LightPath Acquires G5 Infrared

LightPath Technologies has acquired G5 Infrared, LLC, a high-end infrared camera systems manufacturer. LightPath will pay $27 million in cash and stock to make the purchase. The deal carries the potential for additional performance-based consideration, LightPath said.

The deal is expected to close later this month, expanding LightPath’s portfolio to include cooled infrared cameras and creating a more robust, vertically integrated solutions provider. LightPath expects the combined company to achieve at least $55 million in revenue in the 12 months following the acquisition.

Founded in 2011, G5 specializes in long-range mission-critical detection solutions, focusing on defense, border security, and counter unmanned aerial system/counter-drone markets. The New Hampshire-based company is also a provider of infrared coatings, including for materials such as LightPath’s BlackDiamond (BD) glass.

According to LightPath, its BlackDiamond glass, offered as an alternative solution to germanium, and its acquisition and integration of Visimid technologies in 2023, have positioned the company to become a global leader in infrared imaging through the development of a product portfolio of optical assemblies and cameras. Integrating G5’s advanced MWIR cooled camera products with LightPath’s uncooled LWIR cameras will create a portfolio of complementary IR imaging solutions including both long-range and short-range imaging applications, mobile and stationary solutions, and application specific solutions such as optical gas imaging.

LightPath announced the acquisition in conjunction with its release of its fiscal year 2025 second quarter earnings, for the period ending Dec. 31, 2024. The company posted revenue of $7.4 million, representing an increase of 1.5% year-over year for the same quarter. The company's profit decreased 11%, to $1.9 million, in the second quarter of 2025, as compared to $2.2 million in the same quarter of the prior fiscal year. LightPath said that the decrease in gross margin owes primarily to differences in the product mix coupled with some manufacturing yield issues in infrared components.