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LightPath Technologies Reports Financial Results for Fiscal 2023 Second Quarter
Delivers on New Strategic Direction with the Release of Advanced Infrared Camera, MantisORLANDO, FL / ACCESSWIRE / February 9, 2023 / LightPath Technologies,
About this update from Lightpath Technologies, Inc.
[{"type":"text","content":"Delivers on New Strategic Direction with the Release of Advanced Infrared Camera, MantisORLANDO, FL / ACCESSWIRE / February 9, 2023 / LightPath Technologies, Inc. (NASDAQ:LPTH) (\"LightPath,\" the \"Company,\" or \"we\"), a leading global, vertically integrated provider of optics, photonics and infrared solutions for the industrial, commercial, defense, telecommunications, and medical industries, today announced financial results for its fiscal 2023 second quarter ended December 31, 2022.Management CommentaryLightPath's President and Chief Executive Officer Sam Rubin stated, \"Our fiscal second quarter results reflect sequential improvement in both revenue and gross margin, as compared to the first quarter of fiscal 2023. During the second quarter we began to realize significant growth in revenue from defense customers in the U.S., for both visible and infrared molded products, which is offsetting the economic headwinds we are experiencing in China.\"\"The second quarter of LightPath's fiscal year also proved to be eventful and an extremely important quarter in our evolution from a component manufacturer to a complete solutions provider. The introduction of our first complete camera solution, the new qualification of our key material for space applications, and multiple new awards of defense infrared projects, all the result of our focus on our new strategic direction. In November, we announced that our BD6 material was qualified by the European Space Agency (\"ESA\") for use in space. With this qualification, LightPath is placed at the forefront of optics in extreme conditions. Besides the obvious advantage it brings from being space qualified, we also see it as an encouraging sign that ESA had funded us to specifically qualify our material to replace Germanium. LightPath's Black DiamondTM glasses were also qualified for a critical international military program, and as such we received an initial order of $2.5 million from the related customer in December, representing a significant increase in that customer's business with the Company. This, as well as other new orders in the U.S. and Europe, resulted in our backlog reaching $31 million in mid-December, the highest in many years, and a strong indication of the growth we are expecting in coming quarters. Also in December, LightPath introduced Mantis, a standalone infrared came...