LightPath Secures New Defense Contract; Backlog Increases to Record $31 Million

Rhea-AI Summary

LightPath Technologies (NASDAQ: LPTH) has secured a $2.5 million order to provide advanced infrared optics for a significant military program after a rigorous qualification process. This program, crucial for infrared imaging and threat detection, is utilized across U.S. military branches. The order marks an increase in business with the customer and contributes to a record backlog of $31 million for the company in 2022. CEO Sam Rubin highlighted this achievement as a step toward further integration with military technologies, indicating potential for future orders as the program expands.

Positive

• Secured a $2.5 million order for advanced infrared optics, indicating strong demand in military applications.
• Record backlog of $31 million, reflecting significant growth and business traction.
• Potential for additional orders as the military program evolves.

Negative

• None.

ORLANDO, FL / ACCESSWIRE / December 19, 2022 / 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 been qualified to provide advanced infrared optics for a critical international military program (or the "Program"). The Company has been awarded an initial order of $2.5 million. This order represents a significant increase in this customer's business with the Company.

LightPath is qualified for this key defense project after a lengthy due diligence process. The Program is very high profile and used across the United States military branches. The Program that will utilize the Company's advanced optics has, at the center of its mission, infrared imaging and threat detection.

The Company's proprietary chalcogenide glass solution, Black Diamond, is a key technology that reduces the need for crystal glass in infrared lenses and enables the use of multi-spectral cameras. Multi-spectral cameras reduce size, weight and cost of visual systems across applications. LightPath vertically integrated manufacturing has played a key role in the selection of the company to this project.

LightPath's President and Chief Executive Officer, Sam Rubin, commented, "We are delighted to have been qualified and selected to provide optics for such a high-profile program. The lengthy qualification process, which began shortly after I joined LightPath, demonstrates this equipment's level of sophistication. This Program represents further integration of LightPath with government and military programs, whether for defense technologies, space exploration, or advanced materials that represent many high-growth applications with some of the most prestigious organizations in their respective fields.

"Due to the nature of the Program and its ongoing application, we believe this initial order could be the first of several orders of similar or larger size as the Program evolves and is increasingly adopted by military divisions in the U.S. and allied nations."

Mr. Rubin concluded: "With this order LightPath will reach a new backlog record of $31 million. This is the third time in 2022 that we have achieved a new record backlog level."

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^TM ("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 Latvia and China.

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. ISP's optics processes allow it to manufacture its products from all important types of infrared materials and crystals. Manufacturing processes include CNC grinding and CNC polishing, diamond turning, continuous and conventional polishing, optical contacting and advanced coating technologies.

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

Investor Contact:

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

SOURCE: LightPath Technologies

View source version on accesswire.com:
https://www.accesswire.com/732328/LightPath-Secures-New-Defense-Contract-Backlog-Increases-to-Record-31-Million

FAQ

What is the significance of LightPath Technologies' recent $2.5 million order?

The $2.5 million order is significant as it positions LightPath as a supplier for a critical military program, enhancing their business with defense sectors.

What does the new order mean for LightPath's backlog?

The new order contributes to a record backlog of $31 million for LightPath Technologies, demonstrating business growth.

How does LightPath Technologies' technology play a role in military applications?

LightPath's proprietary chalcogenide glass technology is crucial for infrared imaging and threat detection systems used by military branches.

When was the qualification for the military program completed?

The qualification for the military program was completed following a lengthy due diligence process, which began shortly after the CEO's appointment.

What are the future prospects for LightPath Technologies following this order?

There are expectations for further orders as the military program evolves and is adopted by various military divisions.