LightPath Technologies, Inc.
Information Technology · Electronic Equipment, Instruments & Components
Structural: LPTH is a sub-$1B precision-optics pure-play repositioning from low-margin molded lenses (commodity, China-exposed) toward engineered IR imaging assemblies for defense primes - a higher-ASP, sticky-design-win business that benefits from the germanium export-control regime (China restricted Ge in 2023, IR optics now seeking domestic/allied substitutes).
- Chalcogenide ("BlackDiamond") IR glass is a credible germanium substitute; export-control tailwind is multi-year
- Pivot to assemblies (vs bare lenses) lifts gross margin trajectory and lengthens revenue per design win
- Defense thermal-sight programs (Lockheed, Raytheon, L3Harris exposure) provide multi-year backlog visibility
- Small float + low sell-side coverage = re-rating optionality if defense-IR mix crosses majority of revenue
- Latvia manufacturing reduces China-supply-chain risk for Western defense customers
- Sub-scale: gross margin still in the teens-to-low-20s, far from defense-optics peers
- Defense program timing is lumpy; quarterly revenue swings on single PO slippage
- Chinese plant (Zhenjiang) is both a cost advantage and a tail risk on export controls
- History of dilutive equity raises; cash burn quarters return when assembly ramp slips
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