LightPath Technologies Reports Record Q2 Results, Expands Infrared Optics Capabilities

Company's shift to vertically integrated provider of infrared optics and camera systems drives revenue growth, margin improvement, and strategic acquisitions.

Published on Feb. 11, 2026

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LightPath Technologies, a provider of precision optical components and assemblies, reported strong fiscal second-quarter 2026 results that management said reflect progress in the company's transformation from a component supplier to a vertically integrated provider of infrared optics and camera systems. Key highlights include record revenue, record orders, margin improvement, and growing systems backlog, alongside strategic acquisitions to expand large-diameter glass melting capabilities and strengthen the company's position in long-range infrared imaging applications.

Why it matters

LightPath's shift to a vertically integrated model and investments in proprietary 'Black Diamond' chalcogenide glass technology position the company to capitalize on growing demand for domestic, non-Russian/Chinese infrared optics and camera systems, driven by U.S. government policies aimed at reducing defense reliance on optical components from covered nations. The company's strategic acquisitions and technology advancements also open new opportunities across long-range imaging applications, including airborne, ground-based, and space-based systems.

The details

LightPath reported fiscal Q2 2026 revenue of $16.4 million, up 120% year-over-year, driven primarily by contributions from its G5 Infrared acquisition. Gross margin improved to 37% from 26% in the prior-year quarter, attributed to a higher proportion of higher-margin assemblies and modules, including cameras. The company also reported a growing backlog of $97.8 million, with roughly two-thirds in higher-margin systems and subsystems. To extend its technology advantage, LightPath acquired Amorphous Materials (AMI), a chalcogenide glass manufacturer with large-diameter melting capabilities that will enable redesigns of G5's higher-end cameras to use LightPath's proprietary Black Diamond glass instead of germanium.

  • LightPath reported fiscal Q2 2026 results on February 11, 2026.
  • The company acquired G5 Infrared about a year ago, and since then G5 has booked more than $80 million in new orders, up from $15 million in the prior-year period.
  • LightPath expects to have all of G5's cameras using Black Diamond glass instead of germanium by autumn 2026.

The players

LightPath Technologies

A provider of precision optical components and assemblies, including infrared optics and camera systems.

Sam Rubin

CEO of LightPath Technologies.

G5 Infrared

A company acquired by LightPath that produces long-range infrared cameras for surveillance and counter-UAS applications.

Amorphous Materials (AMI)

A chalcogenide glass manufacturer acquired by LightPath that has large-diameter melting capabilities to support the company's proprietary Black Diamond glass technology.

Al Miranda

CFO of LightPath Technologies.

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