# EDGAR Filing Document

**Accession Number:** 0000889971
**File Stem:** 0001654954-23-001538
**Filing Date:** 2023-2
**Character Count:** 46561
**Document Hash:** f01effc28b3f35edc68f265a72de8bda
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001654954-23-001538.hdr.sgml**: 20230209

**ACCESSION NUMBER**: 0001654954-23-001538

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 27

**CONFORMED PERIOD OF REPORT**: 20230209

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230209

**DATE AS OF CHANGE**: 20230209

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LIGHTPATH TECHNOLOGIES INC
- **CENTRAL INDEX KEY:** 0000889971
- **STANDARD INDUSTRIAL CLASSIFICATION:** SEMICONDUCTORS & RELATED DEVICES [3674]
- **IRS NUMBER:** 860708398
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-27548
- **FILM NUMBER:** 23606095

**BUSINESS ADDRESS:**
- **STREET 1:** 2603 CHALLENGER TECH CT
- **STREET 2:** SUITE 100
- **CITY:** ORLANDO
- **STATE:** FL
- **ZIP:** 32826
- **BUSINESS PHONE:** 4073824003

?xml version="1.0" encoding="utf-8"?lpth_8k.htm

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

 **FORM 8-K**

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d) OF THE**

**SECURITIES EXCHANGE ACT OF 1934**

**February 9, 2023**

**Date of Report (Date of earliest event reported)**

---

| |
|:---|
| **LIGHTPATH TECHNOLOGIES, INC.** |
| **(Exact name of registrant as specified in its charter)** |

---

---

| | | |
|:---|:---|:---|
| **Delaware** | **000-27548** | **86-0708398** |
| **(State or other jurisdiction of incorporation or organization)** | **(Commission File Number)** | **(I.R.S. Employer Identification Number)** |

---

**2603 Challenger Tech Court, Suite 100**

**Orlando, Florida 32826**

**(Address of principal executive office, including zip code)**

**(407) 382-4003**

**(Registrant's telephone number, including area code)**

 **Securities registered pursuant to Section 12(b) of the Act:**

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading** <br>**Symbol(s)** | **Name of each exchange** <br>**on which registered** |
| Class A Common Stock, par value $0.01 | LPTH | The Nasdaq Stock Market, LLC |

---

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards providing pursuant to Section 13(a) of the Exchange Act. ☐

LightPath Technologies, Inc.

Form 8-K

**Item 2.02. Results of Operations and Financial Condition**

On February 9, 2023, LightPath Technologies, Inc. issued a press release announcing the results for its fiscal 2023 second quarter ended December 31, 2022. A copy of the Press Release is attached as Exhibit 99.1 to this Current Report on Form 8-K.

**Item 9.01. Financial Statements and Exhibits.**

(d) ---

| | |
|:---|:---|
| **Exhibit No.** | **Description**  |
| [99.1](lpth_ex991.htm) | [Press Release of LightPath Technologies, Inc., dated February 9, 2023 for the Fiscal 2023 Second Quarter ended December 31, 2022.](lpth_ex991.htm) |

---

2<br>

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this Report to be signed in its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | LIGHTPATH TECHNOLOGIES, INC. | LIGHTPATH TECHNOLOGIES, INC. |
| Dated: February 9, 2023 | By:  | /s/ Albert Miranda  |
|  |  | *Albert Miranda, Chief Financial Officer* |

---

3<br>

## Exhibit 99.1

**EXHIBIT 99.1**

![](lpth_ex991img6.jpg)

**For Immediate Release**

**LightPath Technologies Reports Financial Results for** 

**Fiscal 2023 Second Quarter**

***Delivers on New Strategic Direction with the Release of Advanced Infrared Camera, Mantis***

ORLANDO, FL – February 9, 2023 – <u>LightPath Technologies, Inc.</u> (NASDAQ: LPTH) ("LightPath," the "Company," or "we"), a leading global, vertically integrated provider of optics, photonics and infrared solutions for the industrial, commercial, defense, telecommunications, and medical industries, today announced financial results for its fiscal 2023 second quarter ended December 31, 2022.

**Management Commentary**

LightPath's President and Chief Executive Officer Sam Rubin stated, "Our fiscal second quarter results reflect sequential improvement in both revenue and gross margin, as compared to the first quarter of fiscal 2023. During the second quarter we began to realize significant growth in revenue from defense customers in the U.S., for both visible and infrared molded products, which is offsetting the economic headwinds we are experiencing in China."

"The second quarter of LightPath's fiscal year also proved to be eventful and an extremely important quarter in our evolution from a component manufacturer to a complete solutions provider. The introduction of our first complete camera solution, the new qualification of our key material for space applications, and multiple new awards of defense infrared projects, all the result of our focus on our new strategic direction. In November, we announced that our BD6 material was qualified by the European Space Agency ("ESA") for use in space. With this qualification, LightPath is placed at the forefront of optics in extreme conditions. Besides the obvious advantage it brings from being space qualified, we also see it as an encouraging sign that ESA had funded us to specifically qualify our material to replace Germanium. LightPath's Black Diamond<sup>TM</sup> glasses were also qualified for a critical international military program, and as such we received an initial order of $2.5 million from the related customer in December, representing a significant increase in that customer's business with the Company. This, as well as other new orders in the U.S. and Europe, resulted in our backlog reaching $31 million in mid-December, the highest in many years, and a strong indication of the growth we are expecting in coming quarters. Also in December, LightPath introduced Mantis, a standalone infrared camera capable of imaging across both the medium and the long wavelength infrared light bands. Mantis represents a leap forward for our company as our first integrated imaging product, and it represents a leap forward for the industry as the first uncooled camera able to image across a wide range of infrared wavelengths."

"Subsequent to the quarter end, we raised nearly $10 million, before fees and expenses, in a secondary stock offering. This capital will be utilized to build out the Company's manufacturing capabilities and capacity and to pursue our three pillars of growth: imaging solutions such as Mantis, our growing defense business, and high volume applications for thermal imaging, such as automotive. We also intend to use a portion of the funds to paydown and restructure our debt. This will further strengthen our financial standing, reduce our quarterly interest expense and set the stage for growth."

![](lpth_ex991img17.jpg)

**Fiscal 2023 Second Quarter Highlights:**

· Revenue for the second quarter of fiscal 2023 of $8.5 million

· Total backlog at December 31, 2022 of $29.4 million, the highest in many years for the end of a quarter

· Net loss for the second quarter of fiscal 2023 was $694,000

· EBITDA\* for the second quarter of fiscal 2023 was $207,000

· Announced qualification of its BD6 material for space applications

· Introduced Mantis, the Company's first multispectral camera system

**<u>2023 Fiscal Second Quarter Financial Results</u>**

Revenue for the second quarter of fiscal 2023 was approximately $8.5 million, a decrease of approximately $0.8 million, or 8%, as compared to approximately $9.2 million in the same period of the prior fiscal year, primarily due to a decrease in sales of infrared products. Revenue among our product groups for the second quarter of fiscal 2023 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Product Group Revenue *($ in millions)\*\**** | **Second Quarter of Fiscal 2023** | **Second Quarter of Fiscal 2022** | **% Change** |
| Infrared ("IR") products | $4.0  | $5.1  | (21%) |
| Precision Molded Optics ("PMO") products | $3.9  | $3.8 | 3% |
| Specialty products | $0.6  | $0.4  | 41% |

---

*\*\* Numbers may not foot due to rounding*

· Revenue generated by infrared products was approximately $4.0 million in the second quarter of fiscal 2023, a decrease of approximately $1.1 million, or 21%, as compared to approximately $5.1 million in the same period of the prior fiscal year. The decrease in revenue is primarily due to timing sales of infrared products against a large annual contract, the shipments for which were completed in the second quarter of fiscal 2023, while shipments against the renewed contract signed in November 2022 will not begin until the third quarter of fiscal 2023. The renewed contract represents a 20% increase over the previous contract.

· Revenue generated by PMO products was approximately $3.9 million for the second quarter of fiscal 2023, an increase of approximately $114,000, or 3%, as compared to approximately $3.8 million in the same period of the prior fiscal year. The increase in revenue is due to increases in sales to defense, industrial and medical customers, offset by a decrease in sales to customers in the telecommunications industry. PMO product sales to customers in China continue to be soft across all of the industries we serve due to unfavorable economic conditions in that region.

· Revenue generated by our specialty products was approximately $571,000 in the second quarter of fiscal 2023, an increase of approximately $166,000, or 41%, compared to $406,000 in the same period of the prior fiscal year. The increase is primarily due to increased demand for collimator assemblies.

Gross margin in the second quarter of fiscal 2023 was approximately $3.2 million, an increase of 15%, as compared to approximately $2.8 million in the same period of the prior fiscal year. Total cost of sales was approximately $5.2 million for the second quarter of fiscal 2023, compared to approximately $6.4 million for the same period of the prior fiscal year. Gross margin as a percentage of revenue was 38% for the second quarter of fiscal 2023, compared to 30% for the same period of the prior fiscal year. The increase in gross margin as a percentage of revenue is partially due to the mix of products sold in each respective period. PMO products, which typically have higher margins than our infrared products, comprised 46% of revenue for the second quarter of fiscal 2023, as compared to 41% of revenue for the second quarter of fiscal 2022. In addition, within our infrared product group, sales for the second quarter of fiscal 2023 were more heavily weighted toward molded infrared products than in the same quarter of the prior fiscal year. Molded infrared products typically have higher margins than non-molded infrared products. During the second quarter of fiscal 2022, infrared product margins were also negatively impacted by increased costs associated with the completion of the coating department in our Riga Facility, which have since improved as that facility is now producing at volume.

![](lpth_ex991img18.jpg)

Selling, general and administrative ("SG&A") costs were approximately $3.0 million for the second quarter of fiscal 2023, an increase of approximately $84,000, or 3%, as compared to approximately $2.9 million in the same period of the prior fiscal year. The increase in SG&A costs is primarily due to an increase in stock compensation, partially due to director retirements that occurred during the quarter, as well as increases in other personnel-related costs. SG&A costs for the second quarter of fiscal 2023 also include approximately $45,000 in fees paid to BankUnited under our amended loan agreement for not prepaying our term loan by December 31, 2022. These increases are partially offset by a decrease of $248,000 in VAT and related taxes from prior years that were accrued by one of our Chinse subsidiaries in the second quarter of fiscal 2022, as well as a decrease of approximately $150,000 of expenses associated with the previously disclosed events that occurred at our Chinese subsidiaries, including legal and consulting fees.

Net loss for the second quarter of fiscal 2023 was approximately $694,000, or $0.03 basic and diluted loss per share, compared to $1.1 million, or $0.04 basic and diluted loss per share, for the same quarter of the prior fiscal year. The decrease in net loss for the second quarter of fiscal 2023, as compared to the same period of the prior fiscal year, was primarily attributable to higher gross margin, despite the decrease in revenue.

Our EBITDA for the quarter ended December 31, 2022 was approximately $207,000, compared to a loss of $41,000 for the same period of the prior fiscal year. The increase in EBITDA in the second quarter of fiscal 2023 was primarily attributable to higher gross margin.

**<u>2023 Fiscal Year-To-Date Financial Results</u>**

Revenue for the first half of fiscal 2023 was approximately $15.8 million, a decrease of approximately $2.5 million, or 14%, as compared to approximately $18.3 million in the same period of the prior fiscal year. Revenue among our product groups for the first half of fiscal 2023 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Product Group Revenue *($ in millions)\*\**** | **Year-to-Date Fiscal 2023** | **Year-to-Date Fiscal 2022** | **% Change** |
| IR products | $7.7  | $10.0  | (23%) |
| PMO products | $7.1  | $7.6 | (6%) |
| Specialty products | $1.0  | $0.8  | 27% |

---

*\*\* Numbers may not foot due to rounding*

· Revenue generated by infrared products was approximately $7.7 million in the first half of fiscal 2023, a decrease of approximately $2.3 million, or 23%, as compared to approximately $9.9 million in the same period of the prior fiscal year. The decrease in revenue is primarily driven by sales of diamond-turned infrared products, primarily attributable to customers in the defense and industrial markets, including the timing of sales of infrared products against a large annual contract. Shipments against the prior contract were completed in the second quarter of fiscal 2023, while shipments against the renewed contract signed in November 2022 will not begin until the third quarter of fiscal 2023. The renewed contract represents a 20% increase over the previous contract. Sales of molded infrared products made from our proprietary BD6 material also decreased, particularly to customers in the China industrial market.

![](lpth_ex991img19.jpg)

· Revenue generated by PMO products was approximately $7.1 million for the first half of fiscal 2023, a decrease of approximately $426,000, or 6%, as compared to approximately $7.6 million in the same period of the prior fiscal year. The decrease in revenue is primarily attributed to decreases in sales to customers in the telecommunications and commercial industries. PMO product sales to customers in China continue to be soft across all of the industries we serve due to unfavorable economic conditions in that region.

· Revenue generated by our specialty products was approximately $1.0 million in the first half of fiscal 2023, an increase of approximately $218,000, or 27%, compared to $808,000 in the same period of the prior fiscal year. The increase is primarily due to increased demand for collimator assemblies, as well as a charge for in-process materials billed to a customer upon order cancellation, during the first quarter of fiscal 2023.

Gross margin in the first half of fiscal 2023 was approximately $5.4 million, a decrease of 9%, as compared to approximately $6.0 million in the same period of the prior fiscal year. Total cost of sales was approximately $10.4 million for the first half of fiscal 2023, compared to approximately $12.4 million for the same period of the prior fiscal year. Gross margin as a percentage of revenue was 34% for the first half of fiscal 2023, compared to 33% for the same period of the prior fiscal year. The lower revenue level for the first half of fiscal 2023, as compared to the same period of the prior fiscal year, resulted in less contribution toward fixed manufacturing costs, however the mix of products shipped in the first half of fiscal 2023 was more favorable and also reflects the benefit of a number of the operational and cost structure improvements that we have been implementing.

SG&A costs were approximately $5.7 million for the first half of fiscal 2023, a decrease of approximately $147,000, or 3%, as compared to approximately $5.8 million in the same period of the prior fiscal year. The decrease in SG&A costs reflects a decrease of $248,000 in VAT and related taxes from prior years that were accrued by one of our Chinse subsidiaries in the second quarter of fiscal 2022, as well as a decrease of approximately $480,000 of expenses associated with the previously disclosed events that occurred at our Chinese subsidiaries, including legal and consulting fees. These decreases were partially offset by an increase in stock compensation, partially due to director retirements that occurred during the quarter, as well as increases in other personnel-related costs. SG&A costs for the second quarter of fiscal 2023 also include approximately $45,000 in fees paid to BankUnited under our amended loan agreement for not prepaying our term loan by December 31, 2022.

Net loss for the first half of fiscal 2023 was approximately $2.1 million, or $0.08 basic and diluted loss per share, compared to $1.7 million, or $0.06 basic and diluted loss per share, for the same quarter of the prior fiscal year. The increase in net loss for the first half of fiscal 2023, as compared to the same period of the prior fiscal year, was primarily attributable to lower revenue and gross margin, partially offset by lower operating expenses.

Our EBITDA for the six months ended December 31, 2022 was a loss of approximately $185,000, compared to earnings of $413,000 for the same period of the prior fiscal year. The decrease in EBITDA in the first half of fiscal 2023 was primarily attributable to lower revenue and gross margin, partially offset by lower operating costs.

![](lpth_ex991img27.jpg)

**Liquidity and Capital Resources**

Cash used in operations was approximately $752,000 for the first half of fiscal 2023, compared to approximately $157,000 for the same period of the prior fiscal year. Cash used in operations for the first half of fiscal 2023 was largely driven by a decrease in accounts payable and accrued liabilities, including the payment of severance related to the previously disclosed employee terminations that occurred at our Chinese subsidiaries, which liability has been accrued since June 30, 2021. The first half of fiscal 2023 also reflects the final payment of payroll taxes deferred in fiscal 2020 under the CARES act. Cash used in operations in the first half of fiscal 2022 also reflects a decrease in accounts payable and accrued liabilities during such period resulting from the payment of certain other expenses related to previously disclosed events that occurred at our Chinese subsidiaries which were accrued as of June 30, 2021, partially offset by a decrease in inventory.

Capital expenditures were approximately $412,000 for the first half of fiscal 2023, as compared to approximately $1.3 million in the same period of the prior fiscal year. The first half of fiscal 2023 primarily includes maintenance capital expenditures, whereas the majority of our capital expenditures during the first half of fiscal 2022 were related to the continued expansion of our infrared coating capacity as well as increasing our lens diamond turning capacity to meet current and forecasted demand. We are in the process of constructing additional tenant improvements in our Orlando facility subject to our continuing lease, of which the landlord has agreed to provide $2.4 million in tenant improvement allowances. We will fund the balance of the tenant improvement costs, estimated to be approximately $2.5 million, the majority of which will be expended during the second half of fiscal 2023.

**Sales Backlog**

Our total backlog at December 31, 2022 was approximately $29.4 million, an increase of 34%, as compared to $21.9 million as of December 31, 2021. Compared to the end of fiscal 2022, our total backlog increased by 66% during the first half of fiscal 2023. The increase in backlog during the first half of fiscal 2023 was due to several large customer orders. One such order is a $4 million supply agreement with a long time European customer of precision motion control systems and OEM assemblies. The new supply agreement will go into effect in the fourth quarter of our fiscal year 2023 and is expected to run for around 12-18 months. During the second quarter of fiscal 2023 we also received the renewal of a large annual contract for infrared products, for an amount 20% greater than the previous renewal. We anticipate beginning to ship against the new contract in the third quarter of fiscal 2023, after shipments against the previous contract are completed. During the third quarter of fiscal 2023 we were qualified to provide advanced infrared optics for a critical international military program, and received an initial order valued at $2.5 million from the related customer. This order represents a significant increase in this customer's business with us. In addition, we received orders from existing customers in the U.S. and Europe related to several other significant long-term projects.

The timing of multi-year contract renewals are not always consistent and, thus, backlog levels may increase substantially when annual and multi-year orders are received, and decrease as shipments are made against these orders. We believe we are in a good position with our existing annual and multi-year contracts to be renewed in future quarters.

![](lpth_ex991img20.jpg)

**<u>Investor Conference Call and Webcast Details</u>**

LightPath will host an audio conference call and webcast on Thursday, February 9, 2023 at 5:00 p.m. ET to discuss its financial and operational performance for its fiscal 2023 second quarter.

Date: Thursday, February 9, 2023

Time: 5:00 PM (ET)

Dial-in Number: 1-877-317-2514

International Dial-in Number: 1-412-317-2514

Webcast: <u>Fiscal Second Quarter Earnings Webcast</u>

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 23, 2023. To listen to the replay, dial 1-877-344-7529 (domestic) or 1-412-317-0088 (international), and enter conference ID #1951507.

**\*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 measures, 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 this 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, <u>custom molded glass freeform lenses</u>, infrared lenses and thermal imaging assemblies, fused fiber collimators, and proprietary <u>Black Diamond</u><sup>TM</sup> ("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.

![](lpth_ex991img21.jpg)

LightPath's wholly-owned subsidiary, <u>ISP Optics Corporation</u>, 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 <u>www.lightpath.com</u>.

**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.*

Contact:

Brian M. Prenoveau, CFA

MZ Group – MZ North America

LPTH@mzgroup.us

+561 489 5315

(tables follow)

![](lpth_ex991img26.jpg)

---

| | | |
|:---|:---|:---|
| **LIGHTPATH TECHNOLOGIES, INC.** | **LIGHTPATH TECHNOLOGIES, INC.** | **LIGHTPATH TECHNOLOGIES, INC.** |
| **Condensed Consolidated Balance Sheets** | **Condensed Consolidated Balance Sheets** | **Condensed Consolidated Balance Sheets** |
| **(unaudited)** | **(unaudited)** | **(unaudited)** |
|  | **December 31** | **June 30,** |
| **Assets** | **2022** | **2022** |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | $3793852 | $5507891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trade accounts receivable, net of allowance of $41,240 and $36,313 | 4857726 | 5211292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inventories, net | 6914276 | 6985427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other receivables | 149775 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 443567 | 464804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current assets | 16159196 | 18169414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Property and equipment, net  | 10978783 | 11640463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Operating lease right-of-use assets | 9894925 | 10420604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intangible assets, net  | 3895256 | 4457798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goodwill | 5854905 | 5854905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred tax assets, net | 143000 | 143000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 47987 | 27737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | $46974052 | $50713921 |
| **Liabilities and Stockholders' Equity** |  |  |
| Current liabilities:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounts payable  | $2366201 | $3073933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued liabilities  | 775630 | 558750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued payroll and benefits | 1316103 | 2081212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Operating lease liabilities, current | 926132 | 965622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loans payable, current portion | 1085103 | 998692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Finance lease obligation, current portion | 43123 | 55348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current liabilities | 6512292 | 7733557 |
| Deferred tax liabilities, net | 521346 | 541015 |
| Finance lease obligation, less current portion | 50460 | 11454 |
| Operating lease liabilities, noncurrent | 8921735 | 9478077 |
| Loans payable, less current portion | 2766431 | 3218580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 18772264 | 20982683 |
| Commitments and Contingencies |  |  |
| Stockholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred stock: Series D, $.01 par value, voting; 500,000 shares authorized; none issued and outstanding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common stock: Class A, $.01 par value, voting; 44,500,000 shares authorized; 27,275,515 and 27,046,790 shares issued and outstanding | 272755 | 270468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 233104731 | 232315003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accumulated other comprehensive income | 688421 | 935125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accumulated deficit | (205864119) | (203789358) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total stockholders' equity | 28201788 | 29731238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities and stockholders' equity | $46974052 | $50713921 |

---

![](lpth_ex991img22.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LIGHTPATH TECHNOLOGIES, INC.** | **LIGHTPATH TECHNOLOGIES, INC.** | **LIGHTPATH TECHNOLOGIES, INC.** | **LIGHTPATH TECHNOLOGIES, INC.** | **LIGHTPATH TECHNOLOGIES, INC.** |
| **Condensed Consolidated Statements of Comprehensive Income (Loss)** | **Condensed Consolidated Statements of Comprehensive Income (Loss)** | **Condensed Consolidated Statements of Comprehensive Income (Loss)** | **Condensed Consolidated Statements of Comprehensive Income (Loss)** | **Condensed Consolidated Statements of Comprehensive Income (Loss)** |
| **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** |
|  | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **December 31,** | **December 31,** | **December 31,**  | **December 31,**  |
|  | **2022** | **2021** | **2022** | **2021** |
| Revenue, net | $8472679 | $9243174 | $15839580 | $18346517 |
| Cost of sales  | 5248334 | 6443328 | 10381323 | 12374736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross margin | 3224345 | 2799846 | 5458257 | 5971781 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Selling, general and administrative  | 3030653 | 2946998 | 5668826 | 5816044 |
| &nbsp;&nbsp;&nbsp;&nbsp; New product development | 466163 | 551960 | 1016044 | 978971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amortization of intangible assets | 281271 | 281271 | 562542 | 562542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loss on disposal of property and equipment | 2742 |  | 2742 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating expenses | 3780829 | 3780229 | 7250154 | 7357557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating loss | (556484) | (980383) | (1791897) | (1385776) |
| Other income (expense): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense, net | (81241) | (50331) | (151611) | (96080) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other income (expense), net | (1336) | 10819 | 25881 | (40263) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total other income (expense), net | (82577) | (39512) | (125730) | (136343) |
| &nbsp;&nbsp;&nbsp;&nbsp; Income (loss) before income taxes | (639061) | (1019895) | (1917627) | (1522119) |
| Income tax provision | 55000 | 35396 | 157134 | 165269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net loss | $(694061) | $(1055291) | $(2074761) | $(1687388) |
| Foreign currency translation adjustment | 671125 | 284 | (246704) | (143890) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comprehensive income (loss) | $(22936) | $(1055007) | $(2321465) | $(1831278) |
| Loss per common share (basic) | $(0.03) | $(0.04) | $(0.08) | $(0.06) |
| Number of shares used in per share calculation (basic) | 27172226 | 27008748 | 27121583 | 27001360 |
| Loss per common share (diluted)  | $(0.03) | $(0.04) | $(0.08) | $(0.06) |
| Number of shares used in per share calculation (diluted) | 27172226 | 27008748 | 27121583 | 27001360 |

---

![](lpth_ex991img23.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **LIGHTPATH TECHNOLOGIES, INC.** | **LIGHTPATH TECHNOLOGIES, INC.** | **LIGHTPATH TECHNOLOGIES, INC.** | **LIGHTPATH TECHNOLOGIES, INC.** | **LIGHTPATH TECHNOLOGIES, INC.** | **LIGHTPATH TECHNOLOGIES, INC.** | **LIGHTPATH TECHNOLOGIES, INC.** |
| **Condensed Consolidated Statements of Changes in Stockholders' Equity** | **Condensed Consolidated Statements of Changes in Stockholders' Equity** | **Condensed Consolidated Statements of Changes in Stockholders' Equity** | **Condensed Consolidated Statements of Changes in Stockholders' Equity** | **Condensed Consolidated Statements of Changes in Stockholders' Equity** | **Condensed Consolidated Statements of Changes in Stockholders' Equity** | **Condensed Consolidated Statements of Changes in Stockholders' Equity** |
| **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** |
|  |  |  |  | **Accumulated** |  |  |
|  | **Class A** | **Class A** | **Additional** | **Other** |  | **Total** |
|  | **Common Stock** | **Common Stock** | **Paid-in** | **Comphrehensive**  | **Accumulated** | **Stockholders'** |
|  | **Shares** | **Amount** | **Capital** | **Income** | **Deficit** | **Equity** |
| **Balances at June 30, 2022** | **27046790** | $**270468** | $**232315003** | $**935125** | $**(203789358)** | $**29731238** |
| Issuance of common stock for: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Employee Stock Purchase Plan | 16287 | 163 | 19707 |  |  | 19870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exercise of Stock Options & RSUs, net | 8852 | 88 | (88) |  |  |  |
| Stock-based compensation on stock options & RSUs  |  |  | 284598 |  |  | 284598 |
| Foreign currency translation adjustment |  |  |  | (917829) |  | (917829) |
| Net loss |  |  |  |  | (1380700) | (1380700) |
| **Balances at September 30, 2022** | **27071929** | $**270719** | $**232619220** | $**17296** | $**(205170058)** | $**27737177** |
| Issuance of common stock for: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exercise of Stock Options, RSUs & RSAs, net | 203586 | 2036 | (2036) |  |  |  |
| Stock-based compensation on stock options & RSUs |  |  | 487547 |  |  | 487547 |
| Foreign currency translation adjustment |  |  |  | 671125 |  | 671125 |
| Net loss |  |  |  |  | (694061) | (694061) |
| **Balances at December 31, 2022** | **27275515** | $**272755** | $**233104731** | $**688421** | $**(205864119)** | $**28201788** |
| **Balances at June 30, 2021** | **26985913** | $**269859** | $**231438651** | $**2116152** | $**(200247177)** | $**33577485** |
| Issuance of common stock for: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Employee Stock Purchase Plan | 8621 | 86 | 21640 |  |  | 21726 |
| Stock-based compensation on stock options & RSUs |  |  | 116591 |  |  | 116591 |
| Foreign currency translation adjustment |  |  |  | (144174) |  | (144174) |
| Net loss |  |  |  |  | (632097) | (632097) |
| **Balances at September 30, 2021** | **26994534** | $**269945** | $**231576882** | $**1971978** | $**(200879274)** | $**32939531** |
| Issuance of common stock for: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exercise of Stock Options & RSUs, net | 27341 | 274 | (274) |  |  |  |
| Stock-based compensation on stock options & RSUs |  |  | 184538 |  |  | 184538 |
| Foreign currency translation adjustment |  |  |  | 284 |  | 284 |
| Net loss |  |  |  |  | (1055291) | (1055291) |
| **Balances at December 31, 2021** | **27021875** | $**270219** | $**231761146** | $**1972262** | $**(201934565)** | $**32069062** |

---

![](lpth_ex991img25.jpg)

---

| | | |
|:---|:---|:---|
| **LIGHTPATH TECHNOLOGIES, INC.** | **LIGHTPATH TECHNOLOGIES, INC.** | **LIGHTPATH TECHNOLOGIES, INC.** |
| **Condensed Consolidated Statements of Cash Flows** | **Condensed Consolidated Statements of Cash Flows** | **Condensed Consolidated Statements of Cash Flows** |
| **(unaudited)** | **(unaudited)** | **(unaudited)** |
|  | **Six Months Ended December 31,** | **Six Months Ended December 31,** |
|  | **2022** | **2021** |
| Cash flows from operating activities |  |  |
| Net loss | $(2074761) | $(1687388) |
| Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 1580882 | 1839401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest from amortization of debt costs | 37120 | 14854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loss on disposal of property and equipment | 2742 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Stock-based compensation on stock options, RSUs & RSAs, net | 772145 | 301129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Provision for doubtful accounts receivable | (11421) | 12010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in operating lease assets and liabilities | (70153) | (123534) |
| &nbsp;&nbsp;&nbsp;&nbsp; Inventory write-offs to allowance | 2233 | 105993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred tax benefit | (19669) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade accounts receivable | 364987 | (311150) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other receivables | (149775) | (130222) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventories | 68918 | 1238529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 987 | 56504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable and accrued liabilities | (1255961) | (1473498) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash used in operating activities | (751726) | (157372) |
| Cash flows from investing activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchase of property and equipment  | (411551) | (1317373) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash used in investing activities | (411551) | (1317373) |
| Cash flows from financing activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sale of common stock from Employee Stock Purchase Plan | 19870 | 21726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan costs |  | (61223) |
| &nbsp;&nbsp;&nbsp;&nbsp; Borrowings on loans payable |  | 266850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments on loans payable | (405498) | (336985) |
| &nbsp;&nbsp;&nbsp;&nbsp; Repayment of finance lease obligations | (57140) | (133298) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash used in financing activities | (442768) | (242930) |
| Effect of exchange rate on cash and cash equivalents | (107994) | (4264) |
| Change in cash and cash equivalents | (1714039) | (1721939) |
| Cash and cash equivalents, beginning of period | 5507891 | 6774694 |
| Cash and cash equivalents, end of period | $3793852 | $5052755 |
| Supplemental disclosure of cash flow information: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest paid in cash | $106394 | $81533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income taxes paid | $218367 | $197103 |
| Supplemental disclosure of non-cash investing & financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchase of equipment through capital lease arrangements | $83921 |  |

---

![](lpth_ex991img24.jpg)

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.

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| | | | | |
|:---|:---|:---|:---|:---|
| **LIGHTPATH TECHNOLOGIES, INC.** | **LIGHTPATH TECHNOLOGIES, INC.** | **LIGHTPATH TECHNOLOGIES, INC.** | **LIGHTPATH TECHNOLOGIES, INC.** | **LIGHTPATH TECHNOLOGIES, INC.** |
| **Reconciliation of Non-GAAP Financial Measures and Regulation G Disclosure** | **Reconciliation of Non-GAAP Financial Measures and Regulation G Disclosure** | **Reconciliation of Non-GAAP Financial Measures and Regulation G Disclosure** | **Reconciliation of Non-GAAP Financial Measures and Regulation G Disclosure** | **Reconciliation of Non-GAAP Financial Measures and Regulation G Disclosure** |
|  | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** |
|  | **Quarter Ended December 31,** | **Quarter Ended December 31,** | **Six Months Ended December 31,** | **Six Months Ended December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
| Net loss | $(694061) | $(1055291) | $(2074761) | $(1687388) |
| Depreciation and amortization | 764548 | 928439 | 1580882 | 1839401 |
| Income tax provision | 55000 | 35396 | 157134 | 165269 |
| Interest expense | 81241 | 50331 | 151611 | 96080 |
| &nbsp;&nbsp;&nbsp;&nbsp; EBITDA | $206728 | $(41125) | $(185134) | $413362 |
| &nbsp;&nbsp;&nbsp;&nbsp; % of revenue | 2% | 0% | -1% | 2% |

---

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