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Side-by-side financial comparison of LIGHTPATH TECHNOLOGIES INC (LPTH) and MIDDLEFIELD BANC CORP (MBCN). Click either name above to swap in a different company.
MIDDLEFIELD BANC CORP is the larger business by last-quarter revenue ($19.9M vs $16.4M, roughly 1.2× LIGHTPATH TECHNOLOGIES INC). MIDDLEFIELD BANC CORP runs the higher net margin — 26.7% vs -57.5%, a 84.3% gap on every dollar of revenue. On growth, LIGHTPATH TECHNOLOGIES INC posted the faster year-over-year revenue change (120.2% vs 18.3%). MIDDLEFIELD BANC CORP produced more free cash flow last quarter ($3.4M vs $2.0M). Over the past eight quarters, LIGHTPATH TECHNOLOGIES INC's revenue compounded faster (45.7% CAGR vs 13.7%).
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.
Star Banc Corporation was a Cincinnati, Ohio-based regional bank holding company that acquired Firstar in 1998 and took the Firstar name; the merged bank acquired U.S. Bancorp in 2001 and took the U.S. Bancorp name. The company can trace its origins back to 1863 when it was first founded as the First National Bank of Cincinnati.
LPTH vs MBCN — Head-to-Head
Income Statement — Q2 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $16.4M | $19.9M |
| Net Profit | $-9.4M | $5.3M |
| Gross Margin | 36.8% | — |
| Operating Margin | -52.6% | 32.2% |
| Net Margin | -57.5% | 26.7% |
| Revenue YoY | 120.2% | 18.3% |
| Net Profit YoY | -260.1% | 127.4% |
| EPS (diluted) | $-0.20 | $0.65 |
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 | $16.4M | — | ||
| Q3 25 | $15.1M | $19.9M | ||
| Q2 25 | $12.2M | $20.5M | ||
| Q1 25 | $9.2M | $18.0M | ||
| Q4 24 | $7.4M | $17.5M | ||
| Q3 24 | $8.4M | $16.8M | ||
| Q2 24 | $8.6M | $16.8M | ||
| Q1 24 | $7.7M | $16.8M |
| Q4 25 | $-9.4M | — | ||
| Q3 25 | $-2.9M | $5.3M | ||
| Q2 25 | $-7.1M | $6.2M | ||
| Q1 25 | $-3.6M | $4.8M | ||
| Q4 24 | $-2.6M | $4.8M | ||
| Q3 24 | $-1.6M | $2.3M | ||
| Q2 24 | $-2.4M | $4.2M | ||
| Q1 24 | $-2.6M | $4.2M |
| Q4 25 | 36.8% | — | ||
| Q3 25 | 29.8% | — | ||
| Q2 25 | 22.0% | — | ||
| Q1 25 | 29.1% | — | ||
| Q4 24 | 26.0% | — | ||
| Q3 24 | 33.9% | — | ||
| Q2 24 | 29.2% | — | ||
| Q1 24 | 20.9% | — |
| Q4 25 | -52.6% | — | ||
| Q3 25 | -16.6% | 32.2% | ||
| Q2 25 | -38.0% | 35.9% | ||
| Q1 25 | -36.3% | 31.9% | ||
| Q4 24 | -33.5% | 33.4% | ||
| Q3 24 | -16.4% | 16.1% | ||
| Q2 24 | -25.6% | 28.8% | ||
| Q1 24 | -33.6% | 29.4% |
| Q4 25 | -57.5% | — | ||
| Q3 25 | -19.2% | 26.7% | ||
| Q2 25 | -57.8% | 30.0% | ||
| Q1 25 | -39.1% | 26.8% | ||
| Q4 24 | -35.2% | 27.8% | ||
| Q3 24 | -19.3% | 13.9% | ||
| Q2 24 | -27.3% | 24.7% | ||
| Q1 24 | -33.7% | 24.9% |
| Q4 25 | $-0.20 | — | ||
| Q3 25 | $-0.07 | $0.65 | ||
| Q2 25 | $0.19 | $0.76 | ||
| Q1 25 | $-0.44 | $0.60 | ||
| Q4 24 | $-0.07 | $0.60 | ||
| Q3 24 | $-0.04 | $0.29 | ||
| Q2 24 | $-0.15 | $0.52 | ||
| Q1 24 | $-0.07 | $0.51 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $73.6M | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $77.9M | $224.1M |
| Total Assets | $148.6M | $2.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $73.6M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $4.9M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $535.0K | — | ||
| Q1 24 | $599.4K | — |
| Q4 25 | $77.9M | — | ||
| Q3 25 | $21.4M | $224.1M | ||
| Q2 25 | $15.6M | $216.1M | ||
| Q1 25 | $15.7M | $213.8M | ||
| Q4 24 | $26.7M | $210.6M | ||
| Q3 24 | $29.4M | $210.7M | ||
| Q2 24 | $30.2M | $206.8M | ||
| Q1 24 | $31.7M | $205.6M |
| Q4 25 | $148.6M | — | ||
| Q3 25 | $87.3M | $2.0B | ||
| Q2 25 | $81.5M | $1.9B | ||
| Q1 25 | $81.4M | $1.9B | ||
| Q4 24 | $45.8M | $1.9B | ||
| Q3 24 | $48.4M | $1.9B | ||
| Q2 24 | $48.1M | $1.8B | ||
| Q1 24 | $49.7M | $1.8B |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.02× | — | ||
| Q1 24 | 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 | $4.8M |
| Free Cash FlowOCF − Capex | $2.0M | $3.4M |
| FCF MarginFCF / Revenue | 12.0% | 17.0% |
| Capex IntensityCapex / Revenue | 5.3% | 7.2% |
| Cash ConversionOCF / Net Profit | — | 0.91× |
| TTM Free Cash FlowTrailing 4 quarters | $-6.3M | $32.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.8M | — | ||
| Q3 25 | $-1.1M | $4.8M | ||
| Q2 25 | $-2.6M | $4.8M | ||
| Q1 25 | $-3.2M | $8.0M | ||
| Q4 24 | $-737.4K | $17.5M | ||
| Q3 24 | $-1.7M | $6.0M | ||
| Q2 24 | $64.7K | $3.4M | ||
| Q1 24 | $-394.2K | $5.4M |
| Q4 25 | $2.0M | — | ||
| Q3 25 | $-1.2M | $3.4M | ||
| Q2 25 | $-3.3M | $4.2M | ||
| Q1 25 | $-3.7M | $7.7M | ||
| Q4 24 | $-817.8K | $16.7M | ||
| Q3 24 | $-1.8M | $5.8M | ||
| Q2 24 | $-225.5K | $3.3M | ||
| Q1 24 | $-802.5K | $5.3M |
| Q4 25 | 12.0% | — | ||
| Q3 25 | -8.1% | 17.0% | ||
| Q2 25 | -27.3% | 20.5% | ||
| Q1 25 | -40.0% | 42.9% | ||
| Q4 24 | -11.0% | 95.6% | ||
| Q3 24 | -21.2% | 34.7% | ||
| Q2 24 | -2.6% | 19.3% | ||
| Q1 24 | -10.4% | 31.9% |
| Q4 25 | 5.3% | — | ||
| Q3 25 | 0.5% | 7.2% | ||
| Q2 25 | 5.6% | 3.0% | ||
| Q1 25 | 4.6% | 1.5% | ||
| Q4 24 | 1.1% | 4.4% | ||
| Q3 24 | 0.9% | 1.0% | ||
| Q2 24 | 3.4% | 0.6% | ||
| Q1 24 | 5.3% | 0.5% |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.91× | ||
| Q2 25 | — | 0.78× | ||
| Q1 25 | — | 1.66× | ||
| Q4 24 | — | 3.60× | ||
| Q3 24 | — | 2.57× | ||
| Q2 24 | — | 0.81× | ||
| Q1 24 | — | 1.31× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
LPTH
| Other | $7.9M | 48% |
| Infrared Components | $5.0M | 31% |
| Visible Components | $3.4M | 21% |
MBCN
Segment breakdown not available.
