LightPath Technologies Secures $3.5 Million Follow-On Order to Supply Infrared Optics for F-35 Combat Aircraft Program

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

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SOURCE LightPath Technologies