LightPath Technologies Reports Net Loss of $808,840 and Revenue of $9,684,721 for the Year Ended June 30, 2023
Company's Financials Show a Decline in Net Income and Revenue
LightPath Technologies, Inc. (LPTH), a leading manufacturer and distribu tor of optical and infrared components, has released its unaudited Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Comprehensive Income (Loss) for the year ended June 30, 2023. The financial data reveals a decrease in net income and revenue compared to the previous fiscal year, posing challenges and opportunities for the company.
Net Income/Loss
For the fiscal year ending June 30, 2023, LightPath Technologies reported a net loss of $808,840. This is a significant decrease from the previous fiscal year's net loss of $1,359,790. The decrease in net loss can be attributed to various factors, including changes in operating expenses and other income (expense).
Revenue
The company's revenue for the year ended June 30, 2023, amounted to $9,684,721, which represents a decline from the previous fiscal year's revenue of $8,907,231. The decrease in revenue is primarily due to fluctuations in the cost of sales and other operating expenses.
Balance Sheets
Current Assets
As of June 30, 2023, LightPath Technologies had current assets totaling $21,760,091, reflecting an increase from the previous fiscal year's total of $18,169,414. The components of current assets include cash and cash equivalents, restricted cash, trade accounts receivable, net, inventories, net, and prepaid expenses and other assets.
Property and Equipment
The company's property and equipment, net, amounted to $12,810,930 as of June 30, 2023, compared to $11,640,463 in the prior fiscal year.
Liabilities and Stockholders' Equity
LightPath Technologies reported total liabilities of $17,583,659, a decrease from the previous fiscal year's total of $20,982,683. These liabilities include accounts payable, accrued liabilities, accrued payroll and benefits, operating lease liabilities, loans payable, and finance lease obligations.
Stockholders' equity for the year ended June 30, 2023, was $35,952,525, reflecting an increase from the previous fiscal year's total of $29,731,238. This increase is primarily attributed to the issuance of common stock and stock-based compensation.
Comprehensive Income (Loss)
The comprehensive income (loss) for the year ended June 30, 2023, was $(1,179,332), compared to $(2,378,189) for the previous fiscal year. This figure includes the net loss and foreign currency translation adjustments.
LightPath Technologies, Inc. faced a challenging fiscal year, with a decrease in both net income and revenue. The company's financial statements reveal fluctuations in various aspects of its operations. Despite these challenges, LightPath Technologies remains committed to its mission of providing innovative optical and infrared components and continues to explore opportunities for growth and improvement in the coming fiscal year.
