Q4 2024 LightPath Technologies Inc Earnings Call Transcript
Key Points
- Successful transformation from a component supplier to a systems provider, with 20% of revenue now coming from new product lines.
- Significant growth in the infrared components business, now accounting for 44% of overall revenue.
- Exclusive partnerships and licenses, including a significant contract with the Department of Defense and an exclusive license from the government for new materials.
- Strong entry into the thermal camera market, with innovative products like the Mantis camera generating significant interest.
- Potentially transformative contracts, such as the Lockheed Martin missile program, which could bring in $50 million to $100 million annually once in full production.
- Overall revenue decreased to $31.7 million from $32.9 million in the prior fiscal year.
- Gross margin decreased to 29% from 32% in the same quarter of the prior fiscal year.
- Net loss for fiscal 2024 increased to $8 million from $4 million in fiscal 2023.
- Significant decrease in sales of infrared components due to the non-renewal of a large annual contract for Germanium-based products.
- Increased SG&A costs, primarily due to non-recurring executive severance costs and legal fees, impacting overall profitability.
Good day and welcome to the LightPath Technologies Inc fiscal fourth-quarter 2024 earnings conference call. (Operator Instructions) Please note this event is being recorded.
I would now like to turn the conference over to Albert Miranda, Chief Financial Officer. Please go ahead.
Thank you. Good afternoon, everyone. Before we get started, I'd like to remind you that during the course of this conference call, the company will be making a number of forward-looking statements that are based on current expectations involve various risks and uncertainties as discussed in its periodic SEC filings. Although the company believes that the assumptions underlying these statements are reasonable, any of them can be proven to be inaccurate and there could be no assurances that the projected results would be realized.
In addition, reference is made by -- may be made to certain financial measures that are not in accordance with generally accepted accounting principles or GAAP. We refer to
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