ORLANDO, FL / ACCESSWIRE / August 22, 2022 / LightPath Technologies, Inc. (NASDAQ:LPTH) (“LightPath,” the “Company,” or “we”), a leading vertically integrated global manufacturer and integrator of proprietary optical and infrared components and high-level assemblies, today announced a record backlog for the company in August 2022 of $24.0 million, which surpassed the $23.8 million backlog in December 2020.
Commenting on the backlog, Sam Rubin, Chief Executive Officer of LightPath, stated, “We believe the increased backlog is an indication that our new strategy is delivering results. The record backlog is significantly weighted towards high value solutions in the US and Europe, with significantly less backlog from lower value components orders in Asia. The backlog now contains more orders for infrared assemblies and the defense industry with higher complexity and overall value, than in previous times.”
Mr. Rubin added: “While we typically do not announce backlog results mid quarter, in the last few weeks several significant long term projects have materialized into orders, leading to both a record backlog and a significant change in its revenue mix. Order flow fluctuates throughout the year and our current backlog orders are largely weighted towards the second half of our fiscal year, or calendar 2023. We anticipate soft fiscal fourth quarter revenue and backlog but the size of orders, customer diversification and the increase in commitments of higher value optical solutions is an early indication that we are on the right path for continued growth, which is expected to materialize later in our Fiscal year.”
