LightPath Technologies Q4 2026: Revenue Surges 73% as Backlog Hits $110.9M

LightPath Technologies posted Q4 fiscal 2026 revenue of $21.16 million, beating expectations and representing 73% growth year over year. The GAAP loss of $0.06 per share, missing expectations, is almost entirely explained by a $3.4 million non-cash charge tied to the change in fair value of acquisition earnout liabilities linked to G5 Infrared hitting its own performance targets.

Gross margin expanded to 39.4% in the quarter from 22% a year ago, driven by a mix shift toward higher-value assemblies and modules, better manufacturing absorption, and the elimination of the yield problems that weighed on component margins through fiscal 2025. Full-year gross profit rose 155%, nearly double the prior year.

Backlog closed the year at $110.9 million, up 197% from the start of the fiscal year, a substantial pipeline for a company of LightPath's size. CEO Sam Rubin described fiscal 2027 as being "about capacity and conversion," with the company adding glass melting capability in Orlando and Texas and expanding optical and assembly capacity across U.S. and Latvian sites.

A policy tailwind is adding urgency to those capacity plans. Legislation enacted in December 2025 directed the Department of Defense to eliminate reliance on covered nations for optical glass and systems by January 1, 2030. Rubin noted that supplier qualification cycles of two to three years mean sourcing decisions linked to that deadline are being made now, which underpins demand for LightPath's domestically produced, germanium-free BlackDiamond glass and infrared assemblies.

The company completed a $50 million public equity offering in June 2026 and finished the quarter with $93.2 million in cash, giving it the balance sheet to fund the capacity expansion without near-term financing pressure. The planned divestiture of its China subsidiary LPOIZ for $4.5 million will deconsolidate some revenue, but management expects continuity of third-party supply from that operation.