The following is a summary of the LightPath Technologies, Inc. (LPTH) Q2 2024 Earnings Call Transcript:
Financial Performance:
LightPath reported Q2 revenues of $7.3 million, which is down from the prior year's $8.5 million.
Gross margin for Q2 was around $2.2 million, a decrease of 33% compared to last year.
The net loss was $1.7 million or $0.05 per share, compared to a net loss of $0.7 million or $0.03 per share the prior year.
EBITDA was a loss of approximately $454,000, in contrast to an income of $207,000 in the previous year.
Half-yearly revenue was about $15.4 million, a decrease of 3% from the previous fiscal year.
The total backlog as of end of December 2023 was about $21.2 million, a decrease of 28% year-over-year.
The company has made a capital expenditure of approximately $1.5 million, primarily in expanding their Orlando facility.
Business Progress:
LightPath's shift from a component manufacturer to a value-added solutions provider is underway, supported by a partnership with Lockheed Martin.
The integration of Visimid is advancing, leading to product development in fire safety and defense.
The company's market share in the defense business has grown substantially.
The transition of customers from Germanium to LightPath's BlackDiamond material is creating new markets, predominantly in the automotive sector.
The company is establishing a presence in free space optical communications, which ties into the quantum communications and sensors development.
They are working on result-oriented projects like threat detection systems and infrared cameras for drone detection, while also developing materials under a license from the U.S. Navy.
LightPath is also collaborating with Lockheed Martin on missile development. All these progress points point towards the company's strong focus on the defense sector and its transition to become a systems firm.
More details: LightPath Technologies IR
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