LightPath Technologies: A New Era in Infrared Imaging with G5 Infrared Acquisition

In a strategic move that aligns with its long-term vision, LightPath Technologies, Inc. (NASDAQ: LPTH) has completed the acquisition of G5 Infrared, LLC (G5 Infrared), a leading manufacturer of high-end infrared camera systems. This acquisition, announced on February 19, 2025, marks a significant milestone in LightPath's evolution towards becoming a leading vertically integrated infrared (IR) imaging solutions provider for both defense and commercial applications.

The acquisition of G5 Infrared, with preliminary unaudited calendar year 2024 revenues of more than $15 million, is expected to drive significant growth for LightPath. G5's established programs of record in defense contracts provide stable, long-term revenue streams with built-in pricing adjustments, reducing revenue volatility. Additionally, G5's higher-average selling price (ASP) and high-margin cooled infrared camera offering are anticipated to contribute to margin expansion and improved financial performance.



The integration of G5's offerings with LightPath's proprietary BlackDiamond™ glass and in-house optics manufacturing capabilities is expected to add significant value beyond the immediately accretive revenue stream. This integration is anticipated to drive future growth with higher ASPs, incremental products, and notable operational synergies. LightPath expects these acquisitions to provide an expedited path to achieving long-term goals, such as reaching 15% EBITDA margins at the corporate level.

In an interview with Sam Rubin, President and CEO of LightPath, he expressed his enthusiasm about the acquisition: "The acquisition of G5 Infrared is a significant milestone for LightPath as we broaden our product portfolio and expand our reach into high-growth defense markets. G5's high-ASP cooled infrared camera solutions complement our existing uncooled offerings, enabling us to deliver even greater value to a wider range of potential customers."



In conclusion, the acquisition of G5 Infrared is a strategic move that aligns with LightPath Technologies' long-term vision of becoming a leading vertically integrated infrared imaging solutions provider. With G5's established programs of record, higher ASPs, and complementary product portfolio, LightPath is well-positioned to capture market share in both defense and commercial sectors. As the company continues to integrate G5's offerings with its proprietary BlackDiamond™ glass and in-house optics manufacturing capabilities, investors can expect significant growth and margin expansion in the coming years.