LightPath posted QQ1 2025 revenue of $8.40 million, up 4% year over year, with gross profit of $2.844 million and a gross margin of 33.9%. The quarter delivered a continued margin uplift driven by a higher mix of higher-margin visible components and assemblies, yet the company remains in a net loss position as operating expenses rose 23% to $3.30 million and non-operating items contributed to the bottom line. Management emphasized a strategic pivot from a pure component supplier to a subsystem and system-level solutions provider across three growth pillars: (1) proprietary cameras and optics, (2) government/defense programs, and (3) new commercial applications (notably automotive). The defense strategy gained traction via DoD-related activity and the European defense license, broadening addressable markets in Europe. A marquee optionality remains the Lockheed Martin missile program, which could transform scale to $50–$100 million in annual revenue in full production if won. In addition, LightPath is expanding its camera and imaging portfolio (e.g., MANTIS, OGI) and integrating Visimid Technologies for thermal cameras, positioning the company in a growing $9B TAM for thermal imaging. Near-term catalysts include DoD qualification progress, BD Glass substitutions for germanium, and accelerating European defense opportunities, with a potential ramp in 2025 as programs transition from development to production. The balance sheet shows constructive liquidity but a modest cash burn with net debt of approximately $8.51 million and a backlog of $21 million, suggesting revenue visibility but requiring successful execution to convert backlog and win rate into sustained profitability.