LWLGLightwave Logic, Inc.
Is the business good?
The checks split: 5 of 9 health tests passed and margins steady.
Mixed fundamental signals. Nine pass/fail tests of year-over-year health from the filings.
Margins have held roughly steady, a stable cost structure.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is LWLG?
Lightwave Logic, Inc. spent more than it took in: an operating loss of $24M on $250K of revenue, 12 months to Q2 2026.
Operating loss · on $250K of revenue · 12 months to Q2 2026
- Share count, year on year
- +23%
Share count, year on year · shareholders own a smaller slice than a year ago
- Gross margin
- 99%
Gross margin
| Year | Operating margin |
|---|---|
| FY2023 | −52405% |
| FY2024 | −24151% |
| FY2025 | −8765% |
Details›
- Gross margin12 months to Q2 2026
- 99%
- Operating margin12 months to Q2 2026
- −9688%
- Net margin12 months to Q2 2026
- −9134%
- Free cash flow margin
- −7324%
- R&D as % of revenue
- 5246%
- Revenue, trailing twelve months
- $250K
- Free cash flow, trailing twelve months
- −$18M
- Net income, trailing twelve months
- −$23M
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Customers and suppliers
Who buys from LWLG and who it buys from, as the companies report it.
- Largest customer55%
Share of revenue · FY2025 10-K
- Second largest customer45%
Share of revenue · FY2025 10-K
None disclosed.
A company has to disclose every customer behind 10% or more of its revenue. Each share comes from the latest annual report of the company that states it and shows on both companies’ pages; LWLG’s own figures are from its FY2025 10-K. Smaller customers and suppliers go unreported.
Specialty Chemicals
Ranks #32 of 33 by RyuScore