Lightwave Logic, Inc. (LWLG) | Investment Case

1. Company Snapshot

1.a. Company Description

Lightwave Logic, Inc., a development stage company, focuses on the development of photonic devices and non-linear optical polymer materials systems for fiber-optic data communications and optical computing markets in the United States.The company is involved in designing and synthesizing organic chromophores for use in its electro-optic polymer systems and photonic device designs.It also offers electro-optic modulators, which converts data from electric signals to optical signals for transmission over fiber-optic cables; and polymer photonic integrated circuits, a photonic device, which integrates various photonic functions on a single chip.

In addition, the company provides the ridge waveguide modulator, a modulator that fabricates the waveguide within a layer of its electro-optic polymer system.It focuses on selling its products to electro-optic device manufacturers, such as telecommunications component and systems manufacturers, networking and switching suppliers, semiconductor companies, Web 2.0 media, computing companies, aerospace companies, and government agencies.The company was formerly known as Third-order Nanotechnologies, Inc.

and changed its name to Lightwave Logic, Inc.in March 2008.Lightwave Logic, Inc.

was founded in 1991 and is headquartered in Englewood, Colorado.

Show Full description

1.b. Last Insights on LWLG

Lightwave Logic's recent performance was driven by strategic appointments and industry engagement. The company bolstered its senior leadership team with the appointment of Robert Blum as Senior Vice President of Sales and Marketing, bringing extensive expertise in silicon photonics, polymers, AI, and semiconductors. Additionally, Board Director and Acting VP of Engineering Siraj Nour El Ahmadi will attend the 2025 International Summit on Lasers, Optics and Photonics (ISLOP2025) as a keynote speaker, highlighting the company's presence in the industry and its commitment to advancing high-speed, energy-efficient data interconnects.

1.c. Company Highlights

Last Price	4.03
Change Percentage	-4.28%
Open	4.24
Previous Close	4.21
Market Cap ( Millions)	539
Volume	531346
Year High	6.26
Year Low	0.79
M A 50	4.71
M A 200	2.43

FCF Yield	-2.78%
Dividend Yield	0.00%
ROE	-62.24%
Debt / Equity	6.41%
Net Debt / EBIDTA	164.05%
Price To Book	12.68
Price Earnings Ratio	-24.87
Price To FCF	-36.03
Price To sales	5353.06
EV / EBITDA	-25.71

2. Transcript Summary

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3. NewsRoom

Lightwave Logic, Inc. (LWLG) Discusses Strategic Progress, Technical Milestones, and Business Model Repositioning Transcript

Nov -25

Source: seekingalpha.com

Lightwave Logic, Inc. Provides Update on Commercial Pipeline

Nov -25

Source: accessnewswire.com

Lightwave Logic to Attend 14th Annual Roth Technology Conference

Nov -13

Source: accessnewswire.com

Lightwave Logic to Host Update Call on November 25, 2025

Nov -11

Source: accessnewswire.com

Lightwave Logic, Inc. Provides Update on Commercial Pipeline

Nov -04

Source: accessnewswire.com

Lightwave Logic, Inc. Affirms Fully Rare-Earth-Free Supply Chain and Entirely U.S.-Based Production of Perkinamine

Oct -15

Source: accessnewswire.com

Lightwave Logic, Inc. to Attend the 2025 European Conference on Optical Communication (ECOC)

Sep -23

Source: accessnewswire.com

Lightwave Logic, Inc. Provides Update on its Executive Leadership Team

Sep -16

Source: accessnewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (0.00%)

6. Segments

Photonic Devices and Electro-optic Polymer Materials System

Expected Growth: 15.4%

Growing demand for high-speed data transmission in data centers and high-performance computing drives the adoption of Photonic Devices and Electro-optic Polymer Materials System, enabling faster data transfer rates and reduced power consumption.

7. Detailed Products

Electro-Optic Modulators

Lightwave Logic's electro-optic modulators are designed for high-speed data transmission in telecommunications and data center applications.

Photonic Integrated Circuits (PICs)

Lightwave Logic's PICs integrate multiple optical components on a single chip, enabling compact, low-power, and high-performance optical systems.

Polymer Optical Waveguides

Lightwave Logic's polymer optical waveguides are designed for low-loss, high-speed data transmission in optical interconnects and optical sensing applications.

Optical Interconnects

Lightwave Logic's optical interconnects enable high-speed data transmission between chips, boards, and systems, reducing power consumption and increasing bandwidth.

8. Lightwave Logic, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Lightwave Logic, Inc. faces moderate threat from substitutes due to the availability of alternative technologies and products in the market.

Bargaining Power Of Customers

The bargaining power of customers is low due to the specialized nature of Lightwave Logic, Inc.'s products and the lack of alternative suppliers.

Bargaining Power Of Suppliers

The bargaining power of suppliers is moderate due to the presence of multiple suppliers in the market, but the company's dependence on a few key suppliers.

Threat Of New Entrants

The threat of new entrants is high due to the growing demand for optical communication products and the relatively low barriers to entry in the industry.

Intensity Of Rivalry

The intensity of rivalry is high due to the presence of several established players in the market, leading to intense competition for market share.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	7.40%
Debt Cost	3.95%
Equity Weight	92.60%
Equity Cost	14.55%
WACC	13.76%
Leverage	7.99%

11. Quality Control: Lightwave Logic, Inc. passed 3 out of 9 key points

Strong Liquidity

Low Debt

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Ingevity

A-Score: 4.1/10

Value: 6.3

Growth: 2.0

Quality: 3.5

Yield: 0.0

Momentum: 9.0

Volatility: 4.0

1-Year Total Return ->

Lightwave Logic

A-Score: 4.0/10

Value: 6.0

Growth: 4.4

Quality: 5.2

Yield: 0.0

Momentum: 7.5

Volatility: 0.7

1-Year Total Return ->

Gevo

A-Score: 3.8/10

Value: 7.6

Growth: 4.8

Quality: 4.7

Yield: 0.0

Momentum: 5.0

Volatility: 1.0

1-Year Total Return ->

Alto Ingredients

A-Score: 2.9/10

Value: 9.8

Growth: 1.8

Quality: 3.9

Yield: 0.0

Momentum: 0.5

Volatility: 1.7

1-Year Total Return ->

Trinseo

A-Score: 2.8/10

Value: 8.5

Growth: 0.8

Quality: 1.1

Yield: 5.0

Momentum: 0.5

Volatility: 1.0

1-Year Total Return ->

Green Plains

A-Score: 2.5/10

Value: 7.6

Growth: 2.0

Quality: 1.5

Yield: 0.0

Momentum: 2.0

Volatility: 1.7

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

47.29%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

13.76%

Lightwave Logic, Inc. - US5322751042

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on LWLG

1.c. Company Highlights

Lower Growth

Weak Momentum

More Volatile

Average Yield

Stable Momentum

Fairly Valued

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (0.00%)

6. Segments

Photonic Devices and Electro-optic Polymer Materials System

Expected Growth: 15.4%

7. Detailed Products

Electro-Optic Modulators

Photonic Integrated Circuits (PICs)

Polymer Optical Waveguides

Optical Interconnects

8. Lightwave Logic, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: Lightwave Logic, Inc. passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

4.03$

Current Price

4.03$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA