Business
LightPath Technologies Reports Financial Results for Fiscal 2023 Third Quarter
Facility expansion positions the company to capitalize on new opportunitiesORLANDO, FL / ACCESSWIRE / May 11, 2023 / LightPath Technologies, Inc.
About this update from Lightpath Technologies, Inc.
[{"type":"text","content":"Facility expansion positions the company to capitalize on new opportunitiesORLANDO, FL / ACCESSWIRE / May 11, 2023 / LightPath Technologies, Inc. (NASDAQ:LPTH) (\"LightPath,\" the \"Company,\" or \"we\"), a leading global, vertically integrated provider of optics, photonics and infrared solutions for the industrial, commercial, defense, telecommunications, and medical industries, today announced financial results for its fiscal 2023 third quarter ended March 31, 2023.Management CommentaryLightPath's President and Chief Executive Officer Sam Rubin stated, \"In January of this year, we were able to raise $10 million in equity funding (before fees and expenses) quickly and cost-effectively, which was a significant success for a company of our size under the market conditions that existed at the time. We intend to use the funds primarily for expansion and to facilitate future growth. As a result of the funding, we expedited the construction of our Orlando, Florida facility expansion, which will serve us well in the long term, although the construction disrupted production and caused some shipment delays during the third quarter.\"\"With phase one of construction completed at the end of March, we were able to resume normal operations. The completion of phase two in the second half of calendar 2023 is expected to position LightPath to take advantage of the larger opportunities that lie ahead after the qualification of our newer products and materials in various defense and government initiatives.\"Fiscal 2023 Third Quarter Highlights:Revenue for the third quarter of fiscal 2023 of $7.4 millionTotal backlog at March 31, 2023 of $26.6 millionNet loss for the third quarter of fiscal 2023 was $1.2 millionEBITDA* loss for the third quarter of fiscal 2023 was $242,000Completed oversubscribed equity raise of $10 million ($9.2 million, net) to fund growth initiatives, expand capabilities and complete facility upgradesFunded remaining expansion construction at our Florida facility to be finished during the second half of calendar year 2023.2023 Fiscal Third Quarter Financial ResultsRevenue for the third quarter of fiscal 2023 was approximately $7.4 million, a decrease of approximately $0.9 million, or 11%, as compared to approximately $8.3 million in the same period of the prior fiscal year, primarily due to a decrease in sales of PMO products...