LightPath Technologies, Inc. announced that the Company has received a phase I order to develop an advanced infrared camera system for a key Army program (or the Program). The Company has received the phase one order from Lockheed Martin Missiles & Fire Control of $4.7 million as part of the Program announced in September. The initial phase one order is for development and initial prototypes of an advanced thermal camera system to be delivered over the next 12 to 24 months.

Positive results of the phase one development will result in a phase two order valued at approximately $3 million. The decision to move the Program to production is expected in 2026, at which point an initial production of 10,000 systems will commence. A fully in-production program would likely have average selling prices of between $5,000 and $10,000 per system, for LightPath's contribution, and significant follow-on orders after the initial 10,000 systems.