LightPath Technologies has acquired the assets of Amorphous Materials (AMI), adding proprietary chalcogenide glass-melting capabilities designed to support large-diameter infrared optics and to expand the company’s U.S.-based manufacturing footprint. The deal was completed for $7.0 million in cash, with the potential for up to $3.0 million in additional equity consideration tied to technical milestones.
LightPath said the acquisition advances its strategy to become a more vertically integrated provider of infrared imaging solutions by bringing in AMI’s ability to melt high-grade chalcogenide glass into large-diameter plates—an important capability for producing larger, higher-value optics used in defense and space-related applications. The company expects the transaction to be accretive and contribute roughly $3.0 million in annual revenue once integrated, with AMI’s current sales largely tied to a single tier-1 defense customer supporting long-running programs of record.
AMI, founded in 1977 and known for its role in commercializing chalcogenide glass, operates a facility capable of producing up to 10,000 pounds of glass per year and supplies glass used in applications such as forward-looking infrared (FLIR) systems. LightPath said AMI’s technology will expand the diameter of its BlackDiamond chalcogenide glass from about 5 inches today to as much as 17 inches, enabling the company to pursue larger-format optics opportunities, including long-range satellite sensor use cases.
Operationally, the acquisition adds glass melting capacity and a second NDAA-compliant U.S. manufacturing location in Texas, complementing LightPath’s primary footprint in Orlando, Florida. The company said it plans to duplicate incremental glass melting capabilities between Florida and Texas to strengthen redundancy and supply assurance. LightPath also expects to broaden AMI’s market reach by pairing its glass materials with LightPath’s optics, coatings, and growing camera portfolio, positioning the combined business as one of the industry’s larger offerings of NDAA-compliant IR materials and optics.
KEY QUOTES:
“This accretive acquisition strengthens our industry position, glass supply chain – and with the addition of large diameter glass plate capabilities – further solidifies our transition from a pure component provider to a truly vertically integrated provider of subsystems and solutions for IR imaging. AMI’s best-in-class processes for chalcogenide glass manufacturing will upgrade our own capabilities, expand capacity and enable us to accelerate new glass readiness. Its technology will allow us to melt glass in larger sizes, opening the door to self-producing glass for high-value long-range imaging applications. Melting in large diameter plates is critical for large optics, an area we did not previously support and that has been a limitation of adoption of the BlackDiamond materials for select applications.
“AMI brings established programs with a tier-1 defense customer, and we believe combining our technologies will provide us with robust near-term revenue growth with a trusted partner. The acquisition fits our broader M&A strategy to expand our capabilities and market reach with AMI’s family of materials, as we seek to build a comprehensive IR imaging platform. We look forward to working with the AMI team to accelerate both growth and new product innovation and deliver value for our shareholders.”
Sam Rubin, President and Chief Executive Officer of LightPath
“We are privileged to join the LightPath family to help enhance its position in the market as a leader in IR imaging. Combining our complementary glass technologies with LightPath’s robust glass and imaging product suite will enable new possibilities for large optics and exciting new products. I look forward to working closely with Sam and the LightPath team in the months ahead.”
Ray Hilton III, Chief Executive Officer of AMI
