Business
LightPath Technologies Reports Financial Results for Fiscal Fourth Quarter and Full Year 2023
ORLANDO, FL / ACCESSWIRE / September 14, 2023 / LightPath Technologies, Inc. (NASDAQ:LPTH) ("LightPath," the "Company," or "we"), a leading global, vertically
About this update from Lightpath Technologies, Inc.
[{"type":"text","content":"ORLANDO, FL / ACCESSWIRE / September 14, 2023 / LightPath Technologies, Inc. (NASDAQ:LPTH) (\"LightPath,\" the \"Company,\" or \"we\"), a leading global, vertically integrated provider of thermal imaging cores, custom optical assemblies, photonics and infrared solutions for the industrial, commercial, defense, telecommunications, and medical industries, today announced its financial results for the fourth quarter and fiscal year ended June 30, 2023.Fiscal 2023 Full Year and Fourth Quarter Highlights:Revenue of $9.7 million for the fourth quarter of fiscal 2023; revenue of $32.9 million for the full fiscal year 2023Total backlog at June 30, 2023, of $21.7 millionNet loss for the fourth quarter of fiscal 2023 was $0.8 million; net loss of $4.0 million for the full fiscal year 2023EBITDA* for the fourth quarter of fiscal 2023 was $0.1 million; EBITDA loss of $0.4 million for the full fiscal year 2023Partnered with Edmund Optics to distribute ISP Optics' portfolio of infrared componentsCommenced the acquisition of Visimid Technologies, which closed in July 2023.Management CommentaryLightPath's President and Chief Executive Officer Sam Rubin stated, \"The fourth quarter for LightPath Technologies saw improvement in several trends in line with our strategic objectives. Revenue for the fourth quarter was significantly higher than in the third quarter of fiscal 2023, and also higher than the fourth quarter of fiscal 2022. Although revenue for fiscal year 2023 was down from fiscal 2022, the decrease was primarily in China and was largely offset by an increase in sales to customers in the U.S., which reflects the alignment of our revenues with our strategic priorities.\"\"During the fourth quarter, and continuing in the period since the end of our fiscal year on June 30, 2023, we saw positive developments in all three of our growth pillars: automotive, defense, and camera solutions. At the end of May, the U.S. Department of Transportation announced its intention for a new rule mandating emergency braking systems in all cars and explicitly identifying thermal imaging as a technology that can improve the function of those systems at night. We have been at the forefront of integrating thermal imaging into those applications and are already qualified into the system developed for one of the largest U.S. automotive manufacturers, which puts us...