LightPath Technologies, Inc. (NASDAQ: LPTH) has announced its acquisition of Amorphous Materials, Inc. (AMI) for an aggregate consideration of $7.0 million in cash, with the potential for up to $3 million of additional technical milestone-based equity consideration. This strategic move is expected to accelerate LightPath's vision to become a leading vertically integrated infrared imaging solutions provider in the $9 billion infrared imaging market.
The acquisition of AMI, a company with over 50 years of experience and founded by Dr. Ray Hilton Sr., is anticipated to add incremental glass melting technology critical for large optics, particularly for space programs. Notably, this acquisition is projected to add approximately $3.0 million in annual revenue for LightPath.
AMI's revenue is mainly generated from one tier-1 defense customer and derived from major programs of record, which are expected to continue over the long term. AMI's capabilities for large diameter optics and glass melting technology are set to enhance LightPath's ability to supply large, high-value optics and are expected to enable the use of BlackDiamond glass in long-range satellite sensors for the Golden Dome program.
LightPath's president and CEO, Sam Rubin, stated that the acquisition of AMI strengthens the company's industry position and glass supply chain, further solidifying its transition from a pure component provider to a vertically integrated provider of subsystems and solutions for IR imaging. The addition of large diameter glass plate capabilities is expected to upgrade LightPath's capabilities, expand capacity, and accelerate new glass readiness.
Ray Hilton III, CEO of AMI, expressed excitement about joining the LightPath family and enhancing its position in the market as a leader in IR imaging. The combination of complementary glass technologies between the two companies is expected to open new possibilities for large optics and exciting new products.
This acquisition aligns with LightPath's broader M&A strategy to expand its capabilities and market reach, aiming to build a comprehensive IR imaging platform. LightPath looks forward to working with the AMI team to accelerate growth, new product innovation, and deliver value for its shareholders.
About LightPath Technologies, Inc. (NASDAQ: LPTH): LightPath Technologies, Inc. is a leading provider of next-generation optics and imaging systems for both defense and commercial applications. The company offers custom solutions ranging from proprietary BlackDiamond™ chalcogenide-based glass materials to complete infrared optical systems and thermal imaging assemblies.
The primary manufacturing footprint of LightPath is located in Orlando, Florida, with additional facilities in Texas, New Hampshire, Latvia, and China.
Following these announcements, the company's shares moved -4.56%, and are now trading at a price of $12.57. Check out the company's full 8-K submission here.
