Gross profit: Increased 212% to $6.0 million; gross margin improved to 37% (vs. 26% in Q2 FY2025), driven by higher-margin assemblies/modules and favorable mix (CFO).
Operating expenses: $14.6 million, including $7.6 million non-cash fair value adjustment of G5 earn-out liability; normalized OpEx (excl. earn-out) was $7.1 million (CFO).
Net loss: $9.4 million ($0.20 per share); excluding earn-out adjustment, net loss would have been $1.8 million (CFO).
Adjusted EBITDA: Positive $0.6 million (vs. -$1.3 million in Q2 FY2025) — second consecutive positive quarter (CEO, CFO).
Cash & equivalents: $73.6 million as of Dec 31, 2025 (vs. $4.9 million as of June 30, 2025), reflecting ~$65M net proceeds from capital raise (CFO).
Backlog: $97.8 million; ~2/3 is higher-margin systems and subsystems (CFO, CEO).
Debt: Total debt stood at $0.8 million as of Dec 31, 2025; acquisition notes of $5.4 million paid in full (CFO).
G5 orders: Since acquisition ~1 year ago, G5 booked more than $80 million of new orders (vs. $15M revenue prior year) (CEO).
Amorphous Materials acquisition: Adds ~$3M annual revenue; provides large-diameter glass melting capability (up to 10 inches, expandable to 17 inches) and second U.S. manufacturing location (CEO).
Capital raise: $60M offering + greenshoe = ~$65M net proceeds; purpose is growth investments and M&A, not operational cash burn (CEO).
Internal targets achieved early: Gross margin ≥35% by Q4 (achieved in Q2), EBITDA positive by Q2 (achieved), operating cash flow positive by Q3 (achieved one quarter early) (CFO).
Official Guidance
No formal guidance provided; company sets internal targets (CFO).
Mgmt Quotes
(CEO) “Today, LightPath is a fundamentally different company. Over the past several years, we have transformed from a precision optical component supplier into a vertically integrated provider of high-value infrared optics and camera systems.”
(CEO) “Since we acquired G5 a year ago, G5 has booked more than $80 million of new orders for their products, compared to $15 million of revenue the prior year.”
(CEO) “By the autumn time, we expect to have G5 cameras to be using Black Diamond instead of germanium, all of their cameras.”
(CEO) “We have a window of approximately, we think, 3 years, maybe 3 to 4 years, in which we can grab a significant market share and position the company as a dominant player in our field.”
(CFO) “We achieved those targets one or two quarters earlier than planned. So it's a good moment to reflect on where we are and our progress.”
Prepared Metrics
Metric
Value
Speaker/Context
Revenue
$16.4M (+120% YoY)
CFO
Gross margin
37% (vs. 26% YoY)
CFO
Adjusted EBITDA
$0.6M positive
CFO
Cash & equivalents
$73.6M
CFO
Backlog
$97.8M
CFO
Net loss (GAAP)
$9.4M ($0.20/sh)
CFO
Net loss (excl. earn-out)
$1.8M
CFO
Total debt
$0.8M
CFO
G5 new orders (since acquisition)
>$80M
CEO
Amorphous Materials annual revenue
~$3M
CEO
Q&A Batch (6-6 of 6)
Q6 — Jon Hickman
Topic: Cost difference between 5mm and 15mm Black Diamond lenses
Key points:
Sam Rubin did not provide specific cost numbers, but noted a "material difference cost" exists.
Coating chamber is a fixed cost (e.g., $5,000 per run); 5mm lenses allow a "boatload" per chamber, while 15mm lenses allow about 1/3 the amount.
The cost of coating increases for larger lenses due to fewer units per chamber.
Mgmt stance: Neutral; no directional guidance given, only explained the cost structure mechanics.