LightPath Technologies, Inc. (LPTH) Cash Flow Statement
Where LPTH’s cash came from and went, FY2026
June 30, 2026 · U.S. dollars- Cash from operations
- −$10.2M
- Capital expenditures
- $6.3M 8.7% of revenue
- Free cash flow
- −$16.5M −23.0% margin
- Returned to shareholders
- —
- Change in cash
- $88.3M cash at year-end $93.2M
Cash from operations
−$10.2M
Capital expenditures
−$6.3M
Acquisitions & other
−$6.5M
Net borrowing (repayment)
−$5.7M
Shares issued
+$120.2M
Other financing
−$3.5M
Currency & other
+$321,953
Change in cash
$88.3M
Drawn to scale: where the cash came from and how it was used. Hover for values.
LPTH operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
LPTH cash flow trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $5.0MFY2017 | −$10.2MFY2026 | — | |
| Capital expenditures | $2.2MFY2017 | $6.3MFY2026 | +12.2%/yr | |
| Free cash flow | $2.8MFY2017 | −$16.5MFY2026 | — | |
| Free cash flow margin | 9.8%FY2017 | −23.0%FY2026 | −32.8 pts | |
| Operating cash flow / net income | 0.65FY2017 | 4.31FY2020 | +3.66 | |
| Stock-based compensation | $394,875FY2017 | $2.9MFY2026 | +24.6%/yr | |
| Dividends paid | $0FY2017 | $0FY2018 | — | |
| Share buybacks (net) | $0FY2017 | $0FY2021 | — | |
| Capex / revenue | 7.8%FY2017 | 8.7%FY2026 | +0.9 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
LPTH cash flow by activity
OperatingInvestingFinancingChange in cash
LPTH net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
LPTH cash flow statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$20.5M | −$14.9M | −$8.0M | −$4.0M | −$3.5M | −$3.2M | $866,929 | −$2.7M | $1.1M | $7.7M |
| Depreciation & amortization | $5.0M | $4.1M | $4.0M | $3.2M | $3.6M | $3.5M | $3.4M | $3.5M | $3.4M | $2.1M |
| Stock-based compensation | $2.9M | $1.0M | $1.0M | $1.3M | $825,250 | $642,865 | $250,737 | $394,790 | $373,554 | $394,875 |
| Change in working capital | $6.0M | −$447,781 | $3.1M | −$3.2M | −$285,112 | $3.3M | −$702,524 | −$1.3M | −$1.8M | $244,466 |
| Other non-cash items | −$3.6M | $1.8M | $318,424 | $280 | $848,428 | $473,507 | −$106,767 | $501,491 | −$424,724 | −$5.4M |
| Cash from operating activities | −$10.2M | −$8.3M | $521,037 | −$2.8M | $1.5M | $4.7M | $3.7M | $411,185 | $2.6M | $5.0M |
| Investing activities | ||||||||||
| Capital expenditures | −$6.3M | −$1.3M | −$2.2M | −$3.1M | −$1.6M | −$3.2M | −$2.4M | −$1.9M | −$2.5M | −$2.2M |
| Investments (net) | — | −$19.7M | −$2.7M | −$2.9M | −$1.6M | −$3.2M | −$2.3M | −$1.2M | −$2.5M | −$14.0M |
| Acquisitions & other investing | −$6.5M | $1.3M | $2.2M | $3.1M | $1.6M | $3.2M | $2.4M | $1.9M | $2.5M | $2.2M |
| Cash from investing activities | −$12.8M | −$19.7M | −$2.7M | −$2.9M | −$1.6M | −$3.2M | −$2.3M | −$1.2M | −$2.5M | −$14.0M |
| Financing activities | ||||||||||
| Dividends paid | — | — | — | — | — | — | — | — | $0 | $0 |
| Share repurchases & issuance (net) | — | — | — | — | — | $172,670 | $46,875 | $52,205 | $808,910 | $9.5M |
| Net borrowing (repayment) | −$5.7M | $6.3M | −$2.3M | −$1.8M | −$626,662 | −$1.0M | −$181,350 | −$1.5M | −$2.1M | $4.7M |
| Shares issued | $120.2M | $19.1M | $806,332 | $9.2M | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$3.5M | $3.9M | $39,677 | $40,380 | −$9,512 | $0 | −$487,233 | $0 | $0 | $0 |
| Cash from financing activities | $111.0M | $29.3M | −$1.5M | $7.5M | −$636,174 | −$843,429 | −$621,708 | −$1.4M | −$1.3M | $14.2M |
| Summary | ||||||||||
| Net change in cash | $88.3M | $1.4M | −$3.7M | $1.6M | −$1.3M | $1.4M | $782,687 | −$1.9M | −$1.6M | $5.2M |
| Cash at end of period | $93.2M | $4.9M | $3.5M | $7.1M | $5.5M | $6.8M | $5.4M | $4.6M | $6.5M | $8.1M |
| Free cash flow | −$16.5M | −$9.6M | −$1.7M | −$5.9M | −$162,486 | $1.6M | $1.3M | −$1.5M | $101,303 | $2.8M |
| Free cash flow margin | −23.0% | −25.8% | −5.2% | −17.9% | −0.5% | 4.1% | 3.7% | −4.5% | 0.3% | 9.8% |
| Capex / revenue | 8.7% | 3.4% | 6.9% | 9.3% | 4.6% | 8.2% | 7.0% | 5.7% | 7.7% | 7.8% |
| Operating cash flow / net income | — | — | — | — | — | — | 4.31 | — | 2.47 | 0.65 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$4.1M | −$4.1M | −$9.4M | −$2.9M | −$7.1M | −$3.6M | −$2.6M | −$1.6M | −$2.4M | −$2.6M | −$1.7M | −$1.3M |
| Depreciation & amortization | $1.3M | $1.3M | $1.2M | $1.2M | $792,488 | $1.5M | $904,040 | $989,562 | $1.1M | $1.0M | $1.1M | $813,556 |
| Stock-based compensation | $1.6M | $562,967 | $338,949 | $359.7M | $298,309 | $239,135 | $241,545 | $264,475 | $255,765 | $211,405 | $311,778 | $240,075 |
| Change in working capital | −$3.5M | −$705,416 | $10.1M | −$1.1M | −$213,055 | −$918,228 | $580,369 | −$1.5M | $942,350 | $949,505 | −$150,118 | $1.4M |
| Other non-cash items | −$386,958 | −$3.8M | $602,309 | −$358.0M | $3.5M | −$445,428 | $148,628 | $125,819 | $157,793 | −$452 | $133,139 | $27,944 |
| Cash from operating activities | −$5.1M | −$6.8M | $2.8M | −$1.1M | −$2.6M | −$3.2M | −$737,415 | −$1.7M | $64,694 | −$394,226 | −$289,420 | $1.1M |
| Investing activities | ||||||||||||
| Capital expenditures | −$4.4M | −$899,486 | −$867,893 | −$77,018 | −$681,577 | −$420,571 | −$80,423 | −$79,732 | −$290,145 | −$408,259 | −$529,399 | −$955,002 |
| Investments (net) | — | — | — | −$77,014 | $1.1M | −$20.7M | $44,577 | −$194,084 | −$290,145 | −$533,259 | −$679,399 | −$1.2M |
| Acquisitions & other investing | $475,000 | −$7.0M | −$2 | $77,018 | $681,577 | $420,571 | $80,423 | $79,732 | $290,145 | $408,259 | $529,399 | $955,002 |
| Cash from investing activities | −$3.9M | −$7.9M | −$867,895 | −$77,014 | $1.1M | −$20.7M | $44,577 | −$194,084 | −$290,145 | −$533,259 | −$679,399 | −$1.2M |
| Financing activities | ||||||||||||
| Net borrowing (repayment) | −$96,743 | −$89,488 | −$5.4M | −$112,505 | −$108,897 | $3.6M | −$99,052 | $2.9M | — | — | — | — |
| Shares issued | $47.1M | $0 | $65.3M | $7.9M | $0 | $19.3M | $0 | $0 | $708,124 | $0 | $0 | $0 |
| Other financing | $0 | −$3.6M | $0 | $0 | −$167,112 | $4.3M | −$125,000 | −$289,628 | −$104,894 | −$1.8M | −$89,862 | −$213,861 |
| Cash from financing activities | $47.0M | −$3.7M | $59.9M | $7.8M | −$276,009 | $27.2M | −$224,052 | $2.6M | $603,230 | −$1.8M | −$89,862 | −$213,861 |
| Summary | ||||||||||||
| Net change in cash | $38.0M | −$18.3M | $62.1M | $6.6M | −$1.6M | $3.3M | −$1.1M | $800,369 | $321,316 | −$2.7M | −$977,756 | −$284,532 |
| Cash at end of period | $93.2M | $55.2M | $73.6M | $11.5M | $4.9M | $6.5M | $3.2M | $4.3M | $3.5M | $3.2M | $5.9M | $6.9M |
| Free cash flow | −$9.5M | −$7.7M | $2.0M | −$1.2M | −$3.3M | −$3.7M | −$817,838 | −$1.8M | −$225,451 | −$802,485 | −$818,819 | $184,987 |
| Free cash flow margin | −45.0% | −40.2% | 12.0% | −8.1% | −27.3% | −40.0% | −11.0% | −21.2% | −2.6% | −10.4% | −11.2% | 2.3% |
| Capex / revenue | 20.9% | 4.7% | 5.3% | 0.5% | 5.6% | 4.6% | 1.1% | 0.9% | 3.4% | 5.3% | 7.2% | 11.8% |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
LPTH cash generation
In fiscal 2026 (ended June 30, 2026), LightPath Technologies generated -$10.2 million of cash from operations and spent $6.3 million on capital expenditures, leaving free cash flow of -$16.5 million, −23.0% of revenue. Cash and equivalents rose by $88.3 million over the year.
Related: LPTH income statement, LPTH balance sheet. See the LPTH stock overview for the latest quote and news.
LPTH cash flow FAQ
What is LightPath Technologies's free cash flow?
LightPath Technologies's free cash flow was -$16.5 million in fiscal 2026: -$10.2 million of operating cash flow minus $6.3 million of capital expenditures It was -$9.6 million a year earlier..
How much cash does LightPath Technologies generate from operations?
LightPath Technologies generated -$10.2 million of cash from operating activities in fiscal 2026.
How much does LightPath Technologies spend on capital expenditures?
LightPath Technologies spent $6.3 million on capital expenditures in fiscal 2026, 8.7% of revenue, compared with $1.3 million the year before.