LightPath Secures Renewal Order of $3.4 Million, a 36% Increase from Initial Order

ORLANDO, FL / ACCESSWIRE / October 5, 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 renewal order to provide advanced infrared optics for a critical international military program (or the "Program"). The Company has been awarded a follow-on order of $3.4 million which represents a 36% increase as the program demand grows from the initial order of $2.5 million announced in December.

LightPath was qualified for this key defense program last year, after a lengthy due diligence process. The optical design utilizes the Company's BD6 Chalcogenide material, among other materials, in an infrared imaging system for threat detection and situational awareness.

LightPath's VP of Global Sales Mark Palvino commented, "We are delighted to see that our customer is happy enough to increase their order size for such a high-profile program. Meeting the intensive qualification standards as a supplier provides evidence of LightPath's ability to deliver value on some of the most complex and demanding needs by the US military."

About LightPath Technologies:
LightPath Technologies, Inc. is a leading global, vertically integrated provider of optics, photonics and infrared solutions for the industrial, commercial, defense, telecommunications, and medical industries. LightPath designs and manufactures proprietary optical and infrared components including molded glass aspheric lenses and assemblies, custom molded glass freeform lenses, infrared lenses and thermal imaging assemblies, fused fiber collimators, and proprietary Black Diamond ("BD6") chalcogenide-based glass lenses. LightPath also offers custom optical assemblies, including full engineering design support. The Company is headquartered in Orlando, Florida, with manufacturing and sales offices in Dallas Texas, Latvia and China.

LightPath's wholly-owned subsidiary, Visimid Technologies, was acquired in July 2023, and specializes in the design and development of customized infrared cameras, for the industrial and defense industries. Such customized cameras are often sold together with customized optical assemblies from LightPath.

LightPath's wholly-owned subsidiary, ISP Optics Corporation, manufactures a full range of infrared products from high performance MWIR and LWIR lenses and lens assemblies. ISP's infrared lens assembly product line includes athermal lens systems used in cooled and un-cooled thermal imaging cameras. Manufacturing is performed in-house to provide precision optical components including spherical, aspherical and diffractive coated infrared lenses.

For more information on LightPath and its businesses, please visit www.lightpath.com.

Investor Contact:
Brian M. Prenoveau, CFA
MZ Group - MZ North America
[e-mail]
[phone]

SOURCE: LightPath Technologies

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The Lightpath Technologies (A) Stock at the time of publication of the news with a fall of -2,90 % to 1,340EUR on Frankfurt stock exchange (05. Oktober 2023, 08:25 Uhr).