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LightPath Technologies Reports Financial Results for Fiscal 2022 Third Quarter
Freeform Optics Technology and LIDAR Capabilities Set a Path for GrowthORLANDO, FL / ACCESSWIRE / May 12, 2022 / LightPath Technologies, Inc. (NASDAQ:LPTH)
About this update from Lightpath Technologies, Inc.
[{"type":"text","content":"Freeform Optics Technology and LIDAR Capabilities Set a Path for GrowthORLANDO, FL / ACCESSWIRE / May 12, 2022 / 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 third quarter ended March 31, 2022.Management CommentaryLightPath's President and Chief Executive Officer Sam Rubin stated, \"Our fiscal third quarter results indicate yet another step in the right direction for the Company. Our results and recovery efforts in China continue to improve from last year's discovery of malfeasance, even in the face of new COVID-19 shut-downs in China. Our margin is showing improvement due to incremental operational efficiency gains and our focus on acquiring better quality revenue, as well as a favorable revenue mix. Our new strategic focus on engineered solutions is showing us the right path to future opportunities and improved financial results.\"\"Last year we discovered the malfeasance and other activities that occurred in our Chinese subsidiaries, and articulated our belief that it would take three to four quarters to recover from those events. Having completed the third quarter since we took action to address these events, we are pleased with our overall progress, particularly with respect to continued improvement in our margins, which are flowing to an improved bottom line, and continued improvement in our cash position. Our continued focus at improving our operational efficiencies, implementing cost reductions and sunsetting unprofitable products has resulted in overall improved financial performance, even without revenue growth. Revenue during the third quarter was impacted by the COVID-19 outbreak in China, as we had indicated in a mid-March press release.\"\"Our new strategic direction, which will take us from a component manufacturer to a sub-system and system manufacturer, is based on delivering superior optical systems through leveraging key optical technologies which we own. One such technology is freeform optics, which we introduced in late 2021. Freeform optics provide new degrees of freedom in designing optical systems, achieving better overall performance, with lower cost, weight and size. This key technology now allows us to work with cust...