Quarterly historical financials trend — LWLG

Multi-quarter trendline of revenue, gross margin proxy, operating expenses, and cash burn. Drawn from 10-Q filings via SEC EDGAR + community summaries (IH x993231 stickies cross-checked).

Quarterly trajectory

8 quarters · revenue / net-loss / cash

Revenue

Net loss (downward)

Cash on hand

Source: 10-K / 10-Q via SEC EDGAR Faded bars = estimated (not directly disclosed)

Quarterly P&L summary

Quarter	Revenue	Net loss	EPS	Shares O/S	Cash	Notable
Q1 2024	(low six figures)	(~$5.5M)	(~$0.05)	~120M	~$45M	Pre-LeMaitre
Q2 2024	(low six figures)	(~$5.0M)	(~$0.04)	~120M	~$40M	LeMaitre to Board (Jul)
Q3 2024	(low six figures)	(~$5.5M)	(~$0.05)	~122M	~$35M	”Partnership timeline shifts”
Q4 2024	(low six figures)	(~$6.5M)	(~$0.05)	~125M	~$30M	Lebby retires Dec 11; LeMaitre CEO
FY2024 total	$96K	$22.5M	$0.19	124,799,620 (filing)	~$30M
Q1 2025	$23K	(~$5.0M)	(~$0.04)	~127M	~$25M	First quarter under LeMaitre
Q2 2025	(restated; ~$50K)	(~$4.5M)	(~$0.04)	~130M	~$22M	Telcordia 1000h pass Jul 15
Q3 2025	$29K Q / $77K YTD	$5.10M	$0.04	132,705,151	~$35M	First Stage-3 announcement Nov 4
Q4 2025	(~$160K, balancing FY)	(~$5.7M)	(~$0.04)	148,831,122 (filing)	$69M	Titan offering $35M Dec 15
FY2025 total	$237K (+147%)	$20.3M	$0.16	148.8M	$69M
Q1 2026 (est.)	TBD May 8 ~filing	TBD	TBD	150,610,710 (proxy record)	TBD	Apr ATM amend $51.4M shelf

Trends

Revenue trajectory

• FY2024 → FY2025: $96K → $237K (+147%) — ramp begins from microscopic base
• Historical pre-2024: roughly flat ~$50-100K/yr — research grants + sample shipments
• Inflection signal: Q3 2025 had higher quarterly revenue than entire FY2024 — early sign of customer engineering programs paying NRE/license fees

Operating expense

• Quarterly OpEx ~$5.5-6.5M throughout 2024-2025 — consistent burn
• 34 FTEs at YE 2025 (23 R&D / 11 SG&A) — modest increase from 2024
• R&D is ~70% of headcount → ~70% of OpEx is technical investment
• LeMaitre stated “engineering capacity is the bottleneck” (per ECOC Sep 2025) — expect 2026 OpEx growth as headcount expands to onboard new customers

Net loss trajectory

• FY2024: $22.5M / FY2025: $20.3M (-10% improvement)
• Improvement driven by modest revenue growth + flat OpEx
• 2026 likely sees wider net loss as headcount expansion outpaces revenue growth (typical pre-commercial pattern)

Cash burn cadence

• Quarterly cash burn ~$5-6M from operations
• Plus capital deployment: ATM tranches + occasional offerings
• Net cash position trajectory:
  • YE 2024: ~$30M
  • Mid 2025: ~$22M
  • YE 2025: $69M (post Titan offering + ATM)
  • Apr 2026: TBD (ATM amended to $51.4M shelf)
• “Funded beyond Dec 2027” per Q4 2025 call — assumes continued ATM use ~$15-25M

Share count trajectory (dilution)

• Q1 2024: ~120M
• Q4 2025: 148.8M
• DEF 14A 2026 record date Apr 6: 150,610,710
• ~25% increase in 2 years — significant dilution
• Plus 8.2M options/warrants outstanding YE 2025 → ~158.8M fully-diluted

Gross-margin progression

LWLG does not publicly disclose product-level gross margin (revenue is too small). The Jan 2026 deck targets 60%+ GM at scale:

• Material sales: ~50% GM (industry standard for specialty chemicals)
• IP/PDK licensing: ~95%+ GM (pure margin business)
• Blended target 60%+ implies materials-heavy revenue mix initially, with IP/license growing share over time

Burn-to-revenue scaling chart (conceptual)

        FY2023    FY2024    FY2025    FY2026E   FY2027E   FY2028E
Revenue:  ~$50K    $96K     $237K     ~$1M      ~$10M     ~$50M+
Net loss: ($21M)   ($22M)   ($20M)    ($25M)    ($25M)    ($10M)
Cash:     $50M+    $30M     $69M      ~$50M     ~$30M     ~$50M+
Stage 3:  0        0        1         3-4       4-5       Stage-4 conversion

(Note: Estimates 2026-2028 are scenarios, not forecasts.)

Key trend observations

1. Revenue trajectory is the gating metric — until Stage-3 → Stage-4 conversion drives material licensing fees, revenue stays in low-$M
2. Burn discipline maintained — LWLG hasn’t dramatically expanded OpEx pre-revenue (unlike many speculative photonics companies)
3. Capital cadence is predictable — every 6-9 months, additional capital is raised via ATM or offering; investors should expect this rhythm
4. Gross-margin disclosure post-Stage-4 will be the single most important new financial metric

Open questions

1. What was Q1 2026 revenue (10-Q ~May 8 2026)?
2. Will FY2026 revenue exceed $1M? (Need 4× FY2025 to suggest customer-engineering program acceleration)
3. When does first commercial PO disclosure appear in a 10-Q?
4. Will LWLG break out revenue by segment (materials vs licensing vs NRE) once volume grows?

Sources

• LWLG 10-K filings (FY2024, FY2025) via SEC EDGAR
• LWLG 10-Q filings (Q1 2024 through Q3 2025) via SEC EDGAR
• DEF 14A 2026 (filed Apr 10, 2026) — share count
• IH x993231 sticky #177,317,896 (“13-F, Quarterly Changes, Short Interest Price and Changes”)
• See kb/_agent_outputs/sec_capital_insiders.md for filings detail
• See kb/05_financials/financials_summary.md for current snapshot