LightPath Technologies gets $759,000 in new orders for defense optics
Orders are for a variety of precision molded optics (visible light spectrum) and infrared optics.
LightPath Technologies, (Orlando, FL; NASDAQ: LPTH), which makes optical and infrared components and high-level assemblies, has been awarded four orders totaling $759,000 for a variety of precision molded optics (visible light spectrum) and infrared (IR) optics from three different defense contractors / electronics original equipment manufacturers (OEMs).
The OEMs placing orders with LightPath will be manufacturing missile systems with electro-optical guidance capabilities, hand-held and weapon-mounted infrared night-vision sights, and next-generation IR cameras with a compact size (small pixel pitch format). IR optics will be made from LightPath's proprietary Black Diamond 6 (BD6) infrared material as well as the more traditional germanium raw material. Visible-light optics (also referred to as precision molded optics or PMO) will be made from traditional glass material that will be molded and finished.
"The defense market has been a solid contributor to our business mix as industry players globally are increasingly relying on enhanced light and sensory technologies," says Jim Gaynor, president and chief executive officer of LightPath. "The orders announced today are from domestic and foreign defense contractors, both new and existing customers. Their supply agreements involve lenses selected from our IR and PMO product families which are made from a variety of substrate materials where we have deep domain expertise. Manufacturing of these products will take place in our facilities in the U.S. and Latvia, with deliveries expected to begin immediately through the next 12 months."
LightPath recently expanded its IR optics manufacturing facility in Latvia and its automotive electronics operations in China. The company acquired ISP Optics (Riga, Latvia) in December 2017 and increased the footprint of its facility there, as well as its staffing. The acquisition of ISP Optics helped vault sales growth for Lightpath's IR products up 600% from the prior year (2016).
Source: LightPath Technologies