LPTH Stock: Backlog Tripled. Shareholders Funded the Cash. — Q4 FY2026

LightPath Technologies, Inc. (LPTH) Q4 FY2026 — LPTH reference quote: $9.68 on September 10. The exact release hour is not independently established, so this quote and the vendor day change are not presented as a post-earnings reaction.

LightPath finishes FY2026 with $110.9M backlog and $93.2M cash. Our Q4 analysis follows acquisition-driven revenue through manufacturing margins, earnout obligations, negative free cash flow and dilution to test the value reaching a common share.

THE CALL: SELL (3/5, MODERATE) — base-case value ~$5.00 vs ~$9.68 today.

KEY METRICS:

- Q4 revenue $21.162M, up 73.32% YoY and 10.51% QoQ; gross margin 39.44%

- Q4 GAAP operating loss $4.299M; net loss $4.141M; EPS -$0.06

- Q4 adjusted EBITDA $2.096M; add-backs include $3.402M earnout mark and $1.600M SBC

- FY2026 revenue $71.722M; operating loss $19.654M; net loss $20.546M

- FY2026 CFO -$10.225M; cash capex $6.268M; computed FCF -$16.494M

- Cash $93.205M; net public/private equity proceeds $120.231M; 69.963M actual common shares

- Backlog $110.9M; $85.6M scheduled within 12 months; no verified formal numeric guide

- Valuation uses 81M gross model shares, not a current diluted count, and $86.055M adjusted net cash