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."

About LightPath Technologies

LightPath Technologies, Inc. (NASDAQ: LPTH) 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.

Forward-Looking Statements

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Contact:

Brian M. Prenoveau, CFA
MZ Group - MZ North America
LPTH@mzgroup.us
+561 489 5315

SOURCE: LightPath Technologies, Inc.