LightPath Announces Initial $4.7m Order from Lockheed Martin

Rhea-AI Summary

LightPath Technologies, Inc. (NASDAQ:LPTH) has received a phase I order from Lockheed Martin Missiles & Fire Control for an advanced infrared camera system for a key Army program, valued at $4.7 million. The initial order is for development and initial prototypes, with potential for a phase two order valued at $3 million. Production is expected to commence in 2026, with an initial production of 10,000 systems. LightPath's President and CEO, Sam Rubin, sees this as a major milestone in the company's strategy, aiming to become an imaging solutions provider. The business is currently driven by three pillars of growth: camera solutions, defense, and new applications such as automotive, with potential opportunities in the order of tens of millions of dollars per year.

ORLANDO, FL / ACCESSWIRE / December 11, 2023 / LightPath Technologies, Inc. (NASDAQ:LPTH), ("LightPath" or the "Company"), a leading vertically integrated global manufacturer and integrator of proprietary optical and infrared technologies, announced that the Company has received a phase I order to develop an advanced infrared camera system for a key Army program (or the "Program"). The Company has received the phase one order from Lockheed Martin Missiles & Fire Control of $4.7 million as part of the Program announced in September.

The initial phase one order is for development and initial prototypes of an advanced thermal camera system to be delivered over the next 12 to 24 months. Positive results of the phase one development will result in a phase two order valued at approximately $3 million. The decision to move the Program to production is expected in 2026, at which point an initial production of 10,000 systems will commence. A fully in-production program would likely have average selling prices of between $5,000 and $10,000 per system, for LightPath's contribution, and significant follow-on orders after the initial 10,000 systems.

LightPath's President and CEO, Sam Rubin commented, "Winning this program of record is a major milestone in the successful implementation of our strategy. Over the last three years LightPath has been pivoting from a pure components manufacturer to leveraging its key technologies and capabilities to becoming an imaging solutions provider. Winning a major program of record, in which we will provide a complete imaging solution, is where we have been aiming and aspiring. Production of these systems will be done in our newly expanded Orlando manufacturing facility.

"Our business is currently driven by three independent pillars of growth: camera solutions, defense, and new applications such as automotive. In each of those pillars of growth we have multiple opportunities that are potentially in the order of tens of millions of dollars per year. Today one of those opportunities is moving forward and we look forward to announcing more such programs in the near future."

Mr. Rubin concluded: "I would like to congratulate the entire LightPath team on this successful implementation of our strategy and on this very important step achieved."

About LightPath Technologies:

LightPath Technologies, Inc. is a leading global, vertically integrated provider of optics, photonics and infrared solutions for the industrial, commercial, defense, telecommunications, and medical industries. LightPath designs and manufactures proprietary optical and infrared components including molded glass aspheric lenses and assemblies, custom molded glass freeform lenses, infrared lenses and thermal imaging assemblies, fused fiber collimators, and proprietary Black Diamond™ ("BD6") chalcogenide-based glass lenses. LightPath also offers custom optical assemblies, including full engineering design support. The Company is headquartered in Orlando, Florida, with manufacturing and sales offices in Dallas Texas, Latvia and China.

LightPath's wholly-owned subsidiary, Visimid Technologies, was acquired in July 2023, and specializes in the design and development of customized infrared cameras, for the industrial and defense industries. Such customized cameras are often sold together with customized optical assemblies from LightPath.

LightPath's wholly-owned subsidiary, ISP Optics Corporation, manufactures a full range of infrared products from high performance MWIR and LWIR lenses and lens assemblies. ISP's infrared lens assembly product line includes athermal lens systems used in cooled and un-cooled thermal imaging cameras. Manufacturing is performed in-house to provide precision optical components including spherical, aspherical and diffractive coated infrared lenses.

For more information on LightPath and its businesses, please visit www.lightpath.com.

Forward-Looking Statements

This press release includes statements that constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "forecast," "guidance," "plan," "estimate," "will," "would," "project," "maintain," "intend," "expect," "anticipate," "prospect," "strategy," "future," "likely," "may," "should," "believe," "continue," "opportunity," "potential," and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters, and include, for example, statements related to the expected effects on the Company's business from the COVID-19 pandemic. These forward-looking statements are based on information available at the time the statements are made and/or management's good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or suggested by the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, the duration and scope of the COVID-19 pandemic and impact on the demand for the Company products; the ability of the Company to obtain needed raw materials and components from its suppliers; actions governments, businesses, and individuals take in response to the pandemic, including restrictions on onsite commercial interactions; the impact of the pandemic and actions taken in response to the pandemic on global and regional economies and economic activity; the pace of recovery when the COVID-19 pandemic subsides; general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth; the effects of steps that the Company could take to reduce operating costs; the inability of the Company to sustain profitable sales growth, convert inventory to cash, or reduce its costs to maintain competitive prices for its products; circumstances or developments that may make the Company unable to implement or realize the anticipated benefits, or that may increase the costs, of its current and planned business initiatives; and those factors detailed by LightPath Technologies, Inc. in its public filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K and Quarterly Reports on 10-Q. Should one or more of these risks, uncertainties, or facts materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by the forward-looking statements contained herein. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Except as required under the federal securities laws and the rules and regulations of the Securities and Exchange Commission, we do not have any intention or obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.

Investor Contact:

Brian M. Prenoveau, CFA
MZ Group - MZ North America
LPTH@mzgroup.us
+561 489 5315

SOURCE: LightPath Technologies

View the original press release on accesswire.com

FAQ

What is the recent announcement from LightPath Technologies, Inc. (NASDAQ:LPTH)?

LightPath Technologies, Inc. (NASDAQ:LPTH) has received a phase I order from Lockheed Martin Missiles & Fire Control for an advanced infrared camera system for a key Army program, valued at $4.7 million.

What is the value of the initial phase one order received by LightPath Technologies, Inc. (NASDAQ:LPTH)?

The initial phase one order received by LightPath Technologies, Inc. (NASDAQ:LPTH) is valued at $4.7 million.

What is the potential value of the phase two order for LightPath Technologies, Inc. (NASDAQ:LPTH)?

The potential value of the phase two order for LightPath Technologies, Inc. (NASDAQ:LPTH) is approximately $3 million.

What is the expected timeline for production to commence for LightPath Technologies, Inc. (NASDAQ:LPTH)?

Production is expected to commence in 2026 for LightPath Technologies, Inc. (NASDAQ:LPTH), with an initial production of 10,000 systems.

What are the pillars of growth driving LightPath Technologies, Inc. (NASDAQ:LPTH)'s business currently?

The pillars of growth driving LightPath Technologies, Inc. (NASDAQ:LPTH)'s business currently are camera solutions, defense, and new applications such as automotive, with potential opportunities in the order of tens of millions of dollars per year.