LightPath Technologies announced on Tuesday the commencement of a registered direct offering of its Class A common shares, aiming to raise approximately $100 million.

This offering involves participation from the company itself alongside certain existing shareholders, comprising a primary issuance targeted mainly at institutional investors and a secondary offering for directors, executives, and specific existing shareholders.

LightPath (NASDAQ: LPTH)

LightPath Technologies is a vertically integrated provider of optical and infrared imaging systems based in Orlando, Florida, serving both defense and commercial markets.

The company possesses proprietary BlackDiamond chalcogenide glass materials, complete infrared optical systems, and thermal imaging assemblies, with manufacturing facilities located in Texas, New Hampshire, Latvia, and China.

This capital raising initiative coincides with a period of rapid business expansion for the firm.

Financial results for the third quarter of fiscal year 2026 revealed a 109% year-over-year revenue increase to $19.1 million, marking the third consecutive quarter of positive adjusted EBITDA, while the order backlog reached a record high of $110.6 million.

Over the past year, the company's share price has surged by more than 500%.

LightPath has recently accelerated its transformation into an infrared imaging systems provider through a series of strategic acquisitions.

The company has acquired G5 Infrared and Amorphous Materials, expanding its product line from optical components to complete infrared camera systems and imaging solutions.

Defense-related revenue now constitutes over 70% of total revenue.

Chief Executive Officer Sam Rubin stated that this financing will provide ample capital to expand manufacturing capacity, advance new product development, and seize growth opportunities in the defense sector.

The management team aims to achieve annual revenue of $300 million within the next five years.