LightPath Technologies Secures Order for Thermal Imaging Assemblies for New Program with Tier-1 Defense Customer

Rhea-AI Summary

LightPath Technologies (NASDAQ: LPTH) has secured a $0.5 million low rate initial production order for thermal imaging assemblies from a new tier-1 defense customer. The assemblies, which have completed qualification, utilize LightPath's proprietary BlackDiamond™ Chalcogenide material. This material is optimized for multi-spectral use in demanding military applications, offering advantages such as functioning in extreme temperatures with a smaller, lighter form factor.

Sam Rubin, President and CEO of LightPath, stated that this order represents significant market validation and could be the first of many as the program evolves. The company's superior product and stable supply chain provided capability, reliability, and pricing advantages to the customer, potentially leading to increased adoption by military forces in the U.S. and allied nations.

Positive

• Secured $0.5 million order for thermal imaging assemblies from new tier-1 defense customer
• Successful qualification of assemblies using proprietary BlackDiamond™ technology
• Potential for future orders as the program expands
• Competitive advantages in capability, reliability, and pricing

Negative

• None.

Insights

Defense Industry Analyst

This $0.5 million order marks a significant milestone for LightPath Technologies, validating their BlackDiamond™ technology in the competitive defense sector. The successful qualification and subsequent low-rate initial production (LRIP) order from a tier-1 defense customer demonstrates the company's ability to meet stringent military requirements.

The key advantages of LightPath's optical assemblies - multi-spectral capabilities, extreme temperature tolerance and compact form factor - address critical needs in next-generation thermal optics. This positions LPTH favorably for potential follow-on orders as the program scales.

For investors, this development signals:

• Enhanced market position in the lucrative defense sector
• Potential for recurring revenue streams
• Validation of LightPath's R&D investments
• Improved competitive stance against established players

While the initial order size is modest, the long-term implications for LPTH's growth trajectory in the defense market are promising. Investors should monitor future announcements for indications of program expansion and additional orders.

Optics Technology Specialist

LightPath's BlackDiamond™ Chalcogenide material represents a significant technological advancement in thermal imaging optics. The material's ability to function across multiple spectra while maintaining performance in extreme temperatures addresses key challenges in military applications.

The reduced size and weight of the assemblies are important factors in defense systems, where every gram matters. This advantage could lead to wider adoption across various military platforms, from handheld devices to vehicle-mounted systems.

From a technical perspective, the successful qualification of these assemblies indicates:

• Superior optical performance in demanding conditions
• Potential for integration into a variety of defense systems
• A competitive edge in materials science and manufacturing

The collaboration with the tier-1 defense contractor during the design and testing phases suggests a deep integration of LightPath's technology into the customer's product roadmap. This could result in a long-term partnership and influence future defense optics designs.

Low Rate Initial Production Order Follows Qualification for Assemblies Made with BlackDiamond™ Glass Optics

ORLANDO, Fla., Sept. 26, 2024 /PRNewswire/ -- LightPath Technologies, Inc. (NASDAQ: LPTH) ("LightPath," the "Company," or "we"), a leading global, vertically integrated provider of thermal imaging cores, custom optical assemblies, photonics and infrared solutions for the industrial, commercial, defense, telecommunications, and medical industries, today announced receipt of a $0.5 million low rate initial production order for thermal imaging assemblies with a new tier-1 defense customer.

The optical assemblies, which have already completed qualification with the customer, utilize the Company's BlackDiamond™ Chalcogenide material, among other materials, and will be utilized in next-generation thermal optics. LightPath's proprietary BlackDiamond material has been uniquely optimized for multi-spectral use in demanding military applications – including the ability to function  in extreme temperatures while in a smaller, lighter form factor – providing a significant advantage over competing product offerings. 

"This order represents a significant validation by the market and a significant tier-1 defense contractor, as until now LightPath and our proprietary BlackDiamond™ materials were not a source of optical assemblies for this customer," said Sam Rubin, President and Chief Executive Officer of LightPath. "Following extensive design and testing work in collaboration with our team, this customer realized our superior product and stable supply chain provided significant capability, reliability and pricing advantages to keep them competitive in the marketplace. We believe this initial order could be the first of many as the program evolves and is increasingly adopted by military forces in the U.S. and allied nations."

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™ ("BD") 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 a thermal 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. 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 impact of varying 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; general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth; geopolitical tensions, the Russian-Ukraine conflict, and the Hamas/Israel war; 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.

View original content to download multimedia:https://www.prnewswire.com/news-releases/lightpath-technologies-secures-order-for-thermal-imaging-assemblies-for-new-program-with-tier-1-defense-customer-302258057.html

SOURCE LightPath Technologies

FAQ

What is the value of the new order LightPath Technologies (LPTH) received?

LightPath Technologies (LPTH) received a $0.5 million low rate initial production order for thermal imaging assemblies from a new tier-1 defense customer.

What technology does LightPath Technologies (LPTH) use in its thermal imaging assemblies?

LightPath Technologies (LPTH) uses its proprietary BlackDiamond™ Chalcogenide material in the thermal imaging assemblies, which is optimized for multi-spectral use in demanding military applications.

What are the advantages of LightPath Technologies' (LPTH) BlackDiamond™ material?

LightPath Technologies' (LPTH) BlackDiamond™ material can function in extreme temperatures while maintaining a smaller, lighter form factor, providing significant advantages over competing products in military applications.

Who is the new customer for LightPath Technologies' (LPTH) thermal imaging assemblies?

The new customer is described as a tier-1 defense contractor, although the specific name is not mentioned in the press release.