LightPath Technologies Receives Contract Renewal for Infrared Optical Lens Elements Representing 20% Increase from Previous Renewal

Rhea-AI Summary

LightPath Technologies (NASDAQ:LPTH) has announced a renewed supply contract exceeding $5 million with a major commercial infrared vision products customer, marking a 20% increase from the previous year. The agreement involves supplying infrared optics for hand-held thermal monoculars and weapon sights used by a European manufacturer. This renewal highlights LightPath's capacity to deliver high-quality optical products at a commercial scale and signifies an expansion of their partnership.

Positive

• Renewed supply contract worth over $5 million.
• Contract renewal represents a 20% increase from last year's contract.
• Strengthens partnership with a key OEM partner in the infrared vision market.

Negative

• None.

ORLANDO, FL / ACCESSWIRE / December 1, 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 renewed its supply contract with a major commercial infrared vision products customer in excess of $5 million, representing a 20% increase from last year's renewal.

LightPath's President and Chief Executive Officer, Sam Rubin, commented, "We are pleased to announce this year's contract renewal as it represents an expansion of our partnership and a more than 20% increase from last year's renewal. This renewal is proof of LightPath's ability to supply high-quality infrared optics on a commercial scale to a key OEM partner."

This supply agreement is for commercial hand-held thermal monocular and weapon-sight lenses to be supplied to a major European manufacturer of night vision and thermal sights. LightPath's optics will be used on sights and other sporting and outdoor products designed for search and rescue, nature observation, hunting, maritime navigation, and other commercial applications.

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.

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

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FAQ

What is the recent contract announced by LightPath Technologies (LPTH)?

LightPath Technologies announced a renewed supply contract exceeding $5 million with a major commercial infrared vision products customer, representing a 20% increase from last year's renewal.

How much has LightPath's contract value increased in 2022 compared to 2021?

The contract value has increased by 20% in 2022 compared to the previous year.

Who is the customer for LightPath's renewed contract?

The customer is a major European manufacturer of night vision and thermal sights.

What products will LightPath supply under the renewed contract?

LightPath will supply hand-held thermal monocular and weapon-sight lenses for various commercial applications.