Latest news with #LightPath
Otago Daily Times
28-05-2025
- Entertainment
- Otago Daily Times
Matariki extravaganza a no go
Matariki will be a lot quieter in Kaiapoi this year, with a popular festival and colourful interactive Light Path cancelled due to funding shortfalls. Karl Howarth, the co-owner of BlueSky Events, which organised the event, says it is sad news. This year Matariki falls on Friday, June 20. ''The cost to run these events is over $60,000, and as Matariki is a free community event the funding comes from grants, sponsorship, vendor fees, and by running a ticketed Lightpath event.'' He said he was trying to pull something out of the fire right up until the last minute, but nothing would work logistically. ''Everybody tried their hardest. We were talking to sponsors and they were all keen to come on board again, but we would have had to find extra sponsors which I already know is very tricky. ''The key thing for us this year was the grant funding bodies. ''We applied to a number of them, but we were only approved by a couple so we have a shortfall of around $10,000 in terms of where I would be comfortable in running the event.'' He says that is still way short of actually covering any of the costs of the event as the sponsorships and grants only cover about a third of the costs. ''The rest of it is made up with market vendor fees, and running last year's Lightpath attraction. ''The Lightpath was how we managed to get the revenue to fund the costs of the Matariki festival, but it's a commercial ticketed event and we don't know how many tickets we will sell until the week of the event. ''It's nearly a $30,000 risk hoping we will sell enough tickets from that event to cover the costs of the Matariki community festival, which we don't charge people for.'' Howarth said this year his risk levels are a little bit lower because he has to cover this himself, because BlueSky Events is not a council funded entity. ''My cafe is my only backup along with the contract work we undertake. ''It's just too great this year.'' If he had been successful with a couple more grant applications, he says he probably would have taken the risk. ''We took a big risk with it last year and we know what we could have expected from the Lightpath, but with a couple of funding bodies not approving our requests we just can't take the risk.'' He says a number of community events have struggled this year because of a lack of funding and this is no different. ''We knew that last year and this year things are a lot tighter.'' The funding bodies all say the same thing - they have more applications than they have money for. ''We have a wonderful relationship with the Waimakariri District Council, they offered us funding and we have several grants from them, but we needed more and a couple of grants didn't come through this year, which in previous years have funded Matariki.'' ''This year it put more onus on the Lightpath to fund that and I wasn't prepared to take the risk.'' Howarth says he is already planning for next year's event. ''We know the event works well, we know people love it, and we know the rural community is bouncing back a little this year and that will hopefully flow through to the general economy and then our normal sponsors will come back on board and the grant bodies won't be so overwhelmed with applications.''
NZ Herald
21-05-2025
- Entertainment
- NZ Herald
Musical triumph: Whanganui band shines in regional music competition
The Tangata Beats event started in 1998 as the Urban Beats Award but over time became its own competition. The Lights Go Out members, Alijah Ngaronga, Jeremiah Herewini, Poppy Brooks-Mann, Mason Maraku, Manaia Takiari, Rangitaumata Hayward, Amelia Muir, Arne Leiva-Benegas, Moata Leiva-Benegas and Gio Maraku, met through Te Kura Waenga o Rutherford although some have gone on to secondary school at Cullinane College and Whanganui High School. 'They're still all with our music teacher [Jordan Maraku] and he makes a band every year and most of the years it's been the same people,' keyboardist Amelia Muir said. A previous band, Reckless, containing multiple of Lights Out's current members, made the Tangata Beats national final in 2023 and came third. Reckless only competed in Tangata Beats in previous years, making this the first attempt at Smokefreerockquest. 'We thought we would give both competitions a shot this year and we're glad we did,' trombone player Arne Leiva-Benegas said. 'We were really surprised we won.' For their first-place wins, the band received $500 of musical equipment from the Rockshop. Lights Go Out consists of three brass instruments, three keyboards, two vocalists, a drummer and a bassist. Coming up to the competition, the band practised together for more than 10 hours a week. At the competition, Lights Go Out performed original songs Alive and Light Path. Muir said the songwriting process was collaborative, with each instrument group writing their own parts. Raia (Waihīrere Fifield-Taylor), from Te Aho o Te Kura, came first in the Whanganui Smokefreerockquest's solo/duo category. Muir and Leiva-Benegas said the band was musically inspired by reggae music and New Zealand bands L.A.B., Six60 and House of Shem. A4, from Rangitīkei College, placed second behind Lights Go Out for Smokefreerockquest. Missing Comma, from Whanganui High School, were third. In the solo-duo Smokefreerockquest category, Raia (Waihīrere Fifield-Taylor), from Te Aho o Te Kura Pounamu, was first and Sophie Toyne, from Whanganui High School, second. Nisi (Denise Pio), from Rangitīkei College, won the solo-duo for Smokefree Tangata Beats. Alongside Raia and Sophie Toyne, Lights Go Out can submit a video of their original material for selection as one of the top 15 finalists to play at Smokefreerockquest nationals in September. Along with Nisi, they can also apply for the national final of Smokefree Tangata Beats on September 13 at Auckland's ASB Theatre. Olivia Reid is a multimedia journalist based in Whanganui.
Yahoo
15-05-2025
- Business
- Yahoo
LightPath Technologies Reports Third Quarter Fiscal 2025 Financial Results
ORLANDO, Fla., May 15, 2025 /PRNewswire/ -- LightPath Technologies, Inc. (NASDAQ: LPTH) ("LightPath," the "Company," "we," or "our"), a leading provider of next-generation optics and imaging systems for both defense and commercial applications, today announced financial results for its fiscal third quarter ended March 31, 2025. Financial Summary:Three Months Ended March 31,$ 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 *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, of Non-GAAP Financial Measures and Regulation G Disclosure(unaudited)Three Months Ended March 31, Nine Months EndedMarch 31,2025 2024 2025 2024Net loss$ (3,560,349) $ (2,597,534) $ (7,795,091) $ (5,653,573)Depreciation and amortization 1,463,1501,042,8503,356,7522,985,850Income tax provision 100,0315,798160,192121,402Interest expense 498,86237,649817,275149,048 EBITDA$ (1,498,306) $ (1,511,237) $ (3,460,872) $ (2,397,273)Loss on extinguishment of debt 418,502418,502Change 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,Assets2025 2024Current assets: Cash and cash equivalents$ 6,478,885 $ 3,480,268Trade accounts receivable, net of allowance of $23,514 and $25,676 7,651,0864,928,931Inventories, net 12,687,2256,551,059Prepaid expenses and deposits 1,206,115445,900Other current assets 57,815131,177 Total current assets 28,081,12615,537,335 Property and equipment, net 15,461,60115,210,612Operating lease right-of-use assets 6,457,5306,741,549Intangible assets, net 21,476,2263,650,739Goodwill 9,741,4736,764,127Deferred tax assets, net 123,000123,000Other assets 79,86059,602Total assets$ 81,420,816 $ 48,086,964Liabilities and Stockholders Equity Current liabilities: Accounts payable $ 5,737,240 $ 3,231,713Accrued liabilities 3,079,0361,911,867Accrued payroll and benefits 1,752,9401,446,452Operating lease liabilities, current 1,271,7401,059,998Loans payable, current portion 185,631209,170Finance lease obligation, current portion 203,954177,148 Total current liabilities 12,230,5418,036,348 Deferred tax liabilities, net 1,498,479326,197Accrued liabilities, noncurrent 937,000611,619Finance lease obligation, less current portion 457,441528,753Operating lease liabilities, noncurrent 7,518,7668,058,502Loans payable, less current portion 4,693,544325,880Warrant liability 4,116,357Total liabilities 31,452,12817,887,299 Commitments and ContingenciesSeries 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, $.01 par value, voting; 94,500,000 shares authorized; 42,893,563 and 39,254,643 shares issued and outstanding 428,936392,546Additional paid-in capital 238,327,729245,140,758Accumulated other comprehensive income 451,067509,936Accumulated deficit (223,638,666)(215,843,575)Total stockholders equity 15,569,06630,199,665Total liabilities, convertible preferred stock and stockholders equity$ 81,420,816 $ 48,086,964 LIGHTPATH TECHNOLOGIES, INC. Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited)Three Months Ended Nine Months EndedMarch 31, March 31,2025 2024 2025 2024Revenue, net$ 9,167,627 $ 7,699,175 $ 24,992,837 $ 23,092,060Cost of sales 6,503,5266,092,98817,553,47616,985,846Gross profit 2,664,1011,606,1877,439,3616,106,214Operating expenses: Selling, general and administrative 4,448,3593,171,77011,075,0058,691,395New product development 757,938569,9621,998,7751,817,598Amortization of intangible assets 779,025434,4031,469,5121,201,120Loss on disposal of property and equipment 2,06813,24880,50513,248Total operating expenses 5,987,3904,189,38314,623,79711,723,361Operating 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 904,694904,694Other income (expense), net (124,359)29,109(119,380)234,024Total other income (expense), net (137,029)(8,540)(450,463)84,976Loss before income taxes (3,460,318)(2,591,736)(7,634,899)(5,532,171)Income tax provision 100,0315,798160,192121,402Net loss$ (3,560,349) $ (2,597,534) $ (7,795,091) $ (5,653,573)Foreign currency translation adjustment 120,572(112,356)(58,869)22,409Comprehensive 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) 41,363,64337,988,77040,209,65737,639,464Loss per common share (diluted) $ (0.09) $ (0.07) $ (0.19) $ (0.15)Number of shares used in per share calculation (diluted) 41,363,64337,988,77040,209,65737,639,464 LIGHTPATH TECHNOLOGIES, INC. Condensed Consolidated Statements of Changes in Stockholders' Equity (unaudited) Temporary EquityAccumulatedSeries G Convertible Class A Additional OtherTotalPreferred Stock Common Stock Paid-in Comprehensive Accumulated Stockholders Shares Amount Shares Amount Capital Income Deficit EquityBalances at June 30, 2024 39,254,643 $ 392,546 $ 245,140,758 $ 509,936 $ (215,843,575) $ 30,199,665Issuance of common stock for: Employee Stock Purchase Plan 8,2328210,29010,372Exercise of Stock Options, RSUs & RSAs, net 70,309703(703)Issuance of common stock for acquisition of Visimid 279,5532,796318,562321,358Stock-based compensation on stock options, RSUs & RSAs 264,475264,475Foreign currency translation adjustment 271,594271,594Net 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) $ 29,444,719Issuance of common stock for: Exercise of Stock Options, RSUs & RSAs, net 229,0972,291(2,291)Shares issued as compensation 49,00049089,18089,670Stock-based compensation on stock options, RSUs & RSAs 231,581231,581Foreign 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) $ 26,702,938Issuance of preferred stock under private equity placement, net of fees 25520,968590(1,320,102)(1,320,102)Issuance of common stock for: Employee Stock Purchase Plan 1,137114,0024,013Exercise of Stock Options, RSUs & RSAs, net 238,6412,3877883,175Issuance of common stock for acquisition of Visimid 102,7001,027391,561392,588Issuance of common stock for acquisition of G5 1,972,50119,7254,852,3434,872,068Issuance of common stock under private equity placement, net of fees 687,7506,8781,584,0141,590,892Preferred cumulative dividends plus accretion 13,431,032(13,431,032)(13,431,032)Stock-based compensation on stock options, RSUs & RSAs 194,303194,303Foreign currency translation adjustment 120,572120,572Net loss (3,560,349)(3,560,349)Balances at March 31, 2025 255 $ 34,399,62242,893,563 $ 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) $ 35,952,525Issuance of common stock for: Employee Stock Purchase Plan 14,60714619,57319,719Exercise of Stock Options, RSUs & RSAs, net 14,482145(145)Issuance of common stock for acquisition of Visimid 81,610816149,184150,000Stock-based compensation on stock options, RSUs & RSAs 240,075240,075Foreign 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) $ 34,894,735Issuance of common stock for: Exercise of Stock Options, RSUs & RSAs, net 93,940940(940)Stock-based compensation on stock options, RSUs & RSAs 258,691258,691Foreign currency translation adjustment 259,973259,973Net 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) $ 33,699,736Issuance of common stock for: Employee Stock Purchase Plan 15,84015819,80019,958Exercise of Stock Options, RSUs & RSAs, net 225,8142,258(2,258)Issuance of common stock for acquisition of Visimid 267,1762,672333,382336,054Issuance of common stock under public equity placement 68,04168097,52898,208Stock-based compensation on stock options, RSUs & RSAs 264,492264,492Foreign 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 610,9526,110(6,110)Issuance of common stock under public equity placement 517,4425,174702,950708,124Stock-based compensation on stock options, RSUs & RSAs 255,765255,765Foreign 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 EndedMarch 31,2025 2024Cash 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 3,356,7522,985,850Interest from amortization of loan issuance costs 161,905Loss on extinguishment of debt 418,502Warrant issuance costs 318,777Change in fair value of warrant liability (904,694)Loss on disposal of property and equipment 80,50513,248Stock-based compensation on stock options, RSUs & RSAs, net 745,155763,258Provision for credit losses (3,014)(4,422)Change in operating lease assets and liabilities (91,582)47,693Inventory write-offs to allowance 135,62595,539Deferred taxes (2,368)8,573Changes in operating assets and liabilities, net of acquisitions: Trade accounts receivable (822,043)1,766,594Other current assets 73,362(419,797)Inventories (1,206,340)725,460Prepaid expenses and deposits (360,439)95,900Accounts payable and accrued liabilities 520,28932,020Net 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 10,648Proceeds from sale-leaseback of equipment 364,710Acquisition 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 3,175Proceeds from sale of common stock from Employee Stock Purchase Plan 14,38539,677Proceeds from issuance of common stock under public equity placement 98,208Proceeds from issuance of common stock under private equity placement 437,725Proceeds from issuance of preferred stock under private equity placement 18,842,138Proceeds from issuance of warrants under private equity placement 4,313,813Deferred payment for acquisition of Visimid (125,000)Borrowings on loans payable 6,659,596142,853Loan 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)2,880Change in cash, cash equivalents and restricted cash 2,998,617(3,985,538)Cash, cash equivalents and restricted cash, beginning of period 3,480,2687,144,490Cash, 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 $ 161,676Income taxes paid $ 118,016 $ 120,787Supplemental disclosure of non-cash investing & financing activities: Purchase of equipment through finance lease arrangements $ 93,048 $ 391,107Issuance of common stock for acquisition of Visimid $ 713,946 $ 486,054 View original content to download multimedia: SOURCE LightPath Technologies
Business Insider
03-05-2025
- Business
- Business Insider
LightPath files to sell 21.19M shares of Class A common stock for holders
16:50 EDT LightPath (LPTH) files to sell 21.19M shares of Class A common stock for holders Protect Your Portfolio Against Market Uncertainty Discover companies with rock-solid fundamentals in TipRanks' Smart Value Newsletter. Receive undervalued stocks, resilient to market uncertainty, delivered straight to your inbox. Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
