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LightPath Announces Initial $4.7m Order from Lockheed Martin
ORLANDO, FL / ACCESSWIRE / December 11, 2023 / LightPath Technologies, Inc. (NASDAQ:LPTH), ("LightPath" or the "Company"), a leading vertically integrated global manufacturer and integrator of proprietary optical and infrared technologies, announced that the Company has received a phase I order to develop an advanced infrared camera system for a key Army program (or the "Program"). The Company has received the phase one order from Lockheed Martin Missiles & Fire Control of $4.7 million as part of the Program announced in September.
The initial phase one order is for development and initial prototypes of an advanced thermal camera system to be delivered over the next 12 to 24 months. Positive results of the phase one development will result in a phase two order valued at approximately $3 million. The decision to move the Program to production is expected in 2026, at which point an initial production of 10,000 systems will commence. A fully in-production program would likely have average selling prices of between $5,000 and $10,000 per system, for LightPath's contribution, and significant follow-on orders after the initial 10,000 systems.
LightPath's President and CEO, Sam Rubin commented, "Winning this program of record is a major milestone in the successful implementation of our strategy. Over the last three years LightPath has been pivoting from a pure components manufacturer to leveraging its key technologies and capabilities to becoming an imaging solutions provider. Winning a major program of record, in which we will provide a complete imaging solution, is where we have been aiming and aspiring. Production of these systems will be done in our newly expanded Orlando manufacturing facility.
"Our business is currently driven by three independent pillars of growth: camera solutions, defense, and new applications such as automotive. In each of those pillars of growth we have multiple opportunities that are potentially in the order of tens of millions of dollars per year. Today one of those opportunities is moving forward and we look forward to announcing more such programs in the near future."
Mr. Rubin concluded: "I would like to congratulate the entire LightPath team on this successful implementation of our strategy and on this very important step achieved."
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