LightPath Technologies priced a public offering of 7.75 million shares of its Class A common stock at $7.75 per share, raising approximately $60 million in gross proceeds. The offering closed on December 15, 2025.
The proceeds will bolster the company’s balance sheet and provide working capital to accelerate investments in its proprietary BlackDiamond glass manufacturing and the integration of G5 Infrared’s cooled infrared camera technology. These moves support LightPath’s strategy to become a vertically integrated provider of high‑value infrared optics and camera systems for defense and commercial markets.
LightPath’s recent financial results show a 79% year‑over‑year increase in revenue to $15.1 million in the first quarter of fiscal 2026, driven by strong demand in both defense and commercial segments. The company posted a net loss of $0.07 per share, slightly better than the $0.04 loss expected by analysts, while its backlog reached $90 million at the end of fiscal 2025.
CEO Sam Rubin highlighted the company’s transformation, noting that the BlackDiamond glass platform eliminates reliance on Germanium and mitigates supply‑chain risks. He also emphasized that the acquisition of G5 Infrared expands LightPath’s product portfolio and positions the company to capture growing demand for germanium‑free infrared cameras in border surveillance and counter‑UAS applications.
Investors reacted cautiously to the announcement, citing concerns about dilution and the need for additional capital. The pricing of the offering below the prior closing price underscored market sensitivity to capital raises in a competitive infrared market.
With the new capital, LightPath expects to reduce debt, increase liquidity, and accelerate the deployment of its integrated infrared solutions. The company’s guidance indicates confidence in sustaining revenue growth and improving profitability as it scales its high‑margin system offerings.
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