Slide 1: A Global Leader in Next-Generation Optics & Imaging Solutions
NASDAQ: LPTH A Global Leader in Next- Generation Optics & Imaging Solutions Investor Presentation | December 2025
Slide 2: Safe Harbor Statement
Company Government & Defense Commercial Safe Harbor Statement This presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on our beliefs and assumptions and on information currently available to us. Forward-looking
Slide 3: About LightPath
Company Government & Defense Commercial About LightPath NASDAQ: LPTH LightPath is a leading pure-play provider of next-gen optics Share Price1 $8.83 & imaging systems for defense & commercial applications. Market Cap1 $397M Q1 2026 Run Rate2 $60.4M • Multi-billion-dollar market in defense and commer
Slide 4: Engineering a New LightPath
Company Government & Defense Commercial 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 Solutio
Slide 5: Markets Served Overview
Company Government & Defense Commercial Markets Served Overview Global IR Camera Market1 (in $ billions) Cameras and optics can be modified for $15.7 different applications allowing LightPath to $13.8 $14.7 deliver solutions to a diverse market of $12.2 $13.0 verticals and a growing defense and $10.
Slide 6: LightPath Camera Solutions
Company Government & Defense Commercial 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 application
Slide 7: Germanium Supply Chain Risk
Company Government & Defense Commercial Germanium Supply Chain Risk Industry dependence on Germanium represents a clear “Achilles Heel” to the U.S. defense industry China’s curbs on metal Chinese exports of two germanium create critical minerals plunge ‘desperate’ supply squeeze even as rare earths
Slide 8: Proprietary BlackDiamond Glass
Company Government & Defense Commercial 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 Mate
Slide 9: Three Pillars of Growth: Entering 2026 & Beyond
Company Government & Defense Commercial 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, • U
Slide 10: Government & Defense Applications
Government & Defense Applications | 10
Slide 11: Government & Defense
Company Government & Defense Commercial Government & Defense As global threat levels rise, LightPath solutions provide defense customers with battle proven solutions to meet the accelerating need for new advanced technologies to support next-generation aircraft, vehicle, drone, missile and counter-
Slide 12: Major Programs of Record
Company Government & Defense Commercial 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 Applic
Slide 13: C-UAS: Counter-Unmanned Aircraft System
Company Government & Defense Commercial C-UAS: Counter-Unmanned Aircraft System Best-in-Class Thermal Camera Systems for Drone Detection, Identification and Tracking Illustrative Detection Ranges for a DJI Phantom Drone around Washington DC using our 1000 series camera RWS – Integration RWS – Integr
Slide 14: Other Existing Programs
Company Government & Defense Commercial Other Existing Programs US Army Rotary Fixed Wing Programs Aircraft Germanium Free Thermal Gun Sights NGLS In Space NGHTS Program Communication | 14
Slide 15: Commercial Applications
Commercial Applications | 15
Slide 16: Industrial Applications
Company Government & Defense Commercial 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 dramatical
Slide 17: Vertically Integrated Manufacturing Footprint
Company Government & Defense Commercial 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 r
Slide 18: LightPath's Evolving Transformation
Company Government & Defense Commercial LightPath's Evolving Transformation • 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 revenu
Slide 19: Experienced Management Team
Company Government & Defense Commercial Experienced Management Team Sam Rubin Albert Miranda President & Chief Executive Officer Chief Financial Officer 30 Years in Optics 22 Years in Optics Owner / Exec / Sales / R&D / M&A Finance / GM / Exec / M&A Joined Company in 2021 Joined Company in 2020 Reve
Slide 20: Investment Highlights
Company Government & Defense Commercial Investment Highlights 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 Diamon
Slide 21: Contact Us
Contact Us Investor Relations Lucas A. Zimmerman LPTH@mzgroup.us 949-259-4987 Engage with us X Linkedin Web @lightpathtech lightpath-technologies www.lightpath.com Global Leader in Optical & Infrared Solutions