Slides
Page 1
A Global Leader in Next-Generation Optics & Imaging Solutions Investor Day Presentation | February 25, 2026 NASDAQ: LPTH
Page 2
| 2 This presentation contains “forward-looking” statements that are based on our beliefs and assumptions and on information currently available to us. Forward-looking statements include information concerning our possible or assumed future results of operations, business strategies, product development plans, competitive position, potential growth opportunities, the effects of competition and the expected effects on the Company’s business from the COVID-19 pandemic. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as “anticipate,” “believe,” “could,” “seek,” “estimate,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” or similar expressions and the negatives of those terms. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements represent our beliefs and assumptions only as of the date of this presentation. Except as required by law, we assume no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future. This presentation includes certain non-GAAP financial measures as defined by the SEC rules. We believe these non-GAAP financial measures are appropriate indicators to assist in the evaluation of our operating performance on a period-to-period basis. We have provided a reconciliation of those measures to the most directly comparable GAAP measures, which is available in this presentation. Safe Harbor Statement
Page 3
| 3 Today’s AgendaSpeaker List Sam RubinPresident & Chief Executive Officer Albert MirandaChief Financial Officer Steve MielkeVice President of EngineeringIsrael PiergiovanniVice President of ManufacturingNatalie KingVice President ofFinance •11:00am – Orlando Facility Tour•12:00pm – Lunch with Management•12:30pm – Webcasted Presentation•2:15pm – Shuttle Returns to Hotel•6:00pm – Shuttle Departs to Dinner
Page 4
| 4 0 10 20 30 40 50 60 70 2026202520242023202220212020201920182017201620152014201320122011201020092008200720062005Revenue ($ millions) Fiscal Year Revenue Revenue ($M)Consensus Business Realignment Business Realignment Abbreviated History of LightPath
Page 5
| 5 LightPath 2.0 Solutions Provider LightPath 3.0 Imaging Systems CreatorVast Majority US + EU Manufacturing LightPath has completed a transition to a solutions-oriented approach for high value customers geared towards driving higher revenue & gross margins Engineering a New LightPath Legacy LightPath Components SupplierMajority China Manufacturing ASP:$5-$50 ASP:$1K-$30KASP:$50-$500 ASP:$50K - $500K LPTH Today
Page 6
| 6 The Last Five Years, Transformation and Major Events 2025202220232024 •Harvesting the fruits of strategy to move upstream•Rightsizing the company, global footprint, Board•Defense grew from <10% to vast majority of revenue•Shifted almost all sales and manufacturing from China to U.S. & EU•$90M order backlog as of September 2025 May:New CEO, CFO & Chairman joins LPTH March: DLC Military qual. obtained March: Orlando Plant Expansion May:Enter Furnace Monitoring & OGI VerticalDecember: Exclusive NRL License obtainedSept: Lockheed Martin NGSRI Award July: Lockheed NGSRI Flight- Worthy Milestone Achieved July: Visimid acquired, LPTH 3.0 established April: First NRL design win (Apache) August: First Germanium-Free G5 Camera Variants Utilizing BlackDiamond™ Glass 2021 September:$40.3M IR camera order by global tech. customer September:$8.0 Million Strategic Investment by Ondas & Unusual Machines February:Acquisition of G5 Infrared 2026 January: Acquisition of Amorphous Materials, Inc. December:~$69M Public Offering
Page 7
| 7 2020-2025 Pillars of Growth•The three pillars of growth that served us for the last 3 years have been•Entering camera and assemblies business, higher ASPs•Defense sales, driven strongly by materials•New applications such as automotive and industrial imaging•These three pillars have brought us from a $30M run-rate to what we expect could be $100 -150M within 3 years $500K Q1/2020à$7M+ last Q 8% of Revenue in 2020à70% of revenue now Only optics in 2020ànow includes OGI, Furnace cameras
Page 8
| 8 Accretive Acquisitions Technology•Uncooled thermal imaging camera coresMajor Programs•NGSRI•Additional Seeker Programs•Markets•Defense •Industrial Technology•Cooled Mid-wave cameras•Advanced Infrared coatingsMajor Programs•NGSRI•SPEIR•Border Towers•Cameras for counter UAS Markets•Defense•Security Technology•Melting glass in large diameters Major Programs•F-35 EOTS•Apachee arrowhead Markets•Defense
Page 9
| 9 Products and solutions applicable to growing and diverse applications •Leverages tech from acquisitions, together with unique capabilities of BlackDiamond•Building on recently acquired G5’s leadership in long range imaging•TAM of $1B to $1.5B •US Defense programs with a substantial, sponsored Engineering fee•Potential for tens of millions in annual revenue for each program•Leverage LightPath core capabilities in infrared optics and imaging, to develop customized solutions for programs of record Infrared Camera SystemsLarge Defense Programs Optics and Assemblies •Building on unique BlackDiamond materials to provide an alternative to germanium•Optical systems and subsystems for infrared imaging•TAM of $500M to $1B Three Pillars of Growth: Entering 2026 & Beyond
Page 10
| 10 Product Portfolio
Page 11
| 11 LightPath Camera SolutionsLightPath 3.0 Product LineupLightPath’s comprehensive suite of solutions following the acquisition of G5 span both cooled and uncooled cameras both with and without Germanium, allowing our products to address a myriad of applications from civilian to next-generation defense while ensuring secure allied supply chains MANTIS Optical Gas Imaging (OGI)Cooled IR CamerasEdgeIR CST-SoloDual Band Infrared CameraShort range drone detection, Gas detectionLong-range detection & surveillanceAI-Ready infrared CamerasCompact, low weight, shutterless
Page 12
| 12 | 12 BlackDiamond Chalcogenide Glass – Licensed from the U.S. Naval Research Lab. – Offers a Germanium Free IR Optics Solution to the U.S. Defense Industry Alternative to Germanium Provides an alternative for use of Germanium and Gallium in optics True Multispectral The new materials operate across entire infrared spectrum, enabling true multispectral imaging with a single camera More Materials Mean More Choices More degrees of freedom for designers lead to smaller, lighter systems Made in the USA BlackDiamond glass is produced in Orlando, FL and are made of materials easily sourced from friendly countries Scalable Capacity Increasing capacity requires only more furnaces, which are made in the USA BlackDiamond™ Redesign UnderwayLightPath engineers are actively transitioning G5’s cooled cameras to the use of BlackDiamond™ glass in place of Germanium Proprietary BlackDiamond™ GlassSecuring America’s IR Optics Supply Chains | 12
Page 13
| 13 BlackDiamond: Germanium Supply Chain CertaintyGermanium Supply RiskChina controls ~80% of global germanium production and has imposed export restrictions, creating significant supply chain vulnerability for defense and industrial optics.BlackDiamondAdvantageProprietary chalcogenide glass eliminates germanium dependency entirely —broad IR transparency (1–14μm) with superior hardness and lighter weight.Manufactured In-HouseVertically integrated U.S. production from raw material melting through finished optics. No foreign supply chain exposure.Defense ReadinessITAR-compliant, domestically sourced. Meets DoD requirements for assured supply chain in critical optical components. High TRL level, NDAA and FCC compliant Raw Material MeltingIn-house chalcogenide glass production Precision MoldingProprietary diamond-turned optics Coating & AssemblyAdvanced IR coatings applied Testing & QualificationMIL-spec & defense certification Delivery to CustomerDirect to prime contractors & OEMs
Page 14
| 14 Advantages of BlackDiamond™ 3X Zoom Lens Designed with Traditional Crystalline Materials Same 3X Zoom Designed with Combination of BlackDiamond Materials 1) J.L. Ramsey et al, Proc SPIE, 10998-0M (2019) Prevailing Technology,The New Technology, Achieving equivalent performance with fewer optical elements •21 optical elements•Larger size•Higher weight•More complex assembly •12 optical elements•Reduced size & weight•Simplified optical train•Improved manufacturability
Page 15
| 15 Large Diameter Optics – The Next FrontierStrategic Acquisition of Amorphous MaterialsLong Range Imaging requires large size optics. The acquisition of Amorphous Materials provides the key technology needed to produce BlackDiamond™ in large diameters. •Accretive asset acquisition that is expected to add approximately $3.0 million in annual revenue following the acquisition•Capability of making BlackDiamond™ up to 17" diameter, compared to 5" diameter today, significantly enhancing LightPath's ability to supply large, high-value optics•Expected to enable the use of BlackDiamond™ glass in long range, satellite sensors for the Golden Dome program •Adds $3M of high quality, recurring revenue from Amorphous’s existing products $48 million average cost of an inferred satellite. •Typically, the cost of the imaging payload is around 1/3rd of the satellite’s cost•This includes the optical telescope, camera, auxiliary devices, image processing, etc. •Optical telescope would be up to $10M per such satellite•BlackDiamond™ glass enables design of fully refractive telescopes, instead of current reflective technology, leading to savings in weight and size
Page 16
| 16 C-UAS: Counter-Unmanned Aircraft System SUADS – Small Unmanned Air Defense Systems Program of Record RWS – Integration into Remote Weapon Systems RWS – Integration into Directed Energy Weapon Systems Illustrative Detection Ranges for a DJI Phantom Drone around Washington DC using our 1000 series camera Offering a Best-in-Class System for a Rapidly Growing Market; Addresses Emerging Threats
Page 17
Commercial Applications – Dual Use Technology | 17
Page 18
| 18 Industrial ApplicationsMantis cameras are used to monitor high-temperature processes inside boilers and furnaces in power plants, while OGI cameras are used to detect gas leaks in energy production Solution can be tailored to monitor processes and allow precise environmental compliance controls and emissions tracking. Environmental regulations in the US and Europe are dramatically increasing in scope and complexity, requiring increasingly precise solutions for compliance and monitoring of the roughly 60% of generated power that comes from fossil fuels. Provides more accurate and reliable monitoring of extreme-temperature processes across a much larger range of temperatures than current technology, enhancing process safety and efficiency for customers. Allows advanced monitoring and optimization of burn processes or gas emissions. | 18
Page 19
| 19 Furnace Inspection - Example Imaging inside an operating furnace requires infrared imaging with an optical telescope to relay the image from inside the furnace to the camera. •Furnace walls are up to 8’ deep•24/7 operation of the camera system•Multiple cameras per furnace
Page 20
| 20 Program, Backlog & Pipeline Updates
Page 21
| 21 Major Programs of RecordShort Range Air Defense SystemShipboard Threat Detection *Consolidated Tower & Surveillance Equipment Customer NameLockheed Martin Co.L3 HarrisElbit of N. AmericaTarget ApplicationNGSRI Shipboard Panoramic Electro-Optic/Infrared (SPEIR)Consolidated Tower & Surveillance Equipment (CTSE)LightPath ProductInfrared ImagerCooled Camera SystemCooled Camera SystemDesign Timeline2023-2026 Design CompleteDesign CompleteProduction TimelineLRIP: ‘27SOP: ’27-28 LRIP: ‘25/’26 (current)SOP: ‘26/’27LRIP: ‘25/’26 (current)SOP: ‘26/’27Project Lifespan10-year program10-year program3-4 yrs install, 14-yr maintenanceStatusFlight TestsPotential Revenue$50M - $100M/year$10 - $20M annually$20M CY26 BookingsWin Probability50%/Sole Sourced to Lockheed MartinWon. Sole sourced85-90% (IDIQ between 3 primes)Program of RecordYes. (PE 0604117A)Yes. (PE 0604501N)Yes.
Page 22
| 22 Other Existing Programs US Army RotaryPrograms Fixed WingAircraft NGLSNGHTS Program In Space Communication Germanium Free Thermal Gun Sights
Page 23
| 23 Looking Ahead
Page 24
| 24 Backlog Update1.85% of Backlog is Defense, Surveillance, Security and Public Safety2.13% of Backlog is Commercial HOWEVER, commercial orders tend to be short time frames ie; 3 months or 6 months in length, at most3.70% of Backlog is scheduled to be shipped in the calendar year 2026 $97 Million Total Order Backlog as of December 202513% 85% 2%Backlog Mix CommercialDe fenseOther 70% 30% Backlog by Delivery Date Requested Calendar 2026Calendar 2027
Page 25
| 25 Near Term Pipeline Opportunities Active Pipeline in Aerospace &Defense ●C-UAS Examples●FIFA 2026 World Cup —stadium surveillance and security camera deployments across host venues●Department of Homeland Security —establishing dedicated counter-UAS program office, creating procurement opportunities●JIATF-401 - defense of National Capital Region●Defense programs●New Seeker opportunities●Space programs●Optical assemblies for FPV Drones●Expansion of existing missile programs
Page 26
| 26 Upcoming New ProductsActive Pipeline●G5 Infrared Camera Redesign●Redesign of remaining cameras in portfolio to use BlackDiamond instead of Germanium●Same, or improved optical performance●No change to size, weight, interfaces●Optics ●Continuing to expand offering of standard assemblies to work with FLIR-Boson, DRS-Tenum, etc.●Achieving TRL level for additional NRL glass compositions●Design wins for BlackDiamond in new defense programs●Advanced coatings to support Amorphous’ optical materials
Page 27
| 27 Our Approach to M&A: Building a Market LeaderTarget Acquisition ProfileAccretiveIncreases topline, profitable, fast growing. TechnologyTechnology complements LightPath’s technology. Culture Fast growing market segment. GrowthAt an inflection point. Multiple program awards that are expected to begin production in the next two years. Vertical IntegrationAll Optics to be produced internally at LightPath, leverage BlackDiamond glass advantages. ProductStrong culture fit between the teams.
Page 28
| 28 Pathway to ProfitabilitySignificant Industry Opportunity•Multi-billion-dollar IR imaging market in defense in support of ongoing efforts to onshore U.S. supply chains and reduce the ongoing reliance on Chinese critical minerals given export bans•Black Diamond Glass is a US-produced alternative to GermaniumStrategic Direction•An optical systems and solutions provider for high value customers•$90 million order backlog, predominantly of government and military projects with key defense customers •New commercial applications in the boiler & furnace as well as optical gas imaging (OGI) sectors•Drive greater efficiency with deep design and manufacturing expertise and vertically integrated global manufacturing base•Market size and production capabilities to drive revenue in excess of $300 million in 5 years
Page 29
| 29 Vertically Integrated Manufacturing Footprint Orlando, FloridaPrincipal Production Facility •2023 facility expansion to 55,000 sq. ft. and 11,700 sq. ft clean room space•Additional room to expand glass manufacturing, coating and assembly•Principal production facility Plano, TexasPrototyping & R&D Hub •Prototyping•R&D•Uncooled Cameras•NGSRI•Industrial Cameras•Center of Excellence, Thermal Imaging Hudson, New HampshireCooled Camera Production •Acquired through acquisition of G5 Infrared in February 2025•Brings advanced cooled camera production in-house (new product line) with top-of-the-line offering chiefly for gov. & defense markets Riga, Latvia E.U. Contract Production Hub •Vertically integrated, able to produce complete components without depending on other LightPath facilities•Principal facility supporting European defense contracts
Page 30
| 30 2025 Raise - Use of Funds•$73.5M cash on hand as of 12/31/2025•(paid $5.4M Note)•FY 2026•AMI Acquisition•G5 Earn Out #1•Capex expansion starts, to support Growth•Operating Cash Flow positive•FY 2027•G5 Earn Out #2•Capex expansion is Growth and Capability oriented•Operating Cash Flow positive•Finish FY 2027 well positioned on cash and dry powder for acquisition(s)? Well Positioned with Cash for the Short Term 0 50 100 150 200 250 300 350 FY2021FY2022FY2023FY2024FY2025FY2026FY2027FY2028FY2029FY2030FY2031Reported Revenue Illustrative Path to $300M
Page 31
| 31 Common SharesClass A Common55,762,197 Basis for EPSSeries G Preferred(common equivalents) 9,752,670 Potential PIK Preferred5,602,385 Warrants Outstanding- G5 Earnout Shares to Sellers (Year 1, est)262,500 Stock Incentives (including Directors)1,784,225 "All In" Common73,163,977 Fully Diluted
Page 32
Investor RelationsLucas A. ZimmermanLPTH@mzgroup.us949-259-4987 Global Leader in Optical & Infrared Solutions EngagewithusX LinkedinWeb@lightpathtechlightpath-technologieswww.lightpath.com Question & Answer Session