LightPath Technologies Announces Record Backlog in August of $24 million

Rhea-AI Summary

LightPath Technologies (NASDAQ: LPTH) reported a record backlog of $24.0 million in August 2022, exceeding the previous record of $23.8 million from December 2020. CEO Sam Rubin noted that this backlog reflects the success of the company’s new strategy, with a focus on high-value solutions in the US and Europe. The backlog includes more orders for infrared assemblies and is indicative of customer diversification. While the company anticipates lower revenue in the upcoming fiscal fourth quarter, the overall trends suggest positive growth potential for the fiscal year 2023.

Positive

• Record backlog of $24.0 million as of August 2022, surpassing previous record.
• Increased focus on high-value solutions in the US and Europe.
• Diversification of orders, with more infrared assemblies and defense industry projects.

Negative

• Expectations of soft fiscal fourth quarter revenue.
• Current backlog orders are heavily weighted towards the second half of fiscal year 2023.

ORLANDO, FL / ACCESSWIRE / August 22, 2022 / LightPath Technologies, Inc. (NASDAQ:LPTH) ("LightPath," the "Company," or "we"), a leading vertically integrated global manufacturer and integrator of proprietary optical and infrared components and high-level assemblies, today announced a record backlog for the company in August 2022 of $24.0 million, which surpassed the $23.8 million backlog in December 2020.

Commenting on the backlog, Sam Rubin, Chief Executive Officer of LightPath, stated, "We believe the increased backlog is an indication that our new strategy is delivering results. The record backlog is significantly weighted towards high value solutions in the US and Europe, with significantly less backlog from lower value components orders in Asia. The backlog now contains more orders for infrared assemblies and the defense industry with higher complexity and overall value, than in previous times."

Mr. Rubin added: "While we typically do not announce backlog results mid quarter, in the last few weeks several significant long term projects have materialized into orders, leading to both a record backlog and a significant change in its revenue mix. Order flow fluctuates throughout the year and our current backlog orders are largely weighted towards the second half of our fiscal year, or calendar 2023. We anticipate soft fiscal fourth quarter revenue and backlog but the size of orders, customer diversification and the increase in commitments of higher value optical solutions is an early indication that we are on the right path for continued growth, which is expected to materialize later in our Fiscal year."

About LightPath Technologies

LightPath Technologies, Inc. (NASDAQ:LPTH) 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.

Contact:

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

SOURCE: LightPath Technologies, Inc.

View source version on accesswire.com:
https://www.accesswire.com/713011/LightPath-Technologies-Announces-Record-Backlog-in-August-of-24-million

FAQ

What is LightPath Technologies' recent backlog figure as reported in August 2022?

LightPath Technologies announced a record backlog of $24.0 million in August 2022.

How does the current backlog compare to previous records?

The current backlog of $24.0 million exceeds the previous record of $23.8 million set in December 2020.

What factors are contributing to the increase in LightPath's backlog?

The increase in backlog is attributed to the company’s new strategy focusing on high-value solutions, particularly in the US and Europe.

What does LightPath anticipate for fiscal fourth quarter revenue?

LightPath expects soft revenue for the fiscal fourth quarter.

When is LightPath expecting to realize revenue from its current backlog?

Revenue from the current backlog is primarily expected in the second half of fiscal year 2023.