Proprietary Germanium-Free Advanced Infrared
Optics to Supply Critical F-35 Combat Aircraft Program
ORLANDO,
Fla., Sept. 24, 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 a $3.5 million
follow-on order to provide advanced infrared optics for the F-35
combat aircraft program.
The optical design leverages the Company's BlackDiamond™ BD6
Chalcogenide material in an infrared imaging system for threat
detection and situational awareness. LightPath's proprietary
BlackDiamond material can uniquely be used instead of Germanium in
infrared imaging systems while concurrently offering superior
performance, which addresses end-customer supply chain concerns
given Chinese export restrictions on Germanium. China, along with Russia, control a significant portion of the
global market for Germanium.
Sam Rubin, President & CEO of
LightPath, said: "This third order from a tier-1 defense customer
follows an initial order of $2.5
million in December 2022 and a
follow-on order of $3.4 million in
October 2023 – validating our
capability to meet intensive qualification standards and deliver a
unique value proposition to critical military programs. We expect
to realize this revenue over the course of 12 months and believe
there remains significant growth potential within the F-35 program
alone.
"This program for infrared components is a successful example of
a customer that designed its system to have no Germanium optics in
it, allowing LightPath to uniquely resolve geopolitical concerns
within the supply chain of a critical military combat aircraft
program and enable a superior design given its lighter weight and
wider thermal operating range.
"As we look ahead over the coming several quarters, we continue
to see exciting prospective applications for our BlackDiamond
material. We will continue to aggressively engage with prospective
customers within the defense sector to evaluate, design-in and
ultimately ship next-generation Germanium-free optics to
the United States and its allies,"
concluded Rubin.
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,"
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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
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update publicly any forward-looking statements, whether as a result
of new information, future events, or otherwise.
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SOURCE LightPath Technologies