Slide 1: A Global Leader in Next-Generation Optics & Imaging Solutions
A Global Leader in Next-Generation Optics & Imaging Solutions NASDAQ: LPTH | Investor Presentation | August 2025
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: About LightPath
Company Government & Defense Commercial About LightPath NASDAQ: LPTH LightPath is a leading provider of next-generation optics & Share Price1 $2.96 imaging systems for defense and commercial applications. Market Cap1 $127.0M TTM Revenue2 $33.6M (Prior to G5 Acquisition) • Multi-billion-dollar market
Slide 4: Engineering a New LightPath
Company Government & Defense Commercial Engineering a New LightPath LightPath is transitioning to a solutions-oriented approach for high value customers geared towards driving higher revenue & gross margins Legacy LightPath LightPath 2.0 LightPath 3.0 Components Supplier Solutions Provider Imaging S
Slide 5: Vertical Integration
Company Government & Defense Commercial Vertical Integration • Cooled Mid-wave Zoom Cameras • Uncooled Infrared Cameras & OEM Modules • Optical Assemblies • Optical System Design • Optical Coatings Services • Optics Fabrication • Infrared Materials | 5
Slide 6: Management Team
Company Government & Defense Commercial 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 Revenue Growth o
Slide 7: LightPath's Evolving Transformation
Company Government & Defense Commercial LightPath’s Evolving Transformation • New strategy • Insourced services Internal • Rightsizing the company, global footprint, • Manufacturing back in the US Board of Directors • EU defense manufacturing license • Sunsetting unrelated products • Acquisition and
Slide 8: Infrared Imaging Market Opportunity
Company Government & Defense Commercial Infrared Imaging Market Opportunity Multispectral cameras will be able to replace multiple camera modules in each application Global Thermal Camera Market1 (in $ billions) Market data on thermal cameras estimates a $12.8 9.5% CAGR to ~$12.8 billion $11.6 marke
Slide 9: Markets Served Overview
Company Government & Defense Commercial Markets Served Overview Other Cameras and optics can be modified for 13% different applications allowing LightPath to Telecom deliver solutions to a diverse market of 5% Defense/Gov't verticals and a growing defense and 30% government segment Commercial 10% Ma
Slide 10: Key Product: Chalcogenide Glass
Company Government & Defense Commercial Key Product Chalcogenide Glass LightPath Black Diamond – Proprietary Chalcogenide Glass Solution A made-in-the-USA cost effective Germanium exports from China are alternative to Germanium banned - White House identified Germanium as a key strategic mineral wit
Slide 11: Key Product: Advantages of BlackDiamond Materials
Company Government & Defense Commercial Key Product Advantages of BlackDiamond Materials Innovative Technology enables reduction in size, Multi-Aperture Common Aperture Sensor Payload Multiband Camera weight, cost of systems SWIR-LWIR 50mm f/1.0, 23॰ FOV Common Aperture multiband camera SWIR FPA red
Slide 12: Next Level Customization
Company Government & Defense Commercial Next Level Customization Acquisition of Visimid Technologies expanded LightPath’s capabilities to build custom sensor and software systems for cameras, unlocking the potential to produce highly customized variations of the MANTIS for application specific use.
Slide 13: MANTIS Camera Solutions
Company Government & Defense Commercial MANTIS™ Camera Solutions MANTIS Highlights: First of its kind – The only solution of its kind that combines the functionality of a Mid Wavelength Infrared (MWIR) and Long Wavelength Infrared (LWIR) camera in one housing No Germanium Used - White House identifi
Slide 14: LightPath Camera Solutions
Company Government & Defense Commercial LightPath Camera Solutions LightPath 3.0 Product Lineup LightPath’s solutions prior to the acquisition of G5 were based on UNCOOLED cameras, addressing more affordable price point solutions ($1K - $30K), and mostly operating in the Long Wave Infrared (LWIR) sp
Slide 15: Cooled IR Camera Solutions
Company Government & Defense Commercial Cooled IR Camera Solutions Long Range Imaging – Brought by G5 Acquisition Applications: Long Range Detection of Naval Surveillance Person & Vehicles Border Protection Ship Protection, Long Range Long Range Detection Surveillance 16Km | 15
Slide 16: Counter Unmanned Aerial System (C-UAS)
Company Government & Defense Commercial Counter Unmanned Aerial System (C-UAS) High Growth Market – Portfolio of passive camera systems that can detect drones up to 17Km away without emitting any active signal | 16
Slide 17: 3 Pillars of Growth
Company Government & Defense Commercial 3 Pillars of Growth Products and solutions applicable to growing and diverse applications Optical & Camera Government: Commercial Assemblies Defense & Aerospace Applications • Multispectral imaging systems • Unique materials provide an • Oil and Gas plant emis
Slide 18: Government & Defense
Government & Defense LightPath
Slide 19: Government & Defense
Company Government & Defense Commercial Government & Defense As global threat levels rise, LightPath solutions provide defense customers with solutions to meet the accelerating need for new advanced technologies. Qualified optics supplier Exclusive license from DoD Fastest growing market from for ma
Slide 20: Short Range Air Defense System
Company Government & Defense Commercial Short Range Air Defense System PR OF OGRA REC M OR Customer Name Lockheed Martin Co. Program of Record – PE 0604117A/ Target Application U.S. Army Stinger Missile Maneuver – Short Range Air Defense (M-SHORAD) D LightPath Product I.R. Imager RFP: March ‘23 RFQ/
Slide 21: Shipboard Threat Detection
Company Government & Defense Commercial Shipboard Threat Detection PR OF OGRA REC M Customer Name L3 Harris OR Target Application Shipboard Panoramic Electro- D Optic/Infrared (SPEIR) LightPath Product Cooled Camera System RFQ/RFP timeline Won Start of Production Expected: LRIP: ‘25/’26 (current) (S
Slide 22: Consolidated Tower & Surveillance Equipment
Company Government & Defense Commercial Consolidated Tower & Surveillance Equipment PR OF OGRA REC M Program of Record – – 024_000005289 Integrated Surveillance Towers OR Customer Name Elbit of N. America D Consolidated Tower & Surveillance Target Application Equipment (CTSE) Lightpath/G5 product Co
Slide 23: Commercial Applications
Commercial Applications | 23
Slide 24: 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 25: Oil & Gas
Company Government & Defense Commercial Oil & Gas Fugitive Emission Monitoring Uncooled OGI Cameras Strategically placed around a well pad or Central Delivery Point continuously monitors methane emissions 24/7 tracking potential fugitive emissions. | 25
Slide 26: Significant Manufacturing Capacity
Company Government & Defense Commercial Significant Manufacturing Capacity 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 • Molded Lens Manufacturing • Additional roo
Slide 27: Financial Overview
Financial Overview: Accretive M&A Paired with Strong Near-Term Catalysts Expected to Drive Notable Growth
Slide 28: G5 Acquisition – Deal Structure
Company Government & Defense Commercial G5 Acquisition – Deal Structure Summary Items of Note • $29M Net “Cash In” after Promissory Note “Old School” Convertible Preferred Stock conversion • $25.5 million • $24.5 million new money, $1.0 million rolled from existing note • $6.7M Cash “walk away” afte
Slide 29: G5 Consolidated Financial Statements
Company Government & Defense Commercial G5 Consolidated Financial Statements G5 CY 2024 Unaudited Strategic Targets • Revenue Growth Sales $15.1 M • Target > 20% • Earn Out First Step Goal is $21M Total COGS $9.4 M • COGS • No synergies in the assumptions Gross Profit (Loss) $5.7 M • We do have plan
Slide 30: 3-5 Year Growth Framework
Company Government & Defense Commercial 3-5 Year Growth Framework Substantially scaling revenue, EBITDA and profitability Engineered solutions growth rate of 40 – 60% Components business growth rate of 10% Defense sales achieve $100 million Automotive customers in production and shipping >100,000 un
Slide 31: Investment Highlights
Company Government & Defense Commercial Investment Highlights Industry Opportunity “This • Multi-billion-dollar market in defense and commercial applications for infrared imaging systems and technology strategy is based on our including the MANTIS camera strengths and our core capabilities to addres
Slide 32: Contact Us
Contact Us Investor Relations Lucas A. Zimmerman LPTH@mzgroup.us 949-259-4987 Engage with us Twitter Linkedin Web @lighpathtech lightpath-technologies www.lightpath.com LightPath Confidential – DO NOT DISTRIBUTE Global Leader in Optical & Infrared Solutions