Business
LightPath Technologies Reports Financial Results for Fiscal 2023 First Quarter
LightPath continues transition to solutions provider despite challenges in China and Hurricane IanORLANDO, FL / ACCESSWIRE / November 10, 2022 / LightPath
About this update from Lightpath Technologies, Inc.
[{"type":"text","content":"LightPath continues transition to solutions provider despite challenges in China and Hurricane IanORLANDO, FL / ACCESSWIRE / November 10, 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 2023 first quarter ended September 30, 2022.Management CommentaryLightPath's President and Chief Executive Officer Sam Rubin stated, \"The first quarter of LightPath's 2023 fiscal year continued the transition in our strategic direction focused on delivering high-value optical solutions. Our revenue and gross margin took a step back, resulting from the economic slowdown in China and the effects of Hurricane Ian that shut down our Florida facility at the end of the quarter. We expect to see continued pressures on margins due to increased energy costs related to general economic conditions, including continuing inflationary factors, as well as the conflict in Ukraine and recessionary headwinds in the China which have affected our operations overseas, for the remainder of the calendar year 2022 and beyond.\"\"We've begun to see early glimmers of success in our plan to transition from an optical component manufacturer to a complete optical system provider. Already, our backlog, as announced in late August, exceeded the previous record backlog we had in December 2020. Our current backlog comprises significantly higher quality sales in assemblies and defense and significantly less in China. We believe that refocusing our sales efforts on higher value systems for customers in the US and Europe will result in a more stable order flow based on long-term supply relationships.\"We believe that the significant supply chain and geopolitical issues affiliated with sourcing Germanium from Russia and China provide a significant incentive for our customers to consider our proprietary Black Diamond (\"BD\") materials as a replacement. We continue to develop new products leveraging the game-changing multi-spectral capabilities of our BD-based product offerings and look forward to announcing those in the coming months.\"Fiscal 2023 First Quarter Highlights:Revenue for the first quarter of fiscal 2023 of $7.4 millionTotal backlog at September 30, 2022 of $23.0 million after record b...