Business
LightPath Technologies Reports Financial Results for Fiscal 2022 First Quarter
Performance Begins Rebound Following China Operations Transition; Technological Innovation Targets Fast Growing MarketsORLANDO, FL / ACCESSWIRE / November 4,
About this update from Lightpath Technologies, Inc.
[{"type":"text","content":"Performance Begins Rebound Following China Operations Transition; Technological Innovation Targets Fast Growing MarketsORLANDO, FL / ACCESSWIRE / November 4, 2021 / LightPath Technologies, Inc. (NASDAQ:LPTH) (\"LightPath,\" the \"Company,\" or \"we\"), a vertically integrated provider of engineered solutions for the global photonics industry, today announced financial results for its fiscal 2022 first quarter ended September 30, 2021.Management Overview & Technology HighlightsCommenting on the performance of the first quarter of fiscal 2022, LightPath's President and Chief Executive Officer Sam Rubin stated, \"During the first quarter of fiscal 2022, we made important progress toward improving our financial performance following the transition and recent developments of our operations in China, and the successful commencement of our new strategic plan. The implementation of our strategic plan is intended to bolster our long-term growth and profitability, while establishing LightPath as a leader for engineered solutions in the growing global market for photonics. We believe we are on track with our recovery in performance as revenues improved to greater than $9 million in the first quarter, a marked improvement over the preceding quarter, while our gross margin as a percentage of sales increased by 10 percentage points and expenses in China have significantly declined from the fourth quarter of fiscal 2021.\"LightPath's continued focus on growth, innovation and value-added engineering included:Launched innovative technology for precision molding of freeform glass optics, an extension of LightPath's market leading lens molding technology, a key enabling technology in future AR/VR and LIDAR marketsReceived three orders for development of freeform optics for use in LIDAR and AR applicationsCommenced joint development of light-weight broadband thermal cameras for space applications with Space FloridaApplied for three new patents for innovations focused on optical system performanceCompleted commissioning of coating facility in Latvia, allowing for cost savings and access to new marketsM&A strategy on course to supplement engineered solutionsInitiated expansion of Orlando headquarters in anticipation of future growthFiscal 2022 First Quarter Highlights:Revenue for the first quarter of fiscal 2022 of $9.1 millionTotal backlog at Septem...