LightPath provides update on facilities expansion

LightPath Technologies provided an update on the progress of its facilities and capacity expansion at its Orlando, Florida manufacturing center. "We are delighted with the progress being made to expand capacity in our Orlando, Florida facilities. As we evolve from a components manufacturer to a complete solutions provider, our exclusively licensed materials and technologies are being qualified for various defense and government initiatives. The ability to fulfill those orders is paramount to growing our business," stated Sam Rubin, CEO. "Although the construction has disrupted production and delayed deliveries to customers during our fiscal third quarter to a greater extent than we anticipated, the timing of the first phase completion aligns well with the increased demand we are experiencing in the US, particularly in the defense industry. We believe moving to the next phase of construction and facilities completion will allow LightPath to fully take advantage of the opportunities ahead. We anticipate completing construction during the second half of calendar year 2023." As previously disclosed, the expansion of the Company’s manufacturing facilities in Florida has been partially funded with a $2.4 million tenant improvement allowance from the landlord, with the balance, estimated to be $2.5 million, funded by LightPath. A portion of the funds from the equity offering in January 2023 were earmarked to complete the expansion. The expansion will facilitate increased production and shipping capacity to support larger orders in the Company’s solutions and infrared imaging businesses.