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Side-by-side financial comparison of LIGHTPATH TECHNOLOGIES INC (LPTH) and Chicago Atlantic Real Estate Finance, Inc. (REFI). Click either name above to swap in a different company.
LIGHTPATH TECHNOLOGIES INC is the larger business by last-quarter revenue ($16.4M vs $14.2M, roughly 1.1× Chicago Atlantic Real Estate Finance, Inc.). Chicago Atlantic Real Estate Finance, Inc. runs the higher net margin — 57.3% vs -57.5%, a 114.8% gap on every dollar of revenue. On growth, LIGHTPATH TECHNOLOGIES INC posted the faster year-over-year revenue change (120.2% vs 1.2%). Over the past eight quarters, LIGHTPATH TECHNOLOGIES INC's revenue compounded faster (45.7% CAGR vs 3.7%).
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.
Chicago Atlantic Real Estate Finance, Inc. is a commercial real estate finance firm that primarily originates, underwrites, and manages secured senior mortgage loans for US commercial real estate assets. Its core segments include multifamily residential, industrial, retail, and office properties, serving experienced real estate operators and project sponsors.
LPTH vs REFI — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $16.4M | $14.2M |
| Net Profit | $-9.4M | $8.2M |
| Gross Margin | 36.8% | — |
| Operating Margin | -52.6% | 57.3% |
| Net Margin | -57.5% | 57.3% |
| Revenue YoY | 120.2% | 1.2% |
| Net Profit YoY | -260.1% | 3.0% |
| EPS (diluted) | $-0.20 | $0.38 |
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 | $14.2M | ||
| Q3 25 | $15.1M | $13.7M | ||
| Q2 25 | $12.2M | $14.4M | ||
| Q1 25 | $9.2M | $13.0M | ||
| Q4 24 | $7.4M | $14.1M | ||
| Q3 24 | $8.4M | $14.5M | ||
| Q2 24 | $8.6M | $13.2M | ||
| Q1 24 | $7.7M | $13.2M |
| Q4 25 | $-9.4M | $8.2M | ||
| Q3 25 | $-2.9M | $8.9M | ||
| Q2 25 | $-7.1M | $8.9M | ||
| Q1 25 | $-3.6M | $10.0M | ||
| Q4 24 | $-2.6M | $7.9M | ||
| Q3 24 | $-1.6M | $11.2M | ||
| Q2 24 | $-2.4M | $9.2M | ||
| Q1 24 | $-2.6M | $8.7M |
| 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% | 57.3% | ||
| Q3 25 | -16.6% | 65.3% | ||
| Q2 25 | -38.0% | 61.5% | ||
| Q1 25 | -36.3% | 77.0% | ||
| Q4 24 | -33.5% | 56.3% | ||
| Q3 24 | -16.4% | 77.5% | ||
| Q2 24 | -25.6% | 69.7% | ||
| Q1 24 | -33.6% | 65.9% |
| Q4 25 | -57.5% | 57.3% | ||
| Q3 25 | -19.2% | 65.3% | ||
| Q2 25 | -57.8% | 61.5% | ||
| Q1 25 | -39.1% | 77.0% | ||
| Q4 24 | -35.2% | 56.3% | ||
| Q3 24 | -19.3% | 77.5% | ||
| Q2 24 | -27.3% | 69.7% | ||
| Q1 24 | -33.7% | 65.9% |
| Q4 25 | $-0.20 | $0.38 | ||
| Q3 25 | $-0.07 | $0.42 | ||
| Q2 25 | $0.19 | $0.41 | ||
| Q1 25 | $-0.44 | $0.47 | ||
| Q4 24 | $-0.07 | $0.39 | ||
| Q3 24 | $-0.04 | $0.56 | ||
| Q2 24 | $-0.15 | $0.46 | ||
| Q1 24 | $-0.07 | $0.47 |
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 | $14.9M |
| Total DebtLower is stronger | — | $49.3M |
| Stockholders' EquityBook value | $77.9M | $307.8M |
| Total Assets | $148.6M | $424.9M |
| Debt / EquityLower = less leverage | — | 0.16× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $73.6M | $14.9M | ||
| Q3 25 | — | $28.9M | ||
| Q2 25 | $4.9M | $35.6M | ||
| Q1 25 | — | $9.9M | ||
| Q4 24 | — | $26.4M | ||
| Q3 24 | — | $6.8M | ||
| Q2 24 | — | $7.1M | ||
| Q1 24 | — | $6.9M |
| Q4 25 | — | $49.3M | ||
| Q3 25 | — | $49.3M | ||
| Q2 25 | — | $49.2M | ||
| Q1 25 | — | $49.2M | ||
| Q4 24 | — | $49.1M | ||
| Q3 24 | — | $54.0M | ||
| Q2 24 | $535.0K | $76.8M | ||
| Q1 24 | $599.4K | — |
| Q4 25 | $77.9M | $307.8M | ||
| Q3 25 | $21.4M | $309.9M | ||
| Q2 25 | $15.6M | $310.0M | ||
| Q1 25 | $15.7M | $310.8M | ||
| Q4 24 | $26.7M | $309.0M | ||
| Q3 24 | $29.4M | $295.5M | ||
| Q2 24 | $30.2M | $292.7M | ||
| Q1 24 | $31.7M | $286.0M |
| Q4 25 | $148.6M | $424.9M | ||
| Q3 25 | $87.3M | $427.1M | ||
| Q2 25 | $81.5M | $455.2M | ||
| Q1 25 | $81.4M | $414.7M | ||
| Q4 24 | $45.8M | $435.1M | ||
| Q3 24 | $48.4M | $365.9M | ||
| Q2 24 | $48.1M | $386.5M | ||
| Q1 24 | $49.7M | $383.7M |
| Q4 25 | — | 0.16× | ||
| Q3 25 | — | 0.16× | ||
| Q2 25 | — | 0.16× | ||
| Q1 25 | — | 0.16× | ||
| Q4 24 | — | 0.16× | ||
| Q3 24 | — | 0.18× | ||
| Q2 24 | 0.02× | 0.26× | ||
| 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 | $28.8M |
| Free Cash FlowOCF − Capex | $2.0M | — |
| FCF MarginFCF / Revenue | 12.0% | — |
| Capex IntensityCapex / Revenue | 5.3% | — |
| Cash ConversionOCF / Net Profit | — | 3.53× |
| TTM Free Cash FlowTrailing 4 quarters | $-6.3M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.8M | $28.8M | ||
| Q3 25 | $-1.1M | $8.2M | ||
| Q2 25 | $-2.6M | $6.5M | ||
| Q1 25 | $-3.2M | $7.6M | ||
| Q4 24 | $-737.4K | $23.2M | ||
| Q3 24 | $-1.7M | $8.2M | ||
| Q2 24 | $64.7K | $6.2M | ||
| Q1 24 | $-394.2K | $6.9M |
| Q4 25 | $2.0M | — | ||
| Q3 25 | $-1.2M | — | ||
| Q2 25 | $-3.3M | — | ||
| Q1 25 | $-3.7M | — | ||
| Q4 24 | $-817.8K | — | ||
| Q3 24 | $-1.8M | — | ||
| Q2 24 | $-225.5K | — | ||
| Q1 24 | $-802.5K | — |
| Q4 25 | 12.0% | — | ||
| Q3 25 | -8.1% | — | ||
| Q2 25 | -27.3% | — | ||
| Q1 25 | -40.0% | — | ||
| Q4 24 | -11.0% | — | ||
| Q3 24 | -21.2% | — | ||
| Q2 24 | -2.6% | — | ||
| Q1 24 | -10.4% | — |
| Q4 25 | 5.3% | — | ||
| Q3 25 | 0.5% | — | ||
| Q2 25 | 5.6% | — | ||
| Q1 25 | 4.6% | — | ||
| Q4 24 | 1.1% | — | ||
| Q3 24 | 0.9% | — | ||
| Q2 24 | 3.4% | — | ||
| Q1 24 | 5.3% | — |
| Q4 25 | — | 3.53× | ||
| Q3 25 | — | 0.92× | ||
| Q2 25 | — | 0.73× | ||
| Q1 25 | — | 0.76× | ||
| Q4 24 | — | 2.92× | ||
| Q3 24 | — | 0.73× | ||
| Q2 24 | — | 0.68× | ||
| Q1 24 | — | 0.79× |
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% |
REFI
Segment breakdown not available.
