LightPath said its IR shipment volumes tripled in the fiscal third quarter with revenue increasing 193% in the quarter.
"The launch of our proprietary infrared product technologies positions us to participate in an estimated $3.5 billion global market, according to market research expert Techno Systems Research," President and CEO Jim Gaynor said in a statement. Gaynor continued, saying the company's technology "brings to market a lower-cost high-value product that promotes the commercial development of infrared imaging technology."
The company said its IR products were developers in cooperation with customers and OEMs, which led to "recurring production levels exceeding $1.5 million per year, or more than 10% of the company's consolidated annualized revenues."
About 2.7 million shares of LightPath Technologies were traded by 11:33 a.m. Wednesday, above the company's average trading volume of about 30,000 shares a day.
TheStreet Ratings team rates LIGHTPATH TECHNOLOGIES INC as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
"We rate LIGHTPATH TECHNOLOGIES INC (LPTH) a SELL. This is driven by multiple weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its weak operating cash flow and generally disappointing historical performance in the stock itself."