Revenue remains nominal at $29.2K in 2026Q1, while the company continues to report extreme margin volatility, including a -230.6% operating margin for the same period.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 |
|---|
| Sales/Revenue | 243.1K | 236.85K | 95.61K | 40.5K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.5K | 0 | 0 | 0 | 3.2K | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | 175.93% | 147.74% | 136.05% | - | - | - | - | - | - | - | - | -100% | - | - | - | -100% | - | - | - | - | - | - |
| Cost of Goods Sold | 1.62M | 2.12M | 7.39K | 2.51K | 1.05M | 878.52K | 784.42K | 698.69K | 465.8K | 325.95K | 195.61K | 179.91K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 893.18% | 7.74% | 6.2% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | -1.38M | -1.88M | 88.21K | 37.99K | -1.05M | -878.52K | -784.42K | -698.69K | -465.8K | -325.95K | -195.61K | -179.91K | 2.5K | 0 | 0 | 0 | 3.2K | 0 | 0 | 0 | 0 | 0 |
| Gross Margin % | -566.69% | -793.18% | 92.27% | 93.8% | - | - | - | - | - | - | - | - | 100% | - | - | - | 100% | - | - | - | - | - |
| Gross Profit Growth % | - | -2229.79% | 132.2% | 103.63% | -18.97% | -12% | -12.27% | -50% | -42.91% | -66.63% | -8.73% | -7296.28% | - | - | - | -100% | - | - | - | - | - | - |
| Operating Expenses | 21.2M | 18.88M | 23.18M | 21.26M | 16.09M | 16.12M | 5.82M | 5.62M | 5.6M | 5.52M | 4.14M | 4.85M | 4.4M | 3.7M | 4.43M | 3.32M | 3.72M | 2.72M | 4.24M | 4.23M | 2.66M | 1.71M |
| OpEx % of Revenue | - | 7972.28% | 24242.83% | 52499.27% | - | - | - | - | - | - | - | - | 175827.36% | - | - | - | 116127.22% | - | - | - | - | - |
| Selling, General & Admin | 9.86M | 7.39M | 6.37M | 5.36M | 3.29M | 3.64M | 2.06M | 1.99M | 1.81M | 2M | 1.66M | 2.02M | 1.55M | 1.63M | 1.94M | 1.63M | 2.01M | 1.41M | 1.4M | 2.92M | 671.1K | 894.33K |
| SG&A % of Revenue | - | 3121.34% | 6663.67% | 13232.84% | - | - | - | - | - | - | - | - | 61842.56% | - | - | - | 62715.63% | - | - | - | - | - |
| Research & Development | 11.89M | 11.49M | 16.81M | 15.9M | 12.81M | 12.48M | 3.76M | 3.63M | 3.79M | 3.52M | 2.47M | 2.83M | 2.85M | 2.07M | 2.49M | 1.68M | 1.71M | 1.31M | 2.85M | 1.31M | 1.99M | 813.73K |
| R&D % of Revenue | - | 4850.94% | 17579.15% | 39266.43% | - | - | - | - | - | - | - | - | 113984.8% | - | - | - | 53411.59% | - | - | - | - | - |
| Other Operating Expenses | -549.93K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -172.19K | -226.09K | -271.88K | 0 | -16.86K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -22.58M | -20.76M | -23.09M | -21.23M | -17.14M | -17M | -6.6M | -6.32M | -5.6M | -5.52M | -4.14M | -4.85M | -4.39M | -3.7M | -4.43M | -3.32M | -3.71M | -2.72M | -4.24M | -4.23M | -2.66M | -1.71M |
| Operating Margin % | -9288.73% | -8765.46% | -24150.56% | -52405.47% | - | - | - | - | - | - | - | - | -175727.36% | - | - | - | -116027.22% | - | - | - | - | - |
| Operating Income Growth % | - | 10.08% | -8.78% | -23.84% | -0.84% | -157.52% | -4.44% | -12.83% | -1.4% | -33.56% | 14.65% | -10.3% | -18.72% | 16.4% | -33.47% | 10.68% | -36.46% | 35.86% | -0.32% | -59.13% | -55.58% | - |
| EBITDA | -20.43M | -18.65M | -21.21M | -19.92M | -16.09M | -16.12M | -5.82M | -5.62M | -5.14M | -5.2M | -3.94M | -4.67M | -4.24M | -3.57M | -4.35M | -3.28M | -3.68M | -2.7M | -4.23M | -2.66M | -2.33M | -1.7M |
| EBITDA Margin % | -8402.84% | -7875.16% | -22189.11% | -49185.94% | - | - | - | - | - | - | - | - | -169680.04% | - | - | - | -115084.53% | - | - | - | - | - |
| EBITDA Growth % | -0.66% | 12.07% | -6.49% | -23.78% | 0.15% | -177.15% | -3.47% | -9.45% | 1.2% | -31.92% | 15.56% | -9.99% | -18.7% | 17.79% | -32.49% | 10.91% | -36.2% | 36.03% | -58.78% | -14.41% | -37.04% | - |
| D&A (Non-Cash Add-back) | 2.15M | 2.11M | 1.88M | 1.3M | 1.05M | 878.52K | 784.42K | 698.69K | 465.8K | 325.95K | 195.61K | 179.91K | 151.18K | 126.77K | 79.22K | 35.39K | 30.17K | 16.97K | 15.76K | 1.57M | 330.71K | 10.22K |
| EBIT | -22.5M | -20.76M | -22.54M | -21.04M | -17.23M | -18.63M | -6.72M | -6.73M | -5.77M | -5.75M | -4.14M | -4.85M | -4.39M | -3.7M | -4.43M | -3.32M | -3.71M | -2.72M | -4.34M | -4.22M | -2.93M | -1.71M |
| Net Interest Income | 1.12M | 842.45K | 926.85K | 657.55K | 0 | 13.83K | 776 | 232 | 0 | 0 | 0 | 0 | 249 | -211.89K | -130.37K | -166.28K | -361 | -987 | 8.5K | 4.66K | -3.77K | -13.71K |
| Interest Income | 1.12M | 842.45K | 926.85K | 657.55K | 91.66K | 13.83K | 776 | 232 | 250 | 250 | 255 | 249 | 249 | 267 | 548 | 375 | 196 | 493 | 11.41K | 10.55K | 243 | 6.99K |
| Interest Expense | 0 | 0 | 0 | 0 | 91.66K | 0 | 0 | 0 | 250 | 250 | 255 | 249 | 0 | 212.16K | 130.92K | 166.65K | 557 | 1.48K | 2.91K | 5.89K | 4.02K | 20.7K |
| Other Income/Expense | 664.06K | 447.63K | 554.1K | 187.23K | -90.82K | -1.63M | -115.59K | -407.56K | -171.94K | -225.84K | -271.63K | 249 | -16.61K | -211.89K | -144.05K | -166.28K | -361 | -987 | -106.75K | 637 | -276.35K | 0 |
| Pretax Income | -21.92M | -20.31M | -22.54M | -21.04M | -17.23M | -18.63M | -6.72M | -6.73M | -5.77M | -5.75M | -4.41M | -4.85M | -4.41M | -3.91M | -4.56M | 0 | 0 | 0 | -4.35M | -4.23M | -2.59M | 0 |
| Pretax Margin % | -9015.57% | -8576.47% | -23570.99% | -51943.19% | - | - | - | - | - | - | - | - | -176391.88% | - | - | - | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -250 | -255 | 0 | -249 | -267 | -548 | 166.28K | 361 | 987 | 98.25K | -5.3K | -60.94K | 13.71K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0.01% | 0% | 0.01% | 0.01% | 0.01% | - | - | - | -2.26% | 0.13% | 2.35% | - |
| Net Income | -21.92M | -20.31M | -22.54M | -21.04M | -17.23M | -18.63M | -6.72M | -6.73M | -5.77M | -5.75M | -4.41M | -4.85M | -4.41M | -3.91M | -4.56M | -3.48M | -3.71M | -2.72M | -4.34M | -4.22M | -2.6M | -1.72M |
| Net Margin % | -9015.57% | -8576.47% | -23570.99% | -51943.19% | - | - | - | - | - | - | - | - | -176391.88% | - | - | - | -116038.5% | - | - | - | - | - |
| Net Income Growth % | -1.69% | 9.86% | -7.12% | -22.1% | 7.52% | -177.44% | 0.17% | -16.53% | -0.41% | -30.45% | 9.04% | -9.88% | -12.72% | 14.14% | -30.84% | 6.21% | -36.42% | 37.29% | -2.77% | -62.66% | -50.81% | - |
| Net Income (Continuing) | -21.92M | -20.31M | -22.54M | -21.04M | -17.23M | -18.63M | -6.72M | -6.73M | -5.77M | -5.75M | -4.41M | -4.85M | -4.41M | -3.91M | -4.56M | -3.48M | -3.71M | -2.72M | -4.34M | -4.22M | -2.93M | -1.72M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.15 | -0.16 | -0.19 | -0.18 | -0.15 | -0.17 | -0.07 | -0.08 | -0.08 | -0.08 | -0.07 | -0.08 | -0.08 | -0.08 | -0.09 | -0.08 | -0.09 | -0.07 | -0.12 | -0.14 | -0.10 | -0.07 |
| EPS Growth % | 7.74% | 15.79% | -5.56% | -20% | 11.76% | -132.56% | 9.53% | -6.88% | 6.78% | -21.77% | 17.06% | -1.26% | -4.76% | 18.95% | -21.61% | 12.63% | -27.39% | 42.5% | 14.29% | -46.6% | -33.75% | - |
| EPS (Basic) | - | -0.16 | -0.19 | -0.18 | -0.15 | -0.17 | -0.07 | -0.08 | -0.08 | -0.08 | -0.07 | -0.08 | -0.08 | -0.08 | -0.09 | -0.08 | -0.09 | -0.07 | -0.12 | -0.14 | -0.10 | -0.07 |
| Diluted Shares Outstanding | 148.09M | 128.63M | 120.9M | 115.47M | 111.81M | 105.22M | 91.86M | 83.3M | 76.4M | 70.88M | 66.2M | 60.33M | 55.64M | 51.67M | 48.78M | 45.34M | 42.25M | 39.43M | 34.73M | 30.98M | 27.19M | 24.1M |
| Basic Shares Outstanding | 148.09M | 128.63M | 120.9M | 115.47M | 111.81M | 105.22M | 91.86M | 83.3M | 76.4M | 70.88M | 66.2M | 60.33M | 55.64M | 51.67M | 48.78M | 45.34M | 42.25M | 39.43M | 34.73M | 30.98M | 27.19M | 24.1M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Binary commercialization failure risk
According to quarterly financial disclosures, Lightwave Logic's revenue remains nominal, with TTM figures totaling less than $300,000, indicating that the company has yet to transition from experimental technology evaluation contracts to meaningful, recurring commercial volume in the high-speed optical modulator market it seeks to disrupt.
The erratic quarterly revenue fluctuations suggest that inflows are tied to specific, non-recurring engineering milestones rather than a predictable sales pipeline. Investors should interpret these figures as evidence of a development-stage entity that has not yet achieved the transactional scale required to validate its core business model.
As reported in recent income statements, the company's gross margin has swung violently between positive territory and deep negative levels, such as the -793.18% margin observed in the most recent quarter, reflecting the high fixed-cost burden of prototype fabrication relative to negligible top-line revenue.
These extreme margin swings are characteristic of a firm where manufacturing overhead is expensed against minimal project-based revenue. A sustainable margin profile appears unlikely until the company successfully shifts toward a high-volume licensing or foundry-based model that decouples production costs from internal laboratory operations.
Based on the provided income statement data, operating expenses are consistently dominated by R&D spending, which frequently exceeds $3 million per quarter, underscoring the company's reliance on continuous technical innovation to maintain its competitive position against established inorganic semiconductor incumbents in the photonics space.
The persistent level of R&D investment suggests that management is prioritizing technical performance metrics, such as drive voltage and thermal stability, over near-term profitability. This expense discipline appears focused on achieving the necessary milestones to attract Tier-1 strategic partners rather than optimizing for current operational efficiency.
Financial statements reveal a persistent pattern of operating losses that have totaled millions of dollars annually, raising questions about the company's ability to reach commercial viability before the emergence of competing technologies like Thin-Film Lithium Niobate potentially renders its proprietary polymer-based solutions obsolete.
The lack of consistent revenue growth, despite significant R&D expenditure, suggests that the gap between laboratory success and industrial-scale adoption may be wider than anticipated. Investors should monitor whether the company can secure a definitive foundry partnership, as the current burn rate may eventually necessitate dilutive financing if commercial traction remains elusive.
Quick answers to the most common questions about buying LWLG stock.
For fiscal year 2025, Lightwave Logic, Inc. (LWLG) reported total revenue of $0.2M.
Lightwave Logic, Inc. (LWLG) reported a net loss of $20.3M for the fiscal year ending 2025.
Lightwave Logic, Inc. (LWLG) reported an operating income of $-20.8M, resulting in an operating profit margin of -8765.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Lightwave Logic, Inc. (LWLG) generated $-1.9M in gross profit for the year, representing a gross profit margin of -793.2%. This demonstrates the company's core pricing power and production efficiency.