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04 Sep 2025
Florida firm's Nasdaq-listed stock price jumps to long-time high on news of major purchase order.
LightPath Technologies, the US-based company specializing in infrared optical components and imaging systems, says it has secured a purchase order for advanced cameras worth $18.2 million.
The Orlando, Florida, firm, which earlier this year acquired the high-end camera firm G5 Infrared, added that the initial order would be supplied in 2026, with expectations of a further $22 million order from the same customer for a second tranche of products in 2027.
News of the deal sent LightPath’s Nasdaq-listed stock price up nearly 14 per cent, where it is now trading at its highest valuation in close to two decades.
Germanium alternative
LightPath CEO Sam Rubin commented: “We are thrilled to announce this new purchase order and agreement with a leading global technology customer, which is expected to meaningfully grow our defense and government backlog with advanced infrared camera systems by up to $40 million over the course of calendar year 2026 and 2027.”
Rubin, who has overseen the transformation of LightPath from an optical component provider into a developer of optical assemblies, thermal cameras, night vision technologies, and long-range imaging systems, said that the purchase order reflected the success of that transition.
“Our momentum is being driven by strong geopolitical tailwinds in the defense industry, as our products are becoming increasingly vital to western defense contractors, especially those seeking more secure supply chains with alternatives to germanium.”
He noted that restrictions on germanium imposed by China, which according to some analysts controls as much as two-thirds of global refined germanium output, has prompted a strategic shift away from the material - and towards LightPath’s alternative Orlando-fabricated “BlackDiamond” chalcogenide glass.
“With scaling demand and growing interest in our BlackDiamond glass, we are well positioned to meet the rapidly evolving needs of our defense and commercial customers," the CEO said.
Redesigned cameras
Last month the company announced that it had begun production of two high-end cooled infrared camera products made by its G5 business, redesigned to feature BlackDiamond glass optics instead of germanium-doped material.
“These initial germanium-free G5 camera models are entering production now and are a drop-in replacement for current germanium models, with no need to redesign the systems these cameras go into,” said Rubin at the time.
“We are now focused on redesigning G5's mid-range camera solutions. G5 has a significant pipeline of new business opportunities, and we look forward to offering germanium-free options for those customers in the months ahead.”
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