Lightpath Technologies Inc - LPTH STOCK NEWS

LightPath Technologies (NASDAQ: LPTH) has announced a new version of its Optical Gas Imaging (OGI) camera platform designed to detect ammonia and sulfur hexafluoride (SF6) emissions in industrial and manufacturing settings. The camera utilizes infrared technology with a proprietary non-germanium BlackDiamond™ BD6 lens, offering a cost-effective and higher sensitivity solution compared to current technologies.

The new platform provides an alternative to germanium-based solutions, particularly significant given China's recent ban on germanium exports to the United States. The camera targets SF6, a gas with 23,500 times greater global warming potential than CO2, and ammonia, both commonly used in various industrial applications including electrical equipment, food and beverage manufacturing, and metal fabrication.

LightPath Technologies (NASDAQ: LPTH) announced its fiscal 2025 first quarter financial results, ending September 30, 2024. The company reported a 4% revenue increase to $8.4 million, driven by a 23% rise in visible components sales and a 378% surge in engineering services revenue, despite a 32% drop in infrared components revenue. Gross profit grew 22% to $2.8 million, while operating expenses increased 18% to $4.2 million. The company incurred a net loss of $1.6 million, up from $1.3 million in the prior year. Key achievements included securing new defense contracts, launching innovative products, and transitioning customers to BlackDiamond glass optics. Cash and cash equivalents stood at $4.3 million with a backlog of $21 million.

LightPath Technologies (NASDAQ: LPTH) has received a follow-on order and Letter of Intent (LOI) from a European defense customer for infrared lens assemblies used in first-person view drone applications. The non-binding LOI includes plans for collaboration on custom lens assemblies using LightPath BD6 and manufacturing localization at LightPath's Latvia facility. The agreement aims to establish future volume commitments and leverages LightPath's European Defense license and expanded optical coating capabilities in Latvia.

LightPath Technologies (NASDAQ: LPTH), a leading provider of next-generation optics and imaging systems, has announced its participation in the LD Micro Main Event XVII Conference on October 29, 2024 in Los Angeles, CA. The company's management team, including President and CEO Sam Rubin, will attend the conference to share updates on their operational momentum with institutional investors.

Rubin expressed enthusiasm about the upcoming event, stating, "We look forward to attending the LD Micro investor conference later this month, where we plan to share our continued operational momentum with institutional investors. I am incredibly proud of the efforts of our team and look forward to presenting the results of our hard work this quarter on our earnings call in November."

The conference will take place at the Luxe Sunset Boulevard Hotel in Los Angeles. Interested parties must register to participate in the event. For more information or to schedule a meeting, contact MZ Group at LPTH@mzgroup.us.

LightPath Technologies (NASDAQ: LPTH) announced the launch of a new Optical Gas Imaging (OGI) camera platform for detecting fugitive gas emissions in oil and gas applications at the CH4 Connections Conference on October 15-16, 2024, in Fort Collins, Colorado. The camera uses non-germanium lens technology to offer a more cost-effective and sensitive solution compared to current technologies.

OGI cameras detect infrared energy absorbed or emitted by gases, visualizing emissions invisible to the naked eye. The technology is important for leak detection, regulatory compliance, and safety inspections in industries like oil and gas, chemical manufacturing, and power generation. The gas sensor market totaled $2.5 billion in 2023, with potential for growth as regulations tighten globally.

LightPath's CEO, Sam Rubin, highlighted the camera's ability to meet critical needs as EPA and EU regulations require OGI use in monitoring and reducing fugitive emissions. The company's solution aims to address industry pain points by offering a cost-effective, highly sensitive camera that doesn't require proprietary software.

LightPath Technologies (NASDAQ: LPTH) announced its participation in the Association of the United States Army (AUSA) 2024 Annual Meeting and Exposition from October 14-16, 2024, in Washington D.C. This event is North America's largest land power exposition and professional development forum for the defense industry.

CEO Sam Rubin highlighted the opportunity to introduce current and prospective customers to LightPath's next-generation products, including those leveraging their proprietary BlackDiamond™ glass. The company will also update attendees on their recently qualified advanced thermal camera system for Lockheed Martin's major missile program bid for the US Army.

LightPath is now delivering flightworthy hardware for Lockheed Martin's initial live test units. The U.S. Army's decision to move the program into production, initially expected by 2028, is now anticipated by 2026. This program could represent a revenue opportunity of $500 million to $1 billion over its lifetime for LightPath.

LightPath Technologies, Inc. (NASDAQ: LPTH) has received an initial development contract from a new European defense customer for the use of BlackDiamond glass in optical systems. This follows the company's recently granted European Defense Manufacturing License. The contract involves LightPath's proprietary BlackDiamond™ Chalcogenide material, which has already completed qualification with the customer.

CEO Sam Rubin highlighted the potential for larger recurring orders in the future and emphasized the significance of entering the rapidly growing European defense market, which grew 12.5% to $295 billion in 2023. LightPath has scaled back Germanium work to focus on BlackDiamond materials, which offer a secure supply chain and enhanced margin profile. The company has also expanded production capabilities at its Latvian facility to support anticipated growth in European defense sales.

LightPath Technologies (NASDAQ: LPTH) has been awarded Phase 2 funding by the U.S. Department of Defense to qualify additional BlackDiamond (BD) chalcogenide glasses as substitutes for germanium. This follows the successful Phase 1 qualification of three proprietary BD glasses, which have already replaced germanium in several defense programs. The Phase 2 funding of approximately $0.5 million will cover the qualification of six more materials to MRL-9 (Material Readiness Level).

LightPath's BD materials offer superior performance to germanium in infrared imaging systems, addressing supply chain concerns due to Chinese export restrictions. The materials exhibit unique properties, including a negative thermo-optic coefficient and multi-spectral capabilities, enabling better performance and reduced size, weight, and cost in defense systems.

LightPath Technologies (NASDAQ: LPTH) has appointed Steven Garcia as General Manager of its Orlando, Florida production facility. Garcia brings over 20 years of experience in domestic and international manufacturing, specializing in lean operations, plant layout optimization, and facility management. His expertise includes employee training, adaptability, and safety.

This appointment marks a significant milestone for LightPath, reflecting the transition of the Orlando facility from corporate headquarters to a state-of-the-art manufacturing center. The move aligns with LightPath's commitment to manufacturing in America for American industry needs, with additional operations in Latvia to address European defense opportunities.

CEO Sam Rubin emphasized that this shift positions LightPath as a leading provider to the defense industry, reducing supply chain risks and leveraging strategic CapEx investments for future growth.