Business
LightPath Technologies Achieves Key Qualification Milestone With Lockheed Martin for US Army Missile Program
Company to Begin Delivering Advanced Thermal Camera Systems for Initial Test Units; Represents Initial Revenues of $50 to $100 Million for LightPath if
About this update from Lightpath Technologies, Inc.
[{"type":"text","content":"Company to Begin Delivering Advanced Thermal Camera Systems for Initial Test Units; Represents Initial Revenues of $50 to $100 Million for LightPath if Selected into Program ORLANDO, FL / ACCESSWIRE / July 31, 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 qualification of its advanced thermal camera system by Lockheed Martin as part of its bid to produce a design of a major missile program for the US Army (the \"Program\"). LightPath will now start delivering flightworthy hardware for implementation into Lockheed Martin's initial live test units.Lightpath's participation in the Program and selection from Lockheed Martin was originally announced in September 2023, whereby LightPath would receive up to $7.5 million for design and development in several stages over the next three years. In December 2023, LightPath received $4.7 million from Lockheed Martin as part of its phase one order for development and delivery of initial prototypes, which was expected to be delivered over the following 12 to 24 months.LightPath's qualification for its advanced thermal camera system represents a critical milestone in phase one of the agreement with Lockheed Martin and will now begin delivering flightworthy advanced thermal camera system hardware for implementation into Lockheed Martin units. The next anticipated milestone for the LightPath System will occur during live test flights. When the Company enters full production, these systems will be done in the Company's newly expanded Orlando manufacturing facility. Continued positive results of the phase one development will result in a phase two order valued at approximately $3 million.Initially, it was expected that the U.S. Army would make a selection on a final solution for the Program and move into production with 10,000 units by 2028; however, it has been announced that a decision to move the Program into production is now expected by 2026.The U.S. Army is evaluating two competing solutions for the Program, which will represent an initial order of 10,000 systems. Based on legacy Programs, the Company estimates that follow on orders could reach up to 10,000 systems per year. If Lockheed Martin is selected, the advanc...