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Side-by-side financial comparison of DELCATH SYSTEMS, INC. (DCTH) and LIGHTPATH TECHNOLOGIES INC (LPTH). Click either name above to swap in a different company.
DELCATH SYSTEMS, INC. is the larger business by last-quarter revenue ($20.7M vs $16.4M, roughly 1.3× LIGHTPATH TECHNOLOGIES INC). DELCATH SYSTEMS, INC. runs the higher net margin — -9.1% vs -57.5%, a 48.4% gap on every dollar of revenue. On growth, LIGHTPATH TECHNOLOGIES INC posted the faster year-over-year revenue change (120.2% vs 37.3%). DELCATH SYSTEMS, INC. produced more free cash flow last quarter ($7.7M vs $2.0M). Over the past eight quarters, DELCATH SYSTEMS, INC.'s revenue compounded faster (157.0% CAGR vs 45.7%).
Delcath Systems, Inc. is a publicly traded specialty pharmaceutical and medical device company, that develops percutaneous perfusion technologies for the targeted administration of high-dose chemotherapeutic agents to specific organs or regions of the body. Based in Queensbury, New York, the company has an intellectual property portfolio consisting of 28 patents worldwide. Delcath's Percutaneous Hepatic Perfusion (PHP) is currently undergoing Phase II and Phase III trials against tumors in th...
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.
DCTH vs LPTH — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $20.7M | $16.4M |
| Net Profit | $-1.9M | $-9.4M |
| Gross Margin | 85.5% | 36.8% |
| Operating Margin | -10.5% | -52.6% |
| Net Margin | -9.1% | -57.5% |
| Revenue YoY | 37.3% | 120.2% |
| Net Profit YoY | 44.2% | -260.1% |
| EPS (diluted) | $-0.05 | $-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 | $20.7M | $16.4M | ||
| Q3 25 | $20.6M | $15.1M | ||
| Q2 25 | $24.2M | $12.2M | ||
| Q1 25 | $19.8M | $9.2M | ||
| Q4 24 | $15.1M | $7.4M | ||
| Q3 24 | $11.2M | $8.4M | ||
| Q2 24 | $7.8M | $8.6M | ||
| Q1 24 | $3.1M | $7.7M |
| Q4 25 | $-1.9M | $-9.4M | ||
| Q3 25 | $830.0K | $-2.9M | ||
| Q2 25 | $2.7M | $-7.1M | ||
| Q1 25 | $1.1M | $-3.6M | ||
| Q4 24 | $-3.4M | $-2.6M | ||
| Q3 24 | $1.9M | $-1.6M | ||
| Q2 24 | $-13.7M | $-2.4M | ||
| Q1 24 | $-11.1M | $-2.6M |
| Q4 25 | 85.5% | 36.8% | ||
| Q3 25 | 87.2% | 29.8% | ||
| Q2 25 | 86.3% | 22.0% | ||
| Q1 25 | 85.6% | 29.1% | ||
| Q4 24 | 85.9% | 26.0% | ||
| Q3 24 | 85.4% | 33.9% | ||
| Q2 24 | 80.4% | 29.2% | ||
| Q1 24 | 71.2% | 20.9% |
| Q4 25 | -10.5% | -52.6% | ||
| Q3 25 | -1.9% | -16.6% | ||
| Q2 25 | 10.7% | -38.0% | ||
| Q1 25 | 3.2% | -36.3% | ||
| Q4 24 | 20.1% | -33.5% | ||
| Q3 24 | -11.2% | -16.4% | ||
| Q2 24 | -50.4% | -25.6% | ||
| Q1 24 | -327.4% | -33.6% |
| Q4 25 | -9.1% | -57.5% | ||
| Q3 25 | 4.0% | -19.2% | ||
| Q2 25 | 11.2% | -57.8% | ||
| Q1 25 | 5.4% | -39.1% | ||
| Q4 24 | -22.5% | -35.2% | ||
| Q3 24 | 16.6% | -19.3% | ||
| Q2 24 | -176.9% | -27.3% | ||
| Q1 24 | -354.0% | -33.7% |
| Q4 25 | $-0.05 | $-0.20 | ||
| Q3 25 | $0.02 | $-0.07 | ||
| Q2 25 | $0.07 | $0.19 | ||
| Q1 25 | $0.03 | $-0.44 | ||
| Q4 24 | $-0.06 | $-0.07 | ||
| Q3 24 | $0.06 | $-0.04 | ||
| Q2 24 | $-0.48 | $-0.15 | ||
| Q1 24 | $-0.45 | $-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 | $43.5M | $73.6M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $111.2M | $77.9M |
| Total Assets | $123.6M | $148.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $43.5M | $73.6M | ||
| Q3 25 | $41.8M | — | ||
| Q2 25 | $34.4M | $4.9M | ||
| Q1 25 | $12.8M | — | ||
| Q4 24 | $32.4M | — | ||
| Q3 24 | $8.3M | — | ||
| Q2 24 | $14.8M | — | ||
| Q1 24 | $11.8M | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $0 | — | ||
| Q3 24 | $2.0M | — | ||
| Q2 24 | $4.5M | $535.0K | ||
| Q1 24 | $7.4M | $599.4K |
| Q4 25 | $111.2M | $77.9M | ||
| Q3 25 | $114.8M | $21.4M | ||
| Q2 25 | $105.0M | $15.6M | ||
| Q1 25 | $80.2M | $15.7M | ||
| Q4 24 | $68.7M | $26.7M | ||
| Q3 24 | $8.6M | $29.4M | ||
| Q2 24 | $4.2M | $30.2M | ||
| Q1 24 | $14.6M | $31.7M |
| Q4 25 | $123.6M | $148.6M | ||
| Q3 25 | $124.3M | $87.3M | ||
| Q2 25 | $116.9M | $81.5M | ||
| Q1 25 | $87.3M | $81.4M | ||
| Q4 24 | $76.6M | $45.8M | ||
| Q3 24 | $31.7M | $48.4M | ||
| Q2 24 | $33.9M | $48.1M | ||
| Q1 24 | $36.1M | $49.7M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.00× | — | ||
| Q3 24 | 0.23× | — | ||
| Q2 24 | 1.07× | 0.02× | ||
| Q1 24 | 0.50× | 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 | $8.2M | $2.8M |
| Free Cash FlowOCF − Capex | $7.7M | $2.0M |
| FCF MarginFCF / Revenue | 37.1% | 12.0% |
| Capex IntensityCapex / Revenue | 2.7% | 5.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $21.0M | $-6.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.2M | $2.8M | ||
| Q3 25 | $4.8M | $-1.1M | ||
| Q2 25 | $7.3M | $-2.6M | ||
| Q1 25 | $2.2M | $-3.2M | ||
| Q4 24 | $-1.0M | $-737.4K | ||
| Q3 24 | $-3.6M | $-1.7M | ||
| Q2 24 | $-4.5M | $64.7K | ||
| Q1 24 | $-9.6M | $-394.2K |
| Q4 25 | $7.7M | $2.0M | ||
| Q3 25 | $4.3M | $-1.2M | ||
| Q2 25 | $6.9M | $-3.3M | ||
| Q1 25 | $2.1M | $-3.7M | ||
| Q4 24 | $-1.2M | $-817.8K | ||
| Q3 24 | $-3.9M | $-1.8M | ||
| Q2 24 | $-4.6M | $-225.5K | ||
| Q1 24 | $-9.6M | $-802.5K |
| Q4 25 | 37.1% | 12.0% | ||
| Q3 25 | 21.0% | -8.1% | ||
| Q2 25 | 28.5% | -27.3% | ||
| Q1 25 | 10.4% | -40.0% | ||
| Q4 24 | -8.2% | -11.0% | ||
| Q3 24 | -34.4% | -21.2% | ||
| Q2 24 | -58.6% | -2.6% | ||
| Q1 24 | -305.7% | -10.4% |
| Q4 25 | 2.7% | 5.3% | ||
| Q3 25 | 2.2% | 0.5% | ||
| Q2 25 | 1.6% | 5.6% | ||
| Q1 25 | 0.7% | 4.6% | ||
| Q4 24 | 1.5% | 1.1% | ||
| Q3 24 | 1.9% | 0.9% | ||
| Q2 24 | 1.3% | 3.4% | ||
| Q1 24 | 0.4% | 5.3% |
| Q4 25 | — | — | ||
| Q3 25 | 5.75× | — | ||
| Q2 25 | 2.70× | — | ||
| Q1 25 | 2.06× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | -1.95× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DCTH
| HEPZATOKIT | $19.1M | 92% |
| CHEMOSAT | $1.7M | 8% |
LPTH
| Other | $7.9M | 48% |
| Infrared Components | $5.0M | 31% |
| Visible Components | $3.4M | 21% |
