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LightPath Technologies Inc. (NASDAQ: LPTH) is a premier global provider of optics, photonics, and infrared solutions, with over 25 years of experience serving blue chip customers across the industrial, defense, telecommunications, testing and measurement, and medical industries. The company designs, manufactures, and distributes a comprehensive range of optical components such as molded glass aspheric lenses and assemblies, infrared lenses, thermal imaging assemblies, fused fiber collimators, and gradient index (GRADIUM®) lenses.
Headquartered in Orlando, Florida, LightPath operates with manufacturing and sales offices in Dallas, Texas, Latvia, and China. The company’s vertically integrated approach ensures high levels of optical integration, cost efficiency, and superior quality.
LightPath is known for its proprietary materials, including the BlackDiamond™ (BD6) chalcogenide-based glass lenses, and has been recognized with the William C. Schwartz Industry Innovation Award for pioneering infrared optics manufacturing technologies. The company’s ISO 9001:2008 certification underscores its commitment to quality and excellence.
In recent developments, LightPath launched the BDNL-4, a new infrared glass material that is a key component in the chalcogenide glass series, designed to replace Germanium in infrared optics. This material, developed in collaboration with the US Naval Research Laboratories (NRL) and the US Department of Defense (DoD), offers significant advantages, including a negative thermo-optic coefficient for athermalization and multi-spectral capabilities.
The company has expanded its defense market presence, securing a European Defense license and achieving a 30% revenue increase from defense sales. LightPath has also introduced innovative products like the uncooled HS LWIR thermal camera and the Mantis™ camera for high-temperature process monitoring, positioning itself strongly in the rapidly growing defense and industrial markets.
LightPath’s strategic shift towards providing customized lens assemblies and advanced optical solutions, as evidenced by its collaboration with Lockheed Martin on a new missile program, marks a significant evolution from its traditional role as a components manufacturer. The company’s third-quarter financial results highlighted this transformation, with substantial investments in new materials, expanded production capacities, and a growing sales backlog, despite current revenue and gross margin challenges.
For more detailed updates on LightPath Technologies Inc., visit www.lightpath.com.
LightPath Technologies reported its fiscal 2024 fourth quarter and full year financial results. Revenue for Q4 was $8.6 million, down 11% from the same quarter last year, and $31.7 million for the full year, a 4% decline from fiscal 2023. The company faced a net loss of $2.4 million for Q4 and $8.0 million for the full year. EBITDA loss was $1.3 million for Q4 and $3.7 million for the full year.
Key achievements include a milestone with Lockheed Martin for a US Army missile program and the release of AI-ready EdgeIR cameras. Revenue from engineering services surged by 698% in Q4 due to Visimid's contract with Lockheed Martin. However, revenue from IR components dropped by 36%, and visible components remained flat.
Gross margin decreased to 29% in Q4 and 27% for the full year. SG&A costs rose by 20% in Q4 and 8% for the full year. The total backlog was $19.3 million as of June 30, 2024, down 11% from the previous year.
LightPath Technologies (NASDAQ:LPTH) has launched a new version of its Mantis™ camera for monitoring high-temperature processes in power plant boilers and furnaces. This product launch marks LightPath's transition from a component manufacturer to a product solutions company. The new Mantis camera, priced at $30,000 per unit, offers more accurate and reliable monitoring across a wider temperature range than current technology.
The camera system aids in optimizing burn processes and meeting CO2 reduction mandates. LightPath is targeting the $500 million global furnace monitoring market, capitalizing on increasing environmental regulations in the US and Europe. The company has already secured its first commercial order for furnace inspection from a customer in the southeastern US.
LightPath Technologies (NASDAQ:LPTH), a leading provider of thermal imaging cores, custom optical assemblies, photonics and infrared solutions, has announced its fiscal 2024 fourth quarter and full year financial results conference call scheduled for September 19, 2024 after market close. The call and webcast will take place at 5:00 PM (ET). Participants can join via phone (1-877-317-2514 for US, 1-412-317-2514 for international) or webcast. A replay will be available until October 3, 2024. LightPath serves various industries including industrial, commercial, defense, telecommunications, and medical sectors.
LightPath Technologies (NASDAQ:LPTH) has achieved a key qualification milestone with Lockheed Martin for a US Army missile program. The company will begin delivering advanced thermal camera systems for initial test units, representing potential initial revenues of $50 to $100 million if selected into the program. LightPath's participation, announced in September 2023, involves up to $7.5 million for design and development over three years. The company received $4.7 million in December 2023 for phase one prototypes. The U.S. Army's decision on production is expected by 2026, with an initial order of 10,000 systems. LightPath estimates follow-on orders could reach 10,000 systems per year, potentially generating $500 million to $1 billion over the program's lifetime.
LightPath Technologies (NASDAQ:LPTH) has announced a significant milestone in its transition from Germanium to BlackDiamond™ glass optics for a key defense customer. This shift comes in response to China's export restrictions on Germanium, which has led to a 60% increase in wholesale prices since January 2023. LightPath's proprietary BlackDiamond™ glass offers comparable performance to Germanium for thermal imaging applications, with additional benefits such as being lighter, having a wider thermal operating range, and containing no rare earths.
The customer has successfully completed qualification and evaluation of the new optics design using 100% BlackDiamond™ material. LightPath is now working on a production transition timeline, with an order expected once the customer depletes its Germanium inventory. This development represents a important step in securing a sustainable supply chain for industrial, civil, and defense customers, with optics made from materials produced in the United States.
LightPath Technologies has partnered with Maris-Tech to introduce AI-enabled infrared cameras, incorporating critical hardware and firmware to support AI algorithms. The new feature, EdgeIR™, integrates an AI accelerator IC for real-time, low latency AI processing. This development addresses bandwidth and security limitations of cloud systems, simplifying AI deployment in field applications. LightPath's defense sales have grown significantly, now accounting for 30% of total revenue, with major partners like the DoD and Lockheed Martin. The company is also expanding in the EU defense market and launching a new industrial furnace monitoring camera.
LightPath Technologies has completed the development and qualification of its new Mantis™ camera, designed for high-temperature monitoring in boilers and furnaces within power plants. This camera offers enhanced accuracy and reliability compared to existing Pyrometers, covering a broader range of temperatures without the need for expensive cryogenic cooling devices. Tested in South Carolina, the Mantis camera specifically caters to applications in Utility & Recovery Boilers and Kilns, providing significant safety and efficiency benefits. With the global furnace monitoring market estimated at over $500 million annually, LightPath's innovation positions it to capture a notable share of this growing sector. The market is expected to expand due to the G7's initiative to restrict fossil fuel electric generation by 2035, pushing for new power plant constructions and conversions of old coal plants.
LightPath Technologies, Inc. reported $7.6 million in revenue for the fiscal 2024 third quarter, with a net loss of $2.6 million. They achieved milestones with Lockheed Martin, obtained a European Defense license, and launched new products. The company experienced a decrease in gross margin and an increase in SG&A costs, resulting in a higher net loss compared to the prior fiscal year.
LightPath Technologies, a global manufacturer of optical and infrared technologies, partners with UCF and Ursinus College to research a revolutionary process for recycling chalcogenide glasses like BlackDiamond™. Recent funding from the US DoD aims to establish a robust supply chain in the US, reducing reliance on Germanium. The wholesale price of Germanium has surged due to supply constraints, creating a market worth $600 million annually. LightPath's BD glasses offer performance advantages over Germanium, but the lack of a recycling process hinders adoption. The partnership's goal is to lower costs, promote wider adoption, and decrease reliance on constrained materials.
LightPath Technologies, Inc. (NASDAQ:LPTH) will release its fiscal 2024 third quarter financial results on May 9, 2024. The company is a global provider of thermal imaging cores, custom optical assemblies, photonics, and infrared solutions for various industries. The conference call and webcast will provide insights into the company's performance.
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