Lightpath Technologies, Inc. · NASDAQ:LPTH
Lightpath Technologies — Investor Day (February 2026)
32 slides from Lightpath Technologies's investor day presentation, Feb 25, 2026
Slide 1: A Global Leader in Next-Generation Optics & Imaging Solutions
NASDAQ: LPTH A Global Leader in Next- Generation Optics & Imaging Solutions Investor Day Presentation | February 25, 2026
Slide 2: Safe Harbor Statement
Safe Harbor Statement This presentation contains “forward-looking” statements that are based on our beliefs and assumptions and on information currently available to us. Forward-looking statements include information concerning our possible or assumed future results of operations, business strategie
Slide 3: Today's Agenda
Today’s Agenda Speaker List Sam Rubin Steve Mielke President & Vice President of Chief Executive Officer Engineering • 11:00am – Orlando Facility Tour Israel Albert Miranda Piergiovanni • 12:00pm – Lunch with Management Chief Financial Officer Vice President of Manufacturing • 12:30pm – Webcasted Pr
Slide 4: Abbreviated History of LightPath Revenue
Abbreviated History of LightPath Fiscal Year Revenue 70 60 Business Realignment 50 Business Revenue ($ millions) Realignment 40 30 20 10 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Revenue ($M) Consensus | 4
Slide 5: Engineering a New LightPath
Engineering a New LightPath LightPath has completed a transition to a solutions-oriented approach for high value customers geared towards driving higher revenue & gross margins LPTH Today Legacy LightPath LightPath 3.0 LightPath 2.0 Components Supplier Solutions Provider Imaging Systems Creator Majo
Slide 6: The Last Five Years, Transformation and Major Events
The Last Five Years, Transformation and Major Events • Harvesting the fruits of strategy to move upstream • Shifted almost all sales and manufacturing from • Rightsizing the company, global footprint, Board China to U.S. & EU • Defense grew from <10% to vast majority of revenue • $90M order backlog
Slide 7: 2020-2025 Pillars of Growth
2020-2025 Pillars of Growth • The three pillars of growth that served us for the last 3 years have been • Entering camera and assemblies business, higher ASPs • Defense sales, driven strongly by materials • New applications such as automotive and industrial imaging • These three pillars have brought
Slide 8: Accretive Acquisitions
Accretive Acquisitions Technology Technology Technology • Uncooled thermal imaging camera cores • Cooled Mid-wave cameras • Melting glass in large • Advanced Infrared coatings diameters Major Programs Major Programs Major Programs • NGSRI • NGSRI • F-35 EOTS • Additional Seeker Programs • SPEIR • Ap
Slide 9: Three Pillars of Growth: Entering 2026 & Beyond
Three Pillars of Growth: Entering 2026 & Beyond Products and solutions applicable to growing and diverse applications Optics and Infrared Camera Large Defense Assemblies Systems Programs • Building on unique BlackDiamond • Leverages tech from acquisitions, • US Defense programs with a substantial, m
Slide 10: Product Portfolio
Product Portfolio | 10
Slide 11: LightPath Camera Solutions
LightPath Camera Solutions LightPath 3.0 Product Lineup LightPath’s comprehensive suite of solutions following the acquisition of G5 span both cooled and uncooled cameras both with and without Germanium, allowing our products to address a myriad of applications from civilian to next-generation defen
Slide 12: Proprietary BlackDiamond Glass
Proprietary BlackDiamond™ Glass Securing America’s IR Optics Supply Chains BlackDiamond Chalcogenide Glass – Licensed from the U.S. Naval Research Lab. – Offers a Germanium Free IR Optics Solution to the U.S. Defense Industry Alternative to Germanium More Materials Mean More Choices Provides an alte
Slide 13: BlackDiamond: Germanium Supply Chain Certainty
BlackDiamond: Germanium Supply Chain Certainty Germanium Supply Risk Raw Material Melting China controls ~80% of global germanium production and has imposed In-house chalcogenide glass production export restrictions, creating significant supply chain vulnerability for defense and industrial optics.
Slide 14: Advantages of BlackDiamond
Advantages of BlackDiamond™ 3X Zoom Lens Designed with Traditional Crystalline Materials • 21 optical elements • Larger size • Higher weight • More complex assembly Prevailing Technology, The New Technology, Same 3X Zoom Designed with Combination of BlackDiamond • 12 optical elements • Reduced size
Slide 15: Large Diameter Optics – The Next Frontier
Large Diameter Optics – The Next Frontier Strategic Acquisition of Amorphous Materials Long Range Imaging requires large size optics. The acquisition of Amorphous Materials provides the key technology needed to produce BlackDiamond™ in large diameters. $48 million average cost of an • Accretive asse
Slide 16: C-UAS: Counter-Unmanned Aircraft System
C-UAS: Counter-Unmanned Aircraft System Offering a Best-in-Class System for a Rapidly Growing Market; Addresses Emerging Threats Illustrative Detection Ranges for a DJI Phantom Drone around Washington DC using our 1000 series camera RWS – Integration RWS – Integration into Directed Energy into Remot
Slide 17: Commercial Applications – Dual Use Technology
Commercial Applications – Dual Use Technology | 17
Slide 18: Industrial Applications
Industrial Applications Mantis cameras are used to monitor high-temperature processes inside boilers and furnaces in power plants, while OGI cameras are used to detect gas leaks in energy production Environmental regulations in the US and Europe are dramatically increasing in scope and complexity, r
Slide 19: Furnace Inspection - Example
Furnace Inspection - Example Imaging inside an operating furnace requires infrared imaging with an optical telescope to relay the image from inside the furnace to the camera. • Furnace walls are up to 8’ deep • 24/7 operation of the camera system • Multiple cameras per furnace | 19
Slide 20: Program, Backlog & Pipeline Updates
Program, Backlog & Pipeline Updates | 20
Slide 21: Major Programs of Record
Major Programs of Record Short Range Air Shipboard Threat Consolidated Tower & Defense System Detection * Surveillance Equipment Customer Name Lockheed Martin Co. L3 Harris Elbit of N. America Shipboard Panoramic Consolidated Tower & Surveillance Target Application NGSRI Electro-Optic/Infrared (SPEI
Slide 22: Other Existing Programs
Other Existing Programs US Army Rotary Fixed Wing Programs Aircraft Germanium Free Thermal Gun Sights NGLS In Space NGHTS Program Communication | 22
Slide 23: Looking Ahead
Looking Ahead | 23
Slide 24: Backlog Update
Backlog Update Backlog Mix 2% $97 Million Total Order Backlog as of December 2025 13% 1. 85% of Backlog is Defense, Surveillance, Security and Public Safety 85% 2. 13% of Backlog is Commercial HOWEVER, commercial orders tend to be short time frames Commercial Defense Other ie; 3 months or 6 months i
Slide 25: Near Term Pipeline Opportunities
Near Term Pipeline Opportunities Active Pipeline in Aerospace & Defense ● C-UAS Examples ● FIFA 2026 World Cup — stadium surveillance and security camera deployments across host venues ● Department of Homeland Security — establishing dedicated counter-UAS program office, creating procurement opportu
Slide 26: Upcoming New Products
Upcoming New Products Active Pipeline ● G5 Infrared Camera Redesign ● Redesign of remaining cameras in portfolio to use BlackDiamond instead of Germanium ● Same, or improved optical performance ● No change to size, weight, interfaces ● Optics ● Continuing to expand offering of standard assemblies to
Slide 27: Our Approach to M&A: Building a Market Leader
Our Approach to M&A: Building a Market Leader Target Acquisition Profile Accretive Increases topline, profitable, fast growing. Technology complements LightPath’s technology. Technology Fast growing market segment. Product Strong culture fit between the teams. Culture At an inflection point. Multipl
Slide 28: Pathway to Profitability
Pathway to Profitability Significant Industry Opportunity • Multi-billion-dollar IR imaging market in defense in support of ongoing efforts to onshore U.S. supply chains and reduce the ongoing reliance on Chinese critical minerals given export bans • Black Diamond Glass is a US-produced alternative
Slide 29: Vertically Integrated Manufacturing Footprint
Vertically Integrated Manufacturing Footprint Orlando, Florida Plano, Texas Principal Production Facility Prototyping & R&D Hub • 2023 facility expansion to • Prototyping 55,000 sq. ft. and 11,700 sq. ft • R&D clean room space • Uncooled Cameras • Additional room to expand • NGSRI glass manufacturin
Slide 30: 2025 Raise - Use of Funds
2025 Raise - Use of Funds Well Positioned with Cash for the Short Term • $73.5M cash on hand as of 12/31/2025 350 • (paid $5.4M Note) • FY 2026 300 • AMI Acquisition 250 • G5 Earn Out #1 • Capex expansion starts, to support 200 Growth • Operating Cash Flow positive 150 • FY 2027 • G5 Earn Out #2 100
Slide 31: Common Shares
Common Shares Class A Common 55,762,197 Basis for EPS Series G Preferred (common equivalents) 9,752,670 Potential PIK Preferred 5,602,385 Warrants Outstanding - G5 Earnout Shares to Sellers (Year 1, est) 262,500 Stock Incentives (including Directors) 1,784,225 "All In" Common 73,163,977 Fully Dilute
Slide 32: Question & Answer Session
Question & Answer Session Investor Relations Lucas A. Zimmerman LPTH@mzgroup.us 949-259-4987 Engage with us Global Leader in Optical & Infrared Solutions X Linkedin Web @lightpathtech lightpath-technologies www.lightpath.com
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