LightPath Technologies receives $5 million order for infrared optical lens elements
Manufacturing to begin immediately, with the order to ship over 12 months.
LightPath Technologies (Orlando, FL; NASDAQ: LPTH), which makes visible and infrared (IR) optics from components to high-level assemblies, revealed that its wholly-owned subsidiary, ISP Optics, was awarded a $5 million purchase contract to supply a variety of IR optical lens elements to an unnamed major commercial IR vision products customer.
"This purchase contract requires manufacturing to commence immediately, with monthly shipping of lenses throughout 2018," explains Jim Gaynor, the company's president and CEO. "LightPath was selected by the customer after an evaluation of suppliers based on volume manufacturing capabilities, materials, and cost analysis, and global service and support for an optimized value proposition. This single contract represents 16% of our trailing 12-month revenues through September 2017. We are confident that recent investments in our production capacity and sales and marketing initiatives are delivering their intended results."
According to market research firm MarketsandMarkets, the vision-products market is estimated to grow from US $5.4 billion in 2016 to US $6.9 billion in 2022. However, research shows that a major challenge for vision-products manufacturers is high cost. LightPath says it has come to the aid of these manufacturers by lowering the cost and improving the functionality of integrated optical technologies; the company has invested in diamond turning, optical coating, and state-of-the-art chalcogenidemolding technology and staffing.
"LightPath also was recently awarded an initial commercial contract with a major supplier for state-of-the-art infrared optical assemblies designed into the customer's next generation of IR detectors," adds Gaynor. "Shipments began in the quarter ended December 2017 for lenses that are part of an infrared system, which is smaller, lighter, and consumes less power while delivering significantly greater image definition and reliability."
With its experience in night vision and as a provider of chalcogenide glass lenses, and because it has the capability to package together a combination of infrared and visible-light optics assemblies, LightPath says it is well-positioned with a differentiated family of products for various types of automotive night-vision applications. The company expects many automobile manufacturers to begin adopting next generation infrared night vision or thermal night-vision capabilities.
In November 2017, LightPath announced the expansion of ISP's facilities in Latvia. The facility expansion added 435 square meters of floor space, including 343 square meters of manufacturing and production space and 92 square meters of office space. LightPath also previously disclosed investments of approximately $1.4 million globally to expand its production capacity, which includes significant spending on equipment and facilities in Latvia.
LightPath notes that its product-development efforts include advanced driver-assistance systems (ADASs), lidar sensing, and spectrographic and fiber-delivery technologies. Many of these products, which are being designed for higher margin applications within the automotive electronics and health care, incorporate the company's infrared technologies and, in certain cases, also include its visible-light technologies.