Lightpath Technologies Inc Stock Price, News & Analysis

LightPath Technologies (NASDAQ: LPTH) announced its participation in the Association of the United States Army (AUSA) 2024 Annual Meeting and Exposition from October 14-16, 2024, in Washington D.C. This event is North America's largest land power exposition and professional development forum for the defense industry.

CEO Sam Rubin highlighted the opportunity to introduce current and prospective customers to LightPath's next-generation products, including those leveraging their proprietary BlackDiamond™ glass. The company will also update attendees on their recently qualified advanced thermal camera system for Lockheed Martin's major missile program bid for the US Army.

LightPath is now delivering flightworthy hardware for Lockheed Martin's initial live test units. The U.S. Army's decision to move the program into production, initially expected by 2028, is now anticipated by 2026. This program could represent a revenue opportunity of $500 million to $1 billion over its lifetime for LightPath.

LightPath Technologies, Inc. (NASDAQ: LPTH) has received an initial development contract from a new European defense customer for the use of BlackDiamond glass in optical systems. This follows the company's recently granted European Defense Manufacturing License. The contract involves LightPath's proprietary BlackDiamond™ Chalcogenide material, which has already completed qualification with the customer.

CEO Sam Rubin highlighted the potential for larger recurring orders in the future and emphasized the significance of entering the rapidly growing European defense market, which grew 12.5% to $295 billion in 2023. LightPath has scaled back Germanium work to focus on BlackDiamond materials, which offer a secure supply chain and enhanced margin profile. The company has also expanded production capabilities at its Latvian facility to support anticipated growth in European defense sales.

LightPath Technologies (NASDAQ: LPTH) has been awarded Phase 2 funding by the U.S. Department of Defense to qualify additional BlackDiamond (BD) chalcogenide glasses as substitutes for germanium. This follows the successful Phase 1 qualification of three proprietary BD glasses, which have already replaced germanium in several defense programs. The Phase 2 funding of approximately $0.5 million will cover the qualification of six more materials to MRL-9 (Material Readiness Level).

LightPath's BD materials offer superior performance to germanium in infrared imaging systems, addressing supply chain concerns due to Chinese export restrictions. The materials exhibit unique properties, including a negative thermo-optic coefficient and multi-spectral capabilities, enabling better performance and reduced size, weight, and cost in defense systems.

LightPath Technologies (NASDAQ: LPTH) has appointed Steven Garcia as General Manager of its Orlando, Florida production facility. Garcia brings over 20 years of experience in domestic and international manufacturing, specializing in lean operations, plant layout optimization, and facility management. His expertise includes employee training, adaptability, and safety.

This appointment marks a significant milestone for LightPath, reflecting the transition of the Orlando facility from corporate headquarters to a state-of-the-art manufacturing center. The move aligns with LightPath's commitment to manufacturing in America for American industry needs, with additional operations in Latvia to address European defense opportunities.

CEO Sam Rubin emphasized that this shift positions LightPath as a leading provider to the defense industry, reducing supply chain risks and leveraging strategic CapEx investments for future growth.

LightPath Technologies (NASDAQ: LPTH) has secured a $0.5 million low rate initial production order for thermal imaging assemblies from a new tier-1 defense customer. The assemblies, which have completed qualification, utilize LightPath's proprietary BlackDiamond™ Chalcogenide material. This material is optimized for multi-spectral use in demanding military applications, offering advantages such as functioning in extreme temperatures with a smaller, lighter form factor.

Sam Rubin, President and CEO of LightPath, stated that this order represents significant market validation and could be the first of many as the program evolves. The company's superior product and stable supply chain provided capability, reliability, and pricing advantages to the customer, potentially leading to increased adoption by military forces in the U.S. and allied nations.

LightPath Technologies (NASDAQ: LPTH) has secured a $3.5 million follow-on order to supply advanced infrared optics for the F-35 combat aircraft program. This order leverages LightPath's proprietary BlackDiamond™ BD6 Chalcogenide material, which can replace Germanium in infrared imaging systems while offering superior performance. The optical design addresses supply chain concerns related to Chinese export restrictions on Germanium.

This marks the third order from a tier-1 defense customer, following initial orders of $2.5 million in December 2022 and $3.4 million in October 2023. LightPath expects to realize this revenue over 12 months and sees significant growth potential within the F-35 program. The company's Germanium-free optics uniquely resolve geopolitical concerns and enable a superior design with lighter weight and wider thermal operating range.

LightPath Technologies reported its fiscal 2024 fourth quarter and full year financial results. Revenue for Q4 was $8.6 million, down 11% from the same quarter last year, and $31.7 million for the full year, a 4% decline from fiscal 2023. The company faced a net loss of $2.4 million for Q4 and $8.0 million for the full year. EBITDA loss was $1.3 million for Q4 and $3.7 million for the full year.

Key achievements include a milestone with Lockheed Martin for a US Army missile program and the release of AI-ready EdgeIR cameras. Revenue from engineering services surged by 698% in Q4 due to Visimid's contract with Lockheed Martin. However, revenue from IR components dropped by 36%, and visible components remained flat.

Gross margin decreased to 29% in Q4 and 27% for the full year. SG&A costs rose by 20% in Q4 and 8% for the full year. The total backlog was $19.3 million as of June 30, 2024, down 11% from the previous year.

LightPath Technologies (NASDAQ:LPTH) has launched a new version of its Mantis™ camera for monitoring high-temperature processes in power plant boilers and furnaces. This product launch marks LightPath's transition from a component manufacturer to a product solutions company. The new Mantis camera, priced at $30,000 per unit, offers more accurate and reliable monitoring across a wider temperature range than current technology.

The camera system aids in optimizing burn processes and meeting CO2 reduction mandates. LightPath is targeting the $500 million global furnace monitoring market, capitalizing on increasing environmental regulations in the US and Europe. The company has already secured its first commercial order for furnace inspection from a customer in the southeastern US.

LightPath Technologies (NASDAQ:LPTH), a leading provider of thermal imaging cores, custom optical assemblies, photonics and infrared solutions, has announced its fiscal 2024 fourth quarter and full year financial results conference call scheduled for September 19, 2024 after market close. The call and webcast will take place at 5:00 PM (ET). Participants can join via phone (1-877-317-2514 for US, 1-412-317-2514 for international) or webcast. A replay will be available until October 3, 2024. LightPath serves various industries including industrial, commercial, defense, telecommunications, and medical sectors.