LightPath Reports Record Q2 With 120% Growth as Infrared Systems Strategy Scales

Overview

• Revenue rose to $16.4 million, up 120% year over year, with adjusted EBITDA positive at $0.6 million and a GAAP net loss of $9.4 million largely due to a $7.6 million non-cash G5 earnout revaluation.
• Cash and equivalents totaled $73.6 million following approximately $65 million in net proceeds from a secondary offering, and backlog reached $97.8 million.
• The Amorphous Materials acquisition adds a second U.S. glass-melt site, roughly 50% more capacity, and larger-diameter melting that enables lenses around 10 inches and processing up to about 17 inches.
• Since being acquired about a year ago, G5 Infrared has booked over $80 million in new orders, and LightPath targets converting all G5 cameras to Black Diamond lenses by autumn 2026.
• NDAA restrictions and the FCC’s expanded Covered List are pushing demand toward domestic infrared optics, positioning Black Diamond as a U.S.-made alternative to germanium while many defense and space programs follow multi-year timelines.