LightPath Technologies Awarded Initial BlackDiamond Glass Order Following Qualification with New European Defense Customer

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Oct 08, 2024, 08:31 ET

Initial Development Order with New Customer Follows Recently Granted European Defense Manufacturing License

ORLANDO, Fla., Oct. 8, 2024 /PRNewswire/ -- LightPath Technologies, Inc. (NASDAQ: LPTH) ("LightPath," the "Company," or "we"), a leading provider of next-generation optics and imaging systems for both defense and commercial applications, today announced receipt of an initial development contract from a new European defense customer for the use of BlackDiamond glass in optical systems.

The BlackDiamond glass, which has already completed qualification with the customer, utilizes the Company's proprietary BlackDiamond™ Chalcogenide material, and will be utilized in the prototypes within the defense customer's optical systems. Upon successful development into the customer's next-generation optical systems, LightPath maintains the opportunity for larger recurring orders in the future.

"Earlier this year we received a European Defense license, granting us the ability to supply products to the European defense industry, one of the largest defense markets in the world," said Sam Rubin, President and Chief Executive Officer of LightPath. "This license also allows us to participate in programs that are funded by the EU for end product manufacturers who need infrared optics for an existing design and program. This initial development contract, with the potential for additional follow-on orders upon development completion, highlights the potential to deliver products directly into the rapidly growing European defense industry. In 2023, the EU defense market grew 12.5% to a record $295 billion, and represents an exciting expansion to our addressable market.

"As we intentionally scaled back our Germanium work over the last year, we built the capacity and skillsets needed to support a significant scale-up of our own BlackDiamond materials, which have a secure supply chain and enhanced margin profile. In addition, we recently expanded production capabilities at our Latvian facility to vertically integrate and prepare for what we believe will be increasing European defense sales as the industry continues to grow," concluded Rubin.

About LightPath Technologies

LightPath Technologies, Inc. (NASDAQ: LPTH) is a leading provider of next-generation optics and imaging systems for both defense and commercial applications. As a vertically integrated solutions provider with in-house engineering design support, LightPath's family of custom solutions range from proprietary BlackDiamond™ chalcogenide-based glass materials – sold under exclusive license from the U.S. Naval Research Laboratory – to complete infrared optical systems and thermal imaging assemblies. The Company's primary manufacturing footprint is located in Orlando, Florida with additional facilities in Texas, Latvia and China. To learn more, please visit www.lightpath.com.

Forward-Looking Statements

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SOURCE LightPath Technologies