LightPath Technologies (LPTH) Canaccord Genuity’s 45th Annual Growth Conference summary

Business transformation and product evolution

• Transitioned from optical component manufacturing to integrated camera systems, now over 50% of business.

• Focused on defense applications, moving away from telecom and commercial markets.

• Developed Mantis camera, combining mid-wave and long-wave imaging in a single system.

• Acquired G5 Infrared and Visimid Technologies to accelerate system integration and product development.

• Integration with G5 progressing well, leveraging shared ERP systems and cross-selling.

Technological differentiation and supply chain strategy

• Proprietary BlackDiamond glass replaces germanium, offering supply chain security and technical advantages.

• G5 Infrared redesigned cameras to eliminate germanium, becoming a unique supplier of high-end, long-range zoom cameras without it.

• BlackDiamond glass enables fewer lens elements, reducing size, weight, and cost while improving performance.

• Exclusive license for BlackDiamond glass from U.S. Naval Research Laboratory, with perpetual renewal and first refusal rights.

• Supported by U.S. government funding and equipment to accelerate material adoption.

Market focus and revenue shift

• Defense revenue increased from 8% to 60% over five years, with U.S. now over 70% of total revenue.

• Counter-UAS market is the fastest-growing segment, with nearly $10 million in recent camera orders.

• Major contracts include the SPEAR program, installing infrared cameras on every U.S. naval surface vessel, expected to generate $10–$20 million annually for 10+ years.

• BlackDiamond glass is rapidly replacing germanium in new and existing designs, driven by performance and supply chain benefits.