LightPath Technologies Announces $759,000 in New Orders for Defense Optics

LightPath Technologies (NASDAQ:LPTH) announced that it has been awarded four orders totaling US$759,000 for a variety of precision molded optics and infrared optics.

The company said that it received orders from three different defense contractors/electronics original equipment manufacturers (OEMs).

As quoted in the press release:

LightPath’s optics are integral components in products with exacting standards. The OEMs placing orders with LightPath will be manufacturing missile systems with electro-optical guidance capabilities, hand-held and weapon-mounted infrared night vision sights, and next generation IR cameras with an industry-leading compact size (small pixel pitch format). IR optics will be made from LightPath’s proprietary Black Diamond 6™ (BD6™) infrared material as well as the more traditional germanium raw material. Visible light optics (also referred to as precision molded optics or PMO) will be made from traditional glass material which will be molded and finished.

“The LightPath brand is now more than ever being recognized as the world’s leading vertically integrated supplier for all optical technology requirements. We are experiencing strong demand for our products from multiple vertical markets,” said Jim Gaynor, President and Chief Executive Officer of LightPath. “The defense market has been a solid contributor to our business mix as industry players globally are increasingly relying on enhanced light and sensory technologies. The orders announced today are from domestic and foreign defense contractors, both new and existing customers. Their supply agreements involve lenses selected from our IR and PMO product families which are made from a variety of substrate materials where we have deep domain expertise. Manufacturing of these products will take place in our facilities in the U.S. and Latvia, with deliveries expected to begin immediately through the next 12 months.”

The Defense sector is one of 6 vertical end markets addressed by LightPath. The other markets include Catalogs/Distributors, Industrial, Medical, Telecommunications/Networking, and Commercial. Customers in each of these markets may now select the best optical technologies that suit their needs from LightPath’s entire product family lines, including IR optics (BD6 and germanium-based lenses) and PMO lenses. LightPath is well positioned as a highly diversified optical technology provider offering a selection of materials, production methods and manufacturing locations. Cost competitive delivery of optical components and assemblies are being facilitated by the significant investments LightPath has made in diamond turning, molding technology, coating capabilities, and staffing in its locations around the world.

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