5 unchanged sentences
We have a history of losses.
−Removed: We reported net losses of $8.0 million, $4.0 million, $3.5 million and $3.2 million for fiscal years 2024, 2023, 2022 and 2021, respectively.
+Added: We reported net losses for several consecutive fiscal years.
As of June 30, 2025, we had an accumulated deficit of approximately $231 million.
33 unchanged sentences
Since that announcement, supply of Germanium has been disrupted, though not completely stopped.
−Removed: As a purchaser of Germanium, we are mostly able to purchase the Germanium we need, though the availability of it and ability to receive export licenses varies between vendors.
−Removed: From our customers we know that some of them are able to import Germanium from China, while some get refused for a license.
−Removed: Yet, even those that are able to receive a license experience material lead times that are significantly prolonged because of the process to get a license, and prices that as of August 2024, were 60% higher than the same time last year.
+Added: On December 3, 2024 China further announced an immediate export ban on Germanium, Gallium and antimony to the United States and for any dual use or military use applications.
+Added: We have taken proactive steps to minimize the orders we accept for Germanium products and therefore minimize our exposure to this risk.
We cannot provide any assurances that we will be able to obtain adequate supplies in the future or, if adequate supplies are available, that the timing or costs of obtaining such raw materials will be acceptable to us.
2 unchanged sentences
We depend on single or limited source suppliers for some of the key materials or process steps in our products, making us susceptible to supply shortages, poor performance, or price fluctuations.
−Removed: We currently purchase several key materials (including Germanium) or have outside vendors perform process steps, such as lens coatings, used in or during the manufacture of our products from single or limited source suppliers.
+Added: We currently purchase several key materials (including Germanium and sensors) or have outside vendors perform process steps, such as lens coatings, used in or during the manufacture of our products from single or limited source suppliers.
We may fail to obtain required materials or services in a timely manner in the future, or we could experience delays as a result of evaluating and testing the products or services of potential alternative suppliers.
7 unchanged sentences
and China, could materially and adversely affect our business and results of operations .
−Removed: In recent years, the U.S.
−Removed: government took certain actions that led to, and may lead to, further changes to U.S.
−Removed: and international trade policies, including the imposition of tariffs affecting certain products exported by a number of U.S.
+Added: The United States has recently enacted and proposed to enact significant new tariffs affecting certain products exported by a number of U.S.
trading partners, including China.
+Added: Additionally, President Trump has directed various federal agencies to further evaluate key aspects of U.S.
+Added: trade policy and there has been ongoing discussion, commentary and actions regarding potential significant changes to U.S.
+Added: trade policies, treaties and tariffs.
+Added: In 2025, the Trump administration indicated that the United States would impose retaliatory measures with respect to jurisdictions that have or are likely to put in place tax rules that are extraterritorial or disproportionately affect U.S.
+Added: The likelihood of these changes being enacted or implemented is unclear.
+Added: We are currently unable to predict whether such changes will occur and, if so, the ultimate impact on our business.
The institution of trade tariffs both globally and between the U.S.
1 unchanged sentence
Furthermore, imposition of tariffs could cause a decrease in the sales of our products to customers located in China or other customers selling to Chinese end users, which would directly impact our business.
−Removed: It remains unclear how tax or trade policies, tariffs, or trade relations may change or evolve with changes in the U.S.
−Removed: Presidential Administration.
−Removed: Perceived or actual changes in U.S.
−Removed: trade policy could trigger retaliatory actions by affected countries, which could impose restrictions on our ability to do business in or with affected countries or prohibit, reduce, or discourage purchases of our products by foreign customers, leading to increased costs of products that contain our components, increased costs of manufacturing our products, and higher prices of our products in foreign markets.
+Added: In light of these events, there continues to exist significant uncertainty about the future relationship between the U.S.
+Added: and other countries with respect to such trade policies, treaties and tariffs.
+Added: These developments, or the perception that any of them could occur, may have a material adverse effect on global economic conditions and the stability of global financial markets, and may significantly reduce global trade and, in particular, trade between the impacted nations and the United States.
+Added: Any of these factors could depress economic activity and restrict our access to suppliers or customers and have a material adverse effect on their business, financial condition and results of operations, which in turn would negatively impact us.
+Added: We have operations, customers and suppliers in the U.S., China and other countries and regularly import and export goods and services to and from those countries.
+Added: An increase in tariffs could have a material impact on our costs and on the demand for our products and services.
+Added: Discussions remain ongoing in respect of certain trade restrictions and tariffs on imports, as well as retaliatory actions by affected countries, which could impose restrictions tariffs enacted in response to such actions, which could prohibit, reduce, or discourage purchases of our products by foreign customers, leading to increased costs of products that contain our components, increased costs of manufacturing our products, and higher prices of our products in foreign markets.
Changes in, and responses to, U.S.
10 unchanged sentences
Accordingly, we experience the risks of fluctuating currencies and corresponding exchange rates.
−Removed: In fiscal years 2024 and 2023, we recognized net gains of approximately $73,000 and losses of $37,000 on foreign currency transactions, respectively.
+Added: In fiscal years 2025 and 2024, we recognized net losses of approximately $0.1 million and gains of approximately $0.1 million on foreign currency transactions, respectively.
Any such fluctuations that result in a less favorable exchange rate could adversely affect a portion of our revenues and expenses, which could negatively impact our results of operations and financial condition.
15 unchanged sentences
The risks of maintaining significant cash abroad could adversely affect our cash flows and financial results.
−Removed: During fiscal year 2024, greater than 25% of our cash was held abroad.
+Added: As of June 30, 2025, approximately 25% of our cash was held abroad.
Historically, we generally considered unremitted earnings of our subsidiaries operating outside of the U.S.
6 unchanged sentences
As of June 30, 2025, LPOIZ had approximately $0.4 million in retained earnings available for repatriation, based on earnings accumulated through December 31, 2024, the end of the most recent statutory tax year, that remained undistributed as of June 30, 2025.
−Removed: LPOI did not have any earnings available for repatriation as of the date of the merger with LPOIZ.
This limitation may affect our ability to fully utilize our cash resources for needs in the U.S.
5 unchanged sentences
Our operations have historically been largely funded from the proceeds of equity financings and cash flow from operations along with a minimal level of debt financing.
−Removed: We will likely need to raise additional financing to repay our outstanding indebtedness of approximately $4.2 million, as of August 2024, and to fund our current level of operations as well as our strategic plan.
+Added: On September 15, 2025, we announced a private placement pursuant to a securities purchase agreement, whereby we raised $8.0 million in gross proceeds to fund the working capital needs of our existing operations and for general corporate purposes.
+Added: We will likely need to raise additional financing to repay our outstanding indebtedness of approximately $5.6 million, as of June 30, 2025, and to fund our current level of operations as well as our strategic plan.
Additional financing will be required in order for us to take advantage of acquisition opportunities that we may identify.
66 unchanged sentences
infrared components, visible components, assemblies and modules, and engineering services.
+Added: The addition of G5 Infrared in February 2025 further expands our product offerings.
In fiscal year 2025, sales of infrared components represented approximately 38% of our net revenues, sales of visible components represented approximately 32% of our net revenues, sales of assemblies and modules represented 21% of our revenues, and engineering services represented 9% of our revenues.
43 unchanged sentences
We manufacture our products at manufacturing facilities located in Orlando, Florida;
+Added: Hudson, New Hampshire;
Riga, Latvia;
2 unchanged sentences
The Orlando Facility is subject to a lease that expires March 31, 2034.
+Added: The Hudson, New Hampshire facility lease expires in November 2026.
The Riga Facility is subject to two leases which expire in December 2030, and the Zhenjiang Facility is subject to one lease that expires in December 2027.
−Removed: We intend to renew the lease for the Zhenjiang Facility for at least a one-year term.
Our operations are vulnerable to interruption by fire, hurricane winds and rain, earthquakes, electric power loss, telecommunications failure, and other events beyond our control.
47 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.