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LPTH-News
LPTH-Events
LightPath Technologies Shares Drop Nearly 20%
LightPath Technologies (LPTH) is under pressure on Friday after the U.S. Army signaled it is casting a wider net for companies that could support its effort to replace the Stinger missile. Lockheed Martin (LMT) and RTX's (RTX) Raytheon remain the lead contractors developing prototypes for the Next Generation Short Range Interceptor program, and LightPath currently provides the infrared imaging tech used in Lockheed's design. But in an August 26 notice, the Army said it plans to evaluate additional potential sources ahead of a planned spring 2027 demonstration, a milestone that could ultimately determine who wins the procurement award. Shares of LightPath are down almost 20% at $11.05 in afternoon trading.
LightPath Sells Chinese Subsidiary for $4.5M
LightPath has signed a definitive agreement to sell its wholly owned subsidiary, LightPath Optical Instrumentation, or LPOIZ, including its manufacturing facility and its operations in China, for $4.5M to be paid in installments over five years following the closing. The purchaser is an entity owned by certain of the facility's incumbent management team. The transaction is expected to close in the coming weeks, subject to customary closing conditions. Upon closing, LightPath will not have any facilities or operations based in China. The purchaser will continue to supply LightPath with products for the company's commercial customers in the U.S. and Europe as a third-party vendor, providing continuity of supply with no expected impact to LightPath's customers. For FY25 and FY26 - preliminary -, LightPath generated an average of approximately $4.5M of annual revenue from third-party customers of the China operation which will no longer be included in LightPath's consolidated revenue upon the closing of this transaction. The divestiture completes LightPath's transition to a fully Western-aligned manufacturing footprint.
LightPath Technologies Secures $13M Order
LightPath Technologies announced it has received $13M in follow-on purchase orders from a leading C-UAS and defense systems supplier for optical assemblies. Under the order, LightPath will provide optical assembly work, with delivery completion expected in CY 2027. The orders support one of the fastest-growing areas of the defense market, as the proliferation of unmanned aerial threats drives urgent demand for counter-UAS capabilities among the U.S. military and its allies. The award also reflects the strength of LightPath's optical assemblies business, one of the Company's three pillars of growth, and its differentiated in-house assembly capabilities serving mission-critical defense applications.
LightPath Technologies Secures $11M Follow-On Order for IR Cameras
LightPath Technologies announced it has received a $11M follow-on purchase order for infrared, or IR, cameras from a leading global technology customer for use in counter-UAS applications. The purchase order is subject to the customer's standard terms and conditions and the terms of an agreement between LightPath and the customer. The order is a follow-on to the Company's previously announced purchase orders with this leading global technology customer and reflects the continued strength of the relationship as well as growing demand for LightPath's infrared camera systems in public safety and defense markets.
LightPath Technologies Signs $50M Stock Purchase Agreement
On Tuesday, LightPath Technologies announced that the company and North Run Strategic Opportunities Fund entered into a securities purchase agreement with certain institutional investors for the purchase and sale of 7.14M shares of the company's Class A common stock, of which 3.57M shares of Class A common stock are being sold by the company and 3.57M shares of Class A common stock are being sold by the selling stockholder, each at an offering price of $14.00 per share, resulting in gross proceeds to the company of $50M. The company intends to use the net proceeds from the primary offering for working capital, investments, acquisitions, and general corporate purposes. The company will not receive any proceeds from the secondary offering. The offering is expected to close on or about June 3, subject to the satisfaction of customary closing conditions. Craig-Hallum is acting as sole placement agent for the offering.
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