LightPath Technologies Granted European Defense Manufacturing License; Significantly Expands Addressable Market

License Allows LightPath to Provide Products Directly Into the Rapidly-Growing $295 Billion European Defense Industry

ORLANDO, FL / ACCESSWIRE / April 17, 2024 / LightPath Technologies, Inc. (NASDAQ:LPTH) ("LightPath," the "Company," or "we"), a leading vertically integrated global manufacturer and integrator of proprietary optical and infrared technologies, has received a European Defense license, which provides the Company with the ability to supply products to the European Defense industry, one of the largest defense markets in the world.

The EU defense market grew 12.5% to a record $295 billion in 2023, and the European Union recently published its first European defense industrial strategy, which among other things encourages cooperation and purchases in defense technology development among EU members, such as Latvia.

Over the last three years, LightPath's defense sales have increased from 8% to 30% of total revenue, primarily in the U.S. defense markets. The U.S. defense markets represent the fastest growing product for the company, following the recent announcements of more than $100 million in potential revenue secured with top partners such as the DoD and Lockheed Martin in two large programs of record. Receiving the European Defense license allows LightPath to significantly expand its addressable market, and over the past year, LightPath expanded its capacity and capabilities of its Latvia operation to vertically integrate and prepare for a significant increase in European defense sales. The license awarded this week functions much like the ITAR American certification, which adds LightPath Technologies to a roster of approved military vendors.

"The European Defense Industry continues to grow and the European Union recently unveiled its first ever defense industrial strategy that encourages more cooperation between governments and defense companies," said Sam Rubin, President and Chief Executive Officer of LightPath. "Not only does this license enable us to participate in the design, engineering and application phases, but more importantly, it allows us to participate in programs that are funded by the EU, wherever an end product manufacturer would need infrared optics of an existing design and program. Our recent investment in the Latvia facility together with this new license positions us for substantial growth in the EU defense market. Our long-standing relationships with the civilian agencies of the EU will now also provide us with an opportunity to engage with their defense counterparts."