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Lightpath Technologies

LPTH on Nasdaq. LightPath sells optical components and infrared cameras to defense and industrial customers. Market value $757m.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to June 2026.

We can't read total debt from the filing, so debt is left out.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Technology stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
-2.2%low

For every $100 of what the whole company costs, it produced $-2.17 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to June 2026
-15.2%five-year median

Each dollar kept in the business earns -15 cents a year. Above 10 is good.

Quality score: 30 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.

$10.87 a share, 86% above its 1-year low

Over the past year the price has ranged from $5.83 to $18.94.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

-0.0
-0.0
-0.0
-0.0
-0.0
20222023202420252026
Revenue
$36m$33m$32m$37m$72m
Operating margin
-7.4%-10.8%-24.7%-31.8%-27.4%
Debt to equity
0.110.080.040.35n/a
Shares outstanding
0.04bn0.04bn0.04bn0.06bn0.07bn

Health checks

  • Free cash flow positive0 of 5 years
  • Accounting checksSkipped: company is not yet profitable
  • DebtUnknown
  • Revenue growth, five yearsStrong, 13.3% a year
  • Buying back its own sharesNo, 88% more shares since 2022

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $21 million last quarter, up 73% on a year ago.
  • A loss of $4 million, compared with a loss of $7 million a year ago.
  • It loses 27 cents on each $1 of sales, compared with 32 cents a year earlier.
  • Over the past 12 months it spent $16 million more cash than it brought in, compared with $10 million a year earlier.
  • Sales grew on a year ago in each of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$8m
December 2024$7m
March 2025$9m
June 2025$12m
September 2025$15m
December 2025$16m
March 2026$19m
June 2026$21m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$2m
December 2024-$3m
March 2025-$4m
June 2025-$7m
September 2025-$3m
December 2025-$9m
March 2026-$4m
June 2026-$4m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
11 September 2026
Next quarterly (estimated, 10-Q)
6 August 2026

Who owns it

3 long-term investors we follow own it, unchanged from 3 last quarter. 164 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

8 investors own more than 5%.

  • ELLIS THOMAS B
    at least 18.9%
    (filed with 1 related holder)
    Since 31 December 2025
    What they said

    Item 4 is hereby amended and supplemented to add the following at the end thereof: On December 31, 2025, the Issuer paid off the Promissory Note in full. As a result, each of NR-DNP, North Run LP, North Run Advisors, Mr. Ellis, Mr. Hammer and Mr. Bosco is no longer deemed to be…

    Read the filing
  • North Run Strategic Opportunities Fund I GP, LLC
    14.7%−1.5 pts
    Since 13 May 2026
    What they said

    Item 4 is hereby amended and supplemented to add the following at the end thereof: The information in Item 5(c) is incorporated herein by reference.

    Read the filing
  • North Run Strategic Opportunities Fund I, LP
    at least 9.6%−5.1 pts
    (filed with 3 related holders)
    Since 3 June 2026
    What they said

    Item 4 is hereby amended and supplemented to add the following at the end thereof: The information in Item 5(c) is incorporated herein by reference.

    Read the filing
  • BlackRock, Inc.
    Passive investor
    6.5%
    Since 30 June 2026
  • 5.4%
    Since 30 June 2026
  • Orin Hirschman
    Passive investor
    at least 4.8%−4.6 pts
    (filed with 1 related holder)
    Since 17 October 2025
  • Leviticus Partners LP
    Passive investor
    at least 4.8%−1.2 pts
    (filed with 1 related holder)
    Since 13 August 2025
  • North Run - Due North Partners, LP
    at least 3.3%
    (filed with 3 related holders)
    Since 18 February 2025
    What they said

    The Reporting Persons will monitor and evaluate their investment in the Issuer on a continuing basis and may engage in discussions with management, the board of directors of the Issuer and other stockholders of the Issuer concerning the business, operations and future plans of…

    Read the filing
  • Marathon Micro Fund, LP
    Passive investor
    Sold down below 5%
    Since 9 October 2025
  • Sold down below 5%
    Since 30 June 2026

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 1 insider bought $1,746 of shares on the open market. 1 sold $90m.

  • ELLIS THOMAS B
    Director
    Sold
    Date
    3 June 2026
    Shares
    3,571,400
    Price
    $14.00
    Value
    $50m
  • ELLIS THOMAS B
    Director
    Sold
    Date
    18 May 2026
    Shares
    55,284
    Price
    $12.32
    Value
    $681,099
  • ELLIS THOMAS B
    Director
    Sold
    Date
    14 May 2026
    Shares
    165,000
    Price
    $12.16
    Value
    $2m
  • ELLIS THOMAS B
    Director
    Sold
    Date
    13 May 2026
    Shares
    45,000
    Price
    $12.29
    Value
    $553,050
  • ELLIS THOMAS B
    Director
    Sold
    Date
    12 May 2026
    Shares
    83,052
    Price
    $12.25
    Value
    $1m
  • Rubin Shmuel
    President & CEO
    Bought
    Date
    27 March 2026
    Shares
    180
    Price
    $9.70
    Value
    $1,746
  • ELLIS THOMAS B
    Director
    Sold
    Date
    25 March 2026
    Shares
    302,352
    Price
    $12.31
    Value
    $4m
  • ELLIS THOMAS B
    Director
    Sold
    Date
    24 March 2026
    Shares
    54,557
    Price
    $12.06
    Value
    $657,957
  • ELLIS THOMAS B
    Director
    Sold
    Date
    18 March 2026
    Shares
    16,000
    Price
    $12.00
    Value
    $192,000
  • ELLIS THOMAS B
    Director
    Sold
    Date
    17 March 2026
    Shares
    104,454
    Price
    $12.01
    Value
    $1m

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the serious warning signs we check for were found. 1 thing worth knowing.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 11 Sep 2026, and no later 8-Ks.

  • Changed auditor

    Worth knowing

    The company changed its auditor (the firm that checks its books) in the last two years.

    “On January 13, 2025, the Audit Committee of LightPath Technologies, Inc. (“the Company”) appointed BDO USA, P.C. (“BDO”) to serve as the Company’s new independent registered public accounting firm, effective immediately.”

    From an 8-K filed 14 January 2025: Change of auditor. Read it in the filing

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.