LightPath Technologies, a long-standing name in optical components, is making a bold move to speed up its growth in infrared and thermal imaging. The Orlando-based company is raising nearly $60 million through a public share offering, aiming to place itself at the heart of fast-growing defense and sensing markets while cutting its reliance on fragile, geopolitically sensitive supply chains.
LightPath’s New Capital Raise: Scale and Strategic Timing
LightPath plans to pull in almost $60 million by offering 7.75 million Class A shares at $7.75 each. That’s a huge injection of cash for a company that just posted quarterly revenue a bit over $15 million.
The timing isn’t random. The company’s share price bounced back sharply after tumbling from about $4 to under $2 in early 2025, mostly due to worries about US import tariffs. By early December, shares were trading above $9 again.
This rebound shows investors are feeling good about LightPath’s new direction, especially its push into thermal imaging.
From Optical Components to Infrared Powerhouse
LightPath used to be known mainly for optical components. That changed in a big way when it bought high-end camera maker G5 Infrared earlier this year.
This deal pushed LightPath from just being a parts supplier to a more integrated provider of full infrared imaging solutions.
For the quarter ending September 30, LightPath reported revenue of just over $15 million. That’s nearly double what it saw a year before.
Most of this growth comes from the G5 Infrared acquisition, which expanded the company’s product lineup and got it deeper into high-value thermal imaging markets.
Strategic Shift Away from Germanium: Supply Chain and Geopolitics
One of LightPath’s biggest moves right now is changing up its materials for infrared optics. Instead of leaning on germanium—a classic but risky choice—the company is shifting to its own BlackDiamond glass technology.
CEO Sam Rubin has been pretty open about this. LightPath wants to get away from materials like germanium, which are tied up in geopolitics and supply-chain headaches.
It’s a trend that’s catching on across the optics industry. Companies are looking for ways to avoid relying on materials that could get caught up in trade disputes or export bans.
BlackDiamond Glass: A New Infrared Platform
LightPath’s BlackDiamond glass targets infrared imaging applications, especially in defense and security. By pushing this proprietary glass, the company hopes to offer a tougher, maybe even cheaper, alternative to the usual infrared materials.
The idea is to keep performance high enough for demanding uses, but with less risk and more control over the supply chain.
Rubin says two big things are driving future growth for LightPath:
It’s hard to argue with that logic, given how much governments are investing in modernizing defense and surveillance tech. High-performance infrared optics are a must-have for that kind of work.
Financial Health: Growth, Losses, and Liquidity
Even with strong revenue growth, LightPath is still investing heavily. In the same quarter that revenue nearly doubled, the company’s pre-tax loss widened to $2.8 million, up from $1.6 million a year earlier.
It’s pouring money into integration, R&D, and new markets. At the end of that quarter, LightPath had $11.5 million in cash and less than $5 million in long-term debt, which isn’t bad for a tech company in growth mode.
Since then, it’s booked more than $40 million in new orders and secured about $8 million in customer investments. That kind of backlog and direct customer commitment says a lot about how the market views LightPath’s products and future.
What the Offering Could Enable
LightPath hasn’t spelled out exactly how they’ll use the nearly $60 million in new capital. Still, you can get a pretty good idea from their recent moves and what usually happens in this industry.
With global demand for high-performance sensing, surveillance, and targeting systems on the rise, LightPath’s capital raise and shift toward thermal imaging could put them in a strong spot for the next wave of infrared tech. It’s an interesting moment for them, honestly.
Here is the source article for this story: LightPath targets $57M boost from latest stock offering