Collaboration with Maris-Tech adds critical firmware and hardware to support customer's A.I. algorithms
ORLANDO, FL / ACCESSWIRE / June 12, 2024 / LightPath Technologies, Inc. (NASDAQ:LPTH) ("LightPath," the "Company," or "we"), a leading vertically integrated global manufacturer and integrator of proprietary optical and infrared technologies, has, in partnership with Maris-Tech (NASDAQ:MTEK), integrated critical hardware and firmware necessary to support A.I. software and algorithms in all of the Company's infrared cameras, marking a significant step in the evolution of its technology. The new AI-enabled feature will be available as an option on all cameras and is referred to by name as EdgeIR.
"Integration of optical processes with A.I. systems is a critical step forward to enable our current and future users to easily utilize AI created for their specific application," said Sam Rubin, President and Chief Executive Officer of LightPath. "Through dialog with our customers we have learned that the cloud and server framework is not suitable for integrating optical systems with trained A.I. models in field applications. Issues with bandwidth and security limit the applicability of cloud systems in field implementation. Adding embedded A.I. hardware within the video pipeline simplifies deployment of A.I. models in the real world and minimizes the need for hardware customization enabling our customer to focus on their core system goal."
These new EdgeIR cameras will have an A.I. accelerator IC integrated into the hardware, enabling customers to upload and run their preferred trained A.I. models, on the edge, at the camera level. This new capability, available as an option with all of LightPath's cameras, will be integrating the Hailo-8 A.I. Accelerator, enabling real-time, low latency & high-efficiency A.I. inferencing on the camera's video stream. See here for a real-world example of this technology at work.
As the Company continues to field inquiries about its infrared camera systems, integration with A.I. systems has become a crucial enabling technology for defense and industrial applications. Over the last three years, LightPath's defense sales have increased from 8% to 30% of total revenue, primarily in the U.S. defense markets. The U.S. defense markets represent the fastest growing product for the Company, following the announcements of more than $100 million in potential revenue secured with top partners such as the DoD and Lockheed Martin in two large programs of record. LightPath recently announced certification as an E.U. military solutions provider, where EU defense spending is expected to continue its recent growth. Large E.U. countries like France, Germany and Poland all forecast to increase defense spending upgrade their military through both spending and personnel. Lastly, the Company announced a new industrial furnace and power plant version of the Mantis camera. The furnace monitoring camera market is estimated at over $500 million annually across industrial applications.
About LightPath Technologies
LightPath Technologies, Inc. (NASDAQ:LPTH) is a leading global, vertically integrated provider of optics, photonics and infrared solutions for the industrial, commercial, defense, telecommunications, and medical industries. LightPath designs and manufactures proprietary optical and infrared components including molded glass aspheric lenses and assemblies, custom molded glass freeform lenses, infrared lenses and thermal imaging assemblies, fused fiber collimators, and proprietary Black Diamond ("BD6") chalcogenide-based glass lenses. LightPath also offers custom optical assemblies, including full engineering design support. The Company is headquartered in Orlando, Florida, with manufacturing and sales offices in Dallas Texas, Latvia and China.
LightPath's wholly-owned subsidiary, Visimid Technologies, was acquired in July 2023, and specializes in the design and development of customized infrared cameras, for the industrial and defense industries. Such customized cameras are often sold together with customized optical assemblies from LightPath.
LightPath's wholly-owned subsidiary, ISP Optics Corporation, manufactures a full range of infrared products from high-performance MWIR and LWIR lenses and lens assemblies. ISP's infrared lens assembly product line includes athermal lens systems used in cooled and un-cooled thermal imaging cameras. Manufacturing is performed in-house to provide precision optical components including spherical, aspherical and diffractive coated infrared lenses.
For more information on LightPath and its businesses, please visit www.lightpath.com.
Forward-Looking Statements
This press release includes statements that constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "forecast," "guidance," "plan," "estimate," "will," "would," "project," "maintain," "intend," "expect," "anticipate," "prospect," "strategy," "future," "likely," "may," "should," "believe," "continue," "opportunity," "potential," and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements are based on information available at the time the statements are made and/or management's good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or suggested by the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, the impact of varying demand for the Company products; the ability of the Company to obtain needed raw materials and components from its suppliers; actions governments, businesses, and individuals take in response to the pandemic, including restrictions on onsite commercial interactions; general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth; geopolitical tensions, the Russian-Ukraine conflict, and the Hamas/Israel war; the effects of steps that the Company could take to reduce operating costs; the inability of the Company to sustain profitable sales growth, convert inventory to cash, or reduce its costs to maintain competitive prices for its products; circumstances or developments that may make the Company unable to implement or realize the anticipated benefits, or that may increase the costs, of its current and planned business initiatives; and those factors detailed by LightPath Technologies, Inc. in its public filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K and Quarterly Reports on 10-Q. Should one or more of these risks, uncertainties, or facts materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by the forward-looking statements contained herein. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Except as required under the federal securities laws and the rules and regulations of the Securities and Exchange Commission, we do not have any intention or obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.
Sales Contact:
Jason Messerschmidt
VP Global Sales & Marketing
jmesserschmidt@lightpath.com
+570 449 5555
Contact:
Brian M. Prenoveau, CFA
MZ Group - MZ North America
LPTH@mzgroup.us
+561 489 5315
SOURCE: LightPath Technologies, Inc.
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