LightPath Technologies, Inc. Q4 2026 Earnings Recap

LightPath’s stock fell 9.3% after earnings, suggesting investors were concerned by the lack of sequential backlog growth and delays or uncertainty around several defense programs despite record quarterly results. The Army’s pushout of the NGSRI timeline and the absence of Border Patrol camera orders also weigh on the near-term outlook.

Key Takeaways

• Fiscal 2026 revenue nearly doubled, rising 93% to approximately $72 million from $37 million; fourth-quarter revenue reached a record $21.2 million.
• Gross margin expanded to 36% for the year and 39.4% in the fourth quarter, while adjusted EBITDA improved from a $5.1 million loss to a $4.2 million profit for the year; Q4 adjusted EBITDA was $2.1 million.
• Year-end backlog was $110.9 million, up 197% year over year, but it did not grow sequentially during the quarter. Management cited two subsequent orders totaling $24 million.
• The Army delayed the NGSRI Interceptor program by several months while it evaluates other options; management characterized this as a delay rather than a program risk.
• DHS funding for the Border Patrol program has reached the prime contractor but has not yet converted into camera orders. An unnamed airborne program has completed qualification but is still awaiting a low-rate initial production order.