Shares of Orlando-based optics and imaging company LightPath Technologies Inc (NASDAQ:LPTH) are trading higher Wednesday after the company announced it secured a $22.1 million follow-on order of infrared camera systems from a global technology company. The company’s stock jumped following the news, continuing an upward trend buoyed by recent order announcements.
What To Know: LightPath shares rose Wednesday morning after the company secured another multimillion dollar order for infrared camera systems, its second in two weeks, according to Benzinga Pro. The stock was up about 6% at the time of writing.
The follow-on purchase order is related to supply of advanced infrared camera systems in 2027. LightPath sells products for both defense and commercial applications.
“The defense market in particular is encountering strong geopolitical tailwinds as our products are becoming increasingly important to western defense contractors, especially those seeking more secure supply chains with alternatives to Germanium,” said LightPath CEO Sam Rubin.
“We believe today’s follow-on order, taken together with our significant pipeline and defense market momentum, will continue to drive notable growth in the months and years ahead.”
LightPath will complete the follow-on order just one year after it expects to complete an $18.2 million order of infrared camera systems for the same customer. The company’s next earnings call is scheduled for Sept. 25 after the market close.
LPTH Price Action: LightPath shares were up 5.99%, trading at $6.45 at the time of publication, according to Benzinga Pro.
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