Lightwave Logic, Inc. (LWLG) financials
NASDAQ · Basic Materials · Chemicals - Specialty · 34 employees · CEO Yves LeMaitre
- Price
- $4.75 +3.71%
- Market cap
- $732M
- Enterprise value
- $688M
- Last report
- Q2 '26 filed 2026-08-14
- Next report
- 2026-11-10
Revenue (TTM)$250K+165.2% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)-9,688.2%+13,108.4 pp vs a year agoOperating income -$24.2M
Net income (TTM)-$22.9M-7.8% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)-$18.2M-13.6% vs a year agoCapex $1.85M
Diluted EPS (TTM)-$0.16+7.1% vs a year agoSum of the last 4 quarters
Net cash$93.4M+380.9% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $732M EV $688M
- Revenue
- $250K Trailing 12 months
- Revenue growth
- -3% FY2026 consensus
- Profit margin
- -9,134.4% Net income / revenue, TTM
- P/E
- -29.7× Forward -26.4× (FY2026)
- P/S
- 2,926.2× Price / sales, TTM
- EV / EBITDA
- -32.0× TTM
- Free cash flow
- -$18.2M Trailing 12 months
- Net income
- -$22.9M Trailing 12 months
- Revenue estimate
- $230K FY2026 consensus
- Earnings
- 2026-11-10
- Dividend
- – No dividend
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Revenue growth slowing: 27.9% year on yearQ2 '26 revenue $32.8K, against an average of 170.3% over the four quarters before.
- Operating margin -9,688.2% (TTM), +13,108.4 pp on a year agoOperating income grew -12.7% while revenue grew 165.2%.
- Capex 738.4% of revenue (a year ago 2,169.4%)$1.85M invested in the last 4 quarters (-9.7% on a year earlier). Free cash flow -$18.2M.
- Diluted share count up 22.5% in a year153M diluted shares in Q2 '26, 125M a year earlier.
- Net cash $93.4MCash + short-term investments $95.9M, debt incl. leases $2.5M; a year ago net cash $19.4M.
Last quarter: Q2 '26
Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q2 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $32.8K | $25.6K | +27.9% |
| Gross margin | 100.0% | 86.5% | +13.5 pp |
| Operating income | -$7.27M | -$5.61M | -29.7% |
| Operating margin | -22,195.2% | -21,892.9% | -302.3 pp |
| Net income | -$6.61M | -$5.67M | -16.6% |
| Diluted EPS | -$0.04 | -$0.05 | +11.7% |
| Operating cash flow | -$5.82M | -$3.77M | -54.4% |
| Capex | $897K | $103K | +772.5% |
| Free cash flow | -$6.72M | -$3.87M | -73.5% |
| R&D | $3.88M | $2.64M | +46.8% |
| Stock-based compensation | -$149K | $1.24M | -112.0% |
Revenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyMargins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- -$16.4M
- Capex
- -$1.85M
- Buybacks
- $0
- Dividends
- $0
- Acquisitions
- $0
- Net debt issued
- $0
- Stock-based compensation
- $1.08M
- Free cash flow
- -$18.2M
- Returned to shareholders / FCF
- 0.0%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | -29.7× | – | – |
| EV / EBITDA | -32.0× | – | – |
| EV / Sales | 2,747.6× | 5,789.2× 3 of 5 years | 1,479.1× – 13,493.3× |
| Price / FCF | -40.2× | – | – |
| Price / Book | 7.0× | 21.7× | 5.6× – 62.1× |
| FCF yield | -2.5% | -3.4% | -7.2% – -0.7% |
| Return on invested capital | -22.7% | -54.2% | -65.8% – -26.0% |
| Return on equity | -30.3% | -57.8% | -73.9% – -27.2% |
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $230K | -2.9% | -$0.18 | -12.5% | -26.4× | 1 |
| FY2027 | $2.52M | +995.7% | -$0.20 | -11.1% | -23.8× | 1 |
| FY2028 | $15.2M | +502.7% | -$0.16 | +20.0% | -29.7× | 1 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 160 figures Lightwave Logic, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $445K | $321K | +39.0% | $478K | $516K | -7.4% |
| Accounts Receivable, after Allowance for Credit Loss | $16.1K | $10.8K | +50.0% | $191K | $45.6K | +318.6% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $16.1K | $10.8K | +50.0% | $191K | $45.6K | +318.6% |
| Accounts Receivable, Allowance for Credit Loss | – | – | – | $02024-12-31 | $0 | – |
| Accrued Bonuses, Current | $806K | $434K | +85.7% | $1.4M | $877K | +59.6% |
| Accrued Investment Income Receivable | $254K | – | – | – | – | – |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $8.75M | $6.9M | +26.8% | $7.8M | $6.04M | +29.2% |
| Accumulated Depreciation, Depletion and Amortization, Sale or Disposal of Property, Plant and Equipment | – | – | – | $31.5K | $200K | -84.3% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$48.9K | – | – | – | – | – |
| Additional Paid in Capital | $284M | $186M | +53.2% | $242M | $181M | +33.7% |
| Amortization of Intangible Assets | $19.3K | $26.9K | -28.4% | $82.3K | $119K | -31.0% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 6.32M | 1.03M | +512.0% | – | – | – |
| APIC, Share-based Payment Arrangement, Option, Increase for Cost Recognition | $619K | $534K | +16.0% | $2.05M | $4.44M | -53.8% |
| Asset Impairment Charges | – | – | – | $02024-12-31 | $0 | – |
| Assets | $108M | $32.4M | +233.2% | $79.2M | $37.8M | +109.4% |
| Assets, Current | $98.1M | $22.8M | +331.0% | $69.8M | $28.1M | +148.3% |
| Assets, Fair Value Disclosure | $69.8M | – | – | – | – | – |
| Cash and Cash Equivalents, at Carrying Value | $47.2M | $22.1M | +113.5% | $69M | $27.7M | +149.4% |
| Cash and Cash Equivalents, Fair Value Disclosure | $21.1M | – | – | – | – | – |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $47.2M | $22.1M | +113.5% | $69M | $27.7M | +149.4% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | $6.09M2026-03-31 | -$2.62M | +332.0% | $41.3M | -$3.76M | +1,198.5% |
| Common Stock, Par or Stated Value Per Share | $0.00 | $0.00 | 0.0% | $0.002024-12-31 | $0.00 | 0.0% |
| Common Stock, Shares Authorized | 250M | 250M | 0.0% | 250M2024-12-31 | 250M | 0.0% |
| Common Stock, Shares, Issued | 154M | 126M | +21.9% | 123M2024-12-31 | 118M | +4.4% |
| Common Stock, Shares, Outstanding | 154M | 126M | +21.9% | 146M | 123M | +18.4% |
| Common Stock, Value, Issued | $154K | $126K | +21.9% | $146K | $123K | +18.4% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | -$6.66M | -$4.97M | -34.1% | – | – | – |
| Contract with Customer, Asset, after Allowance for Credit Loss | $16.1K | $10.8K | +50.0% | $191K | $45.6K | +318.6% |
| Contract with Customer, Liability | $100K | $14.9K | +572.3% | $6.54K | $23.2K | -71.8% |
| Contract with Customer, Liability, Current | $100K | $14.9K | +572.3% | $6.54K | $23.2K | -71.8% |
| Contract with Customer, Liability, Increase (Decrease) for Contract Acquired in Business Combination | $02025-12-31 | $0 | – | -$75K | -$63.9K | -17.4% |
| Contract with Customer, Liability, Revenue Recognized | $2.38K | $4.17K | -43.0% | $16.7K | $16.7K | 0.0% |
| Cost of Goods and Services Sold | $0 | $3.46K | -100.0% | $6.82K | $7.4K | -7.7% |
| Costs and Expenses | $7.3M | $4.93M | +48.2% | $21M | $23.2M | -9.4% |
| Debt Securities, Available-for-sale, Unrealized Loss | $48.9K | – | – | – | – | – |
| Deferred Compensation Arrangement with Individual, Allocated Share-based Compensation Expense | $139K | $172K | -19.1% | $551K | $447K | +23.5% |
| Deferred Compensation Equity | $113K | $353K | -68.1% | $203K | $657K | -69.0% |
| Deferred Income Tax Expense (Benefit) | – | – | – | -$4.36M | -$4.22M | -3.4% |
| Deferred Tax Assets, Gross | $43.9M2025-12-31 | $40.4M | +8.7% | $43.9M | $40.4M | +8.7% |
| Deferred Tax Assets, Net of Valuation Allowance | $2.48M2025-12-31 | $3.34M | -25.5% | $2.48M | $3.34M | -25.5% |
| Deferred Tax Assets, Operating Loss Carryforwards | $34.2M2025-12-31 | $29.7M | +15.0% | $34.2M | $29.7M | +15.0% |
| Deferred Tax Assets, Other | $77.8K2025-12-31 | $114K | -31.7% | $77.8K | $114K | -31.7% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits | $3.57M2025-12-31 | $4.93M | -27.6% | $3.57M | $4.93M | -27.6% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | $5.41M2025-12-31 | $4.9M | +10.4% | $5.41M | $4.9M | +10.4% |
| Deferred Tax Assets, Valuation Allowance | $41.4M2025-12-31 | $37M | +11.8% | $41.4M | $37M | +11.8% |
| Deferred Tax Liabilities, Gross | $2.48M2025-12-31 | $3.34M | -25.5% | $2.48M | $3.34M | -25.5% |
| Defined Contribution Plan, Cost | $54.6K | $45.9K | +19.0% | $188K | $135K | +39.2% |
| Depreciation | $472K | $461K | +2.3% | $1.82M | $1.56M | +16.5% |
| Depreciation, Depletion and Amortization, Nonproduction | $491K | $488K | +0.6% | $1.9M | $1.68M | +13.1% |
| Earnings Per Share, Basic | -$0.04 | -$0.04 | 0.0% | -$0.192024-12-31 | -$0.18 | -5.6% |
| Earnings Per Share, Diluted | -$0.04 | -$0.04 | 0.0% | -$0.16 | -$0.19 | +15.8% |
| Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | – | – | – | -$4.27M | -$4.73M | +9.9% |
| Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | – | – | – | 21.0% | 21.0% | 0.0% |
| Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | – | – | – | $4.36M | $4.22M | +3.4% |
| Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent | – | – | – | -2.4% | -18.7% | +87.4% |
| Effective Income Tax Rate Reconciliation, Nondeductible Expense, Amount | – | – | – | $86.3K | – | – |
| Effective Income Tax Rate Reconciliation, Nondeductible Expense, Percent | – | – | – | -0.4% | – | – |
| Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount | – | – | – | -$127K | $1.56M | -108.2% |
| Effective Income Tax Rate Reconciliation, Percent | – | – | – | 0.0% | – | – |
| Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount | – | – | – | -$480K | -$763K | +37.1% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30
Data as of 2026-11-02