Lite is how many advertisers and companies spell "light," to describe a product that has less fat, fewer calories, and so on. For example, lite cream cheese is the choice of many dieters.
If you add lite to the beginning of a word, it usually means lower in calories. Lite beer, sodas, and cookies all contain fewer calories than the regular versions. If you hyphenate lite at the end of a word, it suggests something is lower in substance than the original, like a political leader whose speech to voters might be policy-lite, meaning it does not focus just on laws. Otherwise, you're better off with the light spelling.