LightPath Technologies Reports Financial Results for Fiscal 2024 First Quarter

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ORLANDO, FL / ACCESSWIRE / November 9, 2023 / LightPath Technologies, Inc. (NASDAQ:LPTH) ("LightPath," the "Company," or "we"), a leading global, vertically integrated provider of thermal imaging cores, custom optical assemblies, photonics and infrared solutions for the industrial, commercial, defense, telecommunications, and medical industries, today announced financial results for its fiscal 2024 first quarter ended September 30, 2023.

Fiscal 2024 First Quarter Highlights:

  • Revenue of $8.1 million for the first quarter of fiscal 2024
  • Total backlog at September 30, 2023 of $21.3 million
  • Net loss for the first quarter of fiscal 2024 was $1.3 million
  • EBITDA* loss for the first quarter of fiscal 2024 was $0.4 million
  • Acquired Visimid Technologies
  • Partnership announced with Lockheed Martin and Visimid to develop thermal imaging technology for key missile systems

Management Commentary

LightPath's President and Chief Executive Officer Sam Rubin stated, "In the first fiscal quarter of 2024 LightPath took significant strides towards our strategy to move products upstream. The acquisition of Visimid added two crucial capabilities that are changing the company for the better. First, we can now produce end-to-end custom imaging cores, which provides a more plug-and-play relationship between LightPath and value-added resellers. Second, new engineering capabilities allow LightPath to be involved earlier within our customers' design cycle and increase our likelihood of servicing those designs through to manufacturing."

Mr. Rubin continued, "Shortly after our acquisition of Visimid, we announced the Company was selected to design the optical head for a Lockheed Martin missile program. The design phase of that program includes delivering 100 optical missile heads to Lockheed for $7.5 million. The ultimate selection of Lockheed Martin by the military would likely result in a substantial revenue opportunity should the Company supply the part we are designing for Lockheed Martin. The pairing of LightPath and Visimid strengthened the bid for that program, as the Company can handle both design and manufacturing."

"We previously announced the availability of High Framerate LWIR Thermal Imaging Cores in September. High Framerate LWIR thermal imaging cameras have broad applications across various industries, including railway inspection, heat transfer studies, ballistics analysis, etc. LWIR thermal cores are the first stand-alone OEM product we've highlighted and provide revolutionary capabilities that are only achieved by pairing our proprietary materials and manufacturing with Visimid custom imaging cores."

"Lastly, we announced the US Department of Defense is funding our qualification of additional materials as substitutes for Germanium within their supply chain. This new funding arrangement allows us to continue efforts toward our goal of being the preferred alternative to Chinese-sourced Germanium."

Updated Product Groups

We previously organized our products in three groups: precision molded optics ("PMO"), infrared, and specialty products. Revenues from product development agreements for engineering services were included in specialty products. With our strategic transition into more value-added solutions, and the addition of Visimid in July 2023, we reorganized our products into four product groups: infrared components, visible components, assemblies & modules, and engineering services. Assemblies/solutions were previously included in PMO, infrared or specialty products, depending on the lens type.

Below is our fiscal 2023 revenue presented in accordance with our new product groups:

Product Group Revenue ($ in millions)**First Quarter of Fiscal 2023Second Quarter of Fiscal 2023Third Quarter of Fiscal 2023Fourth Quarter of Fiscal 2023
Infrared ("IR") components

$3.2

$3.3

$3.1

$4.8

Visible components

$3.3

$3.9

$3.1

$3.2

Assemblies & modules

$0.9

$1.2

$1.0

$1.6

Engineering services

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