Lightwave Logic Delays Volume-Production Revenue Outlook to 2028
Licensing and royalty revenue was $37,500 in the three months ended September 30, 2026, as the company pushed its earliest high-volume production date a year later.
Lightwave Logic, Inc. (LWLG), a technology platform company developing electro-optic polymers for photonic devices, said it does not currently expect significant revenue from high-volume commercial production of customer products until 2028 at the earliest, a year later than the 2027 floor it cited in its June 30, 2026 report.
The company said revenues, if any, recognized during 2026 would primarily relate to material supply, non-recurring engineering arrangements, or prototype and development activities. It said multiple customer programs are progressing through defined development stages under its commercialization framework, and that the timing and scale of potential production revenue depend on qualification, adoption cycles, technical validation, manufacturing readiness, end-market demand, and broader industry conditions.
Licensing and royalty revenue was $37,500 in the three months ended September 30, 2026, up from $32,751 in the three months ended June 30, 2026. Cost of sales was $705, after $0 in the prior quarter.
Net loss was $7,221,953 in the three months ended September 30, 2026, wider than the $6,613,797 net loss in the three months ended June 30, 2026.
Research and development expense was $4,342,078 in the three months ended September 30, 2026, up from $3,878,703 in the three months ended June 30, 2026. General and administrative expense was $3,677,238, up from $3,423,188.
Other income was $760,568 in the three months ended September 30, 2026.
The company said it expects to continue to incur substantial research and development expenses, and that those expenses will increase because of accelerated development efforts to support commercialization of its electro-optic polymer materials technology, next-generation photonic device designs, work with semiconductor foundries, additional technical and support personnel, senior technical advisors, collaborations, and customer testing.
On September 30, 2026, cash and cash equivalents totaled $17,566,678 and liquid investments in marketable securities totaled $70,277,228. Assets totaled $100,631,124, liabilities totaled $3,715,949, and stockholders’ equity was $96,915,175. The company said it currently has no debt to service.
For the nine months ended September 30, 2026, net cash used in operating activities was $15,044,699. Net cash used by investing activities was $73,337,841, including $72,101,184 in purchases of marketable securities, $2,896,088 in asset additions for the Colorado headquarters facility and labs, and $340,569 in cost of intangibles, partially offset by $2,000,000 in maturities of marketable securities. Net cash provided by financing activities was $36,931,864, including $27,883,977 in net proceeds under the Roth Sales Agreement, $4,930,928 from exercise of the Titan Offering over-allotment option, $1,362,932 from exercise of underwriter warrants, and $6,948,719 from exercise of options.
The company said it expects proceeds from the Titan Offering and the Roth Sales Agreement, the exercise of options and warrants, and commercial operations to provide sufficient funds to finance operations at least through March 2028, versus at least through December 2027 as of the June 30, 2026 report. Cash requirements are expected to increase as it advances commercialization of its electro-optic polymer technology and expands research and development, production-readiness, commercial, and other operating activities.
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