LightPath Technologies, Inc. (LPTH) plummeted 5.56% in the pre-market trading session at the price of $2.04 after the company announced fourth-quarter and fiscal year 2021 financial results. LPTH is a leading provider of optics, photonics, and infrared solutions for the industrial, commercial, defense, and medical industries globally.
Financial Results for Fiscal Year and Fourth Quarter 2021
On 9th September 2021, LPTH published financial results for the fourth quarter and full fiscal year ended 30th June 2021. Revenue for the full fiscal year was $38.5 million. It represents an increase of 10% from the previous year period. Net loss for fiscal 2021 was $3.2 million, compared to net income of $867,000 in fiscal 2020. LPTH reported revenue of $8.3 million for the fourth quarter of fiscal 2021. It is a decrease of 9% from the prior-year same quarter. Net loss for the fourth quarter of fiscal 2021 was $2.9 million. Net income of approximately $657,000, reported in the fourth quarter of fiscal 2020. Higher net loss for the fourth quarter of 2021 was due to expenses associated with the China management changes and related non-recurring costs.
Chief Executive Officer of LPTH, Sam Rubin, stated that fiscal 2021 marked the completion of his first fiscal year of leadership at LightPath. The company has achieved significant progress and milestones in the past amid the challenging business climate and clean-up of malfeasance practices at subsidiaries in China. He is grateful for the dedication of their global team that has enabled them to get to this point. He appreciates their work at such a challenging time, full of uncertainties caused by the global pandemic, he added.
LPTH to Participate in Upcoming Investor Events
On 8th September 2021, LPTH revealed that its management had scheduled participation in upcoming virtual investor events. Management will discuss recent financial results for fiscal 2021 and its new mission for leadership in the global photonics value chain.
H.C. Wainwright 23rd Annual Global Investment Conference will be on 13th September 2021. The LightPath presentation will be available for conference participants at 7:00 am eastern on 13th September 2021. The company’s management will be conducting 1:1 meetings virtually throughout the day. Taglich Brothers 17th Annual Investment Conference will also be on 13th September 2021. The LightPath presentation will commence at 10:15 am eastern on 13th September 2021. Any presentation materials will be made available on the Investor Relations section of the LPTH’s website.
