LightPath Technologies, Inc. (NASDAQ: LPTH), a vertically integrated provider of photonics, optics, and infrared solutions to various industries, announced the renewal of the agreement, which is valued at more than $2.4 million.
Strengthen LightPath’s presence: LightPath Technologies, Inc serves various industries from commercial, industrial, defense, medical and telecommunication industries. In addition, the company recently announced that it renewed the multi-year supply agreement. The agreement is valued at more than $24 million, a growth of 50% compared to the prior contract. The multi-year supply agreement is for two types of glasses that help the engineering company manufacture or produce precision measurement and motion control devices. The production will happen across different industries, including aerospace, additive, manufacturing, healthcare, and automotive.
Increase revenue: The new multi-year supply agreement will strengthen LightPath Technologies’ presence and also support the company’s overall income. Given the usage of LightPath products in critical industries, the renewal of the agreement indicates the company’s ability to provide quality optical products. All the products manufactured by LightPath Technologies are backed by their innovative process that too at high volumes. Given the product quality, its High Precision Molded Glass Optics is in high demand. In addition, the company is also witnessing strong demand across its other products, thereby supporting its presence in the market globally.
LightPath Technologies, a wholly-owned subsidiary, ISP Optic Corporation, manufactures a vast range of infrared products from high performance MWIR and LWIR lenses and lens assemblies. Manufacturing its products is done in-house to check its quality, as the product is being used in diversified industries. The company’s process enables ISP’s optics to manufactures all types of infrared materials and crystals. Manufacturing processes include CNC grinding and polishing, continuous and conventional polishing, diamond turning, optical and advanced coating technologies. It is believed that given its presence in the global market and ability to provide quality products, the company stands to gain from future opportunities globally.