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,"
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"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.
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SOURCE LightPath Technologies
