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.
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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.
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