LightPath Technologies Reports Fiscal 2024 Second Quarter Financial Results
- None.
- Decrease in revenue and gross margin
- Increase in net loss compared to the prior fiscal year
Insights
LightPath Technologies' recent financial announcement presents a mixed picture for stakeholders, with particular emphasis on the decrease in overall revenue by 9% and a net loss of $1.7 million for the second quarter of fiscal 2024. This decline is primarily attributed to a 31% decrease in sales of visible components, often utilized in defense and telecommunications industries. The increase in IR component sales, likely driven by a renewed international military contract and the initial order from Lockheed Martin for advanced infrared camera systems, are positive indicators of potential future revenue streams.
However, the gross margin contraction from 38% to 30% year-over-year raises concerns about profitability, particularly as the company expands its footprint with a $5 million facility renovation. The backlog decrease of 28% year-over-year further indicates a potential challenge in maintaining revenue levels. It's important for investors to monitor how the company's strategic pivot towards imaging solutions and its efforts to replace Germanium-based optics with its proprietary BlackDiamond materials will play out in the medium to long term, potentially mitigating current revenue pressures and improving margins.
From a financial perspective, LightPath's EBITDA loss and net loss expansion are concerning, as they reflect operational challenges that are not fully mitigated by cost controls or the other income received from legal proceedings in China. The decrease in SG&A expenses, primarily due to lower stock-based compensation, suggests cost-saving efforts, but the impact on the bottom line remains negative.
The company's liquidity seems stable, with cash provided by operations at $851,000, a reversal from the cash used in the prior year. However, the capital expenditures related to the Orlando facility expansion and the acquisition of Visimid Technologies indicate significant cash outflows. Investors should consider the potential for these investments to contribute to future growth against the backdrop of the current financial performance. The sales backlog dynamics, with a decrease in Germanium optics orders and a shift towards BlackDiamond materials, may signal a transitional phase that could either lead to recovery or further challenges in revenue generation.
In the optical industry, LightPath's strategic shift from Germanium-based optics to its proprietary BlackDiamond materials is a significant move. Germanium is a traditional material used in infrared optics, but it comes with supply chain vulnerabilities and higher costs. By developing BlackDiamond materials, LightPath is aiming to offer a competitive advantage in terms of both cost and performance. This transition could open up new markets and applications for the company, particularly in military and industrial sectors where robust and cost-effective IR solutions are in demand.
Their partnership with Lockheed Martin and the focus on end-to-end custom imaging cores, as seen with the integration of Visimid Technologies, positions the company to capitalize on the growing need for advanced imaging solutions. The move towards more complex assemblies and modules, rather than pure component manufacturing, can potentially lead to higher margin products and a more diversified customer base.
ORLANDO, FL / ACCESSWIRE / February 8, 2024 / 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 financial results for its fiscal 2024 second quarter ended December 31, 2023.
Fiscal 2024 Second Quarter Highlights:
- Revenue of
$7.3 million for the second quarter of fiscal 2024 - Total backlog at December 31, 2023 of
$21.2 million - Net loss for the second quarter of fiscal 2024 was
$1.7 million - EBITDA* loss for the second quarter of fiscal 2024 was
$0.5 million - Initial
$4.7 million order from partnership with Lockheed Martin to develop an advanced infrared camera system for a key Army program - Secured renewal order of
$3.4 million , a36% increase from initial order to provide advanced infrared optics for a critical international military program - Completed over
$5 million expansion and renovation of Orlando facility, increasing total footprint from 34,000 square feet to 55,000 square feet
Management Commentary
LightPath's President and Chief Executive Officer Sam Rubin stated, "The second fiscal quarter of 2024 was highlighted by a key first order in our partnership with Lockheed Martin, a major milestone in our strategy to pivot from a pure components manufacturer to an imaging solutions provider. In September we were selected to design the electro-optical system for a new Lockheed Martin missile program. The
"The decision date to move the program to production was shortened from 2028 to 2026, at which point, if our customer's solution is selected as the winning solution, an initial production of 10,000 systems will commence. Expected volumes for production have also increased, with the potential for tens of thousands of units. The demand and timeline for the project are being impacted by recent geopolitical escalations, and the customer might begin investing in production of the units even before an official decision is made. A fully in-production program would likely have an average selling price between
"During the second fiscal quarter we continued the integration of Visimid Technologies with a focus on new products in fire, safety and defense. This acquisition added the capability to produce end-to-end custom imaging cores and new engineering capabilities that allow us to be involved earlier within our customers' design cycle and increase our likelihood of servicing those designs through to manufacturing. We are integrating Visimid's custom imaging core work into new camera products, several of which we demonstrated at the recent SHOT Show in Las Vegas, Nevada, and some of which we are working with customers to develop customized solutions. All of these products utilize Visimid's unique video engine in conjunction with our optics to develop low weight, high efficiency solutions for drones and unmanned aerial vehicles ("UAVs"), as well as industrial applications such as gas sensing and early fire detection.
"On the materials front, in the second fiscal quarter we installed key equipment for glass measurement and are completing readiness of three new types of glass. We recently received a refractometer that will allow us to complete the last sets of qualification data, and with that we expect to release BDNL-4, BDNL-6 and BDNL-8 materials soon. In the meantime, we have completed design and began prototype deliveries of new optics made of our BlackDiamond materials to replace Germanium-based optics used by customers," concluded Rubin.
2024 Fiscal Second Quarter Financial Results
Revenue for the second quarter of fiscal 2024 was approximately
Product Group Revenue ($ in millions)* * | Second Quarter of Fiscal 2024 | Second Quarter of Fiscal 2023 | % Change | |||||||||
Infrared ("IR") components | $ | 3.6 | $ | 3.3 | 9 | % | ||||||
Visible components | $ | 2.7 | $ | 3.9 | -31 | % | ||||||
Assemblies & modules | $ | 1.0 | $ | 1.2 | -20 | % | ||||||
Engineering services | $ | 0.1 | $ | 0.1 | -1 | % | ||||||
** Numbers may not foot due to rounding
- Revenue generated by IR components was approximately
$3.6 million in the second quarter of fiscal 2024, an increase of approximately$0.3 million , or9% , as compared to approximately$3.3 million in the same quarter of the prior fiscal year. The increase in revenue is primarily due to an increase in shipments against an annual contract for an international military program. This contract was renewed during the first quarter of fiscal 2024 for a higher dollar value than the previous contract. - Revenue generated by visible components was approximately
$2.7 million for the second quarter of fiscal 2024, a decrease of approximately$1.2 million , or31% , as compared to approximately$3.9 million in the same quarter of the prior fiscal year. The decrease in revenue is primarily due to a decrease in sales to customers in the defense industry, as well as a decrease in sales through catalog and distribution channels in the U.S. and in Europe. Sales to customers in the telecommunications industry in China also decreased. - Revenue from assemblies and modules decreased by
20% , as compared to the same quarter of the prior fiscal year, primarily due to timing of shipments against a multi-year contract with a defense customer. This decrease was partially offset by the addition of Visimid revenue. - Revenue from engineering services was flat for the second quarter of fiscal 2024, as compared to the same quarter of the prior fiscal year.
Gross margin in the second quarter of fiscal 2024 was approximately
Selling, general and administrative ("SG&A") costs were approximately
Net loss for the second quarter of fiscal 2024 was approximately
Our EBITDA for the quarter ended December 31, 2023 was a loss of approximately
2024 Fiscal Year-To-Date Financial Results
Revenue for the first half of fiscal 2024 was approximately
Product Group Revenue ($ in millions)* * | First Half of Fiscal 2024 | First Half of Fiscal 2023 | % Change | |||||||||
Infrared ("IR") components | $ | 7.4 | $ | 6.5 | 14 | % | ||||||
Visible components | $ | 5.4 | $ | 7.1 | -25 | % | ||||||
Assemblies & modules | $ | 2.2 | $ | 2.1 | 7 | % | ||||||
Engineering services | $ | 0.4 | $ | 0.1 | 216 | % | ||||||
** Numbers may not foot due to rounding
- Revenue generated by IR components was approximately
$7.4 million in the first half of fiscal 2024, an increase of approximately$0.9 million , or14% , as compared to approximately$6.5 million in the same period of the prior fiscal year. The increase in revenue is primarily due to an increase in shipments against an annual contract for an international military program. - Revenue generated by visible components was approximately
$5.4 million for the first half of fiscal 2024, a decrease of approximately$1.8 million , or25% , as compared to approximately$7.1 million in the same period of the prior fiscal year. The decrease in revenue is primarily due to a decrease in sales to customers in the defense industry, as well as a decrease in sales through catalog and distribution channels in the U.S. and in Europe. Sales to customers in the telecommunications industry in China also decreased. - Revenue from assemblies and modules increased by
7% , as compared to the same period of the prior fiscal year, primarily due to the addition of Visimid revenue, which increase was partially offset by a decrease in shipments against a multi-year contract with a defense customer due to timing. - Revenue from engineering services increased by
$253,000 , as compared to the same period of the prior fiscal year, primarily due to the addition of Visimid revenue as well as revenue from one of our space-related funded research contracts.
Gross margin in the first half of fiscal 2024 was approximately
SG&A costs were approximately
Net loss for the first half of fiscal 2024 was approximately
Our EBITDA for the first half of fiscal 2024 was a loss of approximately
Liquidity and Capital Resources
Cash provided by operations was approximately
Capital expenditures were approximately
Sales Backlog
Our total backlog at December 31, 2023 was approximately
Investor Conference Call and Webcast Details
LightPath will host an audio conference call and webcast on Thursday, February 8, 2024, at 5:00 p.m. ET to discuss its financial and operational performance for its fiscal 2024 second quarter.
Date: Thursday, February 8, 2024
Time: 5:00 p.m. (ET)
Dial-in Number: 1-877-317-2514
International Dial-in Number: 1-412-317-2514
Webcast: Fiscal Second Quarter Earnings Webcast
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 February 22, 2024. To listen to the replay, dial 1-877-344-7529 (domestic) or 1-412-317-0088 (international), and enter conference ID #4755983.
*Use of Non-GAAP Financial Measures
To provide investors with additional information regarding financial results, this press release includes references to EBITDA, which is a non-GAAP financial measure. For a reconciliation of this non-GAAP financial measure to the most directly comparable financial measure calculated in accordance with GAAP, see the table 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 this non-GAAP financial measure, when considered together with the GAAP financial measure, 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 this non-GAAP financial measure enhances 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.
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 Diamond TM ("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 Dallas, Texas, Latvia and China.
LightPath's wholly-owned subsidiary, Visimid Technologies , was acquired in July 2023, and specializes in the design and development of customized infrared cameras, for the industrial and defense industries. Such customized cameras are often sold together with customized optical assemblies from LightPath.
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.
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. 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 impact of varying 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; general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth; geopolitical tensions, the Russian-Ukraine conflict, and the Hamas/Israel war; 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.
Contact:
Brian M. Prenoveau, CFA
MZ Group - MZ North America
LPTH@mzgroup.us
+561 489 5315
(tables follow)
| LIGHTPATH TECHNOLOGIES, INC. Condensed Consolidated Balance Sheets (unaudited) | ||||||||
| December 31, | June 30, | |||||||
Assets | 2023 | 2023 | ||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 3,536,558 | $ | 4,687,004 | ||||
Restricted cash | 2,345,644 | 2,457,486 | ||||||
Trade accounts receivable, net of allowance of | 4,708,156 | 6,634,574 | ||||||
Inventories, net | 7,520,444 | 7,410,734 | ||||||
Prepaid expenses and deposits | 478,686 | 570,293 | ||||||
Other current assets | 191,381 | - | ||||||
Total current assets | 18,780,869 | 21,760,091 | ||||||
Property and equipment, net | 16,361,049 | 12,810,930 | ||||||
Operating lease right-of-use assets | 7,432,993 | 9,571,604 | ||||||
Intangible assets, net | 4,519,544 | 3,332,715 | ||||||
Goodwill | 6,764,127 | 5,854,905 | ||||||
Deferred tax assets, net | 140,000 | 140,000 | ||||||
Other assets | 66,007 | 65,939 | ||||||
Total assets | $ | 54,064,589 | $ | 53,536,184 | ||||
Liabilities and Stockholders` Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 2,899,032 | $ | 2,574,135 | ||||
Accrued liabilities | 1,990,114 | 662,242 | ||||||
Accrued payroll and benefits | 1,456,777 | 1,499,896 | ||||||
Operating lease liabilities, current | 1,123,276 | 969,890 | ||||||
Loans payable, current portion | 2,138,775 | 1,023,814 | ||||||
Finance lease obligation, current portion | 118,070 | 103,646 | ||||||
Total current liabilities | 9,726,044 | 6,833,623 | ||||||
Deferred tax liabilities, net | 474,395 | 465,000 | ||||||
Accrued liabilities, noncurrent | 919,623 | - | ||||||
Finance lease obligation, less current portion | 334,654 | 341,201 | ||||||
Operating lease liabilities, noncurrent | 8,583,630 | 8,393,248 | ||||||
Loans payable, less current portion | 326,507 | 1,550,587 | ||||||
Total liabilities | 20,364,853 | 17,583,659 | ||||||
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 as of December 31, 2023 and June 30, 2023; | ||||||||
37,549,378 and 34,344,739 shares issued and outstanding | 375,494 | 373,447 | ||||||
Additional paid-in capital | 243,475,209 | 242,808,771 | ||||||
Accumulated other comprehensive income | 741,301 | 606,536 | ||||||
Accumulated deficit | (210,892,268 | ) | (207,836,229 | ) | ||||
Total stockholders` equity | 33,699,736 | 35,952,525 | ||||||
Total liabilities and stockholders` equity | $ | 54,064,589 | $ | 53,536,184 | ||||
| LIGHTPATH TECHNOLOGIES, INC. Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited) | ||||||||||||||||||
| Three Months Ended December 31, | Six Months Ended December 31, | |||||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||||
Revenue, net | $ | 7,315,637 | $ | 8,472,679 | $ | 15,392,885 | $ | 15,839,580 | ||||||||||
Cost of sales | 5,147,316 | 5,248,334 | 10,892,858 | 10,381,323 | ||||||||||||||
Gross margin | 2,168,321 | 3,224,345 | 4,500,027 | 5,458,257 | ||||||||||||||
Operating expenses: | ||||||||||||||||||
Selling, general and administrative | 2,858,457 | 3,030,653 | 5,519,625 | 5,668,826 | ||||||||||||||
New product development | 607,747 | 466,163 | 1,247,636 | 1,016,044 | ||||||||||||||
Amortization of intangible assets | 485,446 | 281,271 | 766,717 | 562,542 | ||||||||||||||
Loss on disposal of property and equipment | - | 2,742 | - | 2,742 | ||||||||||||||
Total operating expenses | 3,951,650 | 3,780,829 | 7,533,978 | 7,250,154 | ||||||||||||||
Operating loss | (1,783,329 | ) | (556,484 | ) | (3,033,951 | ) | (1,791,897 | ) | ||||||||||
Other income (expense): | ||||||||||||||||||
Interest expense, net | (53,788 | ) | (81,241 | ) | (111,399 | ) | (151,611 | ) | ||||||||||
Other income (expense), net | 199,512 | (1,336 | ) | 204,915 | 25,881 | |||||||||||||
Total other income (expense), net | 145,724 | (82,577 | ) | 93,516 | (125,730 | ) | ||||||||||||
Loss before income taxes | (1,637,605 | ) | (639,061 | ) | (2,940,435 | ) | (1,917,627 | ) | ||||||||||
Income tax provision | 76,058 | 55,000 | 115,604 | 157,134 | ||||||||||||||
Net loss | $ | (1,713,663 | ) | $ | (694,061 | ) | $ | (3,056,039 | ) | $ | (2,074,761 | ) | ||||||
Foreign currency translation adjustment | 259,973 | 671,125 | 134,765 | (246,704 | ) | |||||||||||||
Comprehensive loss | $ | (1,453,690 | ) | $ | (22,936 | ) | $ | (2,921,274 | ) | $ | (2,321,465 | ) | ||||||
Loss per common share (basic) | $ | (0.05 | ) | $ | (0.03 | ) | $ | (0.08 | ) | $ | (0.08 | ) | ||||||
Number of shares used in per share calculation (basic) | 37,501,683 | 27,172,226 | 37,466,714 | 27,121,583 | ||||||||||||||
Loss per common share (diluted) | $ | (0.05 | ) | $ | (0.03 | ) | $ | (0.08 | ) | $ | (0.08 | ) | ||||||
Number of shares used in per share calculation (diluted) | 37,501,683 | 27,172,226 | 37,466,714 | 27,121,583 | ||||||||||||||
| LIGHTPATH TECHNOLOGIES, INC. Condensed Consolidated Statements of Changes in Stockholders' Equity (unaudited) | ||||||||||||||||||
| Accumulated | ||||||||||||||||||
| Class A | Additional | Other | Total | |||||||||||||||
| Common Stock | Paid-in | Comprehensive | Accumulated | Stockholders` | ||||||||||||||
| Shares | Amount | Capital | Income | Deficit | Equity | |||||||||||||
Balances at June 30, 2023 | 37,344,739 | $ | 373,447 | $ | 242,808,771 | $ | 606,536 | $ | (207,836,229 | ) | $ | 35,952,525 | ||||||
Issuance of common stock for: | ||||||||||||||||||
Employee Stock Purchase Plan | 14,607 | 146 | 19,573 | - | - | 19,719 | ||||||||||||
Exercise of Stock Options, RSUs & RSAs, net | 14,482 | 145 | (145 | ) | - | - | - | |||||||||||
Issuance of common stock for acquisition of Visimid | 81,610 | 816 | 149,184 | - | - | 150,000 | ||||||||||||
Stock-based compensation on stock options, RSUs & RSAs | - | - | 240,075 | - | - | 240,075 | ||||||||||||
Foreign currency translation adjustment | - | - | - | (125,208 | ) | - | (125,208 | ) | ||||||||||
Net loss | - | - | - | - | (1,342,376 | ) | (1,342,376 | ) | ||||||||||
Balances at September 30, 2023 | 37,455,438 | $ | 374,554 | $ | 243,217,458 | $ | 481,328 | $ | (209,178,605 | ) | $ | 34,894,735 | ||||||
Issuance of common stock for: | ||||||||||||||||||
Exercise of Stock Options, RSUs & RSAs, net | 93,940 | 940 | (940 | ) | - | - | - | |||||||||||
Stock-based compensation on stock options, RSUs & RSAs | - | - | 258,691 | - | - | 258,691 | ||||||||||||
Foreign currency translation adjustment | - | - | - | 259,973 | - | 259,973 | ||||||||||||
Net loss | - | - | - | - | (1,713,663 | ) | (1,713,663 | ) | ||||||||||
Balances at December 31, 2023 | 37,549,378 | $ | 375,494 | $ | 243,475,209 | $ | 741,301 | $ | (212,234,644 | ) | $ | 33,699,736 | ||||||
Balances at June 30, 2022 | 27,046,790 | $ | 270,468 | $ | 232,315,003 | $ | 935,125 | $ | (203,789,358 | ) | $ | 29,731,238 | ||||||
Issuance of common stock for: | ||||||||||||||||||
Employee Stock Purchase Plan | 16,287 | 163 | 19,707 | - | - | 19,870 | ||||||||||||
Exercise of Stock Options & RSUs, net | 8,852 | 88 | (88 | ) | - | - | - | |||||||||||
Stock-based compensation on stock options & RSUs | - | - | 284,598 | - | - | 284,598 | ||||||||||||
Foreign currency translation adjustment | - | - | - | (917,829 | ) | - | (917,829 | ) | ||||||||||
Net loss | - | - | - | - | (1,380,700 | ) | (1,380,700 | ) | ||||||||||
Balances at September 30, 2022 | 27,071,929 | $ | 270,719 | $ | 232,619,220 | $ | 17,296 | $ | (205,170,058 | ) | $ | 27,737,177 | ||||||
Issuance of common stock for: | ||||||||||||||||||
Exercise of Stock Options, RSUs & RSAs, net | 203,586 | 2,036 | (2,036 | ) | - | - | - | |||||||||||
Stock-based compensation on stock options, RSUs & RSAs | - | - | 487,547 | - | - | 487,547 | ||||||||||||
Foreign currency translation adjustment | - | - | - | 671,125 | - | 671,125 | ||||||||||||
Net loss | - | - | - | - | (694,061 | ) | (694,061 | ) | ||||||||||
Balances at December 31, 2022 | 27,275,515 | $ | 272,755 | $ | 233,104,731 | $ | 688,421 | $ | (205,864,119 | ) | $ | 28,201,788 | ||||||
| LIGHTPATH TECHNOLOGIES, INC. Condensed Consolidated Statements of Cash Flows (unaudited) | ||||||||
| Six Months Ended December 31, | ||||||||
| 2023 | 2022 | |||||||
Cash flows from operating activities: | ||||||||
Net loss | $ | (3,056,039 | ) | $ | (2,074,761 | ) | ||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||||||||
Depreciation and amortization | 1,943,000 | 1,580,882 | ||||||
Interest from amortization of debt costs | - | 37,120 | ||||||
Loss on disposal of property and equipment | - | 2,742 | ||||||
Stock-based compensation on stock options, RSUs & RSAs, net | 551,853 | 772,145 | ||||||
Provision for doubtful accounts receivable | (2,236 | ) | (11,421 | ) | ||||
Change in operating lease assets and liabilities | 80,355 | (70,153 | ) | |||||
Inventory write-offs to allowance | 73,569 | 2,233 | ||||||
Deferred taxes | 9,395 | (19,669 | ) | |||||
Changes in operating assets and liabilities: | ||||||||
Trade accounts receivable | 1,717,283 | 364,987 | ||||||
Other current assets | (191,381 | ) | (149,775 | ) | ||||
Inventories | 54,461 | 68,918 | ||||||
Prepaid expenses and deposits | 94,619 | 987 | ||||||
Accounts payable and accrued liabilities | (424,310 | ) | (1,255,961 | ) | ||||
Net cash provided by (used in) operating activities | 850,569 | (751,726 | ) | |||||
Cash flows from investing activities: | ||||||||
Purchase of property and equipment | (1,484,401 | ) | (411,551 | ) | ||||
Acquisition of Visimid Technologies, net of cash acquired | (722,141 | ) | - | |||||
Proceeds from sale-leaseback of equipment | 364,710 | - | ||||||
Net cash used in investing activities | (1,841,832 | ) | (411,551 | ) | ||||
Cash flows from financing activities: | ||||||||
Proceeds from sale of common stock from Employee Stock Purchase Plan | 19,719 | 19,870 | ||||||
Borrowings on loans payable | 142,853 | - | ||||||
Payments on loans payable | (407,510 | ) | (405,498 | ) | ||||
Repayment of finance lease obligations | (58,785 | ) | (57,140 | ) | ||||
Net cash used in financing activities | (303,723 | ) | (442,768 | ) | ||||
Effect of exchange rate on cash and cash equivalents | 32,698 | (107,994 | ) | |||||
Change in cash, cash equivalents and restricted cash | (1,262,288 | ) | (1,714,039 | ) | ||||
Cash, cash equivalents and restricted cash, beginning of period | 7,144,490 | 5,507,891 | ||||||
Cash, cash equivalents and restricted cash, end of period | $ | 5,882,202 | $ | 3,793,852 | ||||
Supplemental disclosure of cash flow information: | ||||||||
Interest paid in cash | $ | 110,774 | $ | 106,394 | ||||
Income taxes paid | $ | 114,953 | $ | 218,367 | ||||
Supplemental disclosure of non-cash investing & financing activities: | ||||||||
Purchase of equipment through finance lease arrangements | $ | 61,654 | 83,921 | |||||
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 December31, | Six Months Ended December 31, | |||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
Net loss | $ | (1,713,663 | ) | $ | (694,061 | ) | $ | (3,056,039 | ) | $ | (2,074,761 | ) | ||||
Depreciation and amortization | 1,129,444 | 764,548 | 1,943,000 | 1,580,882 | ||||||||||||
Income tax provision | 76,058 | 55,000 | 115,604 | 157,134 | ||||||||||||
Interest expense | 53,788 | 81,241 | 111,399 | 151,611 | ||||||||||||
EBITDA | $ | (454,373 | ) | $ | 206,728 | $ | (886,036 | ) | $ | (185,134 | ) | |||||
% of revenue | -6 | % | 2 | % | -6 | % | -1 | % | ||||||||
SOURCE: LightPath Technologies, Inc.
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