UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended December ~~September 30~~31, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___________ to ____________

Commission file number 000-27548

LIGHTPATH TECHNOLOGIES, INC. ~~(Exact name of registrant as specified in its charter)~~

Delaware		86-0708398
(State or other jurisdiction of incorporation or organization)		(I.R.S. EmployerIdentification No.)

(Exact name of registrant as specified in its charter)

	Delaware		86-0708398
	(State or other jurisdiction of		(I.R.S. Employer
	incorporation or organization)		Identification No.)

2603 Challenger Tech Ct. Suite 100

Orlando, Florida 32826

(Address of principal executive offices)

(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 Symbol(s)

Name of each exchange on which registered

Class A Common

Stock, par value $0.01

LPTH

The Nasdaq Stock Market, LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ~~Yes~~ Yes ☒ NO No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or such shorter period that the registrant was required to submit such files). ~~Yes ☒ NO ☐~~

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
		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 provided pursuant to Section 13(a) of the Exchange Act ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ~~YES~~ Yes ☐ NO No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:

4557,~~426~~708,~~924~~603 shares of Class A common stock, $0.01 par value, outstanding as of February ~~November [X]~~9, ~~2025~~2026.

Table of Contents

LIGHTPATH TECHNOLOGIES, INC.

Form 10-Q

Index

Item		Page	~~Page~~
Cautionary Note Concerning Forward-Looking Statements		3	3
Part I Financial Information
Part I	Financial Information
Item 1	Financial Statements	4	4
	Unaudited Condensed Consolidated Balance Sheets	4	4
	Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss)	5	5
	Unaudited Condensed Consolidated Statement of Changes in Stockholders’ Equity	6	6
	Unaudited Condensed Consolidated Statements of Cash Flows	7	7
	Notes to Unaudited Condensed Consolidated Financial Statements	8	8
Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	26	25
	Results of Operations	29	27
	Liquidity and Capital Resources	31	29
	Critical Accounting Policies and Estimates	32	30
	How We Operate	32	30
	Non-GAAP Financial Measures	35	33
Item 3	Quantitative and Qualitative Disclosures about Market Risk	36	34
Item 4	Controls and Procedures	36	34
Part II Other Information
Part II	Other Information
Item 1	Legal Proceedings	37	35
Item 1A	Risk Factors	37	35
Item 2	Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities	37	35
Item 3	Defaults Upon Senior Securities	37	35
Item 4	Mine Safety Disclosures	37	35
Item 5	Other Information	37	35
Item 6	Exhibits	38	36
Signatures		39	37

2 ~~Table of Contents~~

Table of Contents

CAUTIONARY NOTE CONCERNING FORWARD-LOOKING STATEMENTS

Certain statements and information in this Quarterly Report on Form 10-Q for the quarter ended ~~September~~December 3031, 2025 (the “Quarterly Report”) may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” or “continue,” or other comparable terminology. These forward-looking statements include, without limitation, statements regarding:

·● our intentions regarding the use of our earnings generated by our subsidiaries; · our belief that our acquisitions will align with our overall strategy; · our expectations regarding market growth potential and market conditions,including in international markets; · our belief that our product groups are aligned with our strategic direction, as well as our ability to focus on higher margin products; · our ability to remain competitive through differentiating technology; · the impact of trade actions on our operations and financial condition; · our ability to successfully create a sustainable annuity revenue stream; · our expectation that our existing contracts will be renewed in future quarters; · our expectations regarding the performance and demand of our products; · our anticipated timing for our ability to deliver hardware during fiscal 2026; and · any other statements regarding our plans, opinions, expectations, beliefs, objectives, assumptions or projections regarding future events or future results and underlying assumptions and other statements, which are not statements of historical facts.

●

our belief that our acquisitions will align with our overall strategy;

●

our expectations regarding market growth potential and market conditions, including in international markets;

●

our belief that our product groups are aligned with our strategic direction, as well as our ability to focus on higher margin products;

●

our ability to remain competitive through differentiating technology;

●

the impact of trade actions on our operations and financial condition;

●

our ability to successfully create a sustainable annuity revenue stream;

●

our expectation that our existing contracts will be renewed in future quarters;

●

our expectations regarding the performance and demand of our products;

●

our anticipated timing for our ability to deliver hardware during fiscal 2026; and

●

any other statements regarding our plans, opinions, expectations, beliefs, objectives, assumptions or projections regarding future events or future results and underlying assumptions and other statements, which are not statements of historical facts.

These forward-looking statements are based largely on our current expectations and assumptions and are subject to a number of risks and uncertainties, many of which are beyond our control. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate. These statements are subject to many risks, uncertainties, and other important factors that could cause actual future results to differ materially from those expressed in the forward-looking statements including, but not limited to, the impact of tariffs and other governmental trade restrictions, our ability to obtain needed raw materials and components from our suppliers; general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth; geopolitical tensions, the Russian-Ukraine conflict, and the Hamas/Israel war; the effects of steps that we could take to reduce operating costs; rising inflation and increased interest rates, which diminish capital market cash flow and borrowing power; our inability to sustain profitable sales growth, convert inventory to cash, or reduce our costs to maintain competitive prices for our products; circumstances or developments that may make us unable to implement or realize the anticipated benefits, or that may increase the costs, of our current and planned business initiatives; and those factors detailed by us in our public filings with the Securities and Exchange Commission (the “SEC”), including in Item 1A, Risk Factors, in our Annual Report on Form 10-K for the year ended June 30, 2025. In light of these risks and uncertainties, all of the forward-looking statements made herein are qualified by these cautionary statements and there can be no assurance that the actual results or developments anticipated by us will be realized. We undertake no obligation to update or revise any of the forward-looking statements contained herein.

3 ~~Table of Contents~~

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

LIGHTPATH TECHNOLOGIES, INC.
Condensed Consolidated Balance Sheets
(unaudited)
	September 30,			June 30,
Assets	2025			2025
Current assets:
Cash and cash equivalents	$	11,507,418		$	4,877,036
Trade accounts receivable, net of allowance of $30,005 and $24,495		9,594,379			9,455,310
Inventories, net		12,862,173			12,858,838
Prepaid expenses and deposits		1,178,776			1,142,661
Other current assets		12,350			40,150
Total current assets		35,155,096			28,373,995
Property and equipment, net		15,016,029			15,864,061
Operating lease right-of-use assets		7,688,839			7,429,378
Intangible assets, net		15,537,398			15,987,923
Goodwill		13,753,921			13,753,921
Deferred tax assets, net		22,241			22,571
Other assets		86,726			73,917
Total assets	$	87,260,250		$	81,505,766
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	5,499,734		$	7,421,430
Accrued liabilities		8,225,366			5,686,396
Accrued payroll and benefits		2,343,821			2,359,152
Operating lease liabilities, current		1,338,632			1,254,062
Loans payable, current portion		144,143			172,567
Finance lease obligation, current portion		202,328			206,518
Total current liabilities		17,754,024			17,100,125
Deferred tax liabilities, net		152,985			152,760
Accrued liabilities, noncurrent		4,500			823,000
Finance lease obligation, less current portion		370,422			421,363
Operating lease liabilities, noncurrent		8,440,693			8,326,250
Loans payable, less current portion		4,867,298			4,804,990
Total liabilities		31,589,922			31,628,488
Commitments and Contingencies
Series G Convertible Preferred Stock; $0.01 par value; 44,000 shares authorized; 24,956 shares issued and outstanding	$	34,232,510		$	34,232,510
Stockholders’ equity:
Preferred stock: Series D, $0.01 par value, voting;
500,000 shares authorized; none issued and outstanding		—			—
Common stock: Class A, $0.01 par value, voting;
94,500,000 shares authorized;
44,670,213 and 42,949,307 shares issued and outstanding		446,702			429,493
Additional paid-in capital		253,529,806			244,953,346
Accumulated other comprehensive income		1,071,069			978,686
Accumulated deficit		(233,609,759	)		(230,716,757	)
Total stockholders’ equity		21,437,818			15,644,768
Total liabilities, convertible preferred stock and stockholders’ equity	$	87,260,250		$	81,505,766

LIGHTPATH TECHNOLOGIES, INC.

Condensed Consolidated Balance Sheets

(unaudited)

	*December 31,*			*June 30,*
	*2025*			*2025*
Assets
Current assets:
Cash and cash equivalents	$	73,572,471		$	4,877,036
Trade accounts receivable, net of allowance of $34,766 and $24,495		8,583,487			9,455,310
Inventories, net		13,491,419			12,858,838
Prepaid expenses and deposits		1,330,172			1,142,661
Other current assets		23,192			40,150
Total current assets		97,000,741			28,373,995

Property and equipment, net		15,176,577			15,864,061
Operating lease right-of-use assets		7,430,787			7,429,378
Intangible assets, net		15,086,873			15,987,923
Goodwill		13,753,921			13,753,921
Deferred tax assets, net		22,240			22,571
Other assets		87,369			73,917
Total assets	$	148,558,508		$	81,505,766
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	5,978,713		$	7,421,430
Accrued liabilities		14,262,568			5,686,396
Accrued payroll and benefits		2,497,228			2,359,152
Operating lease liabilities, current		1,349,820			1,254,062
Loans payable, current portion		115,774			172,567
Finance lease obligation, current portion		216,191			206,518
Total current liabilities		24,420,294			17,100,125
Deferred tax liabilities, net		86,274			152,760
Accrued liabilities, noncurrent		3,300,000			823,000
Finance lease obligation, less current portion		346,400			421,363
Operating lease liabilities, noncurrent		8,102,873			8,326,250
Loans payable, less current portion		135,069			4,804,990
Total liabilities		36,390,910			31,628,488

Commitments and Contingencies

Series G Convertible Preferred Stock; $0.01 par value; 44,000 shares authorized; 24,956 shares issued and outstanding	$	34,232,510		$	34,232,510

Stockholders’ equity:
Preferred stock: Series D, $0.01 par value, voting; 500,000 shares authorized; none issued and outstanding		—			—
Common stock: Class A, $0.01 par value, voting; 94,500,000 shares authorized; 54,442,677 and 42,949,307 shares issued and outstanding		544,427			429,493
Additional paid-in capital		319,121,901			244,953,346
Accumulated other comprehensive income		1,283,928			978,686
Accumulated deficit		(243,015,168	)		(230,716,757	)
Total stockholders’ equity		77,935,088			15,644,768
Total liabilities, convertible preferred stock and stockholders’ equity	$	148,558,508		$	81,505,766

The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements.

4 ~~Table of Contents~~

LIGHTPATH TECHNOLOGIES, INC.
Condensed Consolidated Statements of Comprehensive Income (Loss)
(unaudited)
	Three Months Ended
	September 30,
	2025			2024
Revenue, net	$	15,058,281		$	8,400,381
Cost of sales		10,575,709			5,555,952
Gross profit		4,482,572			2,844,429
Operating expenses:
Selling, general and administrative		4,383,870			3,270,583
New product development		867,428			476,441
Amortization of intangible assets		450,524			395,776
Change in fair value of acquisition liabilities		1,282,529			—
Loss on disposal of property and equipment		3,999			78,437
Total operating expenses		6,988,350			4,221,237
Operating loss		(2,505,778	)		(1,376,808	)
Other expense:
Interest expense, net		(268,853	)		(149,360	)
Other expense, net		(37,101	)		(80,941	)
Total other expense		(305,954	)		(230,301	)
Loss before income taxes		(2,811,732	)		(1,607,109	)
Income tax provision		81,270			15,636
Net loss	$	(2,893,002	)	$	(1,622,745	)
Foreign currency translation adjustment		92,383			271,594
Comprehensive loss	$	(2,800,619	)	$	(1,351,151	)
Loss per common share (basic)	$	(0.07	)	$	(0.04	)
Number of shares used in per share calculation (basic)		43,287,933			39,561,480
Loss per common share (diluted)	$	(0.07	)	$	(0.04	)
Number of shares used in per share calculation (diluted)		43,287,933			39,561,480

Table of Contents

LIGHTPATH TECHNOLOGIES, INC.

Condensed Consolidated Statements of Comprehensive Income (Loss)

(unaudited)

	*Three Months Ended*						*Six Months Ended*
	*December 31,*						*December 31,*
	*2025*			*2024*			*2025*			*2024*
Revenue, net	$	16,351,652		$	7,424,829		$	31,409,933		$	15,825,210
Cost of sales		10,331,322			5,493,998			20,907,031			11,049,950
Gross profit		6,020,330			1,930,831			10,502,902			4,775,260
Operating expenses:
Selling, general and administrative		5,859,461			3,356,063			10,243,331			6,626,646
New product development		748,829			764,396			1,616,257			1,240,837
Amortization of intangible assets		450,526			294,711			901,050			690,487
Change in fair value of acquisition liabilities		7,559,000			—			8,841,529			—
Loss on disposal of property and equipment		17			—			4,016			78,437
Total operating expenses		14,617,833			4,415,170			21,606,183			8,636,407
Operating loss		(8,597,503	)		(2,484,339	)		(11,103,281	)		(3,861,147	)
Other expense:
Interest expense, net		(285,023	)		(169,053	)		(553,876	)		(318,413	)
Loss in extinguishment of debt		(506,280	)		—			(506,280	)		—
Other expense (income), net		13,953			85,920			(23,148	)		4,979
Total other expense		(777,350	)		(83,133	)		(1,083,304	)		(313,434	)
Loss before income taxes		(9,374,853	)		(2,567,472	)		(12,186,585	)		(4,174,581	)
Income tax provision		30,556			44,525			111,826			60,161
Net loss	$	(9,405,409	)	$	(2,611,997	)	$	(12,298,411	)	$	(4,234,742	)
Foreign currency translation adjustment		212,859			(451,035	)		305,242			(179,441	)
Comprehensive loss	$	(9,192,550	)	$	(3,063,032	)	$	(11,993,169	)	$	(4,414,183	)
Loss per common share (basic)	$	(0.20	)	$	(0.07	)	$	(0.27	)	$	(0.11	)
Number of shares used in per share calculation (basic)		46,998,804			39,728,933			45,143,367			39,645,206
Loss per common share (diluted)	$	(0.20	)	$	(0.07	)	$	(0.27	)	$	(0.11	)
Number of shares used in per share calculation (diluted)		46,998,804			39,728,933			45,143,367			39,645,206

The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements.

5 ~~Table of Contents~~

~~LIGHTPATH~~ Table ~~TECHNOLOGIES, INC. Condensed Consolidated Statements~~ of ~~Changes in Stockholders' Equity (unaudited)~~Contents

	Temporary Equity											Accumulated
	Series G Convertible				Class A				Additional			Other					Total
	Preferred Stock				Common Stock				Paid-in			Comprehensive		Accumulated			Stockholders’
	Shares		Amount		Shares		Amount		Capital			Income		Deficit			Equity
Balances at June 30, 2025		24,956	$	34,232,510		42,949,307	$	429,493	$	244,953,346		$	978,686	$	(230,716,757	)	$	15,644,768
Issuance of common stock for:		—		—
Exercise of stock options, RSUs & RSAs, net		—		—		8,583		86		(86	)		—		—			—
Issuance of common stock under private equity placement		—		—		1,600,000		16,000		7,878,045			—		—			7,894,045
Issuance of common stock for acquisition of Visimid		—		—		112,323		1,123		348,877			—		—			350,000
Stock-based compensation on stock options, RSUs & RSAs		—		—		—		—		349,624			—		—			349,624
Foreign currency translation adjustment		—		—		—		—		—			92,383		—			92,383
Net loss		—		—		—		—		—			—		(2,893,002	)		(2,893,002	)
Balances at September 30, 2025		24,956	$	34,232,510		44,670,213	$	446,702	$	253,529,806		$	1,071,069	$	(233,609,759	)	$	21,437,818
Balances at June 30, 2024		—		—		39,254,643	$	392,546	$	245,140,758		$	509,936	$	(215,843,575	)	$	30,199,665
Issuance of common stock for:
Employee Stock Purchase Plan		—		—		8,232		82		10,290			—		—			10,372
Exercise of Stock Options, RSUs & RSAs, net		—		—		70,309		703		(703	)		—		—			—
Issuance of common stock for acquisition of Visimid		—		—		279,553		2,796		318,562			—		—			321,358
Stock-based compensation on stock options, RSUs & RSAs		—		—		—		—		264,475			—		—			264,475
Foreign currency translation adjustment		—		—		—		—		—			271,594		—			271,594
Net loss		—		—		—		—		—			—		(1,622,745	)		(1,622,745	)
Balances at September 30, 2024		—		—		39,612,737	$	396,127	$	245,733,382		$	781,530	$	(217,466,320	)	$	29,444,719

LIGHTPATH TECHNOLOGIES, INC.

Condensed Consolidated Statements of Changes in Stockholders' Equity

(unaudited)

	*Temporary Equity*											*Accumulated*
	*Series G Convertible*				*Class A*				*Additional*			*Other*						*Total*
	*Preferred Stock*				*Common Stock*				*Paid-in*			*Comprehensive*			*Accumulated*			*Stockholders’*
	*Shares*		*Amount*		*Shares*		*Amount*		*Capital*			*Income*			*Deficit*			*Equity*
Balances at June 30, 2025		24,956	$	34,232,510		42,949,307	$	429,493	$	244,953,346		$	978,686		$	(230,716,757	)	$	15,644,768
Issuance of common stock for:
Exercise of stock options, RSUs & RSAs, net		—		—		8,583		86		(86	)		—			—			—
Issuance of common stock under private equity placement		—		—		1,600,000		16,000		7,878,045			—			—			7,894,045
Issuance of common stock for acquisition of Visimid		—		—		112,323		1,123		348,877			—			—			350,000
Stock-based compensation on stock options, RSUs & RSAs		—		—		—		—		349,624			—			—			349,624
Foreign currency translation adjustment		—		—		—		—		—			92,383			—			92,383
Net loss		—		—		—		—		—			—			(2,893,002	)		(2,893,002	)
Balances at September 30, 2025		24,956	$	34,232,510		44,670,213	$	446,702	$	253,529,806		$	1,071,069		$	(233,609,759	)	$	21,437,818
Issuance of common stock for:
Exercise of stock options, RSUs & RSAs, net		—		—		120,234		1,203		(1,203	)		—			—			—
Exercise of warrants		—		—		739,730		7,397		(7,397	)		—			—			—
Issuance of common stock under public equity placement		—		—		8,912,500		89,125		65,251,709			—			—			65,340,834
Stock-based compensation on stock options, RSUs & RSAs		—		—		—		—		348,986			—			—			348,986
Foreign currency translation adjustment		—		—		—		—		—			212,859			—			212,859
Net loss		—		—		—		—		—			—			(9,405,409	)		(9,405,409	)
Balances at December 31, 2025		24,956	$	34,232,510		54,442,677	$	544,427	$	319,121,901		$	1,283,928		$	(243,015,168	)	$	77,935,088

Balances at June 30, 2024		—	$	—		39,254,643	$	392,546	$	245,140,758		$	509,936		$	(215,843,575	)	$	30,199,665
Issuance of common stock for:																			0
Employee Stock Purchase Plan		—		—		8,232		82		10,290			—			—			10,372
Exercise of Stock Options, RSUs & RSAs, net		—		—		70,309		703		(703	)		—			—			—
Issuance of common stock for acquisition of Visimid		—		—		279,553		2,796		318,562			—			—			321,358
Stock-based compensation on stock options, RSUs & RSAs		—		—		—		—		264,475			—			—			264,475
Foreign currency translation adjustment		—		—		—		—		—			271,594			—			271,594
Net loss		—		—		—		—		—			—			(1,622,745	)		(1,622,745	)
Balances at September 30, 2024		—	$	—		39,612,737	$	396,127	$	245,733,382		$	781,530		$	(217,466,320	)	$	29,444,719
Issuance of common stock for:
Exercise of Stock Options, RSUs & RSAs, net		—		—		229,097		2,291		(2,291	)		—			—			—
Shares issued as compensation		—		—		49,000		490		89,180			—			—			89,670
Stock-based compensation on stock options, RSUs & RSAs		—		—		—		—		231,581			—			—			231,581
Foreign currency translation adjustment		—		—		—		—		—			(451,035	)		—			(451,035	)
Net loss		—		—		—		—		—			—			(2,611,997	)		(2,611,997	)
Balances at December 31, 2024		—	$	—		39,890,834	$	398,908	$	246,051,852		$	330,495		$	(220,078,317	)	$	26,702,938

The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements.

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LIGHTPATH TECHNOLOGIES, INC.
Condensed Consolidated Statements of Cash Flows
(unaudited)
	Three Months Ended September 30,
	2025			2024
Cash flows from operating activities:
Net loss	$	(2,893,002	)	$	(1,622,745	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		1,218,948			989,562
Interest from amortization of loan issuance costs		38,312			45,833
Amortization of fair value of loan		52,544			—
Change in fair value of acquisition earnout liabilities		1,282,529			—
Loss on disposal of property and equipment		3,999			78,437
Stock-based compensation on stock options, RSUs & RSAs, net		359,661			264,475
Provision for credit losses		(5,390	)		—
Change in operating lease assets and liabilities		(60,448	)		(25,779	)
Inventory write-offs to allowance		—			21,770
Deferred taxes		555			5,558
Changes in operating assets and liabilities, net of acquisitions:
Trade accounts receivable		(133,679	)		(267,909	)
Other current assets		27,800			128,959
Inventories		(3,335	)		(260,915	)
Prepaid expenses and deposits		127,786			(91,079	)
Accounts payable and accrued liabilities		(1,159,122	)		(966,368	)
Net cash used in operating activities		(1,142,842	)		(1,700,201	)
Cash flows from investing activities:
Purchase of property and equipment		(77,014	)		(79,732	)
Proceeds from sale of equipment		—			10,648
Net cash used in investing activities		(77,014	)		(69,084	)
Cash flows from financing activities:
Proceeds from sale of common stock from Employee Stock Purchase Plan		—			10,372
Proceeds from issuance of common stock under private equity placement, net of fees		7,894,045			—
Deferred payment for acquisition of Visimid		—			(125,000	)
Borrowings on loans payable		—			3,000,000
Loan issuance costs		—			(300,000	)
Payments on loans payable		(57,107	)		(53,695	)
Repayment of finance lease obligations		(55,398	)		(43,444	)
Net cash provided by financing activities		7,781,540			2,488,233
Effect of exchange rate on cash and cash equivalents		68,698			81,421
Change in cash and cash equivalents		6,630,382			800,369
Cash and cash equivalents, beginning of period		4,877,036			3,480,268
Cash and cash equivalents, end of period	$	11,507,418		$	4,280,637
Supplemental disclosure of cash flow information:
Interest paid in cash	$	177,963		$	20,990
Income taxes paid	$	56,282		$	16,903
Supplemental disclosure of non-cash investing & financing activities:
Operating right-of-use assets acquired in exchange for operating lease liabilities	$	435,733			—
Issuance of common stock for acquisition of Visimid	$	350,000		$	350,000

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LIGHTPATH TECHNOLOGIES, INC.

Condensed Consolidated Statements of Cash Flows

(unaudited)

	*Six Months Ended*
	*December 31,*
	*2025*			*2024*
Cash flows from operating activities:
Net loss	$	(12,298,411	)	$	(4,234,742	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization		2,454,686			1,893,602
Interest from amortization of loan issuance costs		90,124			120,833
Amortization of fair value of loan		90,321			—
Loss on extinguishment of debt		506,280			—
Change in fair value of acquisition earnout liabilities		8,841,529			—
Loss on disposal of property and equipment		4,016			78,437
Stock-based compensation on stock options, RSUs & RSAs, net		698,610			506,020
Provision for credit losses		(11,573	)		—
Change in operating lease assets and liabilities		(129,028	)		(57,653	)
Inventory write-offs to allowance		147,896			135,625
Deferred taxes		(66,155	)		(2,795	)
Changes in operating assets and liabilities, net of acquisitions:
Trade accounts receivable		883,396			(350,703	)
Other current assets		16,958			41,286
Inventories		(780,477	)		(13,005	)
Prepaid expenses and deposits		(24,253	)		(123,598	)
Accounts payable and accrued liabilities		1,257,002			(430,923	)
Net cash provided by (used in) operating activities		1,680,921			(2,437,616	)

Cash flows from investing activities:
Purchase of property and equipment		(944,909	)		(160,155	)
Proceeds from sale of equipment		—			10,648
Net cash used in investing activities		(944,909	)		(149,507	)

Cash flows from financing activities:
Proceeds from sale of common stock from Employee Stock Purchase Plan		—			10,372
Proceeds from issuance of common stock under public equity placement, net of fees		65,340,834			—
Proceeds from issuance of common stock under private equity placement, net of fees		7,894,045			—
Deferred payment for acquisition of Visimid		—			(125,000	)
Borrowings on loans payable		—			3,000,000
Loan issuance costs		—			(300,000	)
Payments on loans payable		(5,413,819	)		(106,486	)
Repayment of finance lease obligations		(107,712	)		(89,705	)
Net cash provided by financing activities		67,713,348			2,389,181
Effect of exchange rate on cash and cash equivalents		246,075			(81,260	)
Change in cash and cash equivalents		68,695,435			(279,202	)
Cash and cash equivalents, beginning of period		4,877,036			3,480,268
Cash and cash equivalents, end of period	$	73,572,471		$	3,201,066

Supplemental disclosure of cash flow information:
Interest paid in cash	$	373,398		$	40,838
Income taxes paid	$	170,272		$	61,427
Supplemental disclosure of non-cash investing & financing activities:
Purchase of equipment through finance lease arrangements	$	41,901		$	93,048
Operating right-of-use assets acquired in exchange for operating lease liabilities	$	435,733		$	—
Issuance of common stock for acquisition of Visimid	$	350,000		$	321,358

The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements.

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LIGHTPATH TECHNOLOGIES, INC.

Notes to Unaudited Condensed Consolidated Financial Statements

1. Basis of Presentation

References in this document to the “Company,” “LightPath,” “we,” “us,” or “our” are intended to mean LightPath Technologies, Inc., individually, or as the context requires, collectively with its subsidiaries on a consolidated basis.

These unaudited Condensed Consolidated Financial Statements have been prepared in accordance with the requirements of Article 8 of Regulation S-X promulgated under the Exchange Act and, therefore, do not include all information and footnotes necessary for a fair presentation of financial position, results of operations, and cash flows in conformity with accounting principles generally accepted in the United States of America (“GAAP”). These unaudited Condensed Consolidated Financial Statements should be read in conjunction with our Consolidated Financial Statements and related notes, included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2025, filed with the SEC. Unless otherwise stated, references to particular years or quarters refer to our fiscal years ended June 30 and the associated quarters of those fiscal years.

These Condensed Consolidated Financial Statements are unaudited, but include all adjustments, including normal recurring adjustments, which, in the opinion of management, are necessary to present fairly our financial position, results of operations and cash flows for the interim periods presented. The Condensed Consolidated Balance Sheet as of June 30, 2025 has been derived from the audited financial statements at that date but does not include all of the information and notes required by generally accepted accounting principles for complete financial statements. Results of operations for interim periods are not necessarily indicative of the results that may be expected for the year as a whole. The unaudited Condensed Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.

2. Significant Accounting Policies

Our significant accounting policies are provided in Note 2, Summary of Significant Accounting Policies, in the Consolidated Financial Statements in our Annual Report on Form 10-K for the fiscal year ended June 30, 2025. There have been no material changes to our significant accounting policies during the ~~three~~six months ended December ~~September 30~~31, 2025, from those disclosed in our Annual Report on Form 10-K for the fiscal year ended June 30, 2025.

Use of Estimates

Management makes estimates and assumptions during the preparation of our unaudited Condensed Consolidated Financial Statements that affect amounts reported in the unaudited Condensed Consolidated Financial Statements and accompanying notes. Such estimates and assumptions could change in the future as more information becomes available, which, in turn, could impact the amounts reported and disclosed herein.

Fair Value of Financial Instruments

We account for financial instruments in accordance with the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification Topic 820, “Fair Value Measurements and Disclosures” (“ASC 820”), which provides a framework for measuring fair value and disclosure requirements for fair value measurements of assets and liabilities. ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value:

Level 1 - Quoted prices in active markets for identical assets or liabilities.

Level 2 - Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable.

Level 3 - Unobservable inputs that are supported by little or no market activity, therefore requiring an entity to develop its own assumptions about the assumptions that market participants would use in pricing.

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Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management.

We valued certain financial instruments issued in connection with the acquisition of G5 Infrared (as defined below) using Level 3 fair value measurements, including warrants, Series G Convertible Preferred Stock (as defined below) and the Acquisition Notes (as defined below).

In connection with the acquisition of G5 Infrared, the Company also valued the earnout liability and the intangible assets acquired using Level 3 fair value methods. See Note 3, Acquisition of G5 Infrared, to these Condensed Consolidated Financial Statements for additional information.

Other than as disclosed above, the Company does not have any other financial or non-financial assets or liabilities that would be characterized as Level 1, Level 2 or Level 3 instruments.

3. Acquisition of G5 Infrared

In February 2025, the Company acquired G5 Infrared LLC, a New Hampshire limited liability company (“G5 Infrared”), pursuant to a Membership Interest Purchase Agreement (the “G5 MIPA”) by and among the Company, G5 Infrared, the members of G5 Infrared (collectively, the “Sellers”), and Kenneth R. Greenslade, solely in his capacity as Sellers’ Representative. The Company has acquired from the Sellers all of the issued and outstanding membership interests of G5 Infrared, which ~~transaction~~ closed on February 18, 2025 (the “G5 Acquisition Date”).

Net assets and results of operations of G5 Infrared are reflected in our financial results commencing on the G5 Acquisition Date. Revenue generated by G5 Infrared is included in our infrared and assemblies and modules product groups.

We accounted for the acquisition of G5 Infrared using the acquisition method of accounting, which required us to measure identifiable assets acquired and liabilities assumed in the acquiree at their fair values as of the G5 Acquisition Date, with the excess of the consideration transferred over those fair values recorded as goodwill.

The fair value of the aggregate consideration was approximately $27.1 million which consisted of (i) $20.3 million in cash, (ii) 1,972,501 shares of the Company’s Class A common stock, $0.01 par value (“~~Class A~~ Common Stock”) (at a value of $2.47 per share, which was the closing price on the G5 Acquisition Date), and (iii) potential earnout consideration paid annually in fiscal years 2026 and 2027 subject to achievement of certain revenue and EBITDA targets set forth in the G5 MIPA. As of the G5 Acquisition Date, the fair value of consideration transferred consisted of the following:

Description	February 18, 2025
	February 18,
Description	2025
Cash consideration	$	20,250,000
Net working capital adjustment		(423,871	)
Equity portion of consideration		4,872,066
Earnout portion of consideration		3,536,471
Revenue clawback		(1,104,471	)
Fair value of consideration transferred	$	27,130,195

The fair value of the equity portion of the consideration was determined by multiplying the number of shares issued, 1,972,501, by the fair value of the Class A Common Stock on the G5 Acquisition Date, which was $2.47. The initial cash consideration at closing was subject to a net working capital adjustment, which was settled in June 2025. The G5 MIPA also included a provision for a clawback amount if G5 Infrared’s actual revenue for the 2024 calendar year was less than $17.3 million. This clawback amount was settled in June 2025 and is reflected in the determination of the purchase price.

Earnout payments of an aggregate of up to $23.0 million of additional consideration may be paid annually in fiscal years 2026 and 2027 subject to achievement of certain minimum EBITDA and revenue targets for the one and two-year periods beginning on the first full calendar month commencing after the G5 Acquisition Date, as set forth in the G5 MIPA. If the targets are achieved during the respective periods, LightPath will (i) issue an aggregate number of shares of Class A Common Stock equal to 30% of the earnout payment divided by the average close price for the ten trading days immediately prior to the first anniversary of the earnout commencement date, as defined in the G5 MIPA, and (ii) pay additional cash consideration in an amount equal to 70% of the earnout payment, in each case to the former G5 Infrared members. The earnout is considered contingent consideration and is accounted for as a liability initially measured at fair value, with changes during each reporting period recognized in earnings. The portion of the earnout that will be settled in stock will also be accounted for as a liability since the achievement of targets adjusts the number of shares to be issued at settlement based on a variable other than the Company’s Class A Common Stock, and therefore it does not meet the criteria in ASC 480, Distinguishing Liabilities from Equity. The fair value of the earnout in the accompanying Consolidated Balance Sheet is calculated using a Monte Carlo valuation method, which involves assumptions of revenue and EBITDA forecasts, discount rates and revenue volatility. Significant increases or decreases in any of those assumptions in isolation could result in a significantly higher or lower fair value measurement. The earnout liability is subject to fair value measurement each reporting period. As of December ~~September 30~~31, 2025, the earnout liability was adjusted to $613.28 million, an increase of $18.38 million from June 30, 2025, which is included in the “Change in fair value of acquisition liabilities” in the accompanying Condensed Consolidated Statement of Comprehensive Income (Loss).

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The following table summarizes the preliminary allocation of the fair value of consideration transferred to assets acquired and liabilities assumed as of the G5 Acquisition Date and the adjustments recognized during the measurement period:

Description	Preliminary as of March 31, 2025		Measurement Period Adjustments, Net			Final as of June 30, 2025
			Measurement
	Preliminary as of		Period			Final as of
	March 31,		Adjustments			June 30,
Description	2025		Net			2025
Assets:
Accounts receivable	$	1,897,098	$	-—		$	1,897,098
Inventory		5,065,451		-—			5,065,451
Prepaid expenses and other current assets		363,413		-—			363,413
Property and equipment		1,542,707		-—			1,542,707
Operating lease right-of-use asset		463,985		-—			463,985
Goodwill		2,977,344		4,012,450			6,989,794
Other intangible assets		19,295,000		(5,543,000	)		13,752,000
Other assets		21,748		-—			21,748
Total assets acquired	$	31,626,746	$	(1,530,550	)	$	30,096,196
Liabilities:
Accounts payable		1,981,164		-—			1,981,164
Accrued liabilities		336,263		-—			336,263
Operating lease liabilities, current		268,972		-—			268,972
Deferred tax liabilities, noncurrent		1,174,650		(1,037,668	)		136,982
Operating lease liabilities, noncurrent		242,620		-—			242,620
Total liabilities assumed	$	4,003,669	$	(1,037,668	)	$	2,966,001
Net assets acquired	$	27,623,077	$	(492,882	)	$	27,130,195

Measurement period adjustments include fair value adjustments during the fiscal quarter ended June 30, 2025, primarily related to refined assumptions in the valuation of the earnout consideration, and intangible assets such as backlog, customer relationships and know-how intangible assets. Deferred tax liabilities were adjusted for the revised intangible asset values, and for the refined tax rate apportionment calculation. The net impact of the aforementioned adjustments resulted in an increase to goodwill. There were no further adjustments during the ~~fiscal~~six ~~quarter~~ months ended December ~~September 30~~31, 2025.

Intangible assets – All intangible assets acquired in the acquisition of G5 Infrared are subject to amortization. The fair value of identifiable intangible assets acquired as of the G5 Acquisition Date is as follows:

Intangible Asset	Total		Useful Lives(Years)
			Useful Lives
Intangible Asset	Total		(Years)
Backlog	$	361,000		1
Know-how		4,801,000		10
Tradename		3,450,000		15
Customer relationships		5,140,000		15
Total	$	13,752,000

The fair value of intangible assets is estimated using the multi-period excess earnings approach for acquired customer relationships and the relief from royalty method for the acquired trade names and know-how. All of these ~~level~~Level 3 fair value methods are income-based valuation approaches, which require judgment to estimate appropriate discount rates, revenue forecasts, useful lives, royalty rates related to the trade names and know-how intangible assets, and profitability assumptions related to customer relationships. The acquired intangible assets are not expected to be deductible for New Hampshire state income tax purposes, which resulted in a deferred tax liability of $0.1 million.

Goodwill – The $7.0 million of goodwill recognized is attributable to G5 Infrared’s market presence, the assembled workforce and established operating infrastructure. The acquired goodwill is expected to be deductible for Federal income tax purposes. See Note 8, Goodwill and Intangible Assets, in these Notes to these unaudited Condensed Consolidated Financial Statements for further information.

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Unaudited supplemental pro forma information

The following table presents unaudited pro forma financial results of the operations acquired with G5 Infrared. The pro forma results include adjustments to remove costs directly attributable to the acquisition, such as transaction-related costs. The pro forma results were prepared as if the acquisition was completed on the first day of our fiscal 2025, July 1, 2024. The pro forma results do not include any integration synergies and are not necessarily indicative of our results of operations that actually would have been obtained had the acquisition of G5 Infrared been completed for the period presented, or which may be realized in the future.

	Three Months Ended September 30, 2024
	Three Months Ended			Six Months Ended
Revenue	$	14,491,485
	December 31,			December 31,
Income before taxes	$	(909,606	)
	2024			2024
Revenue	$	12,242,915		$	26,734,400
Income before taxes	$	(2,007,747	)	$	(2,917,353	)

Acquisition Financing

In conjunction with the financing of the acquisition of G5 Infrared, the Company designated a new series of preferred stock, “Series G Convertible Preferred Stock”, which is convertible into shares of Class A Common Stock. Concurrent with the entry into the G5 MIPA on February 13, 2025, we entered into (i) a Securities Purchase Agreement (the “Securities Purchase Agreement”) by and among the Company and North Run Capital, AIGH Investment Partners, LP, WVP Emerging Manager Offshore Fund LLC, the Lytton-Kambara Foundation and Alice W. Lytton Family LLC (collectively, the “Series G Purchasers”), (ii) a Class A Common Securities Purchase Agreement by and between the Company and Lytton-Kambara Foundation (the “Class A Purchaser”), and (iii) two senior secured promissory notes in an aggregate principal amount of $5.2 million (the “Acquisition Notes”)(see Note 13, Loans Payable) for total proceeds of approximately $32.2 million, inclusive of the conversion of the bridge promissory note (the “Bridge Note”) (see Note 13, Loans Payable), and before deducting offering expenses of $2.2 million incurred by the Company, which was used to fund, in part, the cash consideration payable in connection with the acquisition of G5 Infrared. Pursuant to the Securities Purchase Agreement, the Series G Purchasers purchased from the Company (i) an aggregate of approximately 24,956 shares of Series G Convertible Preferred Stock, (ii) warrants to purchase an aggregate of 4,352,774 shares of Class A Common Stock, with an exercise price of $2.58 per share (the “Series G Purchasers Warrants”), and (iii) the Acquisition Notes, which ~~are~~were convertible into shares of Series G Convertible Preferred Stock limited to failure to achieve a certain EBITDA threshold. ~~(see~~The Securities Purchase Agreement closed on February 18, 2025. As discussed further in Note 13, Loans Payable)., ~~The~~each ~~Securities~~of ~~Purchase~~the ~~Agreement~~Acquisition ~~closed~~Notes onand ~~February~~the 18Bridge Note were paid in full as of December 31, 2025.

4. Acquisition of Visimid Technologies

In July 2023, the Company acquired Liebert Consulting LLC, dba Visimid Technologies (“Visimid”), pursuant to a Membership Interest Purchase Agreement dated as of July 25, 2023 (the “Visimid Acquisition Date”).

The Company’s unaudited Condensed Consolidated Financial Statements reflect the financial results of Visimid beginning on the Visimid Acquisition Date. The purchase price included $1 million in cash, $1,550,000 of restricted stock, $150,000 of assumed bank debt, and an earnout which is contingent upon the award and completion of a specific customer contract. Of the restricted stock payable as part of the purchase price, $150,000 (81,610 shares) was issued at closing, with the balance issued in four equal installments of $350,000 each, on January 1, 2024, July 1, 2024, January 1, 2025 and July 1, 2025. The number of shares was based on the average closing price of the Class A Common Stock, as reported by Bloomberg, for the five trading days prior to each stock issuance. For the January 1, 2024 installment, 267,176 shares were issued; for the July 1, 2024 installment, 279,553 shares were issued; for the January 1, 2025 installment, 102,700 shares were issued; and for the July 1, 2025 installment, 112,323 shares were issued, which was the final equity installment.

The total purchase price, net of cash acquired and including the estimated potential earnout, is approximately $2.7 million, based on present values as of the Visimid Acquisition Date. Of this amount, $600,000 was paid at closing, cash installments of $150,000, $125,000 and $125,000 were paid in October 2023, January 2024 and September 2024, respectively, per the terms of the purchase agreement. The balance of the estimated potential earnout, was accrued and is included in Accrued liabilities in the unaudited Condensed Consolidated Balance Sheet as of December ~~September 30~~31, 2025.

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5. Revenue

Product Revenue

We are a manufacturer of infrared imaging cameras, optical assemblies, optical components and infrared materials. Optical components include precision molded glass aspheric optics, molded and diamond-turned infrared aspheric lenses, and other optical elements produced using other fabrication techniques. We design, develop, manufacture, and distribute optical systems, assemblies and components utilizing advanced optical manufacturing processes, multidisciplinary engineering and manufacturing technologies, and assembly and integration services. We also provide engineering services and perform research and development for optical solutions for a wide range of optics markets.

Revenue Recognition

Revenue is generally recognized upon transfer of control, including the risks and rewards of ownership, of products or services to customers in an amount that reflects the consideration we expect to receive in exchange for those products or services. We generally bear all costs, risk of loss, or damage and retain title to the goods up to the point of transfer of control of products to customers. Shipping and handling costs are included in the cost of goods sold. We present revenue net of sales taxes and any similar assessments.

Customary payment terms are granted to customers, based on credit evaluations. We currently do not have any contracts where revenue is recognized, but the customer payment is contingent on a future event. We record deferred revenue when cash payments are received or due in advance of revenue recognition. Deferred revenue was $12.07 million and $0.5 million as of December ~~September 30~~31, 2025 and June 30, 2025, respectively, and is included in accrued liabilities in the Condensed Consolidated Balance Sheets.

Nature of Products

Revenue from the sale of infrared cameras, optical components and assemblies is recognized upon transfer of control, including the risks and rewards of ownership, to the customer. The performance obligations for the sale of optical components and assemblies are satisfied at a point in time, generally upon shipment. Product development agreements for engineering services are generally short-term in nature, with revenue recognized upon satisfaction of the performance obligation, and transfer of control of the agreed-upon deliverable. Visimid has one longer-term order with a defense customer which includes both product development and hardware deliverables where similar revenue recognition criteria are applied.

We categorize our products into four product groups: infrared components, visible components, assemblies and modules, and engineering services.

Revenue by product group for the three and six months ended December ~~September 30~~31, 2025 and 2024 was as follows:

	Three Months EndedSeptember 30,
	Three Months Ended				Six Months Ended
	2025		2024
	December 31,				December 31,
Infrared components	$	4,257,955	$	2,610,884
	2025		2024		2025		2024
Visible components		3,838,306		3,299,878
Infrared components	$	5,018,039	$	3,112,076	$	9,275,994	$	5,722,960
Assemblies and modules		5,859,498		1,093,668
Visible components		3,444,374		2,762,852		7,282,680		6,062,730
Engineering services		1,102,522		1,395,951
Assemblies and modules		7,211,035		857,214		13,070,533		1,950,882
Total revenue	$	15,058,281	$	8,400,381
Engineering services		678,204		692,687		1,780,726		2,088,638
Total revenue	$	16,351,652	$	7,424,829	$	31,409,933	$	15,825,210

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6. Inventories

The components of inventories include the following:

	September 30, 2025			June 30, 2025
	December 31,			June 30,
Raw materials	$	6,606,212		$	4,507,764
	2025			2025
Work in process		5,457,125			7,321,779
Raw materials	$	7,242,733		$	4,507,764
Finished goods		3,184,185			3,053,726
Work in process		6,111,157			7,321,779
Allowance for obsolescence		(2,385,349	)		(2,024,431	)
Finished goods		2,539,068			3,053,726
	$	12,862,173		$	12,858,838
Allowance for obsolescence		(2,401,539	)		(2,024,431	)
	$	13,491,419		$	12,858,838

During each of the ~~three~~six months ended December ~~September 30~~31, 2025 and 2024, the Company evaluated all allowed items and disposed of approximately $0.1 million of inventory items and wrote them off against the allowance for obsolescence. ~~No inventory items were written off against the allowance for obsolescence during the three months ended September 30, 2025.~~

The value of tooling in raw materials, net of the related allowance for obsolescence, was approximately $0.8 million and $1.1 million as of December ~~September 30~~31, 2025 and June 30, 2025, respectively.

7. Property and Equipment

Property and equipment are summarized as follows:

	Estimated Lives (Years)		September 30, 2025			June 30, 2025
	Estimated Lives		December 31,			June 30,
Manufacturing equipment	5 - 10		$	24,629,571		$	24,257,063
	(Years)		2025			2025
Computer equipment and software	3 - 5			1,452,964			1,449,494
Manufacturing equipment		5 - 10	$	25,215,704		$	24,257,063
Furniture and fixtures	5			409,963			398,800
Computer equipment and software		3 - 5		1,493,443			1,449,494
Leasehold improvements	5 - 10			9,474,726			9,411,482
Furniture and fixtures		5		418,571			398,800
Construction in progress				1,066,226			1,536,968
Leasehold improvements		5 - 10		9,653,968			9,411,482
Total property and equipment				37,033,450			37,053,807
Construction in progress				1,272,773			1,536,968
Less accumulated depreciation and amortization				(22,017,421	)		(21,189,746	)
Total property and equipment				38,054,459			37,053,807
Total property and equipment, net			$	15,016,029		$	15,864,061
Less accumulated depreciation and amortization				(22,877,882	)		(21,189,746	)
Total property and equipment, net			$	15,176,577		$	15,864,061

Depreciation expense was $0.8 million and $0.6 million for the three-month periods ended December ~~September~~31, 302025 and 2024, respectively, and $1.6 million and $1.2 million for the six-month periods ended December 31, 2025 and 2024, respectively.

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8. Goodwill and Intangible Assets

There were no changes in the net carrying amount of goodwill during the ~~three~~six months ended December ~~September 30~~31, 2025 and there have been no events or changes in circumstances that indicate the carrying value of goodwill may not be recoverable.

Amortizable intangible assets were comprised of:

	Useful Lives (Years)		September 30, 2025			June 30, 2025
	Useful Lives		December 31,			June 30,
Customer relationships	10 - 15		$	8,852,300		$	8,852,300
	(Years)		2025			2025
Trade secrets	8 - 10			8,998,304			8,998,304
Customer relationships		10 - 15	$	8,852,300		$	8,852,300
Tradenames	8 - 10			7,706,418			7,706,418
Trade secrets		8 - 10		8,998,304			8,998,304
Backlog	1			824,525			824,525
Tradenames		8 - 10		7,706,418			7,706,418
Backlog		1		824,525			824,525
Total intangible assets				26,381,547			26,381,547
Less accumulated amortization				(1011,~~844~~294,~~149~~674	)		(10,393,624	)
Total intangible assets, net			$	15,~~537~~086,~~398~~873		$	15,987,923

Future amortization of intangible assets is as follows:

Fiscal year ending:
June 30, 2026 (remaining nine months)	$	1,216,202
June 30, 2026 (remaining six months)	$	765,678
June 30, 2027		1,441,103
June 30, 2028		1,441,103
June 30, 2029		1,441,103
June 30, 2030		1,441,103
After June 30, 2030		8,556,~~784~~783
	$	15,~~537~~086,~~398~~873

9. Income Taxes

A summary of our total income tax expense and effective income tax rate for the three and six months ended December ~~September 30~~31, 2025 and 2024 is as follows:

	Three Months Ended September 30,
	Three Months Ended						Six Months Ended
	2025			2024
	December 31,						December 31,
Loss before income taxes	$	(2,811,732	)	$	(1,607,109	)
	2025			2024			2025			2024
Income tax provision	$	81,270		$	15,636
Loss before income taxes	$	(9,374,853	)	$	(2,567,472	)	$	(12,186,585	)	$	(4,174,581	)
Effective income tax rate		-3	%		-1	%
Income tax provision	$	30,556		$	44,525		$	111,826		$	60,161
Effective income tax rate		0	%		-2	%		-1	%		-1	%

The difference between our effective tax rates in the periods presented above and the federal statutory rate is due to the mix of taxable income and losses generated in our various tax jurisdictions, which include the United States (the “U.S.”), the People’s Republic of China, and the Republic of Latvia. For the three and six months ended December ~~September 30~~31, 2025 and 2024, income tax expense was primarily related to income taxes from our operations in China and Chinese withholding taxes on payments from our wholly-owned subsidiary, LightPath Optical Instrumentation (Zhenjiang) Co., Ltd. (“LPOIZ”), to LightPath for administrative services rendered.

We record net deferred tax assets to the extent we believe it is more likely than not that some portion or all of these assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income. We consider the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. As of December ~~September 30~~31, 2025 and June 30, 2025, our net deferred tax assets are related to the U.S. jurisdiction and we have provided a valuation allowance to reduce the deferred tax assets to the net amount we estimate is more-likely-than-not to be realized. Our net deferred tax assets as of December ~~September 30~~31, 2025 and June 30, 2025 consist primarily of federal and state tax credits with indefinite carryover periods. The net deferred tax liabilities as of December ~~September 30~~31, 2025 and June 30, 2025 are related to LPOIZ, primarily resulting from timing differences related to accelerated depreciation on fixed assets.

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U.S. Federal and State Income Taxes

Our U.S. federal and state statutory income tax rate is estimated to be 25.5%. Based on our current assessment of the valuation allowance position on our net deferred tax assets, no additional tax expense or benefit is expected to be recorded on pre-tax income or losses generated in the U.S.

On July 4, 2025, the One Big Beautiful Bill Act was enacted (“OBBBA”), introducing significant and wide-ranging changes to the U.S. federal tax system. Significant components include restoration of 100% accelerated tax depreciation on qualifying property including expansion to cover qualified production property. Another major aspect includes the return to immediate expensing of domestic research and experimental expenditures (“R&E”) which in some cases may include retroactive application back to 2021 for businesses with gross receipts of less than $31 million or accelerated tax deductions of R&E that was previously capitalized for larger businesses. The legislation also reinstates EBITDA-based interest deductions for tax purposes and makes several business tax incentives permanent. Less favorable business provisions include limitations on tax deductions for charitable contributions.

The Company continues to assess the potential impact of this legislation on its future financial position, results of operations, and cash flows. In accordance with GAAP, the effects will be recognized in the period of enactment. While we do not currently anticipate that the provisions of OBBBA will have a material impact, we are currently evaluating any such impacts on a go-forward basis.

Income Tax Law of the People’s Republic of China

Our Chinese subsidiary, LPOIZ, is governed by the Income Tax Law of the People’s Republic of China. As of December ~~September 30~~31, 2025, LPOIZ was subject to a statutory income tax rate of 15%. The net deferred tax liabilities included in these unaudited Condensed Consolidated Balance Sheets as of December ~~September 30~~31, 2025 and June 30, 2025 are related to LPOIZ, primarily related to timing differences related to accelerated depreciation on fixed assets.

The Company routinely declares intercompany dividends to remit a portion of the earnings of its foreign subsidiaries to the U.S. parent company. The Company also intends to reinvest a portion of the earnings generated by its foreign subsidiaries. The Company accrues withholding taxes on the portion of LPOIZ’s earnings that it intends to repatriate. Accrued and unpaid withholding taxes were approximately $32,000 as of both December ~~September 30~~31, 2025 and June 30, 2025. Other than these withholding taxes, these intercompany dividends have no impact on the unaudited Condensed Consolidated Financial Statements.

Law of Corporate Income Tax of Latvia

Our Latvian subsidiary, ISP Optics Latvia, SIA (“ISP Latvia”), is governed by the Law of Corporate Income Tax of Latvia. Effective January 1, 2018, the Republic of Latvia enacted tax reform with the following key provisions: (i) corporations are not subject to income tax, but are instead subject to a distribution tax on distributed profits (or deemed distributions, as defined) and (ii) the rate of tax was changed to 20%; however, distribution amounts are first divided by 0.8 to arrive at the profit before tax amount, resulting in an effective tax rate of 25%. As a transitional measure, distributions of earnings prior to January 1, 2018 were not subject to tax if declared prior to December 31, 2019. ISP Latvia declared an intercompany dividend to be paid to ISP Optics Corporation (“ISP”), its U.S. parent company, for the full amount of earnings accumulated prior to January 1, 2018. Distributions of this dividend have been fully settled and we currently do not intend to distribute any earnings generated after January 1, 2018. If, in the future, we change such intention, we will accrue distribution taxes, if any, as profits are generated.

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10. Stock-Based Compensation

Our directors, officers, and key employees are granted stock-based compensation through our 2002 Amended and Restated Omnibus Incentive Plan, as amended (the “2002 Omnibus Plan”), through October 2018 and after that date, through our 2018 Stock and Incentive Compensation Plan (the “2018 SICP”). Such stock-based compensation may include, among other things, incentive stock options, non-qualified stock options, restricted stock awards (“RSAs”) and restricted stock units (“RSUs”). The 2018 SICP is administered by the Compensation Committee of the Board of Directors. To date, our stockholders approved an aggregate of 1113,~~215~~715,625 shares of our Class A Common Stock for issuance pursuant to awards granted under the 2002 Omnibus Plan or SICP. As of December ~~September 30~~31, 2025, 46,~~158~~559,~~204~~526 shares of Class A Common Stock were authorized and available for issuance pursuant to awards granted under the 2018 SICP. The Company’s executive officers are eligible to earn incentive compensation consisting of equity-based awards, as well as cash bonuses, based on the achievement of certain individual and/or Company performance goals set by the Compensation Committee.

Stock-based compensation expense is based primarily on the fair value of the award as of the grant date and is recognized as an expense over the requisite service period.

The following table shows total stock-based compensation expense for the three and six months ended December ~~September 30~~31, 2025 and 2024, the majority of which is included in selling, general and administrative (“SG&A”) expenses in these unaudited Condensed Consolidated Statements of Comprehensive Income (Loss):

	Three Months Ended September 30,
	Three Months Ended				Six Months Ended
	2025		2024
	December 31,				December 31,
Stock options	$	50,607	$	146,979
	2025		2024		2025		2024
RSAs		63,186		10,809
Stock options	$	49,152	$	10,809	$	99,759	$	21,618
RSUs		242,829		106,687
RSAs		82,658		59,531		145,844		166,218
Total	$	356,622	$	264,475
RSUs		210,179		171,206		453,008		318,185
Total	$	341,989	$	241,546	$	698,611	$	506,021

We also adopted the LightPath Technologies, Inc. Employee Stock Purchase Plan (the “2014 ESPP”). The 2014 ESPP permits employees to purchase Class A Common Stock through payroll deductions, subject to certain limitations. The discount for the ~~three~~six months ended December ~~September 30~~31, 2024 was $1,100, included in SG&A expenses in these unaudited Condensed Consolidated Statements of Comprehensive Income (Loss), which represents the value of the 10% discount given to the employees purchasing stock under the 2014 ESPP. The 2014 ESPP expired in January 2025. A new Employee Stock Purchase Plan (“2025 ESPP”) was approved by the stockholders on June 16, 2025 with the first offering period beginning July 1, 2025. The first purchase of shares under the 2025 ESPP ~~will~~occurred ~~occur~~in January 2026, immediately ~~after~~ following the offering period ~~ends~~ ended December 31, 2025.

Grant Date Fair Values and Underlying Assumptions; Contractual Terms

We estimate the fair value of each stock option as of the date of grant, using the Black-Scholes-Merton pricing model. The fair value of 2014 ESPP and 2025 ESPP shares is the amount of the discount the employee obtains at the date of the purchase transaction.

Most stock options granted vest ratably over two to four years and are generally exercisable for ten years. The assumed forfeiture rates used in calculating the fair value of RSA and RSU grants was 0%, and the assumed forfeiture rates used in calculating the fair value of options for performance and service conditions were 20% for each of the ~~three~~six months ended December ~~September 30~~31, 2025 and 2024. The volatility rate and expected term are based on seven-year historical trends in Class A Common Stock closing prices and actual forfeitures. The interest rate used is the U.S. Treasury interest rate for constant maturities.

The Company estimated the fair value of each stock award as of the date of grant using the following assumptions:

	Three Months Ended September 30, 2025
	Six Months Ended
Weighted-average expected volatility		74.0%
	December 31,
Dividend yields		0%
	2025
Weighted-average risk-free interest rate		4.05%
Weighted-average expected volatility		74.0	%
Weighted-average expected term, in years		7.50
Dividend yields		0	%
Weighted-average risk-free interest rate		4.1	%
Weighted-average expected term, in years		7.5

No stock options were granted during the ~~three~~six months ended December ~~September 30~~31, 2024.

Restricted Stock Awards

RSAs are granted primarily to our executive officers, employees and consultants, and typically vest over a one to three year period from the date of grant, although some may vest immediately upon grant. The stock underlying RSAs is issued upon vesting.

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Restricted Stock Units

RSUs are granted primarily to our directors, although RSU awards may also be made to executive officers, employees and consultants. RSUs typically vest over a one to four year period from the date of grant, although some may vest immediately upon grant.

Information Regarding Current Share-Based Compensation Awards

A summary of the activity for share-based compensation awards in the ~~three~~six months ended December ~~September 30~~31, 2025 is presented below:

	Stock Options							Restricted Stock Units (RSUs)					Restricted Stock Awards (RSAs)
				Weighted-		Weighted-					Weighted-					Weighted-
				Average		Average					Average					Average
				Exercise		Remaining					Remaining					Remaining
	Shares			Price		Contract		Shares			Contract		Shares			Contract
June 30, 2025		720,619		$	2.10		7.2		1,080,953			0.6		121,912			1.2
Granted		27,717		$	4.17		—		—91,531			—		815,~~583~~730			—
Exercised		—		$	—		—		—(105,447	)		—		(850,~~583~~575	)		—
Cancelled/Forfeited		(9,579	)	$	1.74		—		—			—		—			—
September 30, 2025		738,757		$	2.13		7.2		1,080,953			0.5		121,912			0.9
December 31, 2025		738,757		$	2.13		6.9		1,067,037			0.4		87,067			0.8
Awards exercisable/
Awards exercisable/vested as of
vested as of
December 31, 2025		363,081		$	1.99		4.7		776,804			—		—			—
September 30, 2025		363,081		$	1.99		4.7		718,739			—		—			—
Awards unexercisable/vested as of
Awards unexercisable/
December 31, 2025		375,676		$	2.26		9.3		290,233			1.3		87,067			0.8
unvested as of
		738,757							1,067,037					87,067
September 30, 2025		375,676		$	2.26		9.6		362,214			0.5		121,912			0.9
		738,757							1,080,953					121,912

As of December ~~September 30~~31, 2025, there was approximately $12.03 million of total unrecognized compensation cost related to non-vested share-based compensation arrangements (including stock options, RSAs and RSUs) granted. The expected compensation cost to be recognized is as follows:

Fiscal Year Ending:	Stock Options		RSAs		RSUs		Total
June 30, 2026 (remaining nine months)	$	145,855	$	72,607	$	228,122	$	446,584
June 30, 2026 (remaining six months)	$	193,938	$	92,408	$	507,297	$	793,643
June 30, 2027		~~194~~389,~~880~~795		47113,~~062~~995		~~110~~476,~~083~~199		~~352~~979,~~025~~989
June 30, 2028		~~161~~356,~~664~~464		-—		18115,~~252~~655		~~179~~472,~~916~~119
	$	502,399	$	119,669	$	356,457	$	978,525
June 30, 2029		15,448		—		25,995		41,443
	$	955,645	$	206,403	$	1,125,146	$	2,287,194

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11. Earnings (Loss) Per Share

Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted-average number of shares of Class A Common Stock outstanding during each period presented. The computation of diluted earnings (loss) per share further assumes the potential dilutive effect of potential Class A Common Stock using the treasury-stock method and if-converted method, as applicable. During periods in which the average market price of the Company's common stock is above the applicable conversion price of the Company's convertible notes, the impact of conversion would be dilutive and such dilutive effect is reflected in diluted EPS. As a result, in periods where the average market price of the Company's common stock is above the conversion price, under the if-converted method, the Company calculates the number of shares issuable under the terms of the convertible notes based on the average market price of the stock during the period, and includes that number in the total diluted shares outstanding for the period. The Series G Purchasers Warrants and the Series G Convertible Preferred Stock are participating securities as the holders of such instruments participate in the event a dividend is paid on the ~~Company’s~~Class ~~common~~A Common ~~stock~~Stock, however the holders do not have a contractual obligation to share in the Company’s losses. As such, losses are attributed entirely to common stockholders. The computations for basic and diluted earnings (loss) per share of Class A Common Stock are described in the following table:

	Three Months Ended September 30,
	Three Months Ended						Six Months Ended
	2025			2024
	December 31,						December 31,
Net loss	$	(2,893,002	)	$	(1,622,745	)
	2025			2024			2025			2024
Accretion of dividends on Series G preferred		—			—
Net loss	$	(9,405,409	)	$	(2,611,997	)	$	(12,298,411	)	$	(4,234,742	)
Net loss attributable to stockholders	$	(2,893,002	)	$	(1,622,745	)
Accretion of dividends on Series G preferred		—			—			—			—
Weighted-average common shares outstanding:
Net loss attributable to stockholders	$	(9,405,409	)	$	(2,611,997	)	$	(12,298,411	)	$	(4,234,742	)
Basic number of shares		43,287,933			39,561,480
Weighted-average common shares outstanding:
Diluted number of shares		43,287,933			39,561,480
Basic number of shares		46,998,804			39,728,933			45,143,367			39,645,206
Loss per common share:
Diluted number of shares		46,998,804			39,728,933			45,143,367			39,645,206
Basic	$	(0.07	)	$	(0.04	)
Loss per common share:
Diluted	$	(0.07	)	$	(0.04	)
Basic	$	(0.20	)	$	(0.07	)	$	(0.27	)	$	(0.11	)
Diluted	$	(0.20	)	$	(0.07	)	$	(0.27	)	$	(0.11	)

The following potential dilutive shares were not included in the computation of diluted earnings (loss) per share of Class A Common Stock, as their effects would be anti-dilutive:

	Three Months Ended September 30,
	Three Months Ended				Six Months Ended
	2025		2024
	December 31,				December 31,
Options to purchase common stock		738,897		541,170
	2025		2024		2025		2024
RSUs and RSAs		1,202,865		1,404,664
Options to purchase common stock		738,757		523,188		738,827		532,179
Series G convertible preferred & warrants		16,130,864		—
RSUs and RSAs		1,170,459		1,292,221		1,195,746		1,348,442
		18,072,626		1,945,834
Series G convertible preferred & warrants		15,223,573		—		15,677,219		—
		17,132,789		1,815,409		17,611,792		1,880,621

In January 2026, the remaining Series G Purchasers Warrants were exercised, resulting in the net issuance of 2,728,968 shares of Class A Common Stock. Also in January 2026, in accordance with the terms of the Series G Convertible Preferred Stock, 978.66 shares of Series G Convertible Preferred Stock were converted into 455,193 shares of Class A Common Stock.

12. Leases

Our leases primarily consist of operating leases related to our facilities located in Orlando, Florida; Plano, Texas; Hudson, New Hampshire; Riga, Latvia; and Zhenjiang, China, and finance leases related to certain equipment located in Orlando, Florida and Riga, Latvia. The operating leases for facilities are non-cancelable operating leases, with terms ending at various times through 2034. We typically include options to renew (or terminate) in our lease term, and as part of our right-of-use (“ROU”) assets and lease liabilities, when it is reasonably certain that we will exercise such options. We currently have fourteen finance lease agreements entered into during fiscal years 2023, 2024 and 2025 with terms ranging from three to five years. The finance leases are for computer and manufacturing equipment.

Our operating lease ROU assets and the related lease liabilities are initially measured at the present value of future lease payments over the lease term. One of our operating leases includes renewal options, which were not included in the measurement of the operating lease ROU assets and related lease liabilities. The lease on the premises comprising our primary facility in Orlando, Florida (the “Orlando Facility”) was amended in April 2021, and again in September 2021, to expand the space. The lease term was extended and will expire on March 31, 2034.

Our wholly-owned subsidiary, G5 Infrared, has a lease agreement for a manufacturing and office facility in Hudson, New Hampshire, which expires November 30, 2026. The Company’s wholly-owned subsidiary, Visimid, has a lease agreement for a manufacturing and office facility in Plano, Texas, which expires October 31, 2026. On July 7, 2025, Visimid entered into a lease agreement for another manufacturing and office facility in Plano, Texas, which commenced September 1, 2025 for a five-year term. The existing facility will be relocated to this larger facility.

Our wholly-owned subsidiary, LPOIZ, has a lease agreement for a manufacturing and office facility in Zhenjiang, China, which expires December 31, 2027. ISP’s wholly-owned subsidiary, ISP Latvia, has two lease agreements for a manufacturing and office facility in Riga, Latvia, which leases expire December 31, 2030.

18 ~~Table of Contents~~

~~The~~ Table ~~components~~ of ~~lease expense for the three months ended September 30, 2025 and 2024 were as follows:~~Contents

	Three Months Ended September 30,
	2025		2024
Operating lease cost	$	253,318	$	268,495
Finance lease cost:
Depreciation of lease assets		45,480		37,816
Interest on lease liabilities		17,030		14,062
Total finance lease cost		62,510		51,878
Total lease cost	$	315,828	$	320,373

The components of lease expense for the three and six months ended December 31, 2025 and 2024 were as follows:

Supplemental balance sheet information related to the leases as of September 30, 2025 and June 30, 2025 was as follows:

	*Three Months Ended*				*Six Months Ended*
	*December 31,*				*December 31,*
	*2025*		*2024*		*2025*		*2024*
Operating lease cost	$	310,794	$	269,985	$	564,112	$	538,480
Finance lease cost:
Depreciation of lease assets		44,776		42,916		90,256		80,732
Interest on lease liabilities		17,800		17,027		34,830		31,089
Total finance lease cost		62,576		59,943		125,086		111,821
Total lease cost	$	373,370	$	329,928	$	689,198	$	650,301

	Classification	September 30, 2025		June 30, 2025
Assets:
Operating lease assets	Operating lease assets	$	7,688,839	$	7,429,378
Finance lease assets	Property and equipment, net(1)		875,886		920,569
Total lease assets		$	8,564,725	$	8,349,947
Liabilities:
Current:
Operating leases	Operating lease liabilities, current	$	1,338,632	$	1,254,062
Finance leases	Finance lease liabilities, current		202,328		206,518
Noncurrent:
Operating leases	Operating lease liabilities, less current portion		8,440,693		8,326,250
Finance leases	Finance lease liabilities, less current portion		370,422		421,363
Total lease liabilities		$	10,352,075	$	10,208,193

Supplemental balance sheet information related to the leases as of December 31, 2025 and June 30, 2025 was as follows:

(1) Finance lease assets were recorded net of accumulated depreciation of approximately $0.3 million as of both September 30, 2025 and June 30, 2025.

		*December 31,*		*June 30,*
	*Classification*	*2025*		*2025*
Assets:
Operating lease assets	Operating lease assets	$	7,430,787	$	7,429,378
Finance lease assets	Property and equipment, net⁽¹⁾		874,398		920,569
Total lease assets		$	8,305,185	$	8,349,947

Liabilities:
Current:
Operating leases	Operating lease liabilities, current	$	1,349,820	$	1,254,062
Finance leases	Finance lease liabilities, current		216,191		206,518

Noncurrent:
Operating leases	Operating lease liabilities, less current portion		8,102,873		8,326,250
Finance leases	Finance lease liabilities, less current portion		346,400		421,363
Total lease liabilities		$	10,015,284	$	10,208,193

⁽¹⁾

Finance lease assets were recorded net of accumulated depreciation of approximately $0.4 million and $0.3 million as of December 31, 2025 and June 30, 2025, respectively.

Lease term and discount rate information related to leases was as follows:

Lease Term and Discount Rate	September 30, 2025
	December 31,
Lease Term and Discount Rate	2025
Weighted Average Remaining Lease Term (in years)
Operating leases		7.75
Finance leases		32.07
Weighted Average Discount Rate
Operating leases		3.3%	%
Finance leases		89.6%0	%

Supplemental cash flow information was as follows for the ~~three~~six months ended December ~~September 30~~31, 2025 and 2024:

	Three Months Ended September 30,
	Six Months Ended
	December 31,
	2025		2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash used for operating leases	$	~~313~~685,~~766~~008	$	~~294~~590,~~274~~037
Operating cash used for finance leases	$	1734,~~030~~830	$	1431,~~062~~089
Financing cash used for finance leases	$	55107,~~398~~712	$	4089,~~058~~705

19 ~~Table of Contents~~

~~Future~~ Table ~~maturities~~ of ~~lease liabilities were as follows as of September 30, 2025:~~Contents

Fiscal year ending:	Finance Leases			Operating Leases
June 30, 2026 (remaining nine months)	$	183,232		$	1,218,933
June 30, 2027		225,756			1,495,144
June 30, 2028		181,640			1,331,165
June 30, 2029		57,642			1,321,478
June 30, 2030		—			1,356,046
Thereafter		—			4,379,685
Total future minimum payments		648,270			11,102,451
Less imputed interest		(75,520	)		(1,323,126	)
Present value of lease liabilities	$	572,750		$	9,779,325

Future maturities of lease liabilities were as follows as of December 31, 2025:

	*Finance*			*Operating*
Fiscal year ending:	*Leases*			*Leases*
June 30, 2026 (remaining six months)	$	192,006		$	813,075
June 30, 2027		243,172			1,495,966
June 30, 2028		199,055			1,331,825
June 30, 2029		61,931			1,321,975
June 30, 2030		—			1,356,543
Thereafter		—			4,379,934
Total future minimum payments		696,164			10,699,318
Less imputed interest		(133,573	)		(1,246,625	)
Present value of lease liabilities	$	562,591		$	9,452,693

13. Loans Payable

As of December ~~September 30~~31, 2025, loans payable consisted of ~~two~~one equipment ~~loans~~loan. ~~and~~The ~~the~~ Acquisition Notes, as defined in Note 3, Acquisition of G5 Infrared, were paid in full during the quarter ended December 31, 2025.

Acquisition Notes

On February 18, 2025, in connection with the acquisition of G5 Infrared, we executed and delivered the Acquisition Notes, effective as of the G5 Acquisition Date. The Acquisition Notes ~~accrue~~accrued interest at the rate between 10-12% per annum (12% as of ~~September~~the 30date of extinguishment, December 31, 2025), based on the ratio of indebtedness to EBITDA of the Company~~, unless an event of default (as defined in the Acquisition Notes) occurs, at which time the Acquisition Notes would accrue interest at 15% per annum~~. We determined the embedded features related to the payment of variable interest and upon an event of default are clearly and closely related to the Acquisition Notes, and are therefore not bifurcated from the Acquisition Notes. AtThe ~~September~~Acquisition 30Notes would have matured on February 18, ~~2025~~2027, the ~~net~~second ~~carrying~~anniversary ~~value~~ of the ~~convertible~~issuance ~~promissory~~date, ~~notes~~but iswere ~~$4.7~~redeemed ~~million~~by the Company on December 31, ~~including~~2025, prior ~~unamortized~~to ~~debt~~the ~~discount~~maturity ~~and~~date, ~~issuance~~at ~~costs~~a redemption price equal to the portion of ~~$0.5~~principal ~~million,~~so ~~and~~redeemed ~~had~~plus anall ~~effective~~accrued and unpaid interest ~~rate~~thereon. Pursuant to the terms of ~~5.7~~the Acquisition Notes, since the funds used for redemption were not generated internally by Company operations, the redemption amount was multiplied by 102%. ~~The~~We ~~estimated~~recorded ~~fair~~a ~~value~~loss ~~(Level~~on 3)extinguishment of debt of $0.5 million during the ~~convertible~~three ~~promissory~~months ~~notes~~ended December ~~approximates~~31, ~~its~~2025, ~~book~~based ~~value~~on asthe difference between the carrying value of ~~September~~the ~~30,~~debt ~~2025~~being extinguished and the redemption amount.

The Acquisition Notes ~~will~~were automatically ~~mature~~convertible oninto ~~February~~shares 18of Series G Convertible Preferred Stock, ~~2027~~which were in turn convertible into shares of Class A Common Stock (as converted, the ~~second~~“Conversion ~~anniversary~~Shares”), if the EBITDA reported by the Company for the calendar year ending December 31, 2025, was less than approximately $4.9 million (the “Automatic Note Conversion”). We determined that the Automatic Note Conversion did not require bifurcation from the Acquisition Notes as the Automatic Note Conversion is (i) indexed to the Company’s own stock, (ii) settled in shares instead of cash, and (iii) only exercisable into a fixed number of shares at a fixed exercise price of $1,000 per share once it is triggered to convert and the ~~issuance~~conversion ~~date~~price can only be adjusted for standard antidilution provisions. The Acquisition Notes contained other redemption features which the Company determined did not require bifurcation from the Acquisition Notes as these are clearly and closely related to the Acquisition Notes.

The Acquisition Notes will automatically convert into shares of Series G Convertible Preferred Stock, which are in turn convertible into shares of Class A Common Stock (as converted, the “Conversion Shares”), if the EBITDA reported by the Company for the calendar year ending December 31, 2025, is less than approximately $4.9 million (the “Automatic Note Conversion”). We determined that the Automatic Note Conversion did not require bifurcation from the Acquisition Notes as the Automatic Note Conversion is (i) indexed to the Company’s own stock, (ii) settled in shares instead of cash, and (iii) only exercisable into a fixed number of shares at a fixed exercise price of $1,000 per share once it is triggered to convert and the conversion price can only be adjusted for standard antidilution provisions. 20

~~All~~ Table ~~or part~~ of the Acquisition Notes may, unless converted under the Automatic Note Conversion, be redeemed by the Company prior to the maturity date at a redemption price equal to the portion of principal so redeemed plus all accrued and unpaid interest thereon, provided that if the funds used for redemption were not generated internally by Company operations, the redemption amount will be multiplied by 102%. In addition, following an event of default or upon a change of control, the purchaser may require the Company to redeem all or any portion of the Acquisition Notes. Notwithstanding anything to the contrary, upon any bankruptcy event of default, the Company will immediately pay the holder an amount in cash representing all outstanding principal and accrued and unpaid interest. The Company determined that these redemption features did not require bifurcation from the Acquisition Notes as these are clearly and closely related to the Acquisition Notes.Contents

The Acquisition Notes include customary affirmative and negative covenants and events of default. Additionally, the Acquisition Notes include financial covenants requiring the Company to maintain a Total Leverage Ratio (as defined in the Acquisition Notes) of not greater than 4.00:1:00 and a Fixed Charge Covered Ratio (as defined in the Acquisition Notes) of greater than 1.20:1.00 for each fiscal quarter beginning with the fiscal quarter ending December 31, 2025.

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Bridge Promissory Note

On August 6, 2024, we entered into the Bridge Note with Lytton-Kambara Foundation (the “Lender” and also the “Class A Purchaser”) pursuant to which the Lender extended a loan to the Company in the principal amount of $3.0 million (the “Loan”). The Loan iswas subject to an original issue discount of 7%. After deducting the original issue discount, fees paid to our placement agent, and certain expenses, the Company received net proceeds of $2.7 million. The Bridge Note was unsecured, bore interest at the rate of 12.5% per annum and had a 1-year term, maturing on August 6, 2025, at which time the entire principal amount of the Bridge Note and all accrued but unpaid interest would have been due and payable in full.

The Bridge Note and related accrued interest were settled on February 18, 2025, in conjunction with financing for the acquisition of G5 Infrared.

Equipment Loans

In December 2020, ISP Latvia received an equipment loan from a third party (the “2020 Equipment Loan”), which party is also a significant customer. The 2020 Equipment Loan was collateralized by certain equipment. The initial advance under the 2020 Equipment Loan was 225,000 EUR (or approximately USD $0.3 million), payable in equal installments over 60 months, the proceeds of which were used to make a prepayment to a vendor for equipment to be delivered at a future date. An additional 225,000 EUR (or approximately USD $0.3 million) was drawn in September 2021, which proceeds were paid to the vendor for the equipment, payable in equal installments over 52 months. The 2020 Equipment Loan ~~bears~~was ~~interest~~paid atin afull ~~fixed~~as ~~rate~~ of December 331, 2025.~~3%.~~

In May 2023, ISP Latvia entered into an equipment loan with a third party financial institution (the “2023 Equipment Loan”). The 2023 Equipment Loan is collateralized by certain equipment. The initial advances under the 2023 Equipment Loan was 260,258 EUR (or approximately USD $0.3 million), the proceeds of which were used to make a prepayment to a vendor for equipment to be delivered at a future date. The final advance for the final payment to the equipment vendor was 132,674 EUR (or approximately USD $0.1 million). The 2023 Equipment Loan is payable over 48 months, with monthly installments that began on January 1, 2024. The 2023 Equipment Loan bears interest at the six-month EURIBOR rate, plus 2.84% (4.94% as of December ~~September 30~~31, 2025).

Future maturities of loans payable are as follows:

	Acquisition Notes			Equipment Loans		Total
	Equipment
Fiscal year ending:
	Loan
June 30, 2026	$	—		$	115,283	$	115,283
Fiscal year ending:
June 30, 2027		5,195,205			115,439		5,310,644
June 30, 2026 (remaining six months)	$	57,887
June 30, 2028		—			76,959		76,959
June 30, 2027		115,774
Total payments	$	5,195,205		$	307,681	$	5,502,886
June 30, 2028		77,182
Unamortized discount to fair value							(207,229	)
Total payments	$	250,843
Unamortized loan issuance costs							(284,216	)
Less current portion		(115,774	)
Loans payable							5,011,441
Non-current portion	$	135,069
Less current portion							(144,143	)
Non-current portion						$	4,867,298

14. Foreign Operations

Assets and liabilities denominated in non-U.S. currencies are translated at rates of exchange prevailing on the balance sheet date, and revenues and expenses are translated at average rates of exchange for the period. Gains or losses on the translation of the financial statements of a non-U.S. operation, where the functional currency is other than the U.S. dollar, are reflected as a separate component of equity, which was a cumulative gain of approximately $1.1 3 million and $1.0 million as of December ~~September~~31, 2025 and June 30, 2025, ~~and~~respectively. ~~June~~For 30the three months ended December 31, 2025 and 2024, we recognized net foreign currency transaction losses of $0.01 million and gains of $0.4 million, respectively. We also recognized net foreign currency transaction losses of $0.0406 million and a gain of $0.01 million for ~~both~~ the ~~three~~six months ended December ~~September 30~~31, 2025 and 2024, respectively, included in the Condensed Consolidated Statements of Comprehensive Income (Loss) in the line item entitled “Other income (expense), net.”

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~~Our~~ Table cash and cash equivalents cash totaled approximately $11.5 million at September 30, 2025. Of this amount, approximately 15% was held by our foreign subsidiaries in China and Latvia. These foreign funds were generated in China and Latvia as a result of foreign earnings. With respect to the funds generated by our foreign subsidiaries in China, the retained earnings of the respective subsidiary must equal at least 50% of its registered capital before any funds can be repatriated through dividends. As of September 30, 2025, LPOIZ had approximately $0.4 million in retained earnings available for repatriation, based on earnings accumulated through December 31, 2024, the end of the most recent statutory tax year, that remained undistributed as of September 30, 2025.Contents

~~Revenues~~Our ~~from~~cash and cash equivalents totaled approximately $73.6 million at December 31, 2025. Of this amount, approximately 4% was held by our foreign ~~countries~~subsidiaries ~~for~~in China and Latvia. These foreign funds were generated in China and Latvia as a result of foreign earnings. With respect to the ~~three~~funds ~~months~~generated ~~ended~~by ~~September~~our 30foreign subsidiaries in China, the retained earnings of the respective subsidiary must equal at least 50% of its registered capital before any funds can be repatriated through dividends. As of December 31, 2025, ~~and~~LPOIZ ~~2024~~had ~~are~~approximately $0.5 million in retained earnings available for repatriation, based on earnings accumulated through December 31, 2025, the end of the most recent statutory tax year, that remained undistributed as ~~follows:~~of December 31, 2025.

	Three Months Ended September 30,
	2025		2024
Revenues:
United States	$	7,430,542	$	5,865,639
Europe		5,789,120		1,281,260
China		1,210,874		629,417
Other Asian countries		379,611		210,231
Rest of world		248,134		413,834
	$	15,058,281	$	8,400,381

Revenues from foreign countries for the six months ended December 31, 2025 and 2024 are as follows:

Long-lived assets located in foreign countries as of September 30, 2025 and June 30, 2025 are as follows:

	Three Months Ended				Six Months Ended
	December 31,				December 31,
	2025		2024		2025		2024
Revenues:
United States	$	6,851,495	$	4,763,010	$	14,282,038	$	10,628,649
Europe		8,007,751		1,308,728		13,796,871		2,589,988
China		963,124		694,884		2,173,998		1,324,301
Other Asian countries		306,977		272,287		686,587		482,518
Rest of world		222,305		385,920		470,439		799,754
	$	16,351,652	$	7,424,829	$	31,409,933	$	15,825,210

	September 30, 2025		June 30, 2025
Long-lived assets:
United States	$	45,223,294	$	45,982,722
Latvia		4,685,744		4,848,441
China		2,196,116		2,300,608
	$	52,105,154	$	53,131,771

Long-lived assets located in foreign countries as of December 31, 2025 and June 30, 2025 are as follows:

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	*December 31,*		*June 30,*
	*2025*		*2025*
Long-lived assets:
United States	$	44,850,132	$	45,982,722
Latvia		4,514,089		4,848,441
China		2,193,546		2,300,608
	$	51,557,767	$	53,131,771

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15. Segment Reporting

The Company has one reportable operating segment, the optics segment that is managed on a consolidated basis. The optics segment designs and manufactures products at locations in the U.S., Europe and Asia and manages the business activities on a consolidated basis. Our Chief Operating Decision Maker (“CODM”) is the chief executive officer. The CODM assesses performance for the optics segment and decides how to allocate resources based on consolidated net loss that also is reported on the consolidated statements of comprehensive income (loss) as consolidated net loss. The types of products and services from which the optics segment derives its revenues is described in Note 5, Revenue. The accounting policies of the optics segment are the same as those described in Note 2, Significant Accounting Policies, to these Condensed Consolidated Financial Statements. The measure of segment assets is reported on the consolidated balance sheet as total assets. See Note 5, Revenue, for detail about revenue by product and service group, and Note 14, Foreign Operations, for geographic information.

The CODM uses consolidated net loss to evaluate income generated from segment assets, and to determine whether to invest in new capabilities related to this segment. The CODM monitors budget to actual results for revenue, gross profit, operating expenses and net loss on a consolidated basis. The CODM reporting package includes non-operating items to reconcile to net income. The following table represents the financial information regularly reviewed by the CODM, in addition to the Consolidated Financial Statements. Interest expense is reported on consolidated statements of comprehensive income (loss) as interest expense, net; depreciation and amortization expense, stock-based compensation expense, and total expenditures for long-lived assets are reported on the consolidated statement of cash flows.

	Optics Segment
	Three Months Ended September 30
	Three Months Ended						Six Months Ended
	2025			2024
	December 31,						December 31,
Revenue	$	15,058,281		$	8,400,381
	2025			2024			2025			2024
Cost of goods sold		10,575,709			5,555,952
Revenue	$	16,351,652		$	7,424,829		$	31,409,933		$	15,825,210
Segment gross profit		4,482,572			2,844,429
Cost of goods sold		10,331,322			5,493,998			20,907,031			11,049,950
Less:
Segment gross profit		6,020,330			1,930,831			10,502,902			4,775,260
Sales & marketing		822,209			646,024
Less:
General & administrative		2,326,007			1,318,170
Sales & marketing		741,655			688,743			1,563,864			1,334,767
Corporate		1,235,654			1,306,389
General & administrative		2,341,155			1,390,507			4,667,163			2,708,677
New product development		867,428			476,441
Corporate		2,776,651			1,276,813			4,012,304			2,583,202
Loss on disposal of equipment		3,999			78,437
New product development		748,829			764,396			1,616,257			1,240,837
Amortization of intangible assets		450,524			395,776
Loss on disposal of equipment		17			—			4,016			78,437
Change in fair value of acquisition liabilities		1,282,529			—
Amortization of intangible assets		450,526			294,711			901,050			690,487
Interest expense, net		268,853			149,360
Change in fair value of acquisition liabilities		7,559,000			—			8,841,529			—
Other income (expense), net		37,101			80,941
Interest expense, net		285,023			169,053			553,876			318,413
Provision for income taxes		81,270			15,636
Other income (expense), net		492,327			(85,920	)		529,428			(4,979	)
Segment net loss		(2,893,002	)		(1,622,745	)
Provision for income taxes		30,556			44,525			111,826			60,161
Reconciliation of profit or loss
Segment net loss		(9,405,409	)		(2,611,997	)		(12,298,411	)		(4,234,742	)
Adjustments and reconciling items		—			—
Reconciliation of profit or loss
Consolidated net loss	$	(2,893,002	)	$	(1,622,745	)
Adjustments and reconciling items		—			—			—			—
Consolidated net loss	$	(9,405,409	)	$	(2,611,997	)	$	(12,298,411	)	$	(4,234,742	)

16. Contingencies

Legal

The Company, from time to time, is involved in various legal actions arising in the normal course of business. Management, after reviewing with legal counsel all of these actions and proceedings, believes that the aggregate losses, if any, will not have a material adverse effect on the Company’s financial position or results of operations.

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Potential Impact of Economic Conditions in and Trade Relations with China

Due to our operations in China, our business, results of operations, financial condition and prospects may be influenced to a significant degree by economic, political, legal and social conditions in China. China’s economy differs from the economies of other countries in many respects, including with respect to the level of development, growth rate, amount of government involvement, control of foreign exchange and allocation of resources. While China’s economy has experienced significant growth over the past several decades, its growth rate has declined in recent years and may continue to decline. Deteriorating economic conditions in China generally have led to lower demand for our products in China and thus lower revenues and net income for our subsidiaries in China and the Company overall. A continuation of China’s current economic conditions or a further slowdown in the economic growth, an economic downturn, a recession, or other adverse economic conditions in China is likely to have a material adverse effect on our business and results of operations in future quarters.

In addition, China’s export limitations on Germanium and Gallium, two materials that are commonly used in infrared optical components, are becoming increasingly disruptive to our business with adverse impacts. The initial restrictions imposed in July 2023 required all international customers to provide an end user statement for approval before receiving an export license. Following that announcement, supply of Germanium was disrupted, though not completely stopped. This also resulted in significant price increases in the cost of Germanium material. Following these restrictions we had proactively canceled a number of customer orders for Germanium, to reduce our exposure in case of a supply disruption.

Then, in December 2024, China escalated trade tensions with the U.S. by imposing more stringent export restrictions on critical minerals, including Germanium. The Chinese Ministry of Commerce cited national security concerns as the rationale for these measures, which effectively banned shipments of these minerals to the U.S., and significantly limited shipments of those minerals for dual-use applications in many other countries.

As a purchaser of Germanium, we cannot provide any assurance that we will be able to obtain adequate supplies of Germanium, or that the timing or costs of obtaining such raw materials will be acceptable to us. We have taken proactive steps to minimize the orders we accept for Germanium products and therefore minimize our exposure to this risk, and are actively working with our customers to redesign their systems to use our BlackDiamond materials instead of Germanium-based materials. Additionally, we are actively collaborating with our customers to ensure those redesigned systems are tested and qualified as replacements for legacy Germanium-based systems. In some cases, such as complex defense and airborne systems, the re-qualification of such redesigned systems is a lengthy process that can take up to two years. In other systems such as commercial systems and also some specific defense systems, this is a faster process, that takes several months.

In February 2025, the U.S. announced additional tariffs on goods imported from China, effective immediately, and China announced its intent to follow suit and implement additional tariffs on goods imported to China from the U.S. We utilize a number of strategies to mitigate the current and, hopefully, future impact of tariffs. However, given the uncertainty regarding the current tariffs, as well as the potential for additional trade actions by the U.S. or other countries in the future, any future impact on our operations and financial results is uncertain and these impacts could be more significant than those we have experienced in the past. Further, we can provide no assurance that the strategies we implemented to mitigate the impact of such tariffs or other trade actions will continue to be successful. To the extent that our supply chain, costs, sales, or profitability are negatively affected by the tariffs or other trade actions, our business, financial condition, and results of operations may be materially adversely affected.

Impact of ~~Recent~~ Ongoing Wars

In February 2022, Russian military forces invaded Ukraine. This war has led to ongoing sanctions on Russia, which have had continuing impacts on our supply chain of raw materials, particularly Germanium. Separately, Israel declared war on Hamas in October 2023. Initially, this resulted in a temporary increase in our sales, as Israel worked to replace electro-optical systems that in some cases use our materials. Our sales to customers in this region have since stabilized, however, it is still possible that this war could have a negative impact on our business as a result of the overall economic impact in Israel. In addition to the significant defense related market in Israel, we also serve many commercial related applications and work with commercial companies in Israel, and the business of those customers may be negatively impacted by the war over time. Given the dynamic nature of this situation, we cannot reasonably estimate the impact of either the Russian-Ukraine conflict or the Israel-Hamas war on our financial condition, results of operations or cash flows into the foreseeable future.

24 ~~Table of Contents~~

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17. Public Offering of Class A Common Stock

On December 12, 2025, we entered into an underwriting agreement (the “Underwriting Agreement”) with Canaccord Genuity LLC and Craig-Hallum Capital Group LLC, as representatives of the several underwriters named therein (the “Underwriters”), relating to an underwritten public offering (the “Offering”) of 7,750,000 shares of Class A Common Stock, at a public offering price of $7.75 per share. Pursuant to the terms of the Underwriting Agreement, the Company granted to the Underwriters a 30-day option to purchase up to an additional 1,162,500 shares of Class A Common Stock in the Offering at the public offering price. The Offering closed on December 15, 2025, for a total of 8,912,500 shares of Class A Common Stock (including the 1,162,500 shares issuable pursuant to the Underwriter’s 30-day option), with net proceeds of $65.3 million after deducting underwriting discounts and commissions and other offering expenses paid by the Company.

18. Subsequent Event

On January 20, 2026, we entered into an Asset Purchase Agreement (the “Asset Purchase Agreement”), by and among the Company, Amorphous Materials, LLC, a Delaware limited liability company and wholly-owned subsidiary of the Company (“Buyer”), Amorphous Materials, Inc., a Texas corporation (“Seller”) and other parties thereto, pursuant to which, subject to the terms and conditions set forth in the Asset Purchase Agreement, Buyer agreed to acquire substantially all of the assets (collectively, the “Assets”) and assume and acquire certain of the rights and liabilities of Seller (collectively, the “Liabilities” and such acquisition of Assets and assumption of the Liabilities together, the “Transaction”) relating to Seller’s business of compounding and melting a broad range of Chalcogenide glasses for third-party manufacturers.

Aggregate consideration payable by the Company to Seller under the Asset Purchase Agreement in connection with the Transaction will not exceed $10.0 million and consists of (i) a closing cash payment of $7.0 million (the “Cash Consideration”) and (ii) contingent consideration that will not exceed $3.0 million (the “Contingent Consideration”). The Contingent Consideration, if earned, is payable in shares of Class A Common Stock, to be issued in up to six tranches of $500,000 each divided by the LPTH Stock Price (as calculated pursuant to the Asset Purchase Agreement) upon the achievement of certain milestones set forth in the Asset Purchase Agreement.

The Asset Purchase Agreement contains customary representations, warranties, conditions and indemnification obligations of the parties. The closing of the Asset Purchase Agreement was subject to the satisfaction or waiver of customary closing conditions set forth in the Asset Purchase Agreement. The Transaction closed (the “Closing”) on January 21, 2026 (the “AMI Acquisition Date”). As of January 20, 2026, Seller satisfied the first milestone contemplated by the Contingent Consideration Payments and received an aggregate of 39,897 shares of Class A Common Stock as of the AMI Acquisition Date. The initial accounting for the business combination is incomplete at this time due to the close proximity of the acquisition close date to the issuance date of these consolidated financial statements.

Our consolidated financial statements will reflect the financial results of Amorphous Materials LLC beginning on the AMI Acquisition Date. For the three and six months ended December 31, 2025, we incurred approximately $0.1 million in acquisition costs which are included in the consolidated statements of comprehensive income in the line item entitled “Selling, general and administrative.”

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Management’s Discussion and Analysis of Financial Condition and Results of Operations is designed to provide a reader of the financial statements with a narrative report on our financial condition, results of operations, and liquidity. This discussion and analysis should be read in conjunction with the attached unaudited Condensed Consolidated Financial Statements and notes thereto and our Annual Report on Form 10-K for the year ended June 30, 2025, including the audited Consolidated Financial Statements and notes thereto. The following discussion contains forward-looking statements that involve risks and uncertainties, such as statements of our plans, objectives, expectations, and intentions. Our actual results could differ materially from those discussed in the forward-looking statements. Please also see the cautionary language at the beginning of this Quarterly Report on Form 10-Q regarding forward-looking statements.

Introduction

We were incorporated in Delaware in 1992 as the successor to LightPath Technologies Limited Partnership, a New Mexico limited partnership, formed in 1989, and its predecessor, Integrated Solar Technologies Corporation, a New Mexico corporation, formed in 1985. Today, LightPath is a global company with major facilities in the U.S., the People’s Republic of China, and the Republic of Latvia.

Historically, we operated with a focus on optical component manufacturing, and specifically on our leadership position as a precision molded lens manufacturer for visual light applications. We expanded our addressable market with the acquisition of ISP, a manufacturer of infrared optical components, in December 2016. Since 2020, our strategy has been to move up the value chain by producing optical assemblies, modules and simple cameras. The acquisition of Visimid in 2023 and the acquisition of G5 Infrared in 2025 were completed to enhance our abilities on cameras and sensors and speed our movement up the value chain in line with our strategy of value-add infrared systems.

Subsidiaries

In November 2005, we formed LPOI, a wholly-owned subsidiary, located in Jiading, People’s Republic of China, which was primarily engaged in sales and support functions. In December 2013, we formed LPOIZ, a wholly-owned subsidiary located in the New City district, of the Jiangsu province, of the People’s Republic of China. LPOIZ’s manufacturing facility (the “Zhenjiang Facility”) serves as our primary manufacturing facility in China and provides a lower cost structure for production of larger volumes of optical components and assemblies. Effective February 28, 2023, the legal entities of LPOI and LPOIZ were merged, with LPOIZ as the surviving company.

In December 2016, we acquired ISP, and its wholly-owned subsidiary, ISP Latvia. ISP is a vertically-integrated manufacturer offering a full range of infrared products from custom infrared optical elements to catalog and high-performance lens assemblies. ISP’s manufacturing operation is located at our corporate headquarters facility in Orlando, Florida (the “Orlando Facility”). ISP Latvia is a manufacturer of high precision optics and offers a full range of infrared products, including catalog and custom infrared optics. ISP Latvia’s manufacturing facility is located in Riga, Latvia (the “Riga Facility”).

In July 2023, we acquired Visimid. Visimid is an engineering and design firm specializing in thermal imaging, night vision and internet of things applications. Visimid provides design and consulting services for U.S. Department of Defense contractors, commercial and industrial customers, and original equipment manufacturers for original new products. Visimid’s core competency is developing and producing custom thermal and night vision cores. Visimid’s facility is located in Plano, Texas.

In February 2025, we acquired G5 Infrared. G5 Infrared is a leading vertically-integrated manufacturer of high-performance infrared camera systems and imaging solutions, specializing in advanced thermal imaging technology and long-range mission-critical detection solutions. G5 Infrared’s existing revenue and future growth pipeline are driven by established multi-year contracts and multiple defense programs of record in shipboard long-range surveillance, border security, and counter unmanned aerial systems (“C-UAS”) systems, as well as recurring federal, naval, and law enforcement programs. Additionally, G5 Infrared is an industry-leading provider of cutting-edge advanced infrared coatings, including for materials such as LightPath’s BlackDiamond (“BlackDiamond”) glass. G5 Infrared operates from a state-of-the-art manufacturing facility in Hudson, New Hampshire. We believe that this acquisition strengthens LightPath’s position as a leader in infrared imaging by expanding the Company’s portfolio to include cooled infrared cameras. The combination of LightPath and G5 Infrared creates a more robust, vertically-integrated solutions provider.

For additional information, please refer to our Annual Report on Form 10-K for the year ended June 30, 2025.

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Product Groups

We categorize our products into four product groups: (i) infrared components, (ii) visible components, (iii) assemblies and modules, and (iv) engineering services. G5 Infrared’s revenue is generally derived from infrared components (including coating services) and assemblies and modules.

Our infrared product group is comprised of both molded and turned infrared lenses using a variety of infrared glass materials. This product group also includes revenue from sales of our BlackDiamond glass materials, and G5 Infrared’s optical component and coating business. This product group includes both conventional and CNC ground and polished lenses. Advances in chalcogenide materials have enabled compression molding for mid-wave (“MWIR”) and long-wave (“LWIR”) optics in a process similar to precision molded lenses. Our molded infrared optics technology enables high performance, cost-effective infrared aspheric lenses that do not rely on traditional diamond turning or lengthy polishing methods. Utilizing precision molded aspheric optics significantly reduces the number of lenses required for typical thermal imaging systems and the cost to manufacture these lenses. Molding is an excellent alternative to traditional lens processing methods particularly where volume and repeatability is required.

Our visible components product group consists of visible precision molded optics with varying applications. Aspheric lenses are known for their optimal performance. Aspheric lenses simplify and shrink optical systems by replacing several conventional lenses. However, aspheric lenses can be difficult and costly to machine. Our glass molding technology enables the production of both low and high volumes of aspheric optics, while still maintaining the highest quality at an affordable price. Molding is the most consistent and economical way to produce aspheres and we have perfected this method to offer the most precise molded aspheric lenses available.

Between these two component product groups, we have the capability to manufacture lenses from very small (with diameters of a sub-millimeter) to over 300 millimeters, and with focal lengths from approximately 0.4 millimeters to over 2,000 millimeters. In addition, both product groups offer both catalog and custom designed optics.

Our assemblies and modules product group is comprised of both optical assemblies such as lens systems, and cameras, both in the form of camera modules and complete camera systems. Historically this product group also included optical fiber collimators and some visible lens assemblies, however those are now a very small part of our activity, making infrared cameras and assemblies the most dominant part of this group. Today, the majority of the revenue of this group is derived from cameras made in our Texas facility (uncooled camera systems and modules), cameras made in our New Hampshire facility (cooled cameras for long range surveillance and detection), and optical assemblies such as standard off the shelf lens assemblies, and custom lens assemblies, the latter of which are produced mainly in Orlando. This product group also includes revenue from camera repair services, primarily from G5 Infrared.

Our engineering services product group represents services we provide pursuant to product development agreements that we enter into with customers. Typically, customers approach us and request that we develop new products or applications utilizing our existing products to fit their particular needs or specifications. The purpose of those engineering services that we offer is not only to provide purely engineering services for a customer, but also to engineer new products which we later manufacture for the customer. The timing and extent of any such product development requests are unpredictable and outside of our control.

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Growth Strategy

Since our Chief Executive Officer, Mr. Sam Rubin, joined the Company in 2020, we have been developing a new strategy that will transition the Company from a pure component manufacturer to a supplier of imaging subsystems and systems. Our strategic direction, which is based on our core technological differentiators such as our BlackDiamond glass (“BlackDiamond”) and proprietary molding technologies, significantly increases our value add to customers. This transition, which is occurring both organically and through acquisitions, such as the July 2023 acquisition of Visimid and the February 2025 acquisition of G5 Infrared, is positioning the Company for significant growth and higher profitability in coming years. These acquisitions have also added to our technological differentiators.

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Understanding the shifts that are happening in the marketplace and the changes that come when a technology, like photonics, moves from being a specialty to being integrated into mainstream industries and applications, we redefined our strategic direction to provide our wide customer base with domain expertise in optics, and became their partner for the optical engine of their systems. In our view, as the use of photonics evolves, so do customer needs. The industry is transforming from a fragmented industry with a component oriented supply chain, into a solution-focused industry with the potential for partnerships for solution development and production. Over the last couple of years we have worked to align our organization to this strategy, and leverage our in-house domain expertise in photonics, knowledge and experience in advanced optical technologies, and the necessary manufacturing techniques and capabilities. We have been developing these partnerships by working closely with our customers throughout their design process, designing optical solutions that are tailored to their needs, often times using unique technologies that we own, and supplying the customer with a complete optical subsystem to be integrated into their product. Such an approach builds on our unique, value-added technologies that we currently own, such as infrared materials, optical molding, fabrication, system design, and proprietary manufacturing technologies, along with technologies that we acquired through the Visimid acquisition, such as video processing, and technologies from the G5 Infrared acquisition, such as long range imaging using cooled midwave cameras. Continually adding differentiating technologies is key to our strategy and we expect to continue to do so both organically and through acquisitions.

Examples of this strategic approach can be found in many of our recent new product lines. We refer to these as LightPath 2.0 and 3.0, as that symbolizes the evolution of the Company. LightPath 2.0 refers to our assemblies and LightPath 3.0 refers to our cameras and related subsystems and systems. Like any company, a successful implementation of a strategy depends heavily on differentiators. In our case, those differentiators mostly tend to be technologies and capabilities. Over the last few years we have worked to, and will continue to work to, add and evolve our differentiators. Some of our differentiators currently include our unique BlackDiamond materials, optical system design capabilities, glass molding technology, processing of thermal images, and long range imaging technologies. Examples of how those differentiators translate into revenue include our multispectral Mantis camera, our missile program with Lockheed Martin, our long range cameras for border patrol and C-UAS applications, and a number of other system and subsystem level products and programs that are enabled by these technologies. Most recent was our announcement of two G5 Infrared cameras that have been re-designed to eliminate Germanium from the bill of materials, leveraging the advantages of our BlackDiamond materials as alternative to Germanium.

The shift in strategy and product offerings also shifts the price range of our product portfolio and indirectly drives growth in and of itself. Historically, as a pure component Company, the average selling prices (“ASPs”) of those products were measured in single dollars or tens of dollars, whereas with the development of our assemblies product line (i.e., LightPath 2.0), ASPs for those products are measured in hundreds of dollars. When we added cameras, subsystems and systems (i.e., LightPath 3.0), ASPs for those products are measured in tens of thousands, and sometimes hundreds of thousands of dollars. We expect this shift to start favorably impacting our financial results in future periods.

Further information about our strategic direction can be found in our Annual Report on Form 10-K for the fiscal year ended June 30, 2025.

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Results of Operations

Revenue

~~Revenue~~Three ~~for~~Months ~~the~~ended ~~first~~December ~~quarter of fiscal 2026 was approximately $15.1 million~~31, ~~an increase of approximately $6.7 million~~2025, ~~or 79%, as~~ compared to ~~approximately~~three ~~$8.4~~months ~~million~~ended December ~~in the same quarter of the prior fiscal year~~31, ~~primarily driven by increases in infrared components and assemblies and modules resulting from the addition of G5 Infrared revenue since acquisition.~~2024

Revenue ~~from~~for ~~infrared components was approximately $4.3 million in~~ the ~~first~~ second quarter of fiscal 2026 was approximately $16.4 million, an increase of approximately $18.69 million, or 63120%, as compared to approximately $7.4 million in the same quarter of the prior fiscal year., ~~The~~primarily ~~first~~driven ~~quarter~~by ofincreases ~~fiscal~~in ~~2026~~infrared ~~includes~~components ~~$0.7~~and ~~million~~assemblies ofand G5modules ~~Infrared~~resulting ~~sales~~from ofthe ~~coating~~addition ~~services~~of ~~and~~G5 ~~components. The~~Infrared ~~remaining $0.9 million increase in~~ revenue issince ~~primarily due to an increase in sales to defense and industrial customers~~acquisition.

Revenue from ~~the~~infrared ~~visible~~ components ~~product~~was ~~group~~approximately $5.0 ~~for~~million in the ~~first~~ second quarter of fiscal 2026 ~~was $3.8 million~~, an increase of ~~approximately~~ $01.59 million, or 1661%, as compared to the same quarter of the prior fiscal year. The second quarter of fiscal 2026 includes $1.2 million of G5 Infrared sales of coating services and components. The remaining $0.7 million increase ~~was~~in revenue is primarily ~~driven~~due byto ~~increases~~an increase in sales to ~~industrial~~defense ~~customers~~and inindustrial ~~Asia~~customers.

Revenue from ~~assemblies~~the ~~and~~visible ~~modules~~components ~~was~~product ~~approximately~~group ~~$5.9~~for ~~million in~~ the ~~first~~ second quarter of fiscal 2026 was $3.4 million, an increase of approximately $40.87 million, or ~~436~~25%, as compared to the same quarter of the prior fiscal year. The ~~first~~increase ~~quarter~~was ofprimarily ~~fiscal~~driven ~~2026~~by ~~includes~~an ~~$4.7~~increase in ~~million~~sales ofto G5industrial ~~Infrared~~customers ~~sales~~in ofthe ~~cameras~~U.S. and ~~modules~~Asia.

Revenue from ~~engineering~~assemblies ~~services~~and ~~decreased~~modules bywas approximately $07.32 million, orin ~~21%, for~~ the ~~first~~ second quarter of fiscal 2026, an increase of approximately $6.4 million, or 741%, as compared to the same quarter of the prior fiscal year. ~~This~~ ~~decrease~~The increase was primarily driven by ~~Visimid’s development contract with Lockheed Martin, where~~ the ~~timing~~inclusion ~~and dollar value~~ of ~~deliverables is not always consistent, which causes revenue for this product group to fluctuate from period to period~~ $6.4 ~~For~~million ~~the first quarter~~ of ~~fiscal~~G5 ~~2026,~~Infrared ~~the~~sales ~~revenue recognized against this contract was less than in the first quarter~~ of ~~fiscal~~cameras ~~2025~~and modules.

27Revenue ~~Table~~from engineering services decreased by approximately $0.01 million, or 2%, for the second quarter of ~~Contents~~fiscal 2026, as compared to the same quarter of the prior fiscal year. This decrease was primarily driven by Visimid’s development contract with Lockheed Martin, where the timing and dollar value of deliverables is not always consistent, which causes revenue for this product group to fluctuate from period to period. For the second quarter of fiscal 2026, the revenue recognized against this contract was less than in the second quarter of fiscal 2025, which was partially offset by a non-recurring engineering project for another defense customer during the second quarter of fiscal 2026.

Six months ended December 31, 2025, compared to six months ended December 31, 2024

Revenue for the first half of fiscal 2026 was approximately $31.4 million, an increase of approximately $15.6 million, or 98%, as compared to approximately $15.8 million in the same period of the prior fiscal year, primarily driven by increases in infrared components and assemblies and modules resulting from the addition of G5 Infrared revenue since acquisition.

Revenue from infrared components was approximately $9.3 million in the first half of fiscal 2026, an increase of $3.6 million, or 62%, as compared to the same period of the prior fiscal year. The first half of fiscal 2026 includes $1.9 million of G5 Infrared sales of coating services and components. The remaining $1.7 million increase in revenue is primarily due to increases in sales to industrial customers.

Revenue from the visible components product group for the first half of fiscal 2026 was $7.3 million, an increase of approximately $1.2 million, or 20%, as compared to the same period of the prior fiscal year. The increase was primarily driven by increases in sales to industrial customers in Asia, as well as in the U.S. and Europe.

Revenue from assemblies and modules was approximately $13.1 million in the first half of fiscal 2026, an increase of approximately $11.1 million, or 570%, as compared to the same period of the prior fiscal year. The first half of fiscal 2026 includes $11.1 million of G5 Infrared sales of cameras and modules.

Revenue from engineering services decreased by approximately $0.3 million, or 15%, for the first half of fiscal 2026, as compared to the same period of the prior fiscal year. This decrease was primarily driven by Visimid’s development contract with Lockheed Martin, where the timing and dollar value of deliverables is not always consistent, which causes revenue for this product group to fluctuate from period to period. For the first half of fiscal 2026, the revenue recognized against this contract was less than in the same period of fiscal 2025.

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Gross Profit

In the ~~first~~ second quarter of fiscal 2026, gross profit was approximately $46.50 million, an increase of $14.61 million, or 58212%, as compared to the same quarter of the prior fiscal year. Total cost of sales was approximately $10.6 3 million for the ~~first~~ second quarter of fiscal 2026, compared to approximately $5.6 5 million for the same quarter of the prior fiscal year. Gross margin as a percentage of revenue was 3037% for the ~~first~~ second quarter of fiscal 2026, compared to 3426% for the same quarter of the prior fiscal year. ~~Although~~The increase in gross margin as a percentage of revenue is primarily driven by the ~~product~~increase ~~group~~in ~~mix~~revenue ~~was~~from assemblies and modules, which generally have higher margins. Gross margin on engineering services was also more favorable in the ~~first~~second quarter of fiscal 2026 due to a non-recurring engineering project for a defense customer. In addition, ~~the~~gross ~~first~~margins ~~quarter~~for ofinfrared ~~fiscal~~components ~~2025~~have ~~included~~improved ~~certain~~due ~~non-recurring~~to ora ~~end~~more favorable mix, and the resolution of ~~life~~certain ~~orders~~manufacturing yield issues that ~~had~~negatively ~~higher~~impacted ~~margins~~the second quarter of fiscal 2025.

In the first half of fiscal 2026, gross profit was approximately $10.5 million, an increase of $5.7 million, or 120%, as compared to the same period of the prior fiscal year. Total cost of sales was approximately $20.9 million for the first half of fiscal 2026, compared to approximately $11.0 million for the same period of the prior fiscal year. Gross margin as a percentage of revenue was 33% for the first half of fiscal 2026, compared to 30% for the same period of the prior fiscal year. The increase in gross margin as a percentage of revenue is primarily driven by the increase in revenue from assemblies and modules, which generally have higher margins.

Selling, General and Administrative

In the ~~first~~ second quarter of fiscal 2026, SG&A costs were approximately $45.49 million, an increase of approximately $12.15 million, or 3475%, as compared to approximately $3.3 4 million in the same quarter of the prior fiscal year. In the first half of fiscal 2026, SG&A costs were approximately $10.2 million, an increase of approximately $3.6 million, or 55%, as compared to approximately $6.6 million in the same period of the prior fiscal year. The increase in SG&A costs is primarily due to the addition of G5 Infrared SG&A costs of $0.8 million, asand ~~well~~$1.6 asmillion anfor ~~increase~~the insecond quarter and first half of fiscal 2026, respectively. In addition, we have increased our sales and marketing spend to promote new products, including personnel costs, travel, advertising and tradeshows. Our SG&A personnel costs have also increased due to filling certain vacant executive roles and accruing for incentive compensation plans for employees.

New Product Development

In the ~~first~~ second quarter of fiscal 2026, new product development costs were approximately $0.97 million, anor ~~increase~~nearly ~~of approximately $0.4 million~~flat, ~~or 82%,~~ as compared to the same quarter of the prior fiscal year. ~~This~~New ~~increase~~product ~~includes~~development costs increased with the addition of G5 Infrared ~~product development costs~~, and ~~additional~~other additional engineering personnel; however, asthese increases ~~well~~were asoffset anby a ~~increase~~decrease in materials and outside services utilized for development projects, ~~primarily~~due ~~for~~to ~~infrared~~timing ~~cores~~of ~~and~~such ~~camera systems~~projects.

In the first half of fiscal 2026, new product development costs were approximately $1.6 million, an increase of approximately $0.4 million, or 30%, as compared to the same period of the prior fiscal year. This increase includes the addition of G5 Infrared product development costs, and other additional engineering personnel, as well as an increase in materials utilized for development projects, primarily for infrared cores and camera systems.

Amortization of Intangibles

Amortization of intangibles increased by $0.12 million for the ~~first~~ second quarter of fiscal 2026, as compared to the same quarter of the prior fiscal year, and increased by $0.2 million for the first half of fiscal 2026, as compared to the same period of the prior fiscal year. The increases are driven by the amortization of identifiable intangible assets associated with the acquisition of G5 Infrared, partially offset by decreases in amortization of intangible assets associated with prior acquisitions.

Other Income (Expense)

Interest expense, net, was approximately $0.3 million for the ~~first~~ second quarter of fiscal 2026, as compared to $0.12 million for the same quarter of the prior fiscal year. For the first half of fiscal 2026, interest expense, net, was $0.6 million, as compared to $0.3 million for the same period of the prior fiscal year. The increase in interest expense is due to the interest and amortization of loan issuance costs associated with the Acquisition Notes, executed in February 2025, which replaced the Bridge Note, executed in August 2024. The Acquisition Notes were paid in full on December 31, 2025.

Other expense, net, was approximately $0.0401 million for the ~~first~~ second quarter of fiscal 2026, as compared to $0.1 million for the same quarter of the prior fiscal year. Other expense, ~~which~~net was approximately $0.02 million for the first half of fiscal 2026, as compared to other income, net of $0.01 million for the same period of the prior fiscal year. Other expense or income, net, includes net gains and losses on foreign exchange transactions. We execute all foreign sales from our U.S. facilities and inter-company transactions in U.S. dollars, partially mitigating the impact of foreign currency fluctuations. Assets and liabilities denominated in non-U.S. currencies, primarily the Chinese Yuan and Euro, are translated at rates of exchange prevailing on the balance sheet date, and revenues and expenses are translated at average rates of exchange for the year. ~~We recognized foreign currency transaction losses of $0.04 million for both the first quarters of fiscal 2026 and 2025.~~

Income Taxes

Income tax expense was approximately $0.103 million for the ~~first~~ second quarter of fiscal 2026, as compared to $0.0104 million for the same quarter of the prior fiscal year, and $0.1 million for both the first half of fiscal 2026 and 2025. Income tax expense for these periods is primarily related to income taxes from our operations in China, including withholding taxes on payments from LPOIZ to LightPath for administrative services rendered.

Net Loss

Net loss for the ~~first~~ second quarter of fiscal 2026 was approximately $2.9.4 million, or $0.0720 basic and diluted loss per share, compared to $12.6 million, or $0.0407 basic and diluted loss per share, for the same quarter of the prior fiscal year. The increase in net loss of approximately $16.38 million for the ~~first~~ second quarter of fiscal 2026, as compared to the same quarter of the prior fiscal year, was primarily attributable to the change in fair value of acquisition liabilities for the earnout related to the acquisition of G5 Infrared.

28Net ~~Table~~loss for the first half of ~~Contents~~fiscal 2026 was approximately $12.3 million, or $0.27 basic and diluted loss per share, compared to $4.2 million, or $0.11 basic and diluted loss per share, for the same quarter of the prior fiscal year. The increase in net loss of approximately $8.1 million for the first half of fiscal 2026, as compared to the same period of the prior fiscal year, was primarily attributable to the loss in extinguishment of debt coupled with the change in fair value of acquisition liabilities for the earnout related to the acquisition of G5 Infrared.

Weighted-average common shares outstanding for the first quarter of fiscal 2026 were 43,287,933, basic and diluted, compared to 39,561,480, basic and diluted, in the same quarter of fiscal 2025. The increase in weighted-average basic common shares was primarily due to the Class A Common Stock issued in conjunction with the financing of the acquisition of G5 Infrared (refer to Note 3, Acquisition of G5 Infrared, in the Notes to the unaudited Condensed Consolidated Financial Statements in this Quarterly Report on Form 10-Q for additional information). The increase is also attributable to the Private Placement (as defined below) of 1,600,000 shares of Class A Common Stock which closed in September 2025, the shares of Class A Common Stock issued in conjunction with the acquisition of Visimid, and the issuance of shares of Class A Common Stock underlying vested RSUs and RSAs. Potential dilutive common stock equivalents were excluded from the calculation of diluted shares for all periods presented, as their effects would have been anti-dilutive due to net losses in those periods. 30

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Weighted-average common shares outstanding for the second quarter of fiscal 2026 were 46,998,804, basic and diluted, compared to 39,728,933, basic and diluted, in the same quarter of fiscal 2025. Weighted-average common shares outstanding for the first half of fiscal 2026 were 45,143,367, basic and diluted, compared to 39,645,206, basic and diluted, in the first half of fiscal 2025. The increase in weighted-average basic common shares was due to: (i) the Class A Common Stock issued in conjunction with the financing of the acquisition of G5 Infrared (refer to Note 3, Acquisition of G5 Infrared, in the Notes to the unaudited Condensed Consolidated Financial Statements in this Quarterly Report on Form 10-Q for additional information); (ii) the Private Placement (as defined below) of 1,600,000 shares of Class A Common Stock which closed in September 2025; (iii) the Offering (as defined below) of 8,912,500 million shares of Class A Common Stock which closed in December 2025; (iv) the shares of Class A Common Stock issued in conjunction with the acquisition of Visimid; and (v) the issuance of shares of Class A Common Stock underlying vested RSUs and RSAs. Potential dilutive common stock equivalents were excluded from the calculation of diluted shares for all periods presented, as their effects would have been anti-dilutive due to net losses in those periods.

Liquidity and Capital Resources

As of ~~September~~December 3031, 2025, we had working capital of approximately $1772.46 million and total cash and cash equivalents of approximately $1173.56 million, of which, approximately 154% of our cash and cash equivalents was held by our foreign subsidiaries.

Cash and cash equivalents held by our foreign subsidiaries in China and Latvia were generated in-country as a result of foreign earnings. We routinely declare intercompany dividends to remit a portion of the earnings of our foreign subsidiaries to LightPath, as the U.S. parent company. It is still our intent to reinvest a significant portion of earnings generated by our foreign subsidiaries, however, we may also repatriate a portion of their earnings, and we accrue for these taxes on the portion of earnings that we intend to repatriate. We currently do not intend for our Latvian subsidiary to declare intercompany dividends.

In China, before any funds can be repatriated, the retained earnings of the legal entity must equal at least 50% of the registered capital. As of ~~September~~December 3031, 2025, LPOIZ had approximately $0.45 million available for repatriation, based on earnings accumulated through December 31, ~~2024~~2025, the end of the most recent statutory tax year, that remained undistributed as of ~~September~~December 3031, 2025.

As of ~~September~~December 3031, 2025, loans payable consists of ~~two~~ one third-party equipment ~~loans~~loan. The Acquisition Notes and one third-party equipment loan were paid in full during the ~~Acquisition~~three ~~Notes~~months ended December 31, 2025. See Note 13, Loans Payable, in the unaudited Condensed Consolidated Financial Statements, for further information.

On February 18, 2025, we announced the closing of the acquisition of G5 Infrared and the related financing, including the issuance of shares of Series G Convertible Preferred Stock. For additional information, refer to Note 3, Acquisition of G5 Infrared, in the accompanying unaudited Condensed Consolidated Financial Statements.

On September 15, 2025, ~~the Company~~ we entered into a Securities Purchase Agreement (the “Private Placement SPA”) with Unusual Machines, Inc., a Nevada corporation (“Unusual Machines”), and Ondas Holdings Inc., a Nevada corporation (“Ondas,” together with Unusual Machines, the “Private Placement Buyers”), pursuant to which the Private Placement Buyers agreed to purchase from the Company an aggregate of 1,600,000 shares of Class A Common Stock (the “Private Placement Securities”) at a purchase price of $5.00 per share (the “Private Placement”). The Private Placement closed on September 16, 2025 and the Company received aggregate proceeds from the Private Placement of $8.0 million, before deducting offering expenses of approximately $0.1 million payable by the Company. The Company intends to use the proceeds from the Private Placement to fund working capital and other general corporate purposes. The Private Placement SPA contains customary representations, warranties, covenants, conditions and indemnification obligations of the parties.

On December 12, 2025, we entered into an underwriting agreement (the “Underwriting Agreement”) with Canaccord Genuity LLC and Craig-Hallum Capital Group LLC, as representatives of the several underwriters named therein (the “Underwriters”), relating to an underwritten public offering (the “Offering”) of 7,750,000 shares (the “Firm Shares”) of Class A Common Stock, at a public offering price of $7.75 per share. Pursuant to the terms of the Underwriting Agreement, the Company granted to the Underwriters a 30-day option to purchase up to an additional 1,162,500 shares of Class A common stock in the Offering at the public offering price, which the Underwriters exercised in full concurrent with the closing of the Offering on December 15, 2025.

There are a number of factors that could result in the need to raise additional funds, including a decline in revenue or a lack of anticipated sales growth, increased material costs, increased labor costs, planned production efficiency improvements not being realized, increases in property, casualty, benefit and liability insurance premiums, and increases in other costs. In addition, we may identify opportunities for additional acquisitions and other strategic transactions to expand and further enhance our business that may require that we raise additional capital should we elect to pursue any of such transactions.

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Cash Flows – Operating:

Cash ~~used~~provided inby operations was approximately $1.17 million for the first ~~quarter~~ half of fiscal 2026, compared to ~~approximately~~cash used in operations of approximately $12.74 million for the same period of the prior fiscal year. Cash ~~used~~provided in by operations for the first ~~quarter~~half of fiscal 2026 was primarily due to ~~the~~a decrease in accounts ~~payable~~receivables, ~~and~~coupled ~~accrued~~with an ~~liabilities,~~increase ~~while~~in accounts ~~receivable~~payable and ~~inventory~~accrued ~~remained~~liabilities, ~~relatively~~largely ~~flat~~driven by customer prepayments. Cash used in operations for the first ~~quarter~~ half of fiscal 2025 was largely driven by a decrease in accounts payable and accrued liabilities, coupled with ~~increases~~an increase in accounts ~~payable and inventory~~receivable.

Cash Flows – Investing:

During the first ~~quarter~~ half of fiscal 2026, we expended approximately $0.19 million in investments in capital equipment, compared to approximately $0.12 million in the same period of the prior fiscal year.

Cash Flows – Financings:

Net cash provided by financing activities was approximately $767.87 million for the first ~~quarter~~ half of fiscal 2026, compared to approximately $2.54 million in the same period of the prior fiscal year. Cash provided by financing activities for the first ~~quarter~~ half of fiscal ~~2025 primarily~~ 2026 reflects the proceeds of $65.3 million from the Offering and $7.9 million from the Private Placement, offset by approximately $05.1 5 million in principal payments on our loans and finance leases. Cash provided by financing activities for the first ~~quarter~~ half of fiscal 2025 primarily reflects the $2.7 million in net proceeds from the Bridge Note, plus approximately $~~10,000~~0.01 million in proceeds from the sale of Class A ~~common~~Common ~~stock~~Stock under the 2014 ESPP, offset by approximately $~~94,000~~0.2 million in principal payments on our loans and finance leases and a $0.1 million deferred payment for the acquisition of Visimid.

Critical Accounting Policies and Estimates

There have been no material changes to our critical accounting policies and estimates during the ~~three~~ six months ended ~~September~~December 3031, 2025 from those disclosed in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, of our Annual Report on Form 10-K for the year ended June 30, 2025.

How We Operate

We have continuing sales of two basic types: sales of standard product configurations and sales of customized products or products developed specifically for a certain customer. In this latter type of business, we work with customers to help them determine optical specifications and then create certain optical designs for them, including complex multi-component, optical system or sub-system designs that we call “engineered solutions.” This is followed by “sampling” or prototyping small numbers of the product for the customers’ test and evaluation. Thereafter, should a customer conclude that our specification or design is the best solution to their product need; we negotiate and “win” a contract (sometimes called a “design win”) – whether of a “blanket purchase order” type or a supply agreement. The strategy is to create an annuity revenue stream that makes the best use of our production capacity and longer-term revenue planning, as compared to the turns business, which is unpredictable and uneven. A key business objective is to convert as much of our business to the design win and annuity model as is possible. We face several challenges in doing so:

·• Maintaining an optical design and new product sampling capability, including a high-quality and responsive optical design engineering staff, opto-mechanical engineering, and all related disciplines; · The fact that as our customers take products of this nature into higher volume, commercial production they begin to work seriously to reduce costs – which may lead them to turn to larger producers, domestic or overseas, even if sacrificing quality; and · Our small business mass means that we can only offer a moderate amount of total productive capacity before we reach financial constraints imposed by the need to make additional capital expenditures – in other words, because of our limited cash resources and cash flow, we may not be able to service every opportunity that presents itself in our markets without arranging for such additional capital expenditures.

•

The fact that as our customers take products of this nature into higher volume, commercial production they begin to work seriously to reduce costs – which may lead them to turn to larger producers, domestic or overseas, even if sacrificing quality; and

•

Our small business mass means that we can only offer a moderate amount of total productive capacity before we reach financial constraints imposed by the need to make additional capital expenditures – in other words, because of our limited cash resources and cash flow, we may not be able to service every opportunity that presents itself in our markets without arranging for such additional capital expenditures.

Despite these challenges to winning more “annuity” business, we nevertheless believe we can be successful in procuring this business because of our unique capabilities in optical design engineering that we make available on the market to our current and potential customers looking for specific solutions to their needs. Additionally, we believe that we offer value to some customers as a source of supply in the U.S. should they be unwilling to commit to purchase their supply of critical component(s) from foreign sources. For information regarding revenue recognition related to our various revenue streams, refer to Critical Accounting Policies and Estimates in our Annual Report on Form 10-K dated June 30, 2025.

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Our Key Performance Indicators:

Typically, on a weekly basis, management reviews a number of performance indicators, both qualitative and quantitative. These indicators change from time to time as the opportunities and challenges in the business change. These indicators are used to determine tactical operating actions and changes. We believe that our non-financial production indicators, such as those noted, are proprietary information.

Financial indicators that are considered key and reviewed regularly are as follows:

·● Sales backlog; ~~· Revenue by product group; · EBITDA and Adjusted EBITDA; and · Other key indicators.~~

	●	Revenue by product group;

	●	EBITDA and Adjusted EBITDA; and

●

Other key indicators.

These indicators are also used to determine tactical operating actions and changes and are discussed in more detail below. Management continues to evaluate these key indicators as we refine our strategic plan to determine whether any changes or updates to our key indicators are warranted.

Sales Backlog

We believe sales growth has been and continues to be a key indicator of success. Our best view into the efficacy of our sales efforts is in our “order book.” Our order book equates to sales “backlog.” It has a quantitative and a qualitative aspect: quantitatively, our backlog’s prospective dollar value and qualitatively, what percent of the backlog is scheduled by the customer for date-certain delivery. We monitor and evaluate our total backlog, which includes all firm orders requested by a customer that are reasonably believed to remain in the backlog and be converted into revenues. This includes customer purchase orders and may include amounts under supply contracts if they meet the aforementioned criteria.

Our total backlog at ~~September~~December 3031, 2025 was approximately $8697.08 million, an increase of ~~130~~162%, as compared to $37.4 million as of June 30, 2025. Backlog change rates for the last five fiscal quarters are:

Quarter	Total Backlog ($ 000)		Change From Prior Year End			Change From Prior Quarter End
	Total Backlog		Change From			Change From
Q1 2025	$	20,542		7	%		7	%
Quarter	(in thousands)		Prior Year End			Prior Quarter End
Q2 2025	$	19,767		3	%		-4	%
Q3 2025	$	27,423		42	%		39	%
Q4 2025	$	37,390		94	%		36	%
Q1 2026	$	86,043		130	%		130	%
Q2 2026	$	97,837		162	%		14	%

The acquisition of G5 Infrared added $5.6 million of backlog, as of the Acquisition Date, during the third quarter of fiscal 2025. As of ~~September~~December 3031, 2025, backlog for G5 Infrared products was $6470.8 million, compared to $16.6 million as of June 30, 2025. Included in the increase from June 30, 2025 to ~~September~~December 3031, 2025 are approximately $40 million in orders from a leading global technology customer for advanced infrared camera systems expected to ship in calendar year 2026 and 2027, ~~and~~as ~~approximately~~well $7as several other multi-million indollar orders from other customers. In addition to these G5 Infrared orders, LightPath orders contributed approximately $16.2 million to the increase in backlog during the first ~~quarter~~ half of fiscal 2026, primarily for infrared components. During the first ~~quarter~~ half of fiscal 2026, we received a significant contract renewal for advanced infrared optics for a critical international military program. 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 anticipate that our existing annual and multi-year contracts will be renewed in future quarters.

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Markets continue to experience growing demand for infrared products used in the industrial, defense and first responder sectors. Demand for infrared products continues to be fueled by interest in lenses made with our BD6 glass and our new BDNL materials. With the global supply of germanium concentrated in Russia and China, recent global events and increases in restrictions on the sourcing of these materials are generating renewed interest in germanium alternatives such as our proprietary BlackDiamond materials, and other materials we are currently developing under an exclusive license with the Naval Research Lab.

As we have outlined in our strategic direction, we do not expect to see significant growth in our visible components product group in the near future. Competition in that product line has grown substantially over the last few years, and some of our new molding capabilities and technologies such as free-form molded optics, might take longer than anticipated to reach full commercialization, depending on economic conditions and technology trends in the area of AR\VR.

In addition, order bookings for both visible and infrared components and assemblies continue to be slow in China. Domestic sales in China have also been adversely impacted by the economic downturn in China, which continues to negatively impact revenue and bookings in that region.

Revenue by Product Group

The following table sets forth revenue for our four product groups for the three and six-month periods ended ~~September~~December 3031, 2025 and 2024:

	(unaudited)
	Three Months EndedSeptember 30,
	Three Months Ended							Six Months Ended
	2025		2024
	December 31,				Quarter			December 31,				Year-to-Date
Revenue
	2025		2024		% Change			2025		2024		% Change
Infrared components	$	4,257,955	$	2,610,884
Revenue
Visible components		3,838,306		3,299,878
Infrared components	$	5,018,039	$	3,112,076		61	%	$	9,275,994	$	5,722,960		62	%
Assemblies and modules		5,859,498		1,093,668
Visible components		3,444,374		2,762,852		25	%		7,282,680		6,062,730		20	%
Engineering services		1,102,522		1,395,951
Assemblies and modules		7,211,035		857,214		741	%		13,070,533		1,950,882		570	%
Total revenue	$	15,058,281	$	8,400,381
Engineering services		678,204		692,687		(2	)%		1,780,726		2,088,638		(15	)%
Total revenue	$	16,351,652	$	7,424,829		120	%	$	31,409,933	$	15,825,210		98	%

Three months ended December ~~September 30~~31, 2025

Our revenue increased by 79 120% in the ~~first~~ second quarter of fiscal 2026 compared to the same quarter of the prior fiscal year, primarily driven by increases in infrared components and assemblies and modules resulting from the addition of G5 Infrared revenue since acquisition.

Revenue generated by the infrared components product group for the ~~first~~ second quarter of fiscal year 2026 was $45.30 million, an increase of 6361%, as compared to the same quarter of the prior fiscal year. The ~~first~~ second quarter of fiscal 2026 includes $01.72 million of G5 Infrared sales of coating services and components. The remaining $0.97 million increase in revenue is primarily due to an increase in sales to defense and industrial customers.

Revenue from the visible components product group for the ~~first~~ second quarter of fiscal year 2026 was $3.84 million, an increase of 1625%, as compared to the same quarter of the prior fiscal year. The increase was primarily driven by increases in sales to industrial customers in the U.S. and Asia.

Revenue from assemblies and modules increased by $46.84 million, or ~~436~~741%, for the ~~first~~ second quarter of fiscal 2026, as compared to the same quarter of the prior fiscal year., ~~The~~driven ~~first~~by ~~quarter of fiscal 2026 includes $4.7 million of~~ G5 Infrared sales of cameras and modules.

Revenue from engineering services ~~decreased~~was ~~$0.3~~nearly ~~million,~~ flat for the ~~first~~ second quarter of fiscal 2026, as compared to the same quarter of the prior fiscal year. This decrease was primarily driven by Visimid’s development contract with Lockheed Martin, where the timing and dollar value of deliverables is not always consistent, which causes revenue for this product group to fluctuate from period to period. For the ~~first~~ second quarter of fiscal 2026, the revenue recognized against this contract was less than in the ~~first~~ second quarter of fiscal 2025. This decrease was partially offset by non-recurring engineering revenue from another defense customer.

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Six months ended December 31, 2025

Our revenue increased by 98% in the first half of fiscal 2026 compared to the same period of the prior fiscal year, primarily driven by increases in infrared components and assemblies and modules resulting from the addition of G5 Infrared revenue since acquisition.

Revenue generated by the infrared components product group for the first half of fiscal year 2026 was $9.3 million, an increase of 62%, as compared to the same period of the prior fiscal year. The first half of fiscal 2026 includes $1.9 million of G5 Infrared sales of coating services and components. The remaining $1.7 million increase in revenue is primarily due to increases in sales to industrial customers.

Revenue from the visible components product group for the first half of fiscal year 2026 was $7.3 million, an increase of 20%, as compared to the same period of the prior fiscal year. The increase was primarily driven by increases in sales to industrial customers in Asia, as well as in the U.S and Europe.

Revenue from assemblies and modules increased by $11.1 million, or 570%, for the first half of fiscal 2026, as compared to the same period of the prior fiscal year, driven by G5 Infrared sales of cameras and modules.

Revenue from engineering services decreased $0.3 million, for the first half of fiscal 2026, as compared to the same period of the prior fiscal year. This decrease was primarily driven by Visimid’s development contract with Lockheed Martin, where the timing and dollar value of deliverables is not always consistent, which causes revenue for this product group to fluctuate from period to period. For the first half of fiscal 2026, the revenue recognized against this contract was less than in the first half of fiscal 2025.

Other Key Indicators

Other key indicators include various qualitative and quantitative operating metrics. These indicators change from time to time as the opportunities and challenges in the business change. They are mostly non-financial indicators, such as evaluating the pipeline of sales opportunities, on time delivery trends, production yield rates by major product line, and the output and yield data from significant intermediary manufacturing processes that support the production of the finished shippable product. The data from these reports is used to determine tactical operating actions and changes. Management also assesses business performance and makes business decisions regarding our operations using certain non-GAAP measures. These non-GAAP measures are described in more detail below under the heading “Non-GAAP Financial Measures.”

Non-GAAP Financial Measures

We report our historical results in accordance with GAAP; however, our management also assesses business performance and makes business decisions regarding our operations using certain non-GAAP financial measures. We believe these non-GAAP financial measures provide useful information to management and investors that is supplementary to our financial condition and results of operations computed in accordance with GAAP; however, we acknowledge that our non-GAAP financial measures have a number of limitations. As such, you should not view these disclosures as a substitute for results determined in accordance with GAAP, and they are not necessarily comparable to non-GAAP financial measures that other companies use.

EBITDA and Adjusted EBITDA

EBITDA and Adjusted EBITDA are non-GAAP financial measures used by management, lenders, and certain investors as a supplemental measure in the evaluation of some aspects of a corporation’s financial position and core operating performance. Investors sometimes use EBITDA, as it allows for some level of comparability of profitability trends between those businesses differing as to capital structure and capital intensity by removing the impacts of depreciation and amortization. EBITDA also does not include changes in major working capital items, such as receivables, inventory and payables, which can also indicate a significant need for, or source of, cash. Since decisions regarding capital investment and financing and changes in working capital components can have a significant impact on cash flow, EBITDA is not necessarily a good indicator of a business’s cash flows. We use EBITDA for evaluating the relative underlying performance of our core operations and for planning purposes. We calculate EBITDA by adjusting net income to exclude net interest expense, income tax expense or benefit, depreciation and amortization, thus the term “Earnings Before Interest, Taxes, Depreciation and Amortization” and the acronym “EBITDA.”

We also calculate an adjusted EBITDA, which excludes, as applicable: (1) stock compensation expenses; (2) the loss on extinguishment of debt; (3) the effect of the non-cash income or expense associated with the mark-to-market adjustments, related to the warrants; (4) the effect of non-cash income or expenses associated with the fair value adjustments related to the acquisition earnout liabilities; and (5) the effect of foreign exchange gains or losses. Management uses adjusted EBITDA to evaluate our underlying operating performance and for planning and forecasting future business operations.

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We Table ~~believe~~of EBITDA and Adjusted EBITDA are helpful for investors to better understand our underlying business operations. The following table adjusts net loss to EBITDA and Adjusted EBITDA for the three months ended September 30, 2025 and 2024:Contents

	(unaudited)
	Three Months Ended September 30,
	2025			2024
Net loss	$	(2,893,002	)	$	(1,622,745	)
Depreciation and amortization		1,218,948			989,562
Income tax provision		81,270			15,636
Interest expense		268,853			149,360
EBITDA	$	(1,323,931	)	$	(468,187	)
Stock-based compensation		359,661			264,475
Change in fair value of acquisition liabilities		1,282,529			—
Foreign exchange loss (gain)		42,543			35,504
Adjusted EBITDA	$	360,802		$	(168,208	)
% of revenue		2	%		-2	%

We believe EBITDA and Adjusted EBITDA are helpful for investors to better understand our underlying business operations. The following table adjusts net loss to EBITDA and Adjusted EBITDA for the three and six months ended December 31, 2025 and 2024:

Our adjusted EBITDA for the quarter ended September 30, 2025 was approximately $0.4 million, compared to a loss of $0.2 million for the same quarter of the prior fiscal year. The increase in adjusted EBITDA in the first quarter of fiscal 2026 was primarily attributable to the increase in gross profit, driven by higher sales, partially offset by increased SG&A and new product development costs.

	(unaudited)
	Three Months Ended						Six Months Ended
	December 31,						December 31,
	2025			2024			2025			2024
Net loss	$	(9,405,409	)	$	(2,611,997	)	$	(12,298,411	)	$	(4,234,742	)
Depreciation and amortization		1,235,738			904,040			2,454,686			1,893,602
Income tax provision		30,556			44,525			111,826			60,161
Interest expense		285,023			169,053			553,876			318,413
EBITDA	$	(7,854,092	)	$	(1,494,379	)	$	(9,178,023	)	$	(1,962,566	)
Stock-based compensation		338,949			241,545			698,610			506,020
Loss in extinguishment of debt		506,280			—			506,280			—
Change in fair value of acquisition liabilities		7,559,000			—			8,841,529			—
Foreign exchange loss (gain)		13,526			(39,578	)		56,068			(4,074	)
Adjusted EBITDA	$	563,663		$	(1,292,412	)	$	924,464		$	(1,460,620	)
% of revenue		3	%		-17	%		3	%		-9	%

Our adjusted EBITDA for the quarter ended December 31, 2025 was approximately $0.6 million, compared to a loss of $1.3 million for the same quarter of the prior fiscal year. The increase in adjusted EBITDA in the second quarter of fiscal 2026 was primarily attributable to the increase in gross profit, driven by higher sales, partially offset by increased SG&A and new product development costs.

Our adjusted EBITDA for the six months ended December 31, 2025 was approximately $0.9 million, compared to a loss of $1.5 million for the same period of the prior fiscal year. The increase in adjusted EBITDA in the first half of fiscal 2026 was primarily attributable to the increase in gross profit, driven by higher sales, partially offset by increased SG&A and new product development costs.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

Because we are allowed to comply with the disclosure obligations applicable to a “smaller reporting company,” as defined by Rule 12b-2 of the Exchange Act, with respect to this Quarterly Report on Form 10-Q, we are not required to provide the information required by this Item.

Item 4. Controls and Procedures

Under the supervision and with the participation of our management, including our Chief Executive Officer and our Chief Financial Officer, we evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) as of ~~September~~December 3031, 2025, the end of the period covered by this Quarterly Report. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of ~~September~~December 3031, 2025 in reporting on a timely basis information required to be disclosed by us in the reports we file or submit under the Exchange Act.

There have not been any significant changes in our internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) during the ~~three~~six months ended ~~September~~December 3031, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II OTHER INFORMATION

Item 1. Legal Proceedings

The Company is subject, from time to time, to various legal proceedings that are incidental to the conduct of its business. The Company is not involved in any pending legal proceeding that it believes would reasonably be expected to have a material adverse effect on its financial condition or results of operations.

Item 1A. Risk Factors

Our business, operations, and financial condition are subject to various risks and uncertainties. The risk factors described in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K, for the year ended June 30, 2025, should be carefully considered, together with the other information contained or incorporated by reference in this Quarterly Report on Form 10-Q and in our other filings with the SEC in connection with evaluating us, our business, and the forward-looking statements contained in this Quarterly Report on Form 10-Q. During the ~~three~~six months ended ~~September~~December 3031, 2025, there have been no material changes from the risk factors previously disclosed under Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K, for the year ended June 30, 2025.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Information required by Item 701 of Regulation S-K as to all unregistered sales of equity securities of the Company during the period covered by this Quarterly Report has previously been included in Current Reports on Form 8-K filed with the SEC.

Item 3. Defaults Upon Senior Securities

None

Item 4. Mine Safety Disclosures

Not applicable

Item 5. Other Information

During the ~~three~~six months ended December ~~September 30~~31, 2025, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

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Item 6. Exhibits

The following exhibits are filed herewith as a part of this report.

Exhibit Number	Description	~~Description~~
10.1	Underwriting Agreement, dated December 12, 2025, by and among LightPath Technologies, Inc. Canaccord Genuity LLC, Craig-Hallum Capital Group LLC and the several underwriters named in Schedule I thereto, which was filed as Exhibit 1.1 to our Current Report on Form 8-K (File No: 000-2758) filed with the Securities and Exchange Commission on December 12, 2025, and is incorporated herein by reference thereto.	Securities Purchase Agreement, dated September 15, 2025, by and between LightPath Technologies, Inc., Unusual Machines, Inc. and Ondas Holdings Inc. which was filed as Exhibit 10.1 to our Current Report on Form 8-K (File No: 000-27548) filed with the Securities and Exchange Commission on September 15, 2025, and is incorporated herein by reference thereto.
10.2		Form of Registration Rights Agreement, by and between LightPath Technologies, Inc., Unusual Machines, Inc. and Ondas Holdings Inc. which was filed as Exhibit 10.2 to our Current Report on Form 8-K (File No: 000-27548) filed with the Securities and Exchange Commission on September 15, 2025, and is incorporated herein by reference thereto.
31.1*	Certification of Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934
31.1*		Certification of Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934
31.2*	Certification of Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934
31.2*		Certification of Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934
32.1**	Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350 of Chapter 63 of Title 18 of the United States Code
32.1**		Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350 of Chapter 63 of Title 18 of the United States Code
32.2**	Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350 of Chapter 63 of Title 18 of the United States Code
32.2**		Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350 of Chapter 63 of Title 18 of the United States Code
101.INS	Inline XBRL Instance Document *
101.SCH	Inline XBRL Taxonomy Extension Schema Document *
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document *
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document *
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document *
101.PRE	Inline XBRL Taxonomy Presentation Linkbase Document *
104	Cover Page Interactive Data File – formatted in Inline XBRL and contained in Exhibit 101 *

101.INS		Inline XBRL Instance Document *
101.SCH		Inline XBRL Taxonomy Extension Schema Document *
101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document *
101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document *
101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document *
101.PRE		Inline XBRL Taxonomy Presentation Linkbase Document *
104		Cover Page Interactive Data File – formatted in Inline XBRL and contained in Exhibit 101 *

*filed herewith

**furnished, not filed

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SIGNATURES

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

	LIGHTPATH TECHNOLOGIES, INC.
Date: November 11, 2025	By:	/s/ Shmuel Rubin
Date: February 11, 2026	By:	/s/ Shmuel Rubin
		Shmuel Rubin
		President and Chief Executive Officer
Date: November 11, 2025	By:	/s/ Albert Miranda
Date: February 11, 2026	By:	/s/ Albert Miranda
		Albert Miranda
		Chief Financial Officer

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