LIGHTPATH TECHNOLOGIES INC

LPTH · Semiconductors & Related Devices · 62.8M shares · +8%/yr ↑ dilution · EDGAR filings ↗

Net buyback after stock comp: -$1M (gross $582, SBC $1M)

Reference price $14.00 · est. market cap ~$879M — last insider sale, 2026-06-03 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)

Grade

D44

Micro-cap optics maker with deep losses, cash burn, and weak quick liquidity, despite revenue growth.

Strengths

Revenue growth — +17.3% (54th)

Risks

Deep losses — operating margin -31.8%, net margin -40.0%, ROE -95.1% (6th)
Cash burn and weak coverage — FCF -$9.6M, interest coverage -10.57
Weak quick liquidity — 0.91 (4th)

Notable findings

No interest coverageInterest coverage -10.57 (cannot cover interest)
Cash burnNegative free cash flow (-9.6M)
Customer concentration~21% of revenue from one customer/distributor — The assemblies and modules product group increased from 14% of revenue in fiscal year 2024, to 21% of revenue in fiscal year 2025, and these products typically have higher gross margins than the compo
Net lossNet loss (net margin -40.0%)
Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
Chronic dilutionShare count +8%/yr over 4y (dilution, book value/share -66%)
Insider sellingInsider selling — 18 open-market sale(s) by 1 insider(s) (~$90M, last 6mo) Form 4 ↗
Notable holderHeld by 5 notable fund(s): GOLDMAN SACHS GROUP INC, CITADEL ADVISORS LLC, RENAISSANCE TECHNOLOGIES LLC +2 more (as of 2026-03-31)
New fund positionNotable fund(s) opened this quarter: FMR LLC

Quarterly revenue

2024-12-31 · $7M2025-03-31 · $9M2025-06-30 · $12M2025-09-30 · $15M

Last 4 quarters · from SEC filings.

Key metrics

Gross margin

27.2%

Operating margin

-31.8%

Net margin

-40.0%

Return on equity

-95.1%

Return on assets

-18.2%

ROIC

-45.7%

Revenue growth (QoQ)

23.3%

Debt / equity

0.3×

Interest coverage

-10.6×

Current ratio

1.7×

Free cash flow

-$10M

EBITDA

-$8M

Tangible book value

-$14M

Stock comp / revenue

2.8%

Insider transactions · last 18 months

Date	Insider	Type	Shares	Price
2026-06-03	North Run Strategic Opportunities Fund I, LP	Sell	3.6M	$14.00
2026-06-02	North Run Strategic Opportunities Fund I, LP	Conversion	3.6M	$2.15
2026-05-18	North Run Strategic Opportunities Fund I, LP	Sell	55K	$12.32
2026-05-14	North Run Strategic Opportunities Fund I, LP	Sell	165K	$12.16
2026-05-13	North Run Strategic Opportunities Fund I, LP	Sell	45K	$12.29
2026-05-12	North Run Strategic Opportunities Fund I, LP	Sell	83K	$12.25
2026-03-27	Rubin Shmuel	Buy	180	$9.70
2026-03-25	North Run Strategic Opportunities Fund I, LP	Sell	302K	$12.31
2026-03-25	North Run Strategic Opportunities Fund I, LP	Conversion	740K	$2.15
2026-03-24	North Run Strategic Opportunities Fund I, LP	Sell	55K	$12.06
2026-03-18	North Run Strategic Opportunities Fund I, LP	Sell	16K	$12.00
2026-03-17	North Run Strategic Opportunities Fund I, LP	Sell	104K	$12.01
2026-03-04	North Run Strategic Opportunities Fund I, LP	Sell	55K	$12.09
2026-03-03	North Run Strategic Opportunities Fund I, LP	Sell	381K	$12.18
2026-03-02	North Run Strategic Opportunities Fund I, LP	Sell	239K	$12.03
2026-03-02	North Run Strategic Opportunities Fund I, LP	Conversion	740K	$2.15
2026-02-25	North Run Strategic Opportunities Fund I, LP	Sell	300K	$12.18
2026-02-24	North Run Strategic Opportunities Fund I, LP	Sell	131K	$12.02
2026-02-23	North Run Strategic Opportunities Fund I, LP	Sell	6.5K	$12.01
2026-02-20	North Run Strategic Opportunities Fund I, LP	Sell	377K	$12.15
2026-02-20	North Run Strategic Opportunities Fund I, LP	Sell	219K	$13.18
2026-02-20	North Run Strategic Opportunities Fund I, LP	Conversion	1.3M	$2.15
2026-02-02	Rubin Shmuel	Option exercise	29K	—
2026-02-02	Miranda Albert	Option exercise	12K	—
2026-01-05	North Run Strategic Opportunities Fund I, LP	Option exercise	3.5M	$2.58
2026-01-05	North Run Strategic Opportunities Fund I, LP	Sell	770K	$11.72
2025-12-19	Rubin Shmuel	Gift	13K	—
2025-11-20	Crider Kimberly Anne	Option exercise	19K	—
2025-11-20	ELLIS THOMAS B	Option exercise	7.0K	—
2025-11-20	CREVISTON STEVEN E	Option exercise	19K	—
2025-11-20	Miranda Albert	Option exercise	4.1K	—
2025-11-20	Rubin Shmuel	Option exercise	9.5K	—
2025-11-17	Rubin Shmuel	Option exercise	17K	—
2025-11-17	Miranda Albert	Option exercise	7.4K	—
2025-02-25	Rubin Shmuel	Buy	1.0K	$2.45
2025-02-20	Crider Kimberly Anne	Buy	1.0K	$2.51
2025-02-19	Rubin Shmuel	Buy	1.0K	$2.56
2025-01-31	Crider Kimberly Anne	Option exercise	44K	—
2025-01-31	CREVISTON STEVEN E	Option exercise	44K	—
2025-01-31	Miranda Albert	Option exercise	12K	—
2025-01-31	Rubin Shmuel	Option exercise	28K	—

All non-derivative Form 4 activity (SEC), newest first.

Supply chain

Customers (1)

Lockheed Martin

Suppliers (0)

Named in the 10-K; linked when we track them.

Notable events (8-K)

Date	Items
2026-06-03	Material agreementReg FDExhibits	filing ↗
2026-05-07	ResultsExhibits	filing ↗
2026-02-27	Reg FDExhibits	filing ↗
2026-02-11	ResultsExhibits	filing ↗
2026-01-23	Material agreementAcquisition/dispositionDebt obligation3.02Reg FDExhibits	filing ↗
2025-12-18	Shareholder vote	filing ↗
2025-12-12	Material agreementReg FDExhibits	filing ↗
2025-11-21	Exhibits	filing ↗

Recent filings

Form	Filed	Period	Accession
8-K	2026-06-03	2026-06-01	0001437749-26-019435 ↗
8-K	2026-05-07	2026-05-07	0001437749-26-015581 ↗
10-Q	2026-05-07	2026-03-31	0001437749-26-015594 ↗
8-K	2026-02-27	2026-02-25	0001437749-26-006130 ↗
10-Q	2026-02-11	2025-12-31	0001437749-26-003809 ↗
8-K	2026-02-11	2026-02-11	0001437749-26-003796 ↗
8-K	2026-01-23	2026-01-20	0001437749-26-001904 ↗
8-K	2025-12-18	2025-12-17	0001654954-25-014117 ↗
8-K	2025-12-12	2025-12-12	0001654954-25-013906 ↗
8-K/A	2025-11-21	2025-02-18	0001654954-25-013366 ↗
8-K	2025-11-12	2025-11-11	0001654954-25-012801 ↗
10-Q	2025-11-12	2025-09-30	0001654954-25-012804 ↗