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Side-by-side financial comparison of Arq, Inc. (ARQ) and LIGHTPATH TECHNOLOGIES INC (LPTH). Click either name above to swap in a different company.
Arq, Inc. is the larger business by last-quarter revenue ($29.4M vs $16.4M, roughly 1.8× LIGHTPATH TECHNOLOGIES INC). On growth, LIGHTPATH TECHNOLOGIES INC posted the faster year-over-year revenue change (120.2% vs 8.8%). LIGHTPATH TECHNOLOGIES INC produced more free cash flow last quarter ($2.0M vs $-3.5M). Over the past eight quarters, LIGHTPATH TECHNOLOGIES INC's revenue compounded faster (45.7% CAGR vs 16.4%).
Arq, Inc. is a sustainable technology firm focused on processing coal mining waste to produce high-value, low-carbon solid fuels and industrial carbon products. It caters to customers across the energy, construction, and manufacturing sectors, with core markets in North America and major European regions, aiming to cut industrial waste and carbon footprints for its clients.
LightPath Technologies Inc designs, manufactures and distributes high-precision optical components and assemblies, including aspheric lenses, infrared optics, and fiber optic products. It serves global clients across industrial automation, aerospace, defense, medical imaging, and telecommunications sectors.
ARQ vs LPTH — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $29.4M | $16.4M |
| Net Profit | — | $-9.4M |
| Gross Margin | 13.6% | 36.8% |
| Operating Margin | -174.1% | -52.6% |
| Net Margin | — | -57.5% |
| Revenue YoY | 8.8% | 120.2% |
| Net Profit YoY | — | -260.1% |
| EPS (diluted) | $-1.20 | $-0.20 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $29.4M | $16.4M | ||
| Q3 25 | $35.1M | $15.1M | ||
| Q2 25 | $28.6M | $12.2M | ||
| Q1 25 | $27.2M | $9.2M | ||
| Q4 24 | $27.0M | $7.4M | ||
| Q3 24 | $34.8M | $8.4M | ||
| Q2 24 | $25.4M | $8.6M | ||
| Q1 24 | $21.7M | $7.7M |
| Q4 25 | — | $-9.4M | ||
| Q3 25 | $-653.0K | $-2.9M | ||
| Q2 25 | $-2.1M | $-7.1M | ||
| Q1 25 | $203.0K | $-3.6M | ||
| Q4 24 | — | $-2.6M | ||
| Q3 24 | $1.6M | $-1.6M | ||
| Q2 24 | $-2.0M | $-2.4M | ||
| Q1 24 | $-3.4M | $-2.6M |
| Q4 25 | 13.6% | 36.8% | ||
| Q3 25 | 28.8% | 29.8% | ||
| Q2 25 | 33.3% | 22.0% | ||
| Q1 25 | 36.4% | 29.1% | ||
| Q4 24 | 36.3% | 26.0% | ||
| Q3 24 | 38.6% | 33.9% | ||
| Q2 24 | 32.2% | 29.2% | ||
| Q1 24 | 36.9% | 20.9% |
| Q4 25 | -174.1% | -52.6% | ||
| Q3 25 | -2.4% | -16.6% | ||
| Q2 25 | -5.4% | -38.0% | ||
| Q1 25 | 2.4% | -36.3% | ||
| Q4 24 | 1.5% | -33.5% | ||
| Q3 24 | 5.8% | -16.4% | ||
| Q2 24 | -5.6% | -25.6% | ||
| Q1 24 | -13.7% | -33.6% |
| Q4 25 | — | -57.5% | ||
| Q3 25 | -1.9% | -19.2% | ||
| Q2 25 | -7.5% | -57.8% | ||
| Q1 25 | 0.7% | -39.1% | ||
| Q4 24 | — | -35.2% | ||
| Q3 24 | 4.7% | -19.3% | ||
| Q2 24 | -7.7% | -27.3% | ||
| Q1 24 | -15.7% | -33.7% |
| Q4 25 | $-1.20 | $-0.20 | ||
| Q3 25 | $-0.02 | $-0.07 | ||
| Q2 25 | $-0.05 | $0.19 | ||
| Q1 25 | $0.00 | $-0.44 | ||
| Q4 24 | $-0.03 | $-0.07 | ||
| Q3 24 | $0.04 | $-0.04 | ||
| Q2 24 | $-0.06 | $-0.15 | ||
| Q1 24 | $-0.09 | $-0.07 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $6.6M | $73.6M |
| Total DebtLower is stronger | $28.7M | — |
| Stockholders' EquityBook value | $168.0M | $77.9M |
| Total Assets | $230.6M | $148.6M |
| Debt / EquityLower = less leverage | 0.17× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $6.6M | $73.6M | ||
| Q3 25 | $7.0M | — | ||
| Q2 25 | $7.0M | $4.9M | ||
| Q1 25 | $6.3M | — | ||
| Q4 24 | $13.5M | — | ||
| Q3 24 | $48.7M | — | ||
| Q2 24 | $28.5M | — | ||
| Q1 24 | $35.2M | — |
| Q4 25 | $28.7M | — | ||
| Q3 25 | $26.1M | — | ||
| Q2 25 | $28.9M | — | ||
| Q1 25 | $27.1M | — | ||
| Q4 24 | $25.1M | — | ||
| Q3 24 | $21.6M | — | ||
| Q2 24 | $22.2M | $535.0K | ||
| Q1 24 | $22.6M | $599.4K |
| Q4 25 | $168.0M | $77.9M | ||
| Q3 25 | $217.2M | $21.4M | ||
| Q2 25 | $216.8M | $15.6M | ||
| Q1 25 | $218.2M | $15.7M | ||
| Q4 24 | $217.3M | $26.7M | ||
| Q3 24 | $218.1M | $29.4M | ||
| Q2 24 | $189.6M | $30.2M | ||
| Q1 24 | $175.2M | $31.7M |
| Q4 25 | $230.6M | $148.6M | ||
| Q3 25 | $277.9M | $87.3M | ||
| Q2 25 | $284.5M | $81.5M | ||
| Q1 25 | $283.7M | $81.4M | ||
| Q4 24 | $284.4M | $45.8M | ||
| Q3 24 | $280.0M | $48.4M | ||
| Q2 24 | $248.6M | $48.1M | ||
| Q1 24 | $229.8M | $49.7M |
| Q4 25 | 0.17× | — | ||
| Q3 25 | 0.12× | — | ||
| Q2 25 | 0.13× | — | ||
| Q1 25 | 0.12× | — | ||
| Q4 24 | 0.12× | — | ||
| Q3 24 | 0.10× | — | ||
| Q2 24 | 0.12× | 0.02× | ||
| Q1 24 | 0.13× | 0.02× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-2.8M | $2.8M |
| Free Cash FlowOCF − Capex | $-3.5M | $2.0M |
| FCF MarginFCF / Revenue | -12.0% | 12.0% |
| Capex IntensityCapex / Revenue | 2.7% | 5.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-11.3M | $-6.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-2.8M | $2.8M | ||
| Q3 25 | $5.3M | $-1.1M | ||
| Q2 25 | $527.0K | $-2.6M | ||
| Q1 25 | $-5.8M | $-3.2M | ||
| Q4 24 | $5.2M | $-737.4K | ||
| Q3 24 | $7.7M | $-1.7M | ||
| Q2 24 | $-3.0M | $64.7K | ||
| Q1 24 | $526.0K | $-394.2K |
| Q4 25 | $-3.5M | $2.0M | ||
| Q3 25 | $3.1M | $-1.2M | ||
| Q2 25 | $-1.4M | $-3.3M | ||
| Q1 25 | $-9.5M | $-3.7M | ||
| Q4 24 | $-37.8M | $-817.8K | ||
| Q3 24 | $-5.8M | $-1.8M | ||
| Q2 24 | $-22.1M | $-225.5K | ||
| Q1 24 | $-9.1M | $-802.5K |
| Q4 25 | -12.0% | 12.0% | ||
| Q3 25 | 8.8% | -8.1% | ||
| Q2 25 | -4.7% | -27.3% | ||
| Q1 25 | -34.9% | -40.0% | ||
| Q4 24 | -139.6% | -11.0% | ||
| Q3 24 | -16.5% | -21.2% | ||
| Q2 24 | -87.1% | -2.6% | ||
| Q1 24 | -41.7% | -10.4% |
| Q4 25 | 2.7% | 5.3% | ||
| Q3 25 | 6.3% | 0.5% | ||
| Q2 25 | 6.6% | 5.6% | ||
| Q1 25 | 13.6% | 4.6% | ||
| Q4 24 | 158.9% | 1.1% | ||
| Q3 24 | 38.7% | 0.9% | ||
| Q2 24 | 75.5% | 3.4% | ||
| Q1 24 | 44.1% | 5.3% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -28.59× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 4.76× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ARQ
Segment breakdown not available.
LPTH
| Other | $7.9M | 48% |
| Infrared Components | $5.0M | 31% |
| Visible Components | $3.4M | 21% |
