Deep Dive
$LPTH: LIGHTPATH TECHNOLOGIES INC
LightPath Technologies, Inc.
Backlog and revenue growth are real, but the story is now in prove-it mode. LPTH has moved from small optics supplier toward infrared imaging systems, assemblies, and BlackDiamond-based optical solutions; the next test is whether backlog converts into profitable per-share growth after recent dilution.
Key Metrics Updated Jun 7, 2026
Market Cap
~$875M quoted / ~$990M pro forma
Revenue
$19.1M fiscal Q3 2026 · +109% YoY
Backlog
$110.6M as of Mar. 31, 2026 · +196% since Jun. 30, 2025
Valuation
~11.5x–13.0x run-rate P/S · P/E not meaningful
Gross Margin
36% fiscal Q3 2026 · up from 29% YoY
Phase
Phase 3
◎ Deep Dives
✏ Market Notes
Market Note
LPTH Turns the Rerate Into Cash — Now Comes the Hard Part
LightPath (LPTH) just did the thing small-cap bulls both love and hate. The company used a stronger stock price to…
⊞ Thesis Board
Evidence
$LPTH: LIGHTPATH TECHNOLOGIES INC
I don’t care if people call this “just an optics company” anymore. A $110M backlog against a company doing ~$19M quarterly revenue is not normal small-cap noise. That is the market telling you demand showed up before the model had time to catch up.
The only question now is whether they can actually convert it without wrecking margins. If they do, the old LPTH label is dead.
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