FPV Drone Infrared Lens Assemblies for
European Defense Customer Expected to Drive $1.0-2.0 Million in Revenue in Calendar Year
2025
ORLANDO,
Fla., Dec. 23, 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 that it has begun sustained delivery
of infrared lens assemblies per the terms of the October 2024 Letter of Intent ("LOI") from a
European defense customer for active duty use in first-person view
(FPV) drone applications.
As part of the ongoing supply agreement LOI announced in
October, LightPath is supplying custom lens assemblies using
LightPath's BlackDiamond glass as well as the localization of its
lens assembly manufacturing to LightPath's Latvia facility to ensure supply chain
stability and reliability. While the initial order is for 1,300
assemblies, LightPath management expects that with several
follow-on orders throughout calendar year 2025 in-line with
targeted volume commitments, this customer could represent
$1.0-2.0 million in annual
revenue.
Sam Rubin, President and Chief
Executive Officer of LightPath, commented: "As FPV drones become an
increasingly prominent tool on the frontlines of modern conflict
zones, LightPath is well suited to provide customized infrared
imaging solutions with superior performance to address the urgent
needs of the U.S. military and its allies globally. Our European
defense customer for example has FPV drones in active duty use
today, showcasing our ability to meet both the current and future
needs of our partners globally."
"This is particularly timely as China recently announced new restrictions on
Germanium exports, which have driven an incredible surge in inbound
interest from the defense sector for our Germanium-alternative
BlackDiamond optics and infrared imaging systems. With the
ability to provide domestic sources of production in both the U.S.
and Europe – and all requisite
defense licenses in place in both the U.S. and EU – we are well
positioned to drive significant growth momentum in the quarters to
come," 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
This press release includes statements that constitute
forward-looking statements made pursuant to the safe harbor
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Forward-looking statements may be identified by the use of words
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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
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of new information, future events, or otherwise.
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SOURCE LightPath Technologies