LightPath Technologies (NASDAQ: LPTH) Reports Fiscal Q1 Earnings and Revenue
Key points
- LightPath Technologies (NASDAQ: LPTH) reported a fiscal first-quarter earnings per share (EPS) of -$0.02, beating the estimated -$0.03.
- Revenue reached $20.8 million, falling short of the $21.9 million estimate but growing 38% year-over-year.
- The company saw its gross margin rise to 41.4% and reported a record backlog of $132.9 million.
LightPath Technologies (NASDAQ: LPTH) reported fiscal first-quarter earnings per share of -$0.02, compared with an estimate of -$0.03. The company sells assemblies and modules, including cameras and optical assemblies. Those products account for 51% of quarterly revenue, up from 40% a year earlier.
Revenue reached $20.8 million, below the $21.9 million estimate. It rose 38% from $15.1 million a year earlier. LightPath stated that supply chain delays caused revenue to fall slightly short of its expectations.
Gross margin rose to 41.4% from 29.8%, while the net loss narrowed to $1.7 million from $2.9 million. CFO Al Miranda noted that adjusted EBITDA rose to $1.3 million from $0.4 million, marking the fifth consecutive quarter of positive adjusted EBITDA.
LightPath reported a record backlog of $132.9 million, including approximately $110.8 million that customers requested for delivery within the next 12 months. Shares slid after the results.
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