ORLANDO, Fla., May 15, 2025 /PRNewswire/ — LightPath Technologies, Inc. (NASDAQ: LPTH) (“LightPath,” the “Company,” “we,” or “our”), a leading provider of next-generation optics and imaging systems for both defense and commercial applications, today announced financial results for its fiscal third quarter ended March 31, 2025.
Financial Summary:
Three Months Ended March 31,
$ in millions
2025
2024
% Change
Revenue
$9.2
$7.7
19.1 %
Gross Profit
$2.7
$1.6
65.9 %
Operating Expenses
$6.0
$4.2
42.9 %
Net Income (Loss)
($3.6)
($2.6)
37.1 %
Adj. EBITDA* (non-GAAP)
($2.0)
($1.5)
(31.3 %)
Third Quarter Fiscal 2025 & Subsequent Highlights:
Closed the acquisition of G5 Infrared (“G5”), a leading high-end infrared camera systems manufacturer, part of LightPath’s strategic vision to become a leading vertically-integrated infrared imaging solutions provider.Awarded an initial $2.2 million engineering development model (EDM) order for infrared cameras by L3Harris Technologies to support the Navy’s Shipboard Panoramic Electro-Optic/Infrared (SPEIR) Program.Received a $4.8 million initial qualification order for infrared cameras with a new defense industry customer, for planned delivery in calendar year 2025.Secured $4.9 million order for cooled infrared cameras with existing defense customer, for planned delivery in fiscal 2026.Participated in leading industry and investor conferences including the Photonics Spectra Infrared Imaging Summit 2025, SPIE Defense + Commercial Sensing, Advanced Infrared Solutions at 2025 Border Security Expo, 27th Annual Needham Growth Conference, and Sequire Investor Summit Puerto Rico.
Management Commentary
Sam Rubin, President and Chief Executive Officer of LightPath, said: “The closing of our acquisition of G5 Infrared, and the subsequent three significant orders for this new subsidiary, helped to accelerate execution of our strategic vision to become a leading vertically-integrated infrared imaging solutions provider in the $9 billion infrared imaging market. G5 provides a highly incremental offering to LightPath, providing a broad range of cooled infrared camera solutions and assemblies, ranging from high performance mid wave zoom thermal imaging camera systems to thin film deposition services on a variety of infrared substrates, all of which are complementary to our line of uncooled infrared cameras, infrared optics and infrared materials.
“G5’s significant pipeline of new business opportunities, with multiple program awards expected to begin production in the next two years, was highlighted recently by three new orders that validate our accretive acquisition. A $4.8 million initial qualification order with a new defense industry customer and a $4.9 million follow-on order with an existing defense industry customer was followed by an initial $2.2 million engineering development model order by L3Harris Technologies – all of which were for infrared cameras from our growing portfolio of cooled and uncooled camera solutions. G5’s revenue is primarily driven by established multi-year contracts and multiple programs of record in shipboard long-range surveillance, border security, and counter UAS systems, as well as recurring federal, naval, and law enforcement programs. We expect to add significant value beyond G5’s initial accretive revenue stream and believe the acquisition will continue to drive future growth with its higher average selling price and higher-margin cooled infrared camera offerings, incremental products, as well as notable operational synergies – such as integrating their offerings with our proprietary BlackDiamond™ glass and in-house optics manufacturing capabilities.
“Looking ahead, we expect continued momentum for our product portfolio and market potential with our Germanium-free BlackDiamond™ infrared imaging solutions. With supply chain issues plaguing competing Germanium based solutions – such as China’s recent ban on the export of Germanium to the United States – our BlackDiamond products are becoming increasingly important to customers. While the China ban has of course impacted the small proportion of our legacy business that still leverages Germanium, we continue to transition our business to utilize our BlackDiamond™ solutions.
“We are moving forward with key defense programs, including our bid to produce a design of a major missile program for the U.S. Army with Lockheed Martin. We are now starting to deliver flightworthy hardware for implementation into Lockheed Martin’s initial live program test units and believe the U.S. Army could potentially make a contractor selection decision late this year or early next year. With the integration of G5, we believe we are well positioned to be the optical solutions provider of choice for high value customers with an accelerating pipeline of government and military projects with key defense customers,” concluded Rubin.
Third Quarter Fiscal 2025 Financial Results
Revenue for the third quarter of fiscal 2025 increased 19.1% to $9.2 million, as compared to $7.7 million in the same quarter of the prior fiscal year. Revenue was split amongst the Company’s product groups in the third quarter of fiscal 2025 as follows:
Product Group Revenue
($ in millions)**
Third Quarter of
Fiscal 2025
Third Quarter of
Fiscal 2024
% Change
Infrared Components
$3.6
$3.6
0 %
Visible Components
$2.8
$2.7
6 %
Assemblies & Modules
$1.9
$0.8
123 %
Engineering Services
$0.8
$0.5
54 %
** Numbers may not foot due to rounding
Gross profit increased 65.9% to $2.7 million, or 29.1% of total revenues, in the third quarter of 2025, as compared to $1.6 million, or 20.9% of total revenues, in the same quarter of the prior fiscal year. The increase in gross margin as a percentage of revenue is primarily due to a more favorable product mix, with more revenue from assemblies and modules and engineering services, which typically have higher margins than infrared components.
Operating expenses increased 42.9% to $6.0 million for the third quarter of fiscal 2025, as compared to $4.2 million in the same quarter of the prior fiscal year. The increase was primarily due to higher legal and consulting fees related to business development and strategic initiatives, including expenses associated with the G5 acquisition, as well as increased sales and marketing spend to promote new products and an increase in materials spend for internally funded new product development projects.
Net loss in the third quarter of fiscal 2025 totaled $3.6 million, or $0.09 per basic and diluted share, as compared to $2.6 million, or $0.07 per basic and diluted share, in the same quarter of the prior fiscal year.
Adjusted EBITDA* loss for the third quarter of fiscal 2025 was $2.0 million, compared to a loss of $1.5 million for the same period of the prior fiscal year.
Third Quarter Fiscal 2025 Earnings Call
Management will host an investor conference call at 5:00 p.m. Eastern time today, Thursday, May 15, 2025, to discuss the Company’s third quarter fiscal 2025 financial results, provide a corporate update, and conclude with Q&A from telephone participants. To participate, please use the following information:
Date: Thursday, May 15, 2025
Time: 5:00 p.m. Eastern time
U.S. Dial-in: 1-877-425-9470
International Dial-in: 1-201-389-0878
Conference ID: 13749941
Webcast: LPTH Q3 FY2025 Earnings Conference Call
Please join at least five minutes before the start of the call to ensure timely participation.
A playback of the call will be available through Thursday, May 29, 2025. To listen, please call 1-844-512-2921 within the United States and Canada or 1-412-317-6671 when calling internationally, using replay pin number 13749941. A webcast replay will also be available using the webcast link above.
About LightPath Technologies
LightPath Technologies, Inc. (NASDAQ: LPTH) is a leading provider of next-generation optics and imaging systems for both defense and commercial applications. As a vertically integrated solutions provider with in-house engineering design support, LightPath’s family of custom solutions range from proprietary BlackDiamond™ chalcogenide-based glass materials – sold under exclusive license from the U.S. Naval Research Laboratory – to complete infrared optical systems and thermal imaging assemblies. The Company’s primary manufacturing footprint is located in Orlando, Florida with additional facilities in Texas, New Hampshire, Latvia and China. To learn more, please visit www.lightpath.com.
*Use of Non-GAAP Financial Measures
To provide investors with additional information regarding financial results, this press release includes references to EBITDA and adjusted EBITDA, which are non-GAAP financial measures. The Company calculates EBITDA by adjusting net income to exclude net interest expense, income tax expense or benefit, depreciation, and amortization. We also calculate adjusted EBITDA, which excludes: (1) the effect of the non-cash income or expense associated with the mark-to-market adjustments, related to the warrants; and (2) the loss on extinguishment of debt. The fair value of the warrants is re-measured each reporting period until the warrants are either exercised or expired (which expiration occurs on February 18, 2031).
A “non-GAAP financial measure” is generally defined as a numerical measure of a company’s historical or future performance that excludes or includes amounts, or is subject to adjustments, so as to be different from the most directly comparable measure calculated and presented in accordance with GAAP. The Company’s management believes that these non-GAAP financial measures, when considered together with the GAAP financial measures, provide information that is useful to investors in understanding period-over-period operating results separate and apart from items that may, or could, have a disproportionately positive or negative impact on results in any particular period. Management also believes that these non-GAAP financial measures enhance the ability of investors to analyze underlying business operations and understand performance. In addition, management may utilize these non-GAAP financial measures as guides in forecasting, budgeting, and planning. Non-GAAP financial measures should be considered in addition to, and not as a substitute for, or superior to, financial measures presented in accordance with GAAP. A reconciliation of these non-GAAP financial measures with the most directly comparable financial measures calculated in accordance with GAAP is presented in the table below.
LIGHTPATH TECHNOLOGIES, INC.
Reconciliation of Non-GAAP Financial Measures and Regulation G Disclosure
(unaudited)
Three Months Ended
March 31,
Nine Months Ended
March 31,
2025
2024
2025
2024
Net loss
$
(3,560,349)
$
(2,597,534)
$
(7,795,091)
$
(5,653,573)
Depreciation and amortization
1,463,150
1,042,850
3,356,752
2,985,850
Income tax provision
100,031
5,798
160,192
121,402
Interest expense
498,862
37,649
817,275
149,048
EBITDA
$
(1,498,306)
$
(1,511,237)
$
(3,460,872)
$
(2,397,273)
Loss on extinguishment of debt
418,502
418,502
Change in fair value of warrant liability
(904,694)
(904,694)
Adjusted EBITDA
$
(1,984,498)
$
(1,511,237)
$
(3,947,064)
$
(2,397,273)
% of revenue
-22
%
-20
%
-16
%
-10
%
Forward-Looking Statements
This press release includes statements that constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “forecast,” “guidance,” “plan,” “estimate,” “will,” “would,” “project,” “maintain,” “intend,” “expect,” “anticipate,” “prospect,” “strategy,” “future,” “likely,” “may,” “should,” “believe,” “continue,” “opportunity,” “potential,” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, without limitation, statements regarding: (i) anticipated timing for program awards, as well as any resulting impact on our financial performance; (ii) the impact of the G5 acquisition on our business and results of operations; (iii) the performance of our product portfolio and expected market potential with our products and (iv) expectations regarding our ability to secure government and military projects with certain customers. These forward-looking statements are based on information available at the time the statements are made and/or management’s good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or suggested by the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, the impact of varying demand for the Company products; the ability of the Company to obtain needed raw materials and components from its suppliers; the impact of tariffs and other governmental trade restrictions; actions governments, businesses, and individuals take in response to the pandemic, including restrictions on onsite commercial interactions; general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth; geopolitical tensions, the Russian-Ukraine conflict, and the Hamas/ Israel war; the effects of steps that the Company could take to reduce operating costs; the inability of the Company to sustain profitable sales growth, convert inventory to cash, or reduce its costs to maintain competitive prices for its products; circumstances or developments that may make the Company unable to implement or realize the anticipated benefits, or that may increase the costs, of its current and planned business initiatives; and those factors detailed by the Company in its public filings with the Securities and Exchange Commission (the “SEC”), including its Annual Report on Form 10-K and other filings with the SEC. Should one or more of these risks, uncertainties, or facts materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by the forward-looking statements contained herein. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Except as required under the federal securities laws and the rules and regulations of the SEC, we do not have any intention or obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.
LIGHTPATH TECHNOLOGIES, INC.
Condensed Consolidated Balance Sheets
(unaudited)
March 31,
June 30,
Assets
2025
2024
Current assets:
Cash and cash equivalents
$
6,478,885
$
3,480,268
Trade accounts receivable, net of allowance of $23,514 and $25,676
7,651,086
4,928,931
Inventories, net
12,687,225
6,551,059
Prepaid expenses and deposits
1,206,115
445,900
Other current assets
57,815
131,177
Total current assets
28,081,126
15,537,335
Property and equipment, net
15,461,601
15,210,612
Operating lease right-of-use assets
6,457,530
6,741,549
Intangible assets, net
21,476,226
3,650,739
Goodwill
9,741,473
6,764,127
Deferred tax assets, net
123,000
123,000
Other assets
79,860
59,602
Total assets
$
81,420,816
$
48,086,964
Liabilities and Stockholders Equity
Current liabilities:
Accounts payable
$
5,737,240
$
3,231,713
Accrued liabilities
3,079,036
1,911,867
Accrued payroll and benefits
1,752,940
1,446,452
Operating lease liabilities, current
1,271,740
1,059,998
Loans payable, current portion
185,631
209,170
Finance lease obligation, current portion
203,954
177,148
Total current liabilities
12,230,541
8,036,348
Deferred tax liabilities, net
1,498,479
326,197
Accrued liabilities, noncurrent
937,000
611,619
Finance lease obligation, less current portion
457,441
528,753
Operating lease liabilities, noncurrent
7,518,766
8,058,502
Loans payable, less current portion
4,693,544
325,880
Warrant liability
4,116,357
Total liabilities
31,452,128
17,887,299
Commitments and Contingencies
Series G Convertible Preferred Stock; $0.01 par value
$
34,399,622
Stockholders equity:
Preferred stock: Series D, $.01 par value, voting;
500,000 shares authorized; none issued and outstanding
Common stock: Class A, $.01 par value, voting;
94,500,000 shares authorized;
42,893,563 and 39,254,643 shares issued and outstanding
428,936
392,546
Additional paid-in capital
238,327,729
245,140,758
Accumulated other comprehensive income
451,067
509,936
Accumulated deficit
(223,638,666)
(215,843,575)
Total stockholders equity
15,569,066
30,199,665
Total liabilities, convertible preferred stock and stockholders equity
$
81,420,816
$
48,086,964
LIGHTPATH TECHNOLOGIES, INC.
Condensed Consolidated Statements of Comprehensive Income (Loss)
(unaudited)
Three Months Ended
Nine Months Ended
March 31,
March 31,
2025
2024
2025
2024
Revenue, net
$
9,167,627
$
7,699,175
$
24,992,837
$
23,092,060
Cost of sales
6,503,526
6,092,988
17,553,476
16,985,846
Gross profit
2,664,101
1,606,187
7,439,361
6,106,214
Operating expenses:
Selling, general and administrative
4,448,359
3,171,770
11,075,005
8,691,395
New product development
757,938
569,962
1,998,775
1,817,598
Amortization of intangible assets
779,025
434,403
1,469,512
1,201,120
Loss on disposal of property and equipment
2,068
13,248
80,505
13,248
Total operating expenses
5,987,390
4,189,383
14,623,797
11,723,361
Operating loss
(3,323,289)
(2,583,196)
(7,184,436)
(5,617,147)
Other income (expense):
Interest expense, net
(498,862)
(37,649)
(817,275)
(149,048)
Loss on extinguishment of debt
(418,502)
(418,502)
Change in fair value of warrant liability
904,694
904,694
Other income (expense), net
(124,359)
29,109
(119,380)
234,024
Total other income (expense), net
(137,029)
(8,540)
(450,463)
84,976
Loss before income taxes
(3,460,318)
(2,591,736)
(7,634,899)
(5,532,171)
Income tax provision
100,031
5,798
160,192
121,402
Net loss
$
(3,560,349)
$
(2,597,534)
$
(7,795,091)
$
(5,653,573)
Foreign currency translation adjustment
120,572
(112,356)
(58,869)
22,409
Comprehensive loss
$
(3,439,777)
$
(2,709,890)
$
(7,853,960)
$
(5,631,164)
Loss per common share (basic)
$
(0.09)
$
(0.07)
$
(0.19)
$
(0.15)
Number of shares used in per share calculation (basic)
41,363,643
37,988,770
40,209,657
37,639,464
Loss per common share (diluted)
$
(0.09)
$
(0.07)
$
(0.19)
$
(0.15)
Number of shares used in per share calculation (diluted)
41,363,643
37,988,770
40,209,657
37,639,464
LIGHTPATH TECHNOLOGIES, INC.
Condensed Consolidated Statements of Changes in Stockholders’ Equity
(unaudited)
Temporary
Equity
Accumulated
Series G
Convertible
Class A
Additional
Other
Total
Preferred Stock
Common Stock
Paid-in
Comprehensive
Accumulated
Stockholders
Shares
Amount
Shares
Amount
Capital
Income
Deficit
Equity
Balances at June 30, 2024
39,254,643
$
392,546
$
245,140,758
$
509,936
$
(215,843,575)
$
30,199,665
Issuance of common stock for:
Employee Stock Purchase Plan
8,232
82
10,290
10,372
Exercise of Stock Options, RSUs & RSAs, net
70,309
703
(703)
Issuance of common stock for acquisition of Visimid
279,553
2,796
318,562
321,358
Stock-based compensation on stock options, RSUs & RSAs
264,475
264,475
Foreign currency translation adjustment
271,594
271,594
Net loss
(1,622,745)
(1,622,745)
Balances at September 30, 2024
39,612,737
$
396,127
$
245,733,382
$
781,530
$
(217,466,320)
$
29,444,719
Issuance of common stock for:
Exercise of Stock Options, RSUs & RSAs, net
229,097
2,291
(2,291)
Shares issued as compensation
49,000
490
89,180
89,670
Stock-based compensation on stock options, RSUs & RSAs
231,581
231,581
Foreign currency translation adjustment
(451,035)
(451,035)
Net loss
(2,611,997)
(2,611,997)
Balances at December 31, 2024
39,890,834
$
398,908
$
246,051,852
$
330,495
$
(220,078,317)
$
26,702,938
Issuance of preferred stock under private equity placement, net of fees
255
20,968590
(1,320,102)
(1,320,102)
Issuance of common stock for:
Employee Stock Purchase Plan
1,137
11
4,002
4,013
Exercise of Stock Options, RSUs & RSAs, net
238,641
2,387
788
3,175
Issuance of common stock for acquisition of Visimid
102,700
1,027
391,561
392,588
Issuance of common stock for acquisition of G5
1,972,501
19,725
4,852,343
4,872,068
Issuance of common stock under private equity placement, net of fees
687,750
6,878
1,584,014
1,590,892
Preferred cumulative dividends plus accretion
13,431,032
(13,431,032)
(13,431,032)
Stock-based compensation on stock options, RSUs & RSAs
194,303
194,303
Foreign currency translation adjustment
120,572
120,572
Net loss
(3,560,349)
(3,560,349)
Balances at March 31, 2025
255
$
34,399,622
42,893,563
$
428,936
$
238,327,729
$
451,067
$
(223,638,666)
$
15,569,066
Balances at June 30, 2023
37,344,739
$
373,447
$
242,808,771
$
606,536
$
(207,836,229)
$
35,952,525
Issuance of common stock for:
Employee Stock Purchase Plan
14,607
146
19,573
19,719
Exercise of Stock Options, RSUs & RSAs, net
14,482
145
(145)
Issuance of common stock for acquisition of Visimid
81,610
816
149,184
150,000
Stock-based compensation on stock options, RSUs & RSAs
240,075
240,075
Foreign currency translation adjustment
(125,208)
(125,208)
Net loss
(1,342,376)
(1,342,376)
Balances at September 30, 2023
37,455,438
$
374,554
$
243,217,458
$
481,328
$
(209,178,605)
$
34,894,735
Issuance of common stock for:
Exercise of Stock Options, RSUs & RSAs, net
93,940
940
(940)
Stock-based compensation on stock options, RSUs & RSAs
258,691
258,691
Foreign currency translation adjustment
259,973
259,973
Net loss
(1,713,663)
(1,713,663)
Balances at December 31, 2023
37,549,378
$
375,494
$
243,475,209
$
741,301
$
(210,892,268)
$
33,699,736
Issuance of common stock for:
Employee Stock Purchase Plan
15,840
158
19,800
19,958
Exercise of Stock Options, RSUs & RSAs, net
225,814
2,258
(2,258)
Issuance of common stock for acquisition of Visimid
267,176
2,672
333,382
336,054
Issuance of common stock under public equity placement
68,041
680
97,528
98,208
Stock-based compensation on stock options, RSUs & RSAs
264,492
264,492
Foreign currency translation adjustment
(112,356)
(112,356)
Net loss
(2,597,534)
(2,597,534)
Balances at March 31, 2024
38,126,249
$
381,262
$
244,188,153
$
628,945
$
(213,489,802)
$
31,708,558
Issuance of common stock for:
Exercise of Stock Options, RSUs & RSAs, net
610,952
6,110
(6,110)
Issuance of common stock under public equity placement
517,442
5,174
702,950
708,124
Stock-based compensation on stock options, RSUs & RSAs
255,765
255,765
Foreign currency translation adjustment
(119,009)
(119,009)
Net loss
(2,353,773)
(2,353,773)
Balances at June 30, 2024
39,254,643
$
392,546
$
245,140,758
$
509,936
$
(215,843,575)
$
30,199,665
LIGHTPATH TECHNOLOGIES, INC.
Condensed Consolidated Statements of Cash Flows
(unaudited)
Nine Months Ended
March 31,
2025
2024
Cash flows from operating activities:
Net loss
$
(7,795,091)
$
(5,653,573)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization
3,356,752
2,985,850
Interest from amortization of loan issuance costs
161,905
Loss on extinguishment of debt
418,502
Warrant issuance costs
318,777
Change in fair value of warrant liability
(904,694)
Loss on disposal of property and equipment
80,505
13,248
Stock-based compensation on stock options, RSUs & RSAs, net
745,155
763,258
Provision for credit losses
(3,014)
(4,422)
Change in operating lease assets and liabilities
(91,582)
47,693
Inventory write-offs to allowance
135,625
95,539
Deferred taxes
(2,368)
8,573
Changes in operating assets and liabilities, net of acquisitions:
Trade accounts receivable
(822,043)
1,766,594
Other current assets
73,362
(419,797)
Inventories
(1,206,340)
725,460
Prepaid expenses and deposits
(360,439)
95,900
Accounts payable and accrued liabilities
520,289
32,020
Net cash (used in) provided by operating activities
(5,374,699)
456,343
Cash flows from investing activities:
Purchase of property and equipment
(580,726)
(1,892,660)
Proceeds from sale of equipment
10,648
Proceeds from sale-leaseback of equipment
364,710
Acquisition of G5
(20,250,011)
Acquisition of Visimid, net of cash acquired
(847,141)
Net cash used in investing activities
(20,820,089)
(2,375,091)
Cash flows from financing activities:
Proceeds from exercise of stock options
3,175
Proceeds from sale of common stock from Employee Stock Purchase Plan
14,385
39,677
Proceeds from issuance of common stock under public equity placement
98,208
Proceeds from issuance of common stock under private equity placement
437,725
Proceeds from issuance of preferred stock under private equity placement
18,842,138
Proceeds from issuance of warrants under private equity placement
4,313,813
Deferred payment for acquisition of Visimid
(125,000)
Borrowings on loans payable
6,659,596
142,853
Loan issuance costs
(597,465)
Payments on loans payable
(149,118)
(2,262,798)
Repayment of finance lease obligations
(133,711)
(87,610)
Net cash provided by (used in) financing activities
29,265,538
(2,069,670)
Effect of exchange rate on cash and cash equivalents
(72,133)
2,880
Change in cash, cash equivalents and restricted cash
2,998,617
(3,985,538)
Cash, cash equivalents and restricted cash, beginning of period
3,480,268
7,144,490
Cash, cash equivalents and restricted cash, end of period
$
6,478,885
$
3,158,952
Supplemental disclosure of cash flow information:
Interest paid in cash
$
66,136
$
161,676
Income taxes paid
$
118,016
$
120,787
Supplemental disclosure of non-cash investing & financing activities:
Purchase of equipment through finance lease arrangements
$
93,048
$
391,107
Issuance of common stock for acquisition of Visimid
$
713,946
$
486,054
View original content to download multimedia:https://www.prnewswire.com/news-releases/lightpath-technologies-reports-third-quarter-fiscal-2025-financial-results-302456970.html
SOURCE LightPath Technologies
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