LightPath Technologies Acquires Amorphous Materials Assets

LightPath Technologies, a vertically integrated provider of infrared optical materials and imaging solutions, has acquired the assets of Amorphous Materials, Inc. (AMI), an industrial manufacturer specializing in chalcogenide glass melting technologies, particularly for large-diameter optics. 

The transaction was completed for $7.0 million in cash, with the potential for up to $3.0 million in additional equity consideration tied to technical milestones.

The acquisition is intended to strengthen LightPath’s capabilities in infrared (IR) materials and optics manufacturing by adding proprietary large-diameter glass melting technology. AMI’s processes enable the production of high-grade chalcogenide glass in plate formats suitable for large optical components, supporting applications that require increased aperture sizes.

Founded in 1977, AMI developed glass compounding and casting capabilities supporting up to 10,000 pounds of glass production annually. The company has supplied chalcogenide glass for multiple long-running defense programs, including the Joint Strike Fighter Electro-Optical Targeting System and the Arrowhead sensor suite for the Apache helicopter.

Through the acquisition, LightPath gains the ability to produce BlackDiamond™ chalcogenide glass in diameters up to 17 inches, compared with its previous 5-inch limitation. This expanded capability supports larger, high-value optics for long-range and space-based sensing applications. The transaction also adds a second NDAA-compliant glass melting location in Texas, providing manufacturing redundancy alongside LightPath’s Florida operations.

In addition to expanded capacity, the acquisition brings a portfolio of complementary chalcogenide glass materials that augment LightPath’s existing BlackDiamond™ materials offering. A majority of AMI’s historical revenue has been derived from a tier-1 defense customer through established programs of record that are expected to continue.

“This accretive acquisition strengthens our industry position, glass supply chain – and with the addition of large diameter glass plate capabilities – further solidifies our transition from a pure component provider to a truly vertically integrated provider of subsystems and solutions for IR imaging,” said Sam Rubin, President and Chief Executive Officer of LightPath. “AMI’s best-in-class processes for chalcogenide glass manufacturing will upgrade our own capabilities, expand capacity and enable us to accelerate new glass readiness. Its technology will allow us to melt glass in larger sizes, opening the door to self-producing glass for high-value long-range imaging applications. Melting in large diameter plates is critical for large optics, an area we did not previously support and that has been a limitation of adoption of the BlackDiamond™ materials for select applications.

“AMI brings established programs with a tier-1 defense customer, and we believe combining our technologies will provide us with robust near-term revenue growth with a trusted partner. The acquisition fits our broader M&A strategy to expand our capabilities and market reach with AMI’s family of materials, as we seek to build a comprehensive IR imaging platform. We look forward to working with the AMI team to accelerate both growth and new product innovation and deliver value for our shareholders,” Rubin concluded.

Ray Hilton III, Chief Executive Officer of AMI, added: “We are privileged to join the LightPath family to help enhance its position in the market as a leader in IR imaging. Combining our complementary glass technologies with LightPath’s robust glass and imaging product suite will enable new possibilities for large optics and exciting new products. I look forward to working closely with Sam and the LightPath team in the months ahead.”

The acquisition also enables broader commercialization of AMI’s advanced IR optical glass through LightPath’s optics and coating capabilities, supporting expansion into additional defense and industrial markets while maintaining compliance with NDAA requirements for U.S.-produced glass and optics.

About LightPath Technologies, Inc.

LightPath Technologies, Inc. (NASDAQ: LPTH) designs and manufactures infrared optical materials, components, and imaging systems for defense and commercial applications. The company offers vertically integrated solutions ranging from proprietary BlackDiamond™ chalcogenide-based glass materials to complete infrared optical assemblies and thermal imaging systems. LightPath’s primary manufacturing operations are based in Orlando, Florida, with additional facilities in Texas, New Hampshire, Latvia, and China. For more information, please click here.

Source/Photo Credit: LightPath Technologies, Inc.

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