Business
LightPath Technologies Reports Financial Results for Fiscal Year and Fourth Quarter 2022
New Proprietary Technologies Provide Further Growth OpportunitiesORLANDO, FL / ACCESSWIRE / September 14, 2022 / LightPath Technologies, Inc. (NASDAQ:LPTH)
About this update from Lightpath Technologies, Inc.
[{"type":"text","content":"New Proprietary Technologies Provide Further Growth OpportunitiesORLANDO, FL / ACCESSWIRE / September 14, 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 the fourth quarter and full fiscal year ended June 30, 2022.Management CommentaryLightPath's President and Chief Executive Officer Sam Rubin stated, \"Fiscal 2022 was a transition year for LightPath Technologies as we began to embark on our new strategic direction focused on delivering high value optical solutions. Our revenue and gross margin showed improvement in the fourth quarter in comparison to the prior year period. We do expect to see short term pressures on margins due to increased energy costs as a result of the conflict in Ukraine and recessionary headwinds in the Chinese market in the remainder of calendar year 2022.\"\"Earlier this year we articulated a new strategic direction to move from an optical component manufacturer to a complete optical system provider. We believe this transition will be expedited by key technologies exclusively owned by LightPath. Already, our backlog, as announced in late August, exceeds the previous record backlog we had in 2020. Our current backlog comprises significantly higher quality sales in assemblies and defense along with significantly less sales in China. We believe we are on the right path to growing the company, expanding opportunities and increasing total profitability.\"Our exclusive Multi-spectral Infrared glass licensed from the Naval Research Lab (\"NRL\"), together with lenses produced with our precision molding processes, will allow LightPath to design and produce systems that require less cameras than current systems to achieve the same result. We believe this is a key differentiator, and we expect to begin releasing new products using those materials in the coming months. Our BD6 material is produced domestically allowing greater supply chain resilience for our partners, reducing reliance on suppliers from Russia and China for germanium material. We believe this is a game changing development for LightPath and the broader industry.\"Fiscal 2022 Full Year and Fourth Quarter Highlights:Revenue for the fourth quarter of fiscal 2022 of $8.9 million...