LightPath Technologies Inc. Class A Common Stock (LPTH)

FairStock Score: 29/100 — RISKY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I am a value investor who wants durable earning power and a margin of safety. LightPath is a 414-employee optical-components maker with niche products for thermal imaging and light manipulation. The growth is real: in fiscal 2026, the year ended 2026-06-30, revenue was $71.7 million, up from $37.2 million in fiscal 2025, the year ended 2025-06-30, and $31.7 million in fiscal 2024, the year ended 2024-06-30. But profits are moving the wrong way. Net loss widened to $20.5 million in fiscal 2026 from $14.9 million in fiscal 2025 and $8.0 million in fiscal 2024. Diluted EPS was -$0.38 in fiscal 2026. The latest filed quarter, fiscal Q3 2026 ended 2026-03-31, showed revenue of $19.1 million and a net loss of $4.1 million, or -$0.07 per diluted share. FairStock calculations at the $8.91 close on 2026-10-13 show P/B of 4.16, EV/EBITDA of 135.69, FCF yield of -2.6%, ROE of -19.73%, ROCE of -1.90%, and Piotroski F-Score of 4/9. The balance sheet is not stretched—D/E is 0.07 and Altman Z-Score is 7.32—but trailing free cash flow is -$16.5 million. FairStock assigns no Lynch category because the company lost money in each of the last four years. A moat is unproven. The market cap of $624 million already assumes a sharp future improvement. I would need evidence of positive earnings and cash flow before calling this a bargain.

In plain English: LightPath makes special lenses and optical parts used in thermal imaging and other products that control light. Sales have grown quickly, but the company has lost money for years and is still losing money. At the recent price, the stock looks expensive compared with its lack of profits and negative cash flow.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q3 2026 10-Q (period ended 2026-03-31) · fiscal Q2 2026 10-Q (period ended 2025-12-31) · fiscal Q1 2026 10-Q (period ended 2025-09-30) · fiscal Q3 2025 10-Q (period ended 2025-03-31) · FY2026 10-K (period ended 2026-06-30) · FY2025 10-K (period ended 2025-06-30) · FY2024 10-K (period ended 2024-06-30)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer