven by Strategic Shift to Assemblies
What went well
- Record Q4 FY26 revenue of $21.2 million, up 73% YoY, marking the fourth consecutive quarter of sequential growth.
- Gross margin expanded to 39.4% in Q4 FY26, up from 22% in Q4 FY25, driven by product mix shift and operational execution.
- Adjusted EBITDA reached $2.1 million (10% of revenue) in Q4 FY26, marking the fourth consecutive profitable quarter on this measure.
What to watch
- NGSRI interceptor program timeline pushed out by a few months by the Army to explore other options, potentially delaying orders.
- Redesign of G5 cooled cameras to use Black Diamond is progressing technically but is behind schedule due to supply chain and glass melting complexities.
Performance +26.5% 1Y
1Y: $8.15 on 29 Sept 2025 → $10.31. High $18.15 (28 May 2026), low $6.18 (20 Nov 2025).
Quarterly results
Q2 FY26: revenue up 73.3%, net profit up 41.3% against the same quarter last year.
| Line item | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 8 | 7 | 9 | 12 | 15 +79% | 16 +120% | 19 +109% | 21 +73% |
| EBITDA | -1 | -2 | -3 | -5 | -3 −82% | -9 −246% | -4 −23% | -4 +5% |
| Net profit | -2 | -3 | -4 | -7 | -3 −78% | -9 −260% | -4 −15% | -4 +41% |
How to read this
US$ million, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Balance sheet
| Year ending | Jun 2021 | Jun 2022 | Jun 2023 | Jun 2024 | Jun 2025 | Jun 2026 |
|---|---|---|---|---|---|---|
| Equity capital | $269.9K | $270.5K | $373.4K | $392.5K | $429.5K | — |
| Reserves | -$200.25M | -$203.79M | -$207.84M | -$215.84M | -$230.72M | -$251.26M |
| Total liabilities | $21.03M | $20.98M | $17.58M | $17.89M | $31.63M | $35.63M |
| Fixed assets | $13.28M | $11.64M | $12.81M | $15.21M | $15.86M | $19.36M |
| Total assets | $54.61M | $50.71M | $53.54M | $48.09M | $81.51M | $194.01M |
How to read this
As filed on each reporting date, including interim balance sheets. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Insider filings
34 filings between Nov 17, 2025 and Jun 3, 2026.
Open market
decisions to buy or sellPurchases
$1.7K
1 purchase by 1 insider
Sales
$90.07M
18 sales by 1 insider
Compensation
not trading decisions- 9
- Option exercise — converted options into shares
Also filed: 4 conversions, 1 gift, 1 option exercised.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| North Run Strategic Opportunities Fund I, LP | — | $90.07M | Jun 3, 2026 |
| Rubin Shmuel | $1.7K | — | Mar 27, 2026 |
Latest filings (45)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Jun 3, 2026 | North Run Strategic Opportunities Fund I, LP Director | Sale | 3,571,400 | $50.00M |
| Jun 2, 2026 | North Run Strategic Opportunities Fund I, LP Director | Conversion | 3,571,400 | $7.68M |
| May 18, 2026 | North Run Strategic Opportunities Fund I, LP Director | Sale | 55,284 | $681.1K |
| May 14, 2026 | North Run Strategic Opportunities Fund I, LP Director | Sale | 165,000 | $2.01M |
| May 13, 2026 | North Run Strategic Opportunities Fund I, LP Director | Sale | 45,000 | $553.0K |
| May 12, 2026 | North Run Strategic Opportunities Fund I, LP Director | Sale | 83,052 | $1.02M |
| Mar 27, 2026 | Rubin Shmuel President & CEO | Purchase | 180 | $1.7K |
| Mar 25, 2026 | North Run Strategic Opportunities Fund I, LP Director | Conversion | 740,000 | $1.59M |
| Mar 25, 2026 | North Run Strategic Opportunities Fund I, LP Director | Sale | 302,352 | $3.72M |
| Mar 24, 2026 | North Run Strategic Opportunities Fund I, LP Director | Sale | 54,557 | $658.0K |
| Mar 18, 2026 | North Run Strategic Opportunities Fund I, LP Director | Sale | 16,000 | $192.0K |
| Mar 17, 2026 | North Run Strategic Opportunities Fund I, LP Director | Sale | 104,454 | $1.25M |
| Mar 4, 2026 | North Run Strategic Opportunities Fund I, LP Director | Sale | 55,000 | $665.0K |
| Mar 3, 2026 | North Run Strategic Opportunities Fund I, LP Director | Sale | 381,004 | $4.64M |
| Mar 2, 2026 | North Run Strategic Opportunities Fund I, LP Director | Conversion | 740,000 | $1.59M |
| Mar 2, 2026 | North Run Strategic Opportunities Fund I, LP Director | Sale | 238,991 | $2.88M |
| Feb 25, 2026 | North Run Strategic Opportunities Fund I, LP Director | Sale | 300,092 | $3.66M |
| Feb 24, 2026 | North Run Strategic Opportunities Fund I, LP Director | Sale | 131,281 | $1.58M |
| Feb 23, 2026 | North Run Strategic Opportunities Fund I, LP Director | Sale | 6,500 | $78.1K |
| Feb 20, 2026 | North Run Strategic Opportunities Fund I, LP Director | Conversion | 1,260,000 | $2.71M |
| Feb 20, 2026 | North Run Strategic Opportunities Fund I, LP Director | Sale | 218,811 | $2.88M |
| Feb 20, 2026 | North Run Strategic Opportunities Fund I, LP Director | Sale | 376,762 | $4.58M |
| Feb 2, 2026 | Miranda Albert CFO | Option exercise | 12,103 | — |
| Feb 2, 2026 | Rubin Shmuel President & CEO | Option exercise | 29,011 | — |
| Jan 5, 2026 | North Run Strategic Opportunities Fund I, LP Director | Option exercised | 3,499,289 | $9.03M |
| Jan 5, 2026 | North Run Strategic Opportunities Fund I, LP Director | Sale | 770,321 | $9.03M |
| Dec 19, 2025 | Rubin Shmuel Chief Executive Officer | Gift | 13,020 | $0 |
| Nov 20, 2025 | Rubin Shmuel Chief Executive Officer | Option exercise | 9,529 | — |
| Nov 20, 2025 | Miranda Albert Chief Financial Officer | Option exercise | 4,137 | — |
| Nov 20, 2025 | CREVISTON STEVEN E Director | Option exercise | 19,355 | — |
| Nov 20, 2025 | ELLIS THOMAS B Director | Option exercise | 6,968 | — |
| Nov 20, 2025 | Crider Kimberly Anne Director | Option exercise | 19,355 | — |
| Nov 17, 2025 | Miranda Albert Chief Financial Officer | Option exercise | 7,359 | — |
| Nov 17, 2025 | Rubin Shmuel Chief Executive Officer | Option exercise | 16,951 | — |
| Feb 25, 2025 | Rubin Shmuel Chief Executive Officer | Purchase | 1,000 | $2.5K |
| Feb 20, 2025 | Crider Kimberly Anne Director | Purchase | 1,000 | $2.5K |
| Feb 19, 2025 | Rubin Shmuel Chief Executive Officer | Purchase | 1,000 | $2.6K |
| Jan 31, 2025 | Miranda Albert Chief Financial Officer | Option exercise | 12,026 | — |
| Jan 31, 2025 | CREVISTON STEVEN E Director | Option exercise | 43,796 | — |
| Jan 31, 2025 | Crider Kimberly Anne Director | Option exercise | 43,796 | — |
| Jan 31, 2025 | Rubin Shmuel Chief Executive Officer | Option exercise | 27,697 | — |
| Nov 18, 2024 | Miranda Albert Chief Financial Officer | Option exercise | 7,360 | — |
| Nov 18, 2024 | Rubin Shmuel Chief Executive Officer | Option exercise | 16,951 | — |
| Nov 11, 2024 | Miranda Albert Chief Financial Officer | Option exercise | 4,645 | — |
| Nov 11, 2024 | Rubin Shmuel Chief Executive Officer | Option exercise | 10,696 | — |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.