LightPath Technologies Inc

Item 1A. Risk Factors

Our business, operations, and financial condition are subject to various risks and uncertainties. The risk factors described in Part I, Item 1A. Risk Factors in our Annual Report on Form 10-K, for the year ended June 30, 2024, should be carefully considered, together with the other information contained or incorporated by reference in this Quarterly Report on Form 10-Q and in our other filings with the SEC in connection with evaluating us, our business, and the forward-looking statements contained in this Quarterly Report on Form 10-Q. During the six months ended December nine months ended March 31, 2025, there have been no material changes from the risk factors previously disclosed under Part I, Item 1A. Risk Factors in our Annual Report on Form 10-K, for the year ended June 30, 2024, except as follows:

Recently elevated geopolitical tensions, volatility and uncertainty with respect to international trade policies, including tariffs and export controls, may have a material adverse impact on our business, the markets in which we compete and the world economy.

In recent months, markets, businesses and consumers have reacted adversely to geopolitical tensions, volatility and uncertainty in international trade policies. Among other things, significant new and expanded tariffs, reciprocal tariffs, and other trade restrictions, have been imposed and modified, and selective tariff exemptions granted, often suddenly and with little notice, impacting a broad range of raw materials and goods, and global trade more generally. In particular, tariffs and other trade restrictions between the U.S. and China have escalated dramatically and included high tariff and reciprocal tariff rates and limitations by China on the export of rare earth minerals, such as Germanium, which are critical to the functioning of a range of technology products and processes and where China is the primary source of global supply. For the nine months ended March 31, 2024, ther5, consolidated net revenue from sales (based on shipping location of the customer) to China was 8%. We have been noand material changes from ty continue to be disadvantaged in or lose access to such international markets as a result of tariffs, export controls, or other trade policies, and the mitigation measures we have taken or may take in the future, including potential re-balancing of our manufacturing between regions, may not be effective or able to be effectuated in a timely manner, or at all. To the risk factors prevextent our customers, including multinational companies, assemble products in China and other foreign markets and sell them into the U.S. end market, the imposition of tariffs in the US could adversely affect demand for their products, which could in turn adversely affect demand for our optics. Further, our supply chain depends on globally sourced components and raw materials, including variously disclosed under Part I, Item 1A.  rare earth minerals, including Germanium, that may become increasingly difficult or more costly to obtain, which may impair our ability to manufacture our products and increase our costs. We may be unable to fully or even partially pass along any increased costs to our customers, especially where we may be disproportionately impacted as compared to our competitors or where demand for semiconductor products is adversely impacted. The continuation, increase or expansion of tariffs and other trade restrictions, as well as continued or increased geopolitical tensions, volatility and uncertainty with respect to trade and other policies, particularly between the U.S. and China, both directly and through their impacts on business and consumer sentiment and spending, currency exchange and interest rates, debt, equity and commodity prices, inflation, financing markets, international relations, and economic conditions globally, could have a material adverse impact on our revenue, operations, financial position, including cash flows and access to financing, cost structure, competitiveness, supply chain logistics, product demand and pricing, and profitability, and may increase the likelihood, or amplify the impacts, of other risks, including those highlighted in the Risk Factors isection of our Annual Report on Form 10-K, for the year ended June 30, 2024.