Initial Development Order with New Customer
Follows Recently Granted European Defense Manufacturing
License
ORLANDO,
Fla., Oct. 8, 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 receipt of an initial
development contract from a new European defense customer for the
use of BlackDiamond glass in optical systems.
The BlackDiamond glass, which has already completed
qualification with the customer, utilizes the Company's proprietary
BlackDiamond™ Chalcogenide material, and will be utilized in
the prototypes within the defense customer's optical systems. Upon
successful development into the customer's next-generation optical
systems, LightPath maintains the opportunity for larger recurring
orders in the future.
"Earlier this year we received a European Defense license,
granting us the ability to supply products to the European defense
industry, one of the largest defense markets in the world," said
Sam Rubin, President and Chief
Executive Officer of LightPath. "This license also allows us to
participate in programs that are funded by the EU for end product
manufacturers who need infrared optics for an existing design and
program. This initial development contract, with the potential for
additional follow-on orders upon development completion, highlights
the potential to deliver products directly into the rapidly growing
European defense industry. In 2023, the EU defense market grew
12.5% to a record $295 billion, and
represents an exciting expansion to our addressable market.
"As we intentionally scaled back our Germanium work over the
last year, we built the capacity and skillsets needed to support a
significant scale-up of our own BlackDiamond materials, which have
a secure supply chain and enhanced margin profile. In addition, we
recently expanded production capabilities at our Latvian facility
to vertically integrate and prepare for what we believe will be
increasing European defense sales as the industry continues to
grow," 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
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forward-looking statements. Factors that could cause or contribute
to such differences include, but are not limited to, the impact of
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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
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on Form 10-K and Quarterly Reports on 10-Q. Should one or more of
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SOURCE LightPath Technologies