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17 Dec 2025
Optical component and infrared camera vendor aiming to add cash with sale of nearly 8 million shares.
LightPath Technologies, the Nasdaq-listed provider of optical components that moved into thermal imaging with the acquisition of high-end camera maker G5 Infrared earlier this year, is set to raise nearly $60 million in its latest public stock offering.
The Orlando, Florida, firm announced plans to sell 7.75 million shares of Class A common stock at a price of $7.75, a total expected to net the firm $57 million.
LightPath hasn’t announced any specific reason for the move, although it does take advantage of the fact that the company’s stock price has risen in value sharply in recent months.
Like many companies in the photonics sector, the stock was impacted by US import tariff confusion in the early part of 2025, with its price falling from around $4 at the start of the year to under $2 in April, when fears grew over the impact of the tariffs and retaliatory actions.
However, since then LightPath’s stock has bounced back strongly, and was trading above $9 in early December.
Order momentum
Last month, LightPath’s CEO Sam Rubin announced that the company’s order book had swelled as it continued to shift away from geopolitically sensitive germanium optics intentionally, instead looking to expand the adoption of its alternative proprietary “BlackDiamond” glass material across critical defense markets.
“We believe growing supply chain risks and increased defense spending in the US and Europe will further drive growth across all of our infrared imaging solutions,” Rubin said at the time.
For the three months ending September 30, LightPath was able to post sales of just over $15 million, nearly double the figure of $8.4 million in the prior year, and largely thanks to the G5 Infrared addition.
Despite that jump in sales, the company’s pre-tax loss of $2.8 million was also higher, up from $1.6 million a year ago.
At that point, LightPath’s balance sheet showed cash and equivalent assets worth $11.5 million against just under $5 million in long-term debts, and the latest fundraise will further improve that comparison.
Rubin also highlighted recent momentum in infrared camera demand, with the firm booking orders worth more than $40 million in September.
That coincided with another financial boost for the company, which revealed that it had received investment of $8 million from customers Ondas Holdings and Unusual Machines, providers of drones and drone components.
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