ISP Optics Awarded $5M Lens Contract

Optical and IR component manufacturer LightPath Technologies Inc. has announced that its subsidiary ISP Optics Corp. has been awarded a $5 million purchase contract for a variety of IR optical lens elements by a major commercial IR vision products customer.

“We are very pleased to have been recognized in a competitive bidding process for having industry leading capabilities in the high growth infrared sector,” said Jim Gaynor, president and CEO of LightPath. “This purchase contract requires manufacturing to commence immediately, with monthly shipping of lenses throughout 2018. LightPath was selected by the customer after an evaluation of suppliers based on volume manufacturing capabilities, materials and cost analysis, and global service and support for an optimized value proposition. This single contract represents 16 percent of our trailing 12-month revenues through September 2017. We are confident that recent investments in our production capacity and sales and marketing initiatives are delivering their intended results.”

The cost-competitive delivery of these components and assemblies are being facilitated by the significant investments LightPath has made in diamond turning, optical coating and state-of-the-art chalcogenide molding technology and staffing.

“LightPath also was recently awarded an initial commercial contract with a major supplier for state of the art infrared optical assemblies designed into the customer’s next generation of IR detectors,” Gaynor said. “Shipments began in the quarter ended December 2017 for lenses that are part of an infrared system, which is smaller, lighter and consumes less power while delivering significantly greater image definition and reliability.”

ISP Optics is a developer of components for crystal growth, computer numerical control grinding, conventional polishing, diamond turning and coating for IR optics needs. LightPath Technologies is a global, vertically integrated provider of optics, photonics and IR solutions for the industrial, defense, telecommunications, test and measurement and medical industries.