LightPath Technologies Announces Supply Agreement with Long Time European Customer for Precision Molded Optics

Rhea-AI Summary

LightPath Technologies (NASDAQ:LPTH) announced a new supply agreement for Precision Molded Optics with a long-time European customer, effective in the second half of fiscal 2023, lasting 12-18 months. This $4 million agreement expands existing contracts, transitioning orders directly from LightPath instead of a former distributor, which is expected to positively influence revenue. CEO Sam Rubin emphasized that this partnership reflects growth in unit purchases and validates the value of their molded optics solutions for the European market.

Positive

• New $4 million supply agreement expected to boost revenue.
• Transitioning orders directly through LightPath improves operational efficiency.
• Indicates growth in customer relationships and unit purchases.

Negative

• None.

ORLANDO, FL / ACCESSWIRE / August 2, 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 new supply agreement for Precision Molded Optics, with a long time European customer of precision motion control systems and OEM assemblies. The new supply agreement will go into effect in the second half of our fiscal 2023 and is expected to run for around 12-18 months.

Commenting on the supply agreement, Sam Rubin, Chief Executive Officer of LightPath, stated, "We are thrilled to see long-time customers continue to increase their purchases from us, reflecting growth in the number of units purchased. We believe such continued relationships demonstrate the value we bring to partners with our molded optics solutions and is a big win for our new European direct sales team."

Mr. Rubin added: "The $4 million supply agreement is a continuation and expansion of the existing supply agreement, and now the related orders will be processed directly through LightPath rather than through our former European distributor, which will have a favorable impact on LightPath's revenue. We have been working with European customers on providing higher value solutions and this extended partnership is a validation of that work."

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/710612/LightPath-Technologies-Announces-Supply-Agreement-with-Long-Time-European-Customer-for-Precision-Molded-Optics

FAQ

What is the significance of LightPath's new supply agreement?

The $4 million supply agreement enhances revenue and strengthens customer relations, indicating growth in demand for their optical solutions.

When will the new supply agreement with the European customer take effect?

The supply agreement will go into effect in the second half of fiscal 2023.

How long is the new supply agreement expected to last?

The new supply agreement is expected to run for approximately 12-18 months.

What does the new agreement mean for LightPath's operations?

Orders will now be processed directly through LightPath rather than a distributor, expected to improve efficiency and revenue.

What is LightPath Technologies known for?

LightPath is a global manufacturer of proprietary optical and infrared components, serving various industries including medical and telecommunications.