LightPath Technologies, Inc. (LPTH): Business Model Canvas [Dec-2025 Updated]

You're digging into the financials of LightPath Technologies, Inc. (LPTH) and wondering if their big pivot from just selling glass components to delivering full infrared (IR) camera systems is actually paying off. Honestly, after two decades analyzing these shifts, the story here is clear: they are aggressively moving up the value chain, evidenced by their $37.2 million total revenue in FY2025, where sales of Assemblies and Modules jumped 79% to $8.0 million. This isn't just a component play anymore; it's a strategic move into high-value defense and industrial solutions, backed by key partnerships like L3Harris Technologies and a growing backlog. Dive into the full Business Model Canvas below to see exactly how they are structuring this transformation.

LightPath Technologies, Inc. (LPTH) - Canvas Business Model: Key Partnerships

You're looking at the core relationships LightPath Technologies, Inc. (LPTH) relies on to execute its strategy, especially in the defense and advanced materials sectors as of late 2025. These partnerships are critical for supply chain security and securing large defense revenue streams.

L3Harris Technologies for the Navy's SPEIR Program

LightPath Technologies, via its subsidiary G5 Infrared, secured an initial engineering development model (EDM) order valued at $2.2 million from L3Harris Technologies to support the U.S. Navy's Shipboard Panoramic Electro-Optic/Infrared (SPEIR) Program, with systems scheduled for delivery in the 2025 calendar year. The SPEIR Program involves integrating narrow and wide field of view detection and cueing capability for anti-ship cruise missile defense, counter-UAV operations, and force protection. G5's advanced infrared cameras will be integrated into all U.S. Navy surface ships, starting with Arleigh Burke-class destroyers.

Ondas Holdings and Unusual Machines for $8.0 million strategic investment in UAV sector

LightPath Technologies entered a definitive agreement for an $8.0 million private placement of Class A common stock with Ondas Holdings Inc. and Unusual Machines, Inc., announced on September 15, 2025. This investment consists of the sale of 1,600,000 shares of common stock at a price of $5.00 per share. Specifically, each of Ondas Holdings, Inc. and Unusual Machines, Inc. will purchase $4 million of shares. The offering was expected to close on or about September 17, 2025. Proceeds are designated for working capital to advance key LightPath commercialization initiatives and for general corporate purposes.

Lockheed Martin for U.S. Army missile program qualification

LightPath Technologies achieved a key qualification milestone with Lockheed Martin for a U.S. Army missile program involving its advanced thermal camera system. LightPath's participation began with an agreement for up to $7.5 million for design and development over three years. The company received $4.7 million in December 2023 for phase one prototypes. The U.S. Army's decision on production is now anticipated by 2026, with an initial order volume of 10,000 units. If selected, potential initial revenues are cited between $50 to $100 million. The underlying U.S. Army Precision Strike Missile (PrSM) program saw Lockheed Martin awarded an IDIQ contract with a ceiling value of $4.9 billion on March 28, 2025. LightPath's product is an I.R. Imager for the U.S. Army Stinger Missile (PE 0604117A) program, with an expected production rate up to 10K/year and a target price of $5-10K/unit.

Here's a quick look at the defense-related contract milestones:

Partner/Program	Order/Investment Amount	Key Milestone/Date	Potential Volume/Value
L3Harris / SPEIR Program	$2.2 million (Initial EDM Order)	Deliveries scheduled in 2025	Integrated into all U.S. Navy surface ships
Ondas/Unusual Machines	$8.0 million (Strategic Investment)	Agreement announced September 15, 2025	1,600,000 shares at $5.00/share
Lockheed Martin / Army Missile	$7.5 million (Design/Development)	Production decision expected by 2026	Potential initial revenue of $50 to $100 million

Strategic suppliers for non-Germanium raw materials

LightPath Technologies is actively working to qualify its proprietary materials as substitutes for Germanium, which faces export restrictions from China. The company received Phase 2 funding from the U.S. Defense Department for this qualification effort. LightPath is redesigning G5's product line to implement its proprietary BlackDiamond™ material in place of Germanium.

The strategic shift is evident in recent financial reporting:

• Revenue from Germanium-based products decreased 32% year-over-year in Q1 Fiscal 2025 (ended September 30, 2024).
• LightPath commenced production of two high-end cooled IR camera products redesigned to use BlackDiamond™ Glass in place of Germanium in Q4 Fiscal 2025 (ended June 30, 2025).
• Gross profit margin improved to 29.1% of total revenues in Q3 Fiscal 2025 (ended March 31, 2025), partly due to a more favorable product mix favoring assemblies and modules.

The company is solidifying its vertically-integrated position by combining BlackDiamond™ materials with advanced manufacturing.

LightPath Technologies, Inc. (LPTH) - Canvas Business Model: Key Activities

You're looking at the core engine driving LightPath Technologies, Inc. right now-the actual work they do to generate revenue, especially after the big G5 Infrared acquisition. It's all about turning proprietary material science into high-end imaging systems for defense and commercial clients. Here's the quick math on what they are actively doing as of late 2025.

Manufacturing proprietary BlackDiamond™ Glass optics.

LightPath Technologies, Inc. is focused on scaling production of its proprietary BlackDiamond™ chalcogenide-based glass materials, which are exclusively licensed from the U.S. Naval Research Laboratory. This material is a key domestic alternative to Germanium, addressing supply chain security concerns for defense customers. While specific unit volumes for the raw material aren't always public, the strategy is clear: drive growth through this unique component.

The shift in product mix towards higher-value assemblies is already impacting margins:

• Gross margin as a percentage of revenue improved to 29.1% in the third quarter of fiscal 2025, up from 20.9% in the same quarter of the prior fiscal year.
• Management is firm on achieving 40% gross margins in the medium-term.
• They expect to reach a 35% gross margin within perhaps a quarter or two.

Vertical integration and production of complete IR camera systems (post-G5 acquisition).

The acquisition of G5 Infrared, LLC, completed in February 2025, is the cornerstone of the vertical integration strategy, moving LightPath Technologies, Inc. from components to complete solutions. G5 Infrared generated at least $15 million in preliminary, unaudited revenue in Calendar Year 2024.

The integration immediately boosted the Assemblies and Modules segment, which, along with engineering services, saw significant growth. For the fourth quarter of fiscal 2025, G5 itself contributed $4.2 million to revenue. The combined entity had an expectation of achieving at least $55 million in revenue in the 12 months following the acquisition.

The success of this integration is reflected in the overall financial performance for the full fiscal year ended June 30, 2025:

Metric (FY 2025)	Amount (in millions)	Year-over-Year Change
Total Revenue	$37.6	17.4% increase
Gross Profit	$10.1	17.4% increase
Net Loss	($14.9)	Increase from ($8.0) loss in FY 2024

Engineering services and co-development for defense programs.

This activity is a major driver of the higher-margin revenue mix. LightPath Technologies, Inc. is actively engaged in engineering development models and securing multi-million dollar orders for its camera systems, particularly in counter Unmanned Aerial System (UAS) and shipboard surveillance programs.

Recent defense-related order wins include:

• An initial $2.2 million Engineering Development Model (EDM) order from L3Harris Technologies for the Navy's Shipboard Panoramic Electro-Optic/Infrared (SPEIR) Program.
• A $4.8 million initial qualification order for infrared cameras with a new defense industry customer, planned for delivery in Calendar Year 2025.
• A $4.9 million order for cooled infrared cameras with an existing defense customer, planned for delivery in fiscal 2026.
• A $9.7 million order for cooled IR cameras for counter UAS applications with an existing defense customer.
• Revenue from engineering services skyrocketed by 797% in the second quarter of fiscal 2025, supported by contracts with clients such as Lockheed Martin.

Global sales and marketing of high-end imaging solutions.

Sales and marketing efforts are translating into significant order book visibility, which is crucial for a company of this size. The backlog provides revenue certainty well into future fiscal years. The company is actively promoting its Germanium-free optics to defense and public safety sectors.

The order book strength as of the Q4 fiscal 2025 earnings call was substantial:

• The current real order book (backlog) stood at $90 million.
• This $90 million backlog represents approximately three years' revenues based on the fiscal 2025 revenue run rate.
• Roughly 60% of this backlog is scheduled for shipment in fiscal 2026, with the remainder extending into fiscal 2027 and 2028.
• In the fourth quarter alone, LightPath Technologies, Inc. announced a $18.2 million purchase order, followed by a $22.1 million follow-on purchase order, totaling $40.3 million for deliveries spanning Calendar Years 2026-2027.

Finance: draft 13-week cash view by Friday.

LightPath Technologies, Inc. (LPTH) - Canvas Business Model: Key Resources

You're looking at the core assets LightPath Technologies, Inc. (LPTH) is banking on as they push this transformation strategy forward. These aren't abstract concepts; they are tangible technologies and hard-won contracts that form the foundation of their current value proposition.

Proprietary BlackDiamond™ Glass technology and IP

The intellectual property around BlackDiamond™ chalcogenide-based glass is central. This material is positioned as a US-produced alternative to Germanium, which is a key differentiator given supply chain risks and export restrictions affecting Germanium. This technology is held under an exclusive license from the U.S. Naval Research Laboratory. The strategic value is clear:

• Secured Phase 2 funding from the DoD's Defense Logistics Agency (DLA) to qualify additional BlackDiamond glasses.
• Redesigned two high-end cooled IR camera lines from G5 Infrared, LLC to use BlackDiamond™ Glass in place of Germanium.
• The redesign using the new materials leads to a reported 40% reduction in weight for a zoom lens.
• Secured an initial development contract from a new European defense customer for BlackDiamond glass in optical systems.

This shift away from Germanium optics is a major theme for LightPath Technologies, Inc..

G5 Infrared, LLC's high-end IR camera systems and expertise

The acquisition of G5 Infrared, LLC, which closed on February 18, 2025, was a move to gain high-end cooled infrared camera systems expertise and move up the value chain. G5 specializes in long-range detection solutions for defense, border security, and counter-drone markets. G5 had preliminary, unaudited revenue of at least $15 million in calendar year 2024. The deal itself was valued at approximately $27 million in cash and stock, with up to an additional $23 million in earnout consideration tied to performance targets in fiscal years 2026 and 2027.

The integration is already showing up in the financials. Here's how G5 contributed to the Q4 2025 results:

Metric	Amount
G5 Contribution to Q4 2025 Revenue	$4.2 million
Assemblies and Modules Revenue (Q4 2025)	$4.2 million
Assemblies and Modules Revenue YoY Growth (Q4 2025)	203%

This move was about capturing higher-ASP (Average Selling Price) cooled camera solutions to complement LightPath Technologies, Inc.'s existing uncooled offerings.

Manufacturing facilities in the US and China (though China operations have had issues)

LightPath Technologies, Inc. maintains a global manufacturing footprint. The company's primary facilities are located in Orlando, Florida, with additional sites in Texas, New Hampshire (likely G5's location), and Zhenjiang, China. You should note the strategic pivot away from heavy reliance on China for manufacturing, as management indicated a move to secure the supply chain. The company migrated its global IT infrastructure to a new provider to bolster and meet the defense industry's high security requirements during the fiscal year.

$37.4 million backlog as of June 30, 2025, growing to ~$90 million

This is perhaps the most significant near-term resource, providing revenue visibility. As of the end of fiscal year 2025 (June 30, 2025), the reported backlog was $37.4 million. However, by the September 2025 earnings call, management reported this figure had accelerated to around $90 million. This massive increase signals tangible results from the transformation strategy.

The composition of this backlog is weighted toward the higher-value systems work:

• ~Two-thirds of the $90 million backlog is comprised of cameras and systems/subsystems.
• New multi-year orders include an $18.2 million purchase order for IR cameras for delivery in CY 2026 and a follow-on $22.1 million order for CY 2027.
• The backlog provides solid revenue visibility extending out to fiscal 2027 and 2028.

This backlog visibility is what management is using to suggest consensus revenue estimates should be raised by about 10%. Finance: draft 13-week cash view by Friday.

LightPath Technologies, Inc. (LPTH) - Canvas Business Model: Value Propositions

You're looking at how LightPath Technologies, Inc. (LPTH) is positioning its offerings to capture value in the defense and industrial optics space as of late 2025. The core value is shifting from just making parts to delivering complete, secure systems.

Germanium-free optics for secure, resilient supply chains

The primary driver here is geopolitical risk and supply chain security, specifically around germanium. Management noted that approximately $2,000,000,000 of germanium sales in the U.S. were considered at risk due to export restrictions. LightPath Technologies counters this with its proprietary BlackDiamond™ chalcogenide-based glass, licensed from the U.S. Naval Research Laboratory. This material is key to securing supply chains for critical applications like border control and drone defense. The company has already commenced production on two high-end cooled IR camera products where the design was specifically modified to use BlackDiamond™ Glass instead of Germanium.

High-performance, next-generation IR camera systems and assemblies

The push into integrated systems is showing up clearly in the revenue mix. For the fourth quarter of fiscal 2025, the company reported a significant shift in sales composition. The backlog reached approximately $90 million as of the Q4 FY2025 earnings call, which is more than four times what it was just a few months prior. This backlog is heavily weighted toward systems, with two-thirds of the $90 million backlog in systems and subsystems, primarily cameras and assemblies. New orders are substantial, including an $18.2 million purchase order for IR cameras for delivery in CY 2026, and a follow-on $22.1 million order for CY 2027 delivery.

Here's the revenue breakdown for the fourth quarter of fiscal 2025, showing the growth in the higher-value segments:

Revenue Segment	Q4 FY2025 Revenue Amount	Percentage of Consolidated Revenue
Infrared Components	$4.9 million	40%
Assemblies and Modules	$4.2 million	34.1%
Visible Component Revenue	$2.8 million	23.2%
Engineering Services	$300,000	2.1%

The Assemblies and Modules segment saw revenue jump 203% year-over-year in Q4.

Custom optical design and engineering services for complex programs

LightPath Technologies, Inc. provides in-house engineering design support as part of its vertically integrated offering. While this segment is smaller in terms of direct revenue contribution, it is crucial for margin expansion. In Q4 FY2025, Engineering Services generated $300,000, which was 2.1% of total revenue. Management noted that gross margin as a percentage of revenue was favorably impacted in fiscal 2025 by revenue from engineering services, as these typically carry higher margins than standard IR components.

Moving up the value chain from components to integrated solutions

The strategic intent is clearly to move beyond being purely a component manufacturer, a position that historically led to eroding margins and commoditization. The acquisition of G5 Infrared, LLC, is a key action that positions LightPath as a vertically-integrated infrared imaging solutions provider. This shift is reflected in the margin targets; while the Q4 FY2025 gross margin was 22.0% (down from 29.2% in the prior year quarter, partly due to inventory reserve charges), management is guiding toward approximately 35% gross margin within 1 to 2 quarters, targeting 40% gross margins in the medium-term. The company expects adjusted EBITDA to turn positive when revenue scales up to the level guaranteed by the current backlog, which management suggested analysts should raise consensus estimates by about 10% to reflect. For the full fiscal year 2025, total revenue was $37.6 million.

The company is making a clear pivot toward higher-value offerings.

LightPath Technologies, Inc. (LPTH) - Canvas Business Model: Customer Relationships

You're looking at how LightPath Technologies, Inc. (LPTH) manages its key relationships, which clearly tilts heavily toward high-value, long-term defense and technology partners as of late 2025. This focus is driving a strategic shift up the value chain, moving away from just components.

Dedicated account management for Tier-1 defense contractors.

The relationship with major defense primes is critical, especially as LightPath Technologies, Inc. pushes its Germanium-free BlackDiamond™ glass solutions into defense verticals. This requires deep, dedicated engagement. For instance, the company achieved a key qualification milestone with Lockheed Martin for a U.S. Army Missile Program during the first quarter of fiscal 2025. Furthermore, revenue from engineering services, which is heavily driven by these defense contracts, saw significant growth, with one report noting a 797% increase in Q2 Fiscal 2025, specifically citing contracts with major defense clients like Lockheed Martin.

• Momentum toward LightPath 2.0 (customized lens assemblies and solutions) rose from 19% of revenue in Q1 2024 to 30% in Q1 2025.
• The company is actively working to transition key customers from Germanium to BlackDiamond Glass Optics.

Co-development and engineering models (EDM) for new programs.

The Engineering Model (EDM) is a clear mechanism for securing future revenue by embedding LightPath Technologies, Inc. early in a program's lifecycle. This is not just theoretical; we see concrete financial commitments tied to this model. The company secured an initial $2.2 Million Engineering Development Model order from L3Harris Technologies to support the Navy's Shipboard Panoramic Electro-Optic/Infrared (SPEIR) Program.

This co-development approach is essential for scaling proprietary technology, such as the redesign of G5 Infrared systems to utilize BlackDiamond™ Glass instead of Germanium.

Strategic, long-term contracts with large global technology customers.

Long-term visibility is being built through massive, multi-year purchase orders, often from a single, large global technology customer. This is the backbone of their near-term revenue projection. As of the fiscal 2025 fourth quarter announcement, the total order book, or backlog, stood at a substantial $90 Million. Management indicated they expect about $54 Million of that backlog to convert into revenue in the upcoming fiscal year, FY2026. The official backlog at the June 30th quarter end was lower, at $37.4 Million, showing significant post-quarter bookings.

Here's a look at some of the major, multi-year commitments that define these strategic relationships:

Customer Type/Program	Order Value	Expected Delivery Window
Leading Global Technology Customer (IR Cameras)	$18.2 Million	CY 2026
Same Customer (Follow-on Tranche)	$22.1 Million	CY 2027
Existing Defense Customer (Cooled IR Cameras)	$4.9 Million	Fiscal 2026
New Defense Industry Customer (IR Cameras)	$4.8 Million	Calendar Year 2025

The potential upside from the Next Generation Stinger (NGSRI) program, a system being developed for Lockheed Martin, could be transformative, with estimates suggesting $50 to $100 Million in recurring annual revenue once it hits full production.

Direct sales and technical support for industrial/commercial clients.

While defense dominates the headlines, the commercial/industrial segment is being targeted through specialized product launches and growth in higher-margin service areas. LightPath Technologies, Inc. launched its first industrial-grade mid-wave IR optical gas imaging camera, aiming at markets like Oil & Gas applications. The growth in the Assemblies and Modules segment, which reached $7.968 Million in FY2025 (a 79% increase), reflects success in selling integrated solutions directly to commercial end-users, not just selling raw components.

• FY2025 Assemblies and Modules revenue: $7.968 Million.
• FY2025 Engineering Services revenue: $3.187 Million.
• The company secured an $8.0 Million strategic investment from Ondas Holdings and Unusual Machines specifically to boost efforts in the drone/UAV sector, a commercial/defense crossover market.

Finance: draft 13-week cash view by Friday.

LightPath Technologies, Inc. (LPTH) - Canvas Business Model: Channels

You're looking at how LightPath Technologies, Inc. (LPTH) gets its products-optics, assemblies, and camera systems-into the hands of customers as of late 2025. The strategy clearly leans heavily on direct engagement, especially given the high-value, specialized nature of their defense and industrial offerings. Honestly, the numbers show a clear pivot toward selling solutions, not just glass.

Direct sales force targeting defense and public safety primes.

This is where the big ticket items land, and it's all about direct relationships with prime contractors. The focus is on leveraging the proprietary BlackDiamond™ glass as a secure, domestic alternative to germanium, which is a huge selling point given geopolitical supply chain concerns. You can see the results of this direct push in the backlog; as of the Q4 FY2025 call, the order book stood at a record $90 million, with over two-thirds of that being higher-value engineered solutions. This segment is clearly the primary channel for the most significant new business.

• Secured an initial $2.2 million engineering development model (EDM) order from L3Harris Technologies for the Navy's SPEIR Program.
• Secured an aggregate of $9.7 million in orders for cooled IR cameras from an existing defense customer for counter UAV applications.
• Announced a major purchase order worth $18.2 million for advanced cameras, with expectations of a follow-on $22.1 million order.

Direct sales of IR camera systems via the G5 Infrared subsidiary.

The acquisition of G5 Infrared, LLC, was a channel move as much as a product move. G5 specializes in high-end cooled IR camera systems, and their direct sales efforts are now integrated into LightPath Technologies' overall push up the value chain. For the full fiscal year 2025, G5 Infrared contributed $4.0 million from sales of cameras and modules within the Assemblies and Modules revenue group. They are also pushing their new industrial-grade mid-wave IR (MWIR) optical gas imaging (OGI) camera through this direct channel, which is key for commercial expansion outside of defense.

Direct sales of components and assemblies to industrial OEMs.

While defense is grabbing headlines, the industrial OEM channel remains a core part of the business, selling both components and the newly integrated assemblies. The Assemblies and Modules segment, which includes G5 sales, grew 79% year-over-year in FY2025 to $8.0 million. This growth was helped by increased sales to an industrial customer that started shipping at volume in the third quarter of fiscal 2025. The company is defintely shifting this channel toward their higher-margin BlackDiamond™ glass optics.

Participation in key industry and investor conferences.

Management uses conferences as a direct channel to engage with the investment community and key industry buyers. This is crucial for securing future funding and validating the shift to a solutions provider model. You can see the level of engagement throughout 2025.

Conference/Event	Date(s)	Format
Sequire Investor Summit Puerto Rico	January 22nd - 23rd, 2025	Presentation & 1x1 Meetings
27th Annual Needham Growth Conference	January 16th - 17th, 2025	1x1 Meetings Only (Virtual)
Photonics Spectra Infrared Imaging Summit 2025	FY2025	Participation noted
SPIE Defense + Commercial Sensing	FY2025	Participation noted
2025 Border Security Expo	FY2025	Participation noted
Canaccord 45th Annual Growth Conference	August 13, 2025	Participation noted

To put the revenue mix into perspective, here is how the product groups-which map to these channels-performed in the full fiscal year 2025:

Product Group	FY 2025 Revenue (Approx.)	Year-over-Year Change
Assemblies and Modules (Includes G5 Cameras)	$8.0 million	79% increase
Infrared Components	$14.3 million	2% increase
Visible Components	$11.73 million	4% increase
Engineering Services	$3.2 million	63% increase
Total Revenue	$37.2 million	17% increase

The Assemblies and Modules group, which is heavily defense/camera-focused, is the fastest-growing channel driver, showing that direct sales of systems are accelerating faster than component sales. Finance: draft 13-week cash view by Friday.

LightPath Technologies, Inc. (LPTH) - Canvas Business Model: Customer Segments

You're looking at the customer base for LightPath Technologies, Inc. as of late 2025, which is clearly pivoting toward higher-value, system-level sales, especially in defense, moving away from being just a component supplier. The geopolitical climate, particularly supply chain risks related to Germanium, is actively accelerating demand from these key groups for their BlackDiamond™-based solutions.

US and European Defense/Military (counter-UAS, shipboard surveillance)

This segment is a primary growth driver, fueled by the need for domestic and allied supply chain security. Demand is strong for infrared (IR) cameras and systems. LightPath Technologies, Inc. secured an initial $2.2 million engineering development model (EDM) order from L3Harris Technologies specifically to support the Navy's Shipboard Panoramic Electro-Optic/Infrared (SPEIR) Program. Furthermore, the company received a $4.8 million initial qualification order for IR cameras from a new defense industry customer, slated for delivery in calendar year 2025, and a $4.9 million order for cooled IR cameras from an existing defense customer for fiscal 2026 delivery. The company also sells its products directly to customers in Europe. The potential upside here is massive; management suggested that if Lockheed Martin wins the NGSRI (Next Generation Stinger Replacement Initiative) competition, the associated program could bring in $50 to $100 million in recurring annual revenue for LightPath Technologies, Inc. alone.

• Revenue from engineering services grew by 797% in Q2 FY2025, driven by defense contracts.
• The company is focused on providing Germanium-free optics to counter Chinese export restrictions.
• The backlog, which stood at approximately $90 million as of the Q4 FY2025 earnings call, is heavily fueled by these defense and public safety wins.

Large Global Technology Customers (major IR camera orders)

This segment represents significant, large-scale, multi-year revenue visibility. LightPath Technologies, Inc. announced a major $18.2 million purchase order for infrared cameras from a leading global technology customer, with deliveries expected in calendar year 2026. This was quickly followed by a commitment for a follow-on $22.1 million purchase order for a second tranche, expected in calendar year 2027. These large system orders are key to the company's strategy of moving up the value chain.

Industrial and Commercial (Oil & Gas OGI, furnace monitoring)

While defense orders are currently dominating the headlines, the commercial side is expanding with new product introductions. LightPath Technologies, Inc. launched its first industrial-grade mid-wave IR optical gas imaging (OGI) camera, targeting sectors like Oil & Gas for furnace monitoring and leak detection. The company is working to convert market demand into sales of its BlackDiamond™-based camera systems across these commercial applications.

The revenue mix for the fourth quarter of fiscal 2025 gives you a snapshot of where the sales were landing, showing the strong contribution from the newly integrated systems business (Assemblies and Modules) alongside core components:

Revenue Category (Q4 FY2025)	Amount ($ in millions)	Percentage of Consolidated Revenue
Infrared Components	$4.9	40%
Assemblies and Modules	$4.2	34.1%
Visible Components	$2.8	23.2%
Engineering Services	$0.3	2.1%

Aerospace and Space-related projects

The focus here is currently tied to the Unmanned Aerial Vehicle (UAV) sector, which falls under the broader defense/security umbrella but warrants specific mention due to strategic investment. LightPath Technologies, Inc. secured an $8.0 million strategic investment from Ondas Holdings and Unusual Machines specifically to support its continued growth and leadership as a provider of IR imaging solutions to the growing drone/UAV sector. This investment signals a commitment to developing technology relevant to aerospace and related security applications.

For the full fiscal year 2025 ended June 30, 2025, total revenue was $37.6 million, a 17.3% increase from the $31.7 million reported in fiscal 2024. The company is definitely pushing its engineered solutions part of the business fast. Finance: draft 13-week cash view by Friday.

LightPath Technologies, Inc. (LPTH) - Canvas Business Model: Cost Structure

You're looking at the cost side of LightPath Technologies, Inc. (LPTH) as they integrate a major acquisition and push new technology. The costs are clearly scaling up to support this growth strategy.

Operating Expenses (OPEX) for the full fiscal year 2025 reached $22.0 million, marking a significant jump of 33.4% compared to the $16.5 million reported in the prior fiscal year. This overall increase reflects several key investment areas.

The costs associated with the G5 acquisition and integration are a major factor in the rising OPEX. For the full fiscal year 2025, this included an $1.4 million increase in the fair value of acquisition liabilities. To give you a clearer picture of the quarterly impact, the third quarter of fiscal 2025 saw OPEX rise to $6.0 million (up 42.9% year-over-year), which specifically included:

• $0.7 million in expenses tied to the G5 acquisition.
• $0.4 million in additional sales, general and admin costs coming from G5.

The push for new product development is also evident in the cost structure. This is seen through high R&D and materials spend. For the full year 2025, OPEX included an increase in materials spend specifically for internally funded new product development projects. Looking at the third quarter of fiscal 2025, operating expenses also contained $0.2 million in product development costs.

When you look at the most recent quarter, the fourth quarter of fiscal 2025, the operating expenses were $7.2 million, a 52.0% increase over the fourth quarter of fiscal 2024's $4.7 million. This higher quarterly spend is also attributed to increased sales and marketing spend to promote new products.

The nature of LightPath Technologies, Inc.'s business-focusing on complex assemblies and modules, especially post-G5 Infrared acquisition-implies substantial manufacturing and labor costs associated with producing high-end infrared camera systems. While direct manufacturing labor isn't itemized separately in the provided data, the shift in revenue mix points to this area:

Metric	Q4 Fiscal 2025 Amount ($ in millions)	FY 2025 Amount ($ in millions)
Total Operating Expenses	$7.2	$22.0
Operating Expenses Increase (YoY Full Year)	52.0% (Q4)	33.4%
Fair Value Increase of Acquisition Liabilities	Included in total	$1.4

The focus on complex, high-value items like the redesigned G5 cooled IR camera products utilizing BlackDiamond™ Glass suggests that the cost of goods sold (COGS) structure is heavily influenced by specialized materials and the skilled labor required for these complex assemblies, even if those specific labor costs aren't isolated in the general operating expense reporting.

LightPath Technologies, Inc. (LPTH) - Canvas Business Model: Revenue Streams

You're looking at the top line for LightPath Technologies, Inc. (LPTH) as of late 2025, and the picture shows clear momentum from strategic shifts. For the full fiscal year 2025, LightPath Technologies, Inc. posted total revenue of $37.2 million. That's a solid step up from the prior year, driven by demand for their specialized, non-Germanium optics.

Here's how that total revenue broke down across the key streams for fiscal year 2025, showing where the growth really hit:

Revenue Stream	FY2025 Amount (Millions USD)	Year-over-Year Change
Total Revenue	$37.2	17.4% increase
Sales of Assemblies and Modules	$8.0	Up 79%
Sales of Infrared Components	$14.3	2% increase
Revenue from Engineering Services	$3.2	63% increase

The growth in Assemblies and Modules is defintely eye-catching, jumping up 79% to reach $8.0 million. This segment is clearly benefiting from the company moving up the value chain into complete camera systems, especially with the integration of G5 Infrared. Still, Infrared Components remain the largest single reported segment at $14.3 million, even with the planned reduction in Germanium-based sales.

What really gives you visibility into the near-term future, though, is the backlog, which is where the real commitment lies. LightPath Technologies, Inc. has secured large, multi-year purchase orders for IR camera systems, which is a huge vote of confidence from major defense and technology customers. As of the last report, the total backlog was reported around $90 million. Management indicated that about 60% of that $90 million-so roughly $54 million-is expected to convert into revenue just in the upcoming fiscal year, FY2026. This includes a specific $18.2 million purchase order for infrared cameras expected for delivery in calendar 2026, plus a follow-on $22.1 million order slated for 2027. That kind of committed revenue stream changes the whole dynamic for planning operating expenses.

You can see the revenue mix is shifting, which is key to their strategy of moving away from volatile supply chains and toward proprietary BlackDiamond glass solutions. The Engineering Services revenue, at $3.2 million, shows a strong growth trajectory, supported by work on key defense programs.

• The shift to BlackDiamond glass is insulating a growing portion of revenue from Germanium supply risk.
• The backlog is heavily weighted toward these higher-ASP (Average Selling Price) camera systems.
• The company secured an $8.0 million strategic investment to boost drone/UAV sector growth.

Finance: draft 13-week cash view by Friday.