LightPath Technologies Reports FY24 Results

TL;DR

LPTH FY24 revenue down to $37.3M from $39.3M last year. Check 10-K for details.

AI Summary

LightPath Technologies Inc. filed its 10-K for the fiscal year ending June 30, 2024. The company reported revenues of $37,344,739 for FY2024, a decrease from $39,254,643 in FY2023. Key financial figures include accounts receivable from Customer One and Customer Two, and a subsequent event related to a securities purchase agreement.

Why It Matters

This filing provides investors with a comprehensive overview of LightPath Technologies' financial performance and position for the fiscal year 2024, including revenue trends and significant events.

Risk Assessment

Risk Level: medium — The company experienced a revenue decline in FY2024, indicating potential market challenges or operational issues.

Key Numbers

• $37.3B — FY2024 Revenue (Total revenue for the fiscal year ending June 30, 2024.)
• $39.3B — FY2023 Revenue (Total revenue for the fiscal year ending June 30, 2023.)
• 40000 — Accounts Receivable - Customer Two (Accounts receivable balance from Customer Two as of June 30, 2024.)
• 101733 — Accounts Receivable - Customer One (Accounts receivable balance from Customer One as of June 30, 2024.)

Key Players & Entities

• LightPath Technologies Inc. (company) — Filer of the 10-K
• 2024-06-30 (date) — Fiscal year end
• $37,344,739 (dollar_amount) — FY2024 Revenue
• $39,254,643 (dollar_amount) — FY2023 Revenue
• Customer One (company) — Customer with accounts receivable
• Customer Two (company) — Customer with accounts receivable

FAQ

Key Financial Figures

• $0.01 — tered Class A Common Stock, par value $0.01 LPTH The Nasdaq Stock Market, LLC
• $30,000 — in thousands of dollars, and as much as $30,000 for our most advanced and recent versio

Filing Documents

• lpth_10k.htm (10-K) — 1715KB
• lpth_ex24.htm (EX-24) — 6KB
• lpth_ex41.htm (EX-4.1) — 26KB
• lpth_ex191.htm (EX-19.1) — 112KB
• lpth_ex211.htm (EX-21.1) — 3KB
• lpth_ex231.htm (EX-23.1) — 3KB
• lpth_ex311.htm (EX-31.1) — 11KB
• lpth_ex312.htm (EX-31.2) — 13KB
• lpth_ex321.htm (EX-32.1) — 6KB
• lpth_ex322.htm (EX-32.2) — 6KB
• lpth_ex971.htm (EX-97.1) — 13KB
• 0001654954-24-012103.txt ( ) — 7959KB
• lpth-20240630.xsd (EX-101.SCH) — 73KB
• lpth-20240630_lab.xml (EX-101.LAB) — 458KB
• lpth-20240630_cal.xml (EX-101.CAL) — 60KB
• lpth-20240630_pre.xml (EX-101.PRE) — 385KB
• lpth-20240630_def.xml (EX-101.DEF) — 187KB
• lpth_10k_htm.xml (XML) — 1228KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 16 Item 1B. Unresolved Staff Comments. 23 Item 1C. Cybersecurity 23 Item 2.

Properties

Properties 24 Item 3.

Legal Proceedings

Legal Proceedings 24 PART II 25 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 25 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 25 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk. 37 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 37 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 37 Item 9A.

Controls and Procedures

Controls and Procedures 37 Item 9B. Other Information 38 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 38 PART III 39 Item 10. Directors, Executive Officers and Corporate Governance 39 Item 11.

Executive Compensation

Executive Compensation 45 Item 12.

Security Ownership of Certain Beneficial Owners and Management

Security Ownership of Certain Beneficial Owners and Management 52 Item 13. Certain Relationships and Related Transactions, and Director Independence 54 Item 14. Principal Accountant Fees and Services 55 PART IV 56 Item 15. Exhibits, Financial Statement Schedules 56 Item 16. Form 10-K Summary 59 Index to Consolidated Financial Statements F-1

Signatures

Signatures S-1 2 Table of Contents CAUTIONARY NOTE CONCERNING FORWARD-LOOKING STATEMENTS Certain statements and information in this Annual Report on Form 10-K may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements concerning plans, opinions, expectations, beliefs, objectives, assumptions or projections regarding future events or future results and underlying assumptions and other statements, which are not statements of historical facts. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential," or "continue," or other comparable terminology. These forward-looking statements are based largely on our current expectations and assumptions and are subject to a number of risks and uncertainties, many of which are beyond our control. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate. Forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Forward-looking statements represent management's beliefs and assumptions only as of the date of this Annual Report on Form 10-K. You should read this Annual Report on Form 10-K completely and with the understanding that our actual fu

Business

Item 1. Business. General Our Company LightPath Technologies, Inc. ("LightPath", the "Company", "we", "our", or "us") was incorporated under Delaware law in 1992 as the successor to LightPath Technologies Limited Partnership, a New Mexico limited partnership formed in 1989, and its predecessor, Integrated Solar Technologies Corporation, a New Mexico corporation formed in 1985. Today, LightPath is a global company with facilities in the United States, the People's Republic of China and the Republic of Latvia. Our corporate headquarters is located in Orlando, Florida. Historically, we operated with a focus on optical component manufacturing, and specifically on our leadership position as a precision molded lens manufacturer for visual light applications. While still positioned as a component provider, we expanded our addressable market with the acquisition of ISP, a manufacturer of infrared optical components, in December 2016. Subsidiaries LPOI and LPOIZ In November 2005, we formed LightPath Optical Instrumentation (Shanghai) Co., Ltd ("LPOI"), a wholly-owned subsidiary, located in Jiading, People's Republic of China, which was primarily engaged in sales and support functions. In December 2013, we formed LightPath Optical Instrumentation (Zhenjiang) Co., Ltd. ("LPOIZ"), a wholly-owned subsidiary located in the New City district, of the Jiangsu province, of the People's Republic of China. LPOIZ's manufacturing facility (the "Zhenjiang Facility") serves as our manufacturing facility in China and provides a lower cost structure for production of larger volumes of optical components and assemblies. Effective February 28, 2023, the legal entities of LPOI and LPOIZ were merged, with LPOIZ as the surviving company and the operations of the two companies were merged. ISP and ISP Latvia In December 2016, we acquired ISP Optics Corporation, a New York corporation ("ISP"), and its wholly-owned subsidiary, ISP Optics Latvia, SIA, a limited liability company found

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View this 10-K filing on SEC EDGAR