PR Newswire
ORLANDO, Fla., Oct. 8, 2024
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
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," "would," "project," "maintain," "intend," "expect," "anticipate," "prospect," "strategy," "future," "likely," "may," "should," "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 results will be achieved. Except as required under the federal securities laws and the rules and regulations of the Securities and Exchange Commission, we do not have any intention or obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.
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