LightPath Technologies Reports Financial Results for Fiscal 2022 First Quarter
LightPath Technologies (LPTH) reports Q1 fiscal 2022 revenues of $9.1 million, a 4% decrease from the previous year's $9.5 million. Gross margin declined to 35% from 40%, attributed to product mix changes. A net loss of $632,000 contrasts with a prior net income of $97,000. Significant progress was noted in operational recovery post-China transition, including new strategic initiatives and technological advancements in optics, such as precision molding for AR/VR applications. The backlog as of September 30, 2021, stands at $19.3 million, down 10% from $21.3 million in the prior quarter.
- Revenue increased sequentially by 9%
- Gross margin improved by 10 percentage points from the previous quarter
- Initiated expansion of headquarters in anticipation of growth
- Secured three development contracts for freeform optics
- Launched innovative technology for precision molding of glass optics
- Net loss of $632,000 compared to net income of $97,000 in the prior year
- Revenue decline of $406,000 or 4% year-over-year
- 10% decrease in sales backlog
- Increased operating expenses by 13% due to legal fees
Performance Begins Rebound Following China Operations Transition; Technological Innovation Targets Fast Growing Markets
ORLANDO, FL / ACCESSWIRE / November 4, 2021 / 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 first quarter ended September 30, 2021.
Management Overview & Technology Highlights
Commenting on the performance of the first quarter of fiscal 2022, LightPath's President and Chief Executive Officer Sam Rubin stated, "During the first quarter of fiscal 2022, we made important progress toward improving our financial performance following the transition and recent developments of our operations in China, and the successful commencement of our new strategic plan. The implementation of our strategic plan is intended to bolster our long-term growth and profitability, while establishing LightPath as a leader for engineered solutions in the growing global market for photonics. We believe we are on track with our recovery in performance as revenues improved to greater than
LightPath's continued focus on growth, innovation and value-added engineering included:
- Launched innovative technology for precision molding of freeform glass optics, an extension of LightPath's market leading lens molding technology, a key enabling technology in future AR/VR and LIDAR markets
- Received three orders for development of freeform optics for use in LIDAR and AR applications
- Commenced joint development of light-weight broadband thermal cameras for space applications with Space Florida
- Applied for three new patents for innovations focused on optical system performance
- Completed commissioning of coating facility in Latvia, allowing for cost savings and access to new markets
- M&A strategy on course to supplement engineered solutions
- Initiated expansion of Orlando headquarters in anticipation of future growth
Fiscal 2022 First Quarter Highlights:
- Revenue for the first quarter of fiscal 2022 of
$9.1 million - Total backlog at September 30, 2021 of
$19.3 million - Net loss for the first quarter of fiscal 2022 was
$632,000 , which includes additional expenses associated with the management changes in Chinese subsidiaries - EBITDA* for the first quarter of fiscal 2022 was
$454,000 - Cash and cash equivalents of
$4.0 million as of September 30, 2021 - Total debt, including finance leases, of
$5.0 million as of September 30, 2021 - Capital expenditures of
$1.2 million for the first quarter of fiscal 2022 - Chairman, CEO and CFO execute open market purchases of Class A common shares during quarter ended September 30, 2021
*This press release includes references to non-GAAP financial measures. Please see the heading "Use of Non-GAAP Financial Measures" below for a more complete explanation.
Additional Management Comments
Mr. Rubin's comments continued, "Our previous quarter's performance was impacted by both the management and employee transition in our Chinese subsidiaries, and the significant decrease in orders from a key telecommunications customer due to the decrease in their own telecommunications business. Reporting on our first quarter of fiscal 2022, we are pleased with the pace of recovery from both of those independent events. Our revenue for the quarter is back to above
"Our strategic plan and future direction of the Company is focused on a shift from a component provider, to a value-added optical solutions partner, providing our customers with the best optical solutions for their needs, using our domain expertise in optics, and our differentiating technologies. As such, much of our attention and investments have shifted to creating differentiating technologies, which allow us to design and deliver better optical systems for our customers. One such key technology we recently announced is freeform optics. Freeform allows manufacturing of single optical components that perform an optical function that was previously performed using several components, thus reducing size and weight of optical systems. A great example of the impact of this technology can be seen in the augmented reality ("AR") field, where a great deal of effort has been placed in recent years on reducing and compacting the size and weight of the optics needed to overlay an image on the consumer's field of view. Freeform optics is a key enabling technology in that effort, but unfortunately has been available until now only in plastic optics, or in glass optics that are produced using technologies that are not scalable for high volume production. Our team, through an intense internal effort, and collaboration with key AR/VR customers, has been able to build upon our precision glass molding technology and develop a solution for high volume molding of precision glass freeform optics. This unique technology has now led to having three developmental contracts with leading LIDAR and AR/VR customers, to design and develop custom solutions for their systems.
"Investment in our strategic plan during the past few quarters include the addition of highly experienced and proven executive level management, broadening of our middle management and engineering team, and expansion of our facilities for administration, sales and marketing, and manufacturing. We initiated the expansion of our headquarters in Orlando in anticipation of our continued growth. Expanded production capabilities for this facility is planned for fiscal 2023. At the same time, we completed the expansion of our facility in Latvia last week, which we launched last year. The expansion added optical coating capabilities to make that facility vertically integrated, positioning our Latvia team to pursue more business in Europe.
"Leveraging our proprietary technology, world-class manufacturing on three continents and a strong team of engineers under one global roof focused on the optical industry we believe resulted in us being selected by Space Florida to participate in a joint development program for light-weight broadband thermal cameras for space applications. We believe this clearly recognizes LightPath as a sought-after industry pioneer that is respected in both the public and private sectors.
"We believe that we are making great strides in executing on our new strategic plan. The confidence that our executive leadership has in our future was demonstrated by our Chairman of the Board and Chief Financial Officer joining me in making open market purchases of Class A common stock during the fiscal first quarter. We are encouraged by the financial and operational progress made in the first quarter and the growth opportunities we are pursuing which is shaping fiscal 2022 to be an exciting year."
Financial Results
Revenue
Revenue for the first quarter of fiscal 2022 was approximately
Revenue generated by IR products was approximately
Revenue generated by PMO products was approximately
Revenue generated by specialty products was approximately
Cost of Sales and Gross Margin
Gross margin in the first quarter of fiscal 2022 was approximately
IR products, which typically have lower margins than PMO products, comprised
Operating Expenses
During the first quarter of fiscal 2022, total operating expenses were approximately
Knowing that such transitions in international subsidiaries can lead to lengthy legal proceedings that can interrupt a subsidiary's ability to operate, compounded by the fact that the Company's officers could not travel to China to oversee the transitions because of the travel restrictions imposed by COVID-19, the Company chose to enter into severance agreements with certain of the employees at the time of transaction, pursuant to which the Company's subsidiaries agreed to pay such employees severance of approximately
New product development costs decreased by approximately
Other Income (Expense)
Interest expense was approximately
LightPath recognized net foreign currency transaction losses due to changes in the value of the Chinese Yuan and Euro against the U.S. Dollar in the amount of approximately
Income Taxes
During the first quarter of fiscal 2022, income tax expense was approximately
LightPath has net operating loss ("NOL") carry-forward benefits of approximately
Net Income (Loss)
Net loss for the first quarter of fiscal 2022 was approximately
Weighted-average common shares outstanding were 26,993,971, basic and diluted, in the first quarter of fiscal 2022, compared to 25,982,260 and 28,432,275, basic and diluted, respectively in the first quarter of fiscal 2021. The increase in the weighted-average basic common shares was due to the issuance of shares of Class A common stock (i) under the 2014 Employee Stock Purchase Plan, (ii) upon the exercises of stock options, and (iii) underlying vested Restricted Stock Units.
EBITDA
EBITDA for the first quarter of fiscal 2022 was approximately
EBITDA is a non-GAAP financial measure. A disclaimer and reconciliation are provided below.
Liquidity and Capital Resources
Cash used in operations was approximately
The current ratio as of September 30, 2021 was 2.5 to 1, compared to 2.5 to 1 as of June 30, 2021. Total stockholders' equity as of September 30, 2021 was approximately
Sales Backlog
As of September 30, 2021, LightPath's total backlog was
Historically, the Company has received the renewal of a large annual contract for IR products during the second quarter of each fiscal year, which is typically shipped against beginning in the fiscal third quarter. The timing of other contract renewals may not be as consistent, and may substantially increase backlog levels at the time the orders are received, and backlog will subsequently be drawn down as shipments are made against these orders. The Company's annual and multi-year contracts are expected to renew in future quarters.
*Use of Non-GAAP Financial Measures
To provide investors with additional information regarding financial results, this press release includes references to EBITDA and gross margin, both of which are non-GAAP financial measures. For a reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated in accordance with GAAP, see the tables provided in this press release.
A "non-GAAP financial measure" is generally defined as a numerical measure of a company's historical or future performance that excludes or includes amounts, or is subject to adjustments, so as to be different from the most directly comparable measure calculated and presented in accordance with GAAP. The Company's management believes that these non-GAAP financial measures, when considered together with the GAAP financial measures, provide information that is useful to investors in understanding period-over-period operating results separate and apart from items that may, or could, have a disproportionately positive or negative impact on results in any particular period. Management also believes that these non-GAAP financial measures enhance the ability of investors to analyze underlying business operations and understand performance. In addition, management may utilize these non-GAAP financial measures as guides in forecasting, budgeting, and planning. Non-GAAP financial measures should be considered in addition to, and not as a substitute for, or superior to, financial measures presented in accordance with GAAP.
The Company calculates EBITDA by adjusting net income to exclude net interest expense, income tax expense or benefit, depreciation, and amortization.
The Company calculates gross margin by deducting the cost of sales from operating revenue. Cost of sales includes manufacturing direct and indirect labor, materials, services, fixed costs for rent, utilities and depreciation, and variable overhead. Gross margin should not be considered an alternative to operating income or net income, which is determined in accordance with GAAP. The Company believes that gross margin, although a non-GAAP financial measure, is useful and meaningful to investors as a basis for making investment decisions. It provides investors with information that demonstrates cost structure and provides funds for total costs and expenses. The Company uses gross margin in measuring the performance of its business and has historically analyzed and reported gross margin information publicly. Other companies may calculate gross margin in a different manner.
Investor Conference Call and Webcast Details
LightPath will host an audio conference call and webcast on Thursday, November 4, 2021 at 5:00 p.m. ET to discuss its financial and operational performance for its fiscal 2022 first quarter ended September 30, 2021.
Date: Thursday, November 4, 2021
Time: 5:00 PM (ET)
Dial-in Number: 1-877-317-2514
International Dial-in Number: 1-412-317-2514
Webcast: https://services.choruscall.com/links/lpth211104.html
Participants are recommended to dial-in or log-on approximately 10 minutes prior to the start of the event. A replay of the call will be available approximately one hour after completion through November 18, 2021. To listen to the replay, dial 1-877-344-7529 (domestic) or 1-412-317-0088 (international), and enter conference ID #10160691.
About LightPath Technologies
LightPath Technologies, Inc. (NASDAQ:LPTH) is a leading global, vertically integrated provider of optics, photonics and infrared solutions for the industrial, commercial, defense, telecommunications, and medical industries. LightPath designs and manufactures proprietary optical and infrared components including molded glass aspheric lenses and assemblies, custom molded glass freeform lenses, infrared lenses and thermal imaging assemblies, fused fiber collimators, and proprietary Black DiamondTM ("BD6") chalcogenide-based glass lenses. LightPath also offers custom optical assemblies, including full engineering design support. The Company is headquartered in Orlando, Florida, with manufacturing and sales offices in Latvia and China.
LightPath's wholly-owned subsidiary, ISP Optics Corporation, manufactures a full range of infrared products from high performance MWIR and LWIR lenses and lens assemblies. ISP's infrared lens assembly product line includes athermal lens systems used in cooled and un-cooled thermal imaging cameras. Manufacturing is performed in-house to provide precision optical components including spherical, aspherical and diffractive coated infrared lenses. ISP's optics processes allow it to manufacture its products from all important types of infrared materials and crystals. Manufacturing processes include CNC grinding and CNC polishing, diamond turning, continuous and conventional polishing, optical contacting and advanced coating technologies.
For more information on LightPath and its businesses, please visit www.lightpath.com.
Forward-Looking Statements
This press release includes statements that constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "forecast," "guidance," "plan," "estimate," "will," "would," "project," "maintain," "intend," "expect," "anticipate," "prospect," "strategy," "future," "likely," "may," "should," "believe," "continue," "opportunity," "potential," and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters, and include, for example, statements related to the expected effects on the Company's business from the COVID-19 pandemic. These forward-looking statements are based on information available at the time the statements are made and/or management's good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or suggested by the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, the duration and scope of the COVID-19 pandemic and impact on the demand for the Company products; the ability of the Company to obtain needed raw materials and components from its suppliers; actions governments, businesses, and individuals take in response to the pandemic, including restrictions on onsite commercial interactions; the impact of the pandemic and actions taken in response to the pandemic on global and regional economies and economic activity; the pace of recovery when the COVID-19 pandemic subsides; general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth; the effects of steps that the Company could take to reduce operating costs; the inability of the Company to sustain profitable sales growth, convert inventory to cash, or reduce its costs to maintain competitive prices for its products; circumstances or developments that may make the Company unable to implement or realize the anticipated benefits, or that may increase the costs, of its current and planned business initiatives; and those factors detailed by LightPath Technologies, Inc. in its public filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K and Quarterly Reports on 10-Q. Should one or more of these risks, uncertainties, or facts materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by the forward-looking statements contained herein. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Except as required under the federal securities laws and the rules and regulations of the Securities and Exchange Commission, we do not have any intention or obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.
Contacts:
Jordan Darrow
Darrow Associates, Inc.
Tel: 512-551-9296
jdarrow@darrowir.com
(tables follow)
LIGHTPATH TECHNOLOGIES, INC.
Condensed Consolidated Balance Sheets
(unaudited)
| September 30, | June 30, | |||||||
Assets | 2021 | 2021 | ||||||
| Current assets: | ||||||||
Cash and cash equivalents | $ | 3,976,981 | $ | 6,774,694 | ||||
Trade accounts receivable, net of allowance of | 5,927,938 | 4,656,354 | ||||||
Inventories, net | 8,708,481 | 8,659,587 | ||||||
Other receivables | 2,243 | 137,103 | ||||||
Prepaid expenses and other assets | 455,662 | 475,364 | ||||||
Total current assets | 19,071,305 | 20,703,102 | ||||||
Property and equipment, net | 13,727,842 | 13,279,867 | ||||||
Operating lease right-of-use assets | 9,944,236 | 9,015,498 | ||||||
Intangible assets, net | 5,301,610 | 5,582,881 | ||||||
Goodwill | 5,854,905 | 5,854,905 | ||||||
Deferred tax assets, net | 147,000 | 147,000 | ||||||
Other assets | 27,737 | 27,737 | ||||||
Total assets | $ | 54,074,635 | $ | 54,610,990 | ||||
Liabilities and Stockholders' Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 2,581,594 | $ | 2,924,333 | ||||
Accrued liabilities | 883,377 | 1,067,265 | ||||||
Accrued payroll and benefits | 2,536,977 | 2,810,043 | ||||||
Operating lease liabilities, current | 896,481 | 799,507 | ||||||
Loans payable, current portion | 694,305 | 634,846 | ||||||
Finance lease obligation, current portion | 172,382 | 212,212 | ||||||
Total current liabilities | 7,765,116 | 8,448,206 | ||||||
Finance lease obligation, less current portion | 32,739 | 66,801 | ||||||
Operating lease liabilities, noncurrent | 9,240,725 | 8,461,133 | ||||||
Loans payable, less current portion | 4,096,524 | 4,057,365 | ||||||
Total liabilities | 21,135,104 | 21,033,505 | ||||||
Commitments and Contingencies | ||||||||
Stockholders' equity: | ||||||||
Preferred stock: Series D, $.01 par value, voting; | ||||||||
500,000 shares authorized; none issued and outstanding | - | - | ||||||
Common stock: Class A, $.01 par value, voting; | ||||||||
44,500,000 shares authorized; 26,994,534 and 26,985,913 | ||||||||
shares issued and outstanding | 269,945 | 269,859 | ||||||
Additional paid-in capital | 231,576,882 | 231,438,651 | ||||||
Accumulated other comprehensive income | 1,971,978 | 2,116,152 | ||||||
Accumulated deficit | (200,879,274 | ) | (200,247,177 | ) | ||||
Total stockholders' equity | 32,939,531 | 33,577,485 | ||||||
Total liabilities and stockholders' equity | $ | 54,074,635 | $ | 54,610,990 | ||||
LIGHTPATH TECHNOLOGIES, INC.
Condensed Consolidated Statements of Comprehensive Income (Loss)
(unaudited)
Three Months Ended September 30, | ||||||||
| 2021 | 2020 | |||||||
Revenue, net | $ | 9,103,343 | $ | 9,508,972 | ||||
Cost of sales | 5,931,408 | 5,658,780 | ||||||
Gross margin | 3,171,935 | 3,850,192 | ||||||
Operating expenses: | ||||||||
Selling, general and administrative | 2,869,046 | 2,440,477 | ||||||
New product development | 427,011 | 450,497 | ||||||
Amortization of intangibles | 281,271 | 281,271 | ||||||
Loss (gain) on disposal of property and equipment | - | (45 | ) | |||||
Total operating expenses | 3,577,328 | 3,172,200 | ||||||
Operating income (loss) | (405,393 | ) | 677,992 | |||||
Other income (expense): | ||||||||
Interest expense, net | (45,749 | ) | (58,549 | ) | ||||
Other income (expense), net | (51,082 | ) | (87,735 | ) | ||||
Total other income (expense), net | (96,831 | ) | (146,284 | ) | ||||
Income before income taxes | (502,224 | ) | 531,708 | |||||
Income tax provision | 129,873 | 434,640 | ||||||
Net income (loss) | $ | (632,097 | ) | $ | 97,068 | |||
Foreign currency translation adjustment | (144,174 | ) | 729,308 | |||||
Comprehensive income (loss) | $ | (776,271 | ) | $ | 826,376 | |||
Earnings (loss) per common share (basic) | $ | (0.02 | ) | $ | 0.00 | |||
Number of shares used in per share calculation (basic) | 26,993,971 | 25,982,260 | ||||||
Earnings (loss) per common share (diluted) | $ | (0.02 | ) | $ | 0.00 | |||
Number of shares used in per share calculation (diluted) | 26,993,971 | 28,432,275 | ||||||
LIGHTPATH TECHNOLOGIES, INC.
Condensed Consolidated Statements of Changes in Stockholders' Equity
(unaudited)
| Accumulated | ||||||||||||||||||||||||
| Class A | Additional | Other | Total | |||||||||||||||||||||
| Common Stock | Paid-in | Comphrehensive | Accumulated | Stockholders' | ||||||||||||||||||||
| Shares | Amount | Capital | Income | Deficit | Equity | |||||||||||||||||||
Balances at June 30, 2021 | 26,985,913 | $ | 269,859 | $ | 231,438,651 | $ | 2,116,152 | $ | (200,247,177 | ) | $ | 33,577,485 | ||||||||||||
Issuance of common stock for: | ||||||||||||||||||||||||
Employee Stock Purchase Plan | 8,621 | 86 | 21,640 | - | - | 21,726 | ||||||||||||||||||
Stock-based compensation on stock options & RSUs | - | - | 116,591 | - | - | 116,591 | ||||||||||||||||||
Foreign currency translation adjustment | - | - | - | (144,174 | ) | - | (144,174 | ) | ||||||||||||||||
Net loss | - | - | - | - | (632,097 | ) | (632,097 | ) | ||||||||||||||||
Balances at September 30, 2021 | 26,994,534 | $ | 269,945 | $ | 231,576,882 | $ | 1,971,978 | $ | (200,879,274 | ) | $ | 32,939,531 | ||||||||||||
Balances at June 30, 2020 | 25,891,885 | $ | 258,919 | $ | 230,634,056 | $ | 735,892 | $ | (197,061,926 | ) | $ | 34,566,941 | ||||||||||||
Issuance of common stock for: | ||||||||||||||||||||||||
Employee Stock Purchase Plan | 3,306 | 33 | 10,976 | - | - | 11,009 | ||||||||||||||||||
Exercise of Stock Options & RSUs, net | 207,640 | 2,076 | 124,024 | - | - | 126,100 | ||||||||||||||||||
Stock-based compensation on stock options & RSUs | - | - | 136,849 | - | - | 136,849 | ||||||||||||||||||
Foreign currency translation adjustment | - | - | - | 729,308 | - | 729,308 | ||||||||||||||||||
Net income | - | - | - | - | 97,068 | 97,068 | ||||||||||||||||||
Balances at September 30, 2020 | 26,102,831 | $ | 261,028 | $ | 230,905,905 | $ | 1,465,200 | $ | (196,964,858 | ) | $ | 35,667,275 | ||||||||||||
LIGHTPATH TECHNOLOGIES, INC.
Condensed Consolidated Statements of Cash Flows
(unaudited)
| Three Months Ended September 30, | ||||||||
| 2021 | 2020 | |||||||
Cash flows from operating activities | ||||||||
Net (loss) income | $ | (632,097 | ) | $ | 97,068 | |||
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 910,962 | 826,308 | ||||||
Interest from amortization of debt costs | 4,643 | 4,643 | ||||||
Gain on disposal of property and equipment | - | (45 | ) | |||||
Stock-based compensation on stock options & RSUs, net | 116,591 | 136,849 | ||||||
Provision for doubtful accounts receivable | 12,010 | - | ||||||
Change in operating lease liabilities | (52,172 | ) | (45,158 | ) | ||||
Inventory write-offs to allowance | 60,935 | 112,282 | ||||||
Changes in operating assets and liabilities: | ||||||||
Trade accounts receivable | (1,283,594 | ) | (70,201 | ) | ||||
Other receivables | 134,860 | 132,051 | ||||||
Inventories | (109,829 | ) | (775,234 | ) | ||||
Prepaid expenses and other assets | 19,702 | 147,148 | ||||||
Accounts payable and accrued liabilities | (799,693 | ) | 96,727 | |||||
Net cash (used in) provided by operating activities | (1,617,682 | ) | 662,438 | |||||
Cash flows from investing activities | ||||||||
Purchase of property and equipment | (1,199,005 | ) | (1,216,817 | ) | ||||
Net cash used in investing activities | (1,199,005 | ) | (1,216,817 | ) | ||||
Cash flows from financing activities | ||||||||
Proceeds from exercise of stock options | - | 126,100 | ||||||
Proceeds from sale of common stock from Employee Stock Purchase Plan | 21,726 | 11,009 | ||||||
Borrowings on loans payable | 266,850 | - | ||||||
Payments on loans payable | (163,758 | ) | (245,338 | ) | ||||
Repayment of finance lease obligations | (73,891 | ) | (67,501 | ) | ||||
Net cash provided by (used in) financing activities | 50,927 | (175,730 | ) | |||||
Effect of exchange rate on cash and cash equivalents | (31,953 | ) | 729,308 | |||||
Change in cash and cash equivalents | (2,797,713 | ) | (801 | ) | ||||
Cash and cash equivalents, beginning of period | 6,774,694 | 5,387,388 | ||||||
Cash and cash equivalents, end of period | $ | 3,976,981 | $ | 5,386,587 | ||||
Supplemental disclosure of cash flow information: | ||||||||
Interest paid in cash | $ | 41,466 | $ | 54,089 | ||||
Income taxes paid | $ | 111,535 | $ | 241,293 | ||||
To supplement our consolidated financial statements presented in accordance with U.S. GAAP, we provide additional non-GAAP financial measures. Our management believes these non-GAAP financial measures, when considered together with the GAAP financial measures, provide information that is useful to investors in understanding period-over-period operating results separate and apart from items that may or could, have a disproportionally positive or negative impact on results in any particular period. Our management also believes that these non-GAAP financial measures enhance the ability of investors to analyze our underlying business operations and understand our performance. In addition, our management may utilize these non-GAAP financial measures as guides in forecasting, budgeting, and planning. Any analysis on non-GAAP financial measures should be used in conjunction with results presented in accordance with GAAP. A reconciliation of these non-GAAP financial measures with the most directly comparable financial measures calculated in accordance with GAAP is presented in the tables below.
LIGHTPATH TECHNOLOGIES, INC.
Reconciliation of Non-GAAP Financial Measures and Regulation G Disclosure
(unaudited) | ||||||||
| Three Months Ended September 30, | ||||||||
| 2021 | 2020 | |||||||
Net income (loss) | $ | (632,097 | ) | $ | 97,068 | |||
Depreciation and amortization | 910,962 | 826,308 | ||||||
Income tax provision | 129,873 | 434,640 | ||||||
Interest expense | 45,749 | 58,549 | ||||||
EBITDA | $ | 454,487 | $ | 1,416,565 | ||||
% of revenue | 5 | % | 15 | % | ||||
SOURCE: LightPath Technologies, Inc.
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