LightPath Technologies Inc. (LPTH) shares gained 15.09% in after-hours on Thursday, July 8, 2021, and closed the day at $2.67. Earlier in the morning session, LPTH’s stock gained 0.43% to close Thursday’s session at $2.32 per share. The stock volume remained 2.74 million shares, which was higher than the average daily volume of 2.51 million shares within the past 50 days. LPTH shares have fallen 25.16% over the last 12 months, and they have moved down 8.66% in the past week. Over the past three months, the stock has lost 23.18%, while over the past six months, it has declined 39.43%.

Let’s have a look at its recent developments

Strong demand for LightPath’s High Precision Molded Glass Optics

On July 8, 2021, LightPath received a multiyear supply agreement valued above $2.4 million which is a 50% increase over the prior contract.

The supply agreement is for two types of glass aspheres which enable a global industrial engineering company to manufacture precision measurement and motion control devices across a diverse range of industries including additive manufacturing, aerospace, automotive and healthcare.

Participation in the Mars Exploration Program

On May 18, 2021, NASA’s Jet Propulsion Laboratory (JPL) confirmed that Optical elements manufactured by LightPath Technologies subsidiary, ISP Optics, is supporting the Mars Curiosity Rover’s efforts in the NASA Science Exploration Program.

The Zinc Sulfide Mid-wave Infrared (MWIR) lens and beam-splitter are critical components of the Tunable Laser Spectrometer (TLS) instrument on the Mars Curiosity Rover.

New Chairman appointment

On May 12, 2021,LightPath Technologies, Inc appointed Mr. Louis Leeburg as Chairman of the Board of Directors of LightPath, replacing Mr. Robert Ripp who retired, effective May 11, 2021.

Recent financial results

On May 6, 2021, LightPath Technologies, Inc released its financial results for its fiscal 2021 third quarter ended March 31, 2021.

Q3 2021 financial highlights

• LightPath Technologies reported revenue of approximately $10.7 million in Q3 2021 compared to $8.7 million in Q3 2020.
• The gross margin was approximately $3.9 million in Q3 2021 compared to approximately $4.0 million in the same period of the prior fiscal year.
• The total cost of sales was approximately $6.8 million in Q3 2021 compared to $4.7 million for Q3 2020.
• The gross margin was 36% in Q3 2021 compared to 46% in Q3 2020.
• The total operating expenses were approximately $3.7 million inQ3 2021 compared to $2.9 million in the same period of the prior fiscal year.
• The company suffered a net loss of approximately $223,000, or $0.01 basic and diluted loss per share in Q3 2021 compared to net income of $816,000, or $0.03 basic and diluted earnings per share in Q3 2020.
• EBITDA was approximately $1.1 million for Q3 2021 compared to $1.9 million for Q3 2020.
• As of March 31, 2021, the company had cash and cash equivalents totalled approximately $5.9 million.

Conclusion

The recent renewal contract had a positive impact on LPTH stock price on Thursday and we are pretty confident that I will close the week on a positive note as well.