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Side-by-side financial comparison of LIGHTPATH TECHNOLOGIES INC (LPTH) and SANUWAVE Health, Inc. (SNWV). Click either name above to swap in a different company.
LIGHTPATH TECHNOLOGIES INC is the larger business by last-quarter revenue ($16.4M vs $13.4M, roughly 1.2× SANUWAVE Health, Inc.). SANUWAVE Health, Inc. runs the higher net margin — 57.4% vs -57.5%, a 114.9% gap on every dollar of revenue. On growth, LIGHTPATH TECHNOLOGIES INC posted the faster year-over-year revenue change (120.2% vs 30.3%). SANUWAVE Health, Inc. produced more free cash flow last quarter ($3.2M vs $2.0M). Over the past eight quarters, SANUWAVE Health, Inc.'s revenue compounded faster (53.5% CAGR vs 45.7%).
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.
SANUWAVE Health, Inc. is a medical technology company specializing in non-invasive regenerative care solutions. It develops and commercializes shock wave therapy systems for treating chronic wounds, diabetic foot ulcers, and orthopedic conditions, serving healthcare providers and patients across North America, Europe, and key Asia-Pacific markets.
LPTH vs SNWV — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $16.4M | $13.4M |
| Net Profit | $-9.4M | $7.7M |
| Gross Margin | 36.8% | 74.7% |
| Operating Margin | -52.6% | 15.0% |
| Net Margin | -57.5% | 57.4% |
| Revenue YoY | 120.2% | 30.3% |
| Net Profit YoY | -260.1% | 157.8% |
| EPS (diluted) | $-0.20 | $0.78 |
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 | $13.4M | ||
| Q3 25 | $15.1M | $11.4M | ||
| Q2 25 | $12.2M | $10.1M | ||
| Q1 25 | $9.2M | $9.3M | ||
| Q4 24 | $7.4M | $10.3M | ||
| Q3 24 | $8.4M | $9.3M | ||
| Q2 24 | $8.6M | $7.1M | ||
| Q1 24 | $7.7M | $5.7M |
| Q4 25 | $-9.4M | $7.7M | ||
| Q3 25 | $-2.9M | $9.7M | ||
| Q2 25 | $-7.1M | $551.0K | ||
| Q1 25 | $-3.6M | $-6.1M | ||
| Q4 24 | $-2.6M | $-13.3M | ||
| Q3 24 | $-1.6M | $-21.2M | ||
| Q2 24 | $-2.4M | $6.2M | ||
| Q1 24 | $-2.6M | $-4.8M |
| Q4 25 | 36.8% | 74.7% | ||
| Q3 25 | 29.8% | 76.6% | ||
| Q2 25 | 22.0% | 77.3% | ||
| Q1 25 | 29.1% | 79.4% | ||
| Q4 24 | 26.0% | 78.2% | ||
| Q3 24 | 33.9% | 76.1% | ||
| Q2 24 | 29.2% | 74.0% | ||
| Q1 24 | 20.9% | 73.9% |
| Q4 25 | -52.6% | 15.0% | ||
| Q3 25 | -16.6% | 7.9% | ||
| Q2 25 | -38.0% | 14.2% | ||
| Q1 25 | -36.3% | 6.5% | ||
| Q4 24 | -33.5% | 19.6% | ||
| Q3 24 | -16.4% | 16.0% | ||
| Q2 24 | -25.6% | 23.3% | ||
| Q1 24 | -33.6% | -22.8% |
| Q4 25 | -57.5% | 57.4% | ||
| Q3 25 | -19.2% | 84.8% | ||
| Q2 25 | -57.8% | 5.4% | ||
| Q1 25 | -39.1% | -65.8% | ||
| Q4 24 | -35.2% | -129.5% | ||
| Q3 24 | -19.3% | -227.8% | ||
| Q2 24 | -27.3% | 87.4% | ||
| Q1 24 | -33.7% | -84.4% |
| Q4 25 | $-0.20 | $0.78 | ||
| Q3 25 | $-0.07 | $0.39 | ||
| Q2 25 | $0.19 | $-0.04 | ||
| Q1 25 | $-0.44 | $-0.72 | ||
| Q4 24 | $-0.07 | $-0.76 | ||
| Q3 24 | $-0.04 | $-6.65 | ||
| Q2 24 | $-0.15 | $0.00 | ||
| Q1 24 | $-0.07 | $0.00 |
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 | $12.0M |
| Total DebtLower is stronger | — | $21.9M |
| Stockholders' EquityBook value | $77.9M | $1.6M |
| Total Assets | $148.6M | $37.3M |
| Debt / EquityLower = less leverage | — | 13.52× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $73.6M | $12.0M | ||
| Q3 25 | — | $9.6M | ||
| Q2 25 | $4.9M | $8.5M | ||
| Q1 25 | — | $8.5M | ||
| Q4 24 | — | $10.2M | ||
| Q3 24 | — | $3.3M | ||
| Q2 24 | — | $2.5M | ||
| Q1 24 | — | $2.9M |
| Q4 25 | — | $21.9M | ||
| Q3 25 | — | $23.3M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $535.0K | — | ||
| Q1 24 | $599.4K | — |
| Q4 25 | $77.9M | $1.6M | ||
| Q3 25 | $21.4M | $-7.6M | ||
| Q2 25 | $15.6M | $-18.8M | ||
| Q1 25 | $15.7M | $-20.8M | ||
| Q4 24 | $26.7M | $-15.8M | ||
| Q3 24 | $29.4M | $-60.3M | ||
| Q2 24 | $30.2M | $-39.6M | ||
| Q1 24 | $31.7M | $-47.6M |
| Q4 25 | $148.6M | $37.3M | ||
| Q3 25 | $87.3M | $35.6M | ||
| Q2 25 | $81.5M | $33.0M | ||
| Q1 25 | $81.4M | $30.9M | ||
| Q4 24 | $45.8M | $30.1M | ||
| Q3 24 | $48.4M | $21.8M | ||
| Q2 24 | $48.1M | $21.0M | ||
| Q1 24 | $49.7M | $23.3M |
| Q4 25 | — | 13.52× | ||
| 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 | $3.3M |
| Free Cash FlowOCF − Capex | $2.0M | $3.2M |
| FCF MarginFCF / Revenue | 12.0% | 24.1% |
| Capex IntensityCapex / Revenue | 5.3% | 0.7% |
| Cash ConversionOCF / Net Profit | — | 0.43× |
| TTM Free Cash FlowTrailing 4 quarters | $-6.3M | $1.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.8M | $3.3M | ||
| Q3 25 | $-1.1M | $1.1M | ||
| Q2 25 | $-2.6M | $993.0K | ||
| Q1 25 | $-3.2M | $-1.5M | ||
| Q4 24 | $-737.4K | $741.0K | ||
| Q3 24 | $-1.7M | $1.3M | ||
| Q2 24 | $64.7K | $-668.0K | ||
| Q1 24 | $-394.2K | $1.1M |
| Q4 25 | $2.0M | $3.2M | ||
| Q3 25 | $-1.2M | $556.0K | ||
| Q2 25 | $-3.3M | $-166.0K | ||
| Q1 25 | $-3.7M | $-1.7M | ||
| Q4 24 | $-817.8K | $505.0K | ||
| Q3 24 | $-1.8M | $1.2M | ||
| Q2 24 | $-225.5K | $-760.0K | ||
| Q1 24 | $-802.5K | $986.0K |
| Q4 25 | 12.0% | 24.1% | ||
| Q3 25 | -8.1% | 4.9% | ||
| Q2 25 | -27.3% | -1.6% | ||
| Q1 25 | -40.0% | -18.1% | ||
| Q4 24 | -11.0% | 4.9% | ||
| Q3 24 | -21.2% | 13.3% | ||
| Q2 24 | -2.6% | -10.7% | ||
| Q1 24 | -10.4% | 17.3% |
| Q4 25 | 5.3% | 0.7% | ||
| Q3 25 | 0.5% | 4.6% | ||
| Q2 25 | 5.6% | 11.4% | ||
| Q1 25 | 4.6% | 1.7% | ||
| Q4 24 | 1.1% | 2.3% | ||
| Q3 24 | 0.9% | 0.5% | ||
| Q2 24 | 3.4% | 1.3% | ||
| Q1 24 | 5.3% | 2.0% |
| Q4 25 | — | 0.43× | ||
| Q3 25 | — | 0.11× | ||
| Q2 25 | — | 1.80× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | -0.11× | ||
| Q1 24 | — | — |
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% |
SNWV
Segment breakdown not available.
