LightPath Technologies Investor Day: BlackDiamond Pivot Targets IR Cameras and $103M Defense Backlog

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Sat, February 28, 2026 astatine 2:08 PM CST 7 min read

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LightPath is shifting from selling components to offering higher-value IR solutions and cameras, centering its strategy connected BlackDiamond chalcogenide solid to trim dependence connected germanium and code ample IR markets (assemblies, camera systems, and defence programs).
The institution reported a backlog of astir $103 million (85% tied to defense/surveillance) with astir 70% slated to vessel successful 2026, citing programs similar SPEAR and counter-UAS orders arsenic near-term gross catalysts.
Acquisitions (Visimid, G5, Amorphous Materials) expanded camera capabilities, programme entree and worldly breadth to astir 20 IR worldly types, portion the institution holds astir $73.5 million successful currency and expects to beryllium operating currency affirmative successful fiscal 2026.
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LightPath Stock Eyes 50% Upside connected Defense Demand Surge

LightPath Technologies (NASDAQ:LPTH) utilized its capitalist time presumption to outline a multi-year displacement from selling optical components to providing higher-value infrared (IR) assemblies, camera systems, and information successful larger defence programs, portion emphasizing its BlackDiamond chalcogenide solid portfolio arsenic a cardinal differentiator amid proviso concatenation constraints tied to germanium.

Management described LightPath arsenic a 40-plus-year-old institution that historically focused connected molded optical components, wherever accrued manufacture adoption besides pushed pricing little implicit time. The institution began pivoting toward infrared optics astir 2016–2017 with the acquisition of ISP Optics, with the extremity of applying molded-optics manufacturing to IR materials.

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Following a absorption alteration astir 2020, the institution said it strategically moved distant from being a constituent supplier toward becoming a solutions provider, citing 2 main factors: customers progressively wanting implicit solutions alternatively than discrete parts, and LightPath’s interior engineering and manufacturing capabilities that could enactment moving upstream into assemblies, subsystems, and cameras.

Management besides highlighted a crisp simplification successful dependence connected China, saying the institution antecedently had astir 55% of its concern tied to China but is present “nothing oregon little than 5%,” framing existent geopolitics arsenic much favorable to its positioning—particularly due to the fact that BlackDiamond tin beryllium utilized to plan systems without germanium.

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