In This Story
LightPath Technologies Inc. (LPTH-4.35%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing an increase in revenue to $7,424,829 from $7,315,637 in the same quarter the previous year. The increase was driven by higher sales in visible components and engineering services.
Revenue from infrared components decreased to $3,112,076 from $3,572,853 due to a reduction in sales of Germanium-based products, which were impacted by supply chain disruptions and trade restrictions.
Visible components revenue increased to $2,762,852 from $2,678,904, primarily due to increased sales to defense industry customers.
Assemblies and modules revenue decreased to $857,214 from $986,683, largely due to a decline in sales of custom visible lens assemblies.
Engineering services revenue rose significantly to $692,687 from $77,197, driven by contracts with Lockheed Martin.
The company reported a gross profit of $1,930,831 for the quarter, down from $2,168,321 in the previous year, with the decline attributed to a less favorable product mix and manufacturing yield issues.
Selling, general, and administrative expenses increased to $3,356,063 from $2,858,457, primarily due to legal and consulting fees related to business development initiatives.
Net loss for the quarter was $2,611,997, compared to $1,713,663 in the previous year. The increase in net loss was due to higher SG&A expenses and interest costs.
Cash used in operating activities was $2,437,616, while cash used in investing activities was $149,507, primarily for capital equipment investments.
The filing also details the company's acquisition of Visimid Technologies and the impact of recent trade restrictions on Germanium supply.
LightPath continues to focus on transitioning from a component manufacturer to a supplier of imaging subsystems and systems, leveraging its proprietary technologies.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the LightPath Technologies Inc. quarterly 10-Q report dated February 13, 2025. To report an error, please email earnings@qz.com.