#1LightPath Technologies Titleist 2 LightPath Technologies A Global Leader in Optics & Infrared Solutions Investor Presentation | January 2024#2LightPath Technologies Safe Harbor Statement This presentation contains "forward-looking" statements that are based on our beliefs and assumptions and on information currently available to us. Forward-looking statements include information concerning our possible or assumed future results of operations, business strategies, product development plans, competitive position, potential growth opportunities, the effects of competition and the expected effects on the Company's business from the COVID-19 pandemic. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as "anticipate," "believe," "could," "seek," "estimate," "intend," "may," "plan," "potential," "predict," "project," "should," "will," "would" or similar expressions and the negatives of those terms. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements represent our beliefs and assumptions only as of the date of this presentation. Except as required by law, we assume no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future. This presentation includes certain non-GAAP financial measures as defined by the SEC rules. We believe these non-GAAP financial measures are appropriate indicators to assist in the evaluation of our operating performance on a period-to-period basis. We have provided a reconciliation of those measures to the most directly comparable GAAP measures, which is available in this presentation. Investor Presentation January 2024 | 1#3LightPath Technologies About LightPath LightPath is a fully integrated optical solutions provider advancing the incorporation of custom optics within tomorrow's technology Multi-billion dollar market for infrared imaging systems and technology Transition from low value components supplier to provider of high value optical solutions and complete imaging systems Key technology - Proprietary Chalcogenide Glass Solution: ONLY GLASS that enables the use of multi-spectral cameras reducing the size, weight and cost of visual systems Market size and production capabilities to drive revenue in excess of $300 million in 5 years Titleist 2 NASDAQ: LPTH Share Price¹ $1.28 Idho Market Cap¹ $46.9M ✓ FY 2023 Revenue $32.9M Backlog² $21.3M Shares 39.2M Outstanding Float 34.9M Insider Holdings 12.8% LightPath W Employees ~350 Headquarters Orlando, FL 1) As of January 12, 2024 2) At September 30, 2023 Investor Presentation January 2024 | 2#4LightPath Technologies Engineering a New LightPath LightPath is transitioning to a solutions-oriented approach for high value customers geared towards driving higher revenue & gross margins Legacy LightPath Components Supplier LightPath 2.0 Solutions Provider LightPath Tech POOLL ww.s LightPath 3.0 Imaging Systems Creator Titleist 2 LightPath Investor Presentation January 2024 | 3#5LightPath Technologies Markets Served Overview Optics can be modified for different applications allowing LightPath to deliver solutions to a diverse market of verticals Telecom 5% Other 13% Commercial 10% Markets Served The beauty of Photonics is, that as an enabling technology that is embedded in products across many industries, it provides us with a built-in diversification across our customer base Sam Rubin, CEO Medical 10% Public Safety 15% Defense/Gov't 30% Consumer 17% Investor Presentation January 2024 | 4#6LightPath Technologies 3 Pillars of Growth Products and solutions applicable to growing and diverse applications Camera Solutions Government/Defense Solutions Provider New Applications Automotive & Other LightPath 0 Multispectral imaging systems Greater versatility, less parts Total Customization with acquisition of Visimid Unique materials provide an alternative to germanium Exclusive technology enables multispectral imaging. Cutting edge capabilities Thermal imaging is being added to existing automotive pedestrian detection systems $20-$50 ASP per vehicle Investor Presentation January 2024 | 5#7LightPath Technologies Market Opportunity Multispectral Imaging Multispectral cameras will be able to replace multiple camera modules in each application. Market data on thermal cameras estimates a 7% CAGR to ~$9 billion Global Thermal Camera Market (in $ millions) $8,761 $8,311 $7,776 $7,103 $7,160 $6,714 $6,202 Increasing adoption in: LIDAR TECHNOLOGY to benefit public safety GOVERNMENT/DEFENSE applications market by 2026. 600 THERMAL WEAPON sights COMMERCIAL $4,597 $3,997 HHH sporting optics 2018 2019 2020 2021 2022 2023 2024 2025 2026 Investor Presentation January 2024 | 6#8LightPath Technologies Engineering a New LightPath LightPath is transitioning to a solutions-oriented approach for high value customers geared towards driving higher revenue & gross margins Legacy LightPath Components Supplier LightPath 2.0 Solutions Provider LightPath Tech ww.s POOLL 20% LightPath 3.0 Imaging Systems Creator Takeista LightPath Investor Presentation January 2024 | 7#9LightPath Technologies Visimid Acquisition Taking MANTIS to the Next Level Acquisition of Visimid adds the capability to build custom sensor and software systems for LightPath Cameras. This new capability unlocks the production of highly customized variations on MANTIS for application specific use LightPath Technologies Visimid Application Specific Imaging System + Custom Lens Assemblies using proprietary materials and expert optical calibration Custom Sensors, electronics, and software Complete thermal camera specifically attuned to an OEM's intended use Investor Presentation January 2024| 8#10LightPath Technologies Camera Solutions: MANTIS TM LightPath Technologies Uncooled, Multispectral Infrared Camera 5 MANTIS Highlights: First of its kind - Camera combines functionality of a Mid Wavelength Infrared (MWIR) and Long Wavelength Infrared (LWIR) camera in one housing. Versatile - Camera covers 2-12um wavelengths. Uncooled - Able to image MWIR wavelengths without an expensive cryogenic cooling mechanism. Compact 2.5" x 2.5" x 3.0"combines the form of a LWIR camera with the ability to image MWIR. Inexpensive - Camera costs $10-15k combining the functionality of a $100k MWIR and $3k LWIR camera. Produced outside of China - A key benefit for securing supply chains. Applications - Fire and Flame detection, industrial high temperature monitoring systems, handheld Mid Wave imaging for defense Leverages proprietary Black Diamond™ glass that enables the camera's performance. Investor Presentation January 2024 | 9#11LightPath Technologies STAT Government and Defense Qualified as Infrared Optics Fastest growing business segment from XX% in FY20 to XX% in FY23 饅 Exclusive License from DoD for materials that are key to replacing germanium and next gen performance of systems TED NAV UNITED'S Direct Funding From Multiple government agencies to accelerate and support the commercialization of the new materials Designed Into Multiple New systems such as future vertical lift, missile detection and more STATES ARNY eesa Investor Presentation January 2024 | 10#12LightPath Technologies Key Technology Chalcogenide Glass LightPath Black Diamond - Proprietary Chalcogenide Glass Solution RON A made-in-the-USA cost effective alternative to Germanium The ONLY GLASS that enables use of multi-spectral cameras reducing the size, weight and cost of visual systems. 880 Annual capacity of 10 Metric tons in Orlando facility Germanium exports from China are restricted - White House identified Germanium as a key strategic mineral with a potential supply chain liability U.S. imports approximately $675m of Germanium for use in Optics, primarily from Russia and China 11 Alternative Minerals 2 are fully qualified and fielded in DoD systems (BD6 and BD2) Investor Presentation January 2024 11#13LightPath Technologies Key Technology Multi-Spectral Imaging Innovative Technology in next generation multispectral imaging systems Short Wave Infrared Camera (SWIR) Mid Wave Infrared Camera (MWIR) Common Aperture multiband camera reduces weight, size and cost Key enabling technology behind MANTIS Allows customers to use less devices in the field, without sacrificing functionality Unique Material exclusively licensed from the US Navy Visimid acquisition provides technological capability to produce application specific imaging solutions Long Wave Infrared Camera (LWIR) SWIR MWIRI LWIR The New Technology, Common Aperture Multiband Camera SWIR-LWIR 50mm f/1.0, 23°FOV FPA SWIR MWIR LWIR 04" x 9.5"L Conventional design requires 11 lens elements Investor Presentation January 2024 | 12#14LightPath Technologies Defense - Examples System - New missile system, LPTH camera system Prime - Lockheed Martin Status - LightPath awarded 2 year, $7.5m development contract Scope - 10s of thousands of systems, ASP $5K-$10K System - F-35 Infrared Optics, mostly LPTH materials Prime - Multiple Status - LPTH in production Scope - $3.5m annual, with growth prospects System - Armored Vehicle FLIR B-Kit Upgrade, mostly LPTH materials Prime - - RTX Raytheon Status - Awarded to Prime, qualification runs Scope - 17,000 systems, ASP $5-10K, partial LPTH materials Investor Presentation January 2024 | 13#15LightPath Technologies Automotive Applications Government proposal would require automatic emergency braking (AEB) in all cars and light trucks Recent National Highway Traffic Safety Administration proposed rule would go into effect in ~2026 LightPath thermal imaging assembly has been qualified into one of the largest car manufacturers Using Thermal Imaging to Classify objects in the field of view is easier and lower risk LPTH ASP $20-50 per vehicle "Night Vision” in existing Cadillac CT6 O MPH Driver Assistance 364 mi RNOM Pedestrian Fatalities by Light Condition, 2010-2020 Dark Daylight 5,000 4,951 4,834 4,500 4,719 4.543 4,522 4,000 4,040 3,500 3,452 3,405 3,510 3,000 3,204 3,030 2,500 2,000 2,500 1,000 1,092 1,068 1,168 1,166 1,191 1,245 1,311 1,297 1,277 1,280 1,266 500 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Source: FARS Investor Presentation January 2024 | 14#16• LightPath Technologies Investment Opportunities Industry Opportunity Core markets are diversified and experiencing solid secular growth Multi-billion market for infrared imaging boosted by growing use of LiDAR LightPath's BD - Black Diamond Glass is a US-produced alternative to Germanium LightPath's Strategic Direction LightPath is transitioning to an optical systems and solutions provider for high value customers • MANTIS is the first new product toward this Drive greater efficiency with our deep design and manufacturing expertise and vertically integrated global manufacturing "This strategy is based on our strengths and our core capabilities to address the largest and fastest growing trends in our industry for visible and infrared optical solutions." Sam Rubin, CEO 000 Investor Presentation January 2024 | 15#17LightPath Technologies 3-5 Year Growth Framework Substantially scaling revenue, EBITDA and profitability On Engineered solutions growth rate of 40 - 60% Components business growth rate of 10% ε Defense sales achieve $100 million $% Automotive customers in production and shipping >100,000 units Successfully integrated acquisition technologies EBITDA margins exceeding 15% LightPath Revenue Scale $150M $300M FY2023 FY2024 FY2025 FY2026 FY2027 FY2028 Investor Presentation January 2024 | 16#18LightPath Technologies Sam Rubin Management Team Albert Miranda President & Chief Executive Officer Chief Financial Officer ZEISS 25 Years in Optics Owner/Exec/Sales / R&D / M&A THORLABS 22 Years in Optics Finance / GM/ Exec / M&A Joined Company in 2021 JENOPTIK MORE LIGHT Seeing beyond Joined Company in 2020 Revenue Growth of Prior Firm $30M to $500M Mark Palvino VP, Global Sales & Marketing 22 Years in Optics •⚫mks | Newport Finance / GM/ Exec Joined Company in 2020 Revenue Growth of Prior Firm $30M to $220M Peter Greif VP, Operations 22 Years in Manufacturing Exec/GM/Ops / Engineering / M&A Joined Company in 2021 Revenue Growth of Prior Firm $6B to $27B JABIL Investor Presentation January 2024 | 17#19LightPath Technologies Contact Us Brian M. Prenoveau, CFA Investor Relations [email protected] 561-489-5315 Engage with us Twitter @lighpathtech Linkedin Web lightpath-technologies www.lightpath.com LightPath Confidential - DO NOT DISTRIBUTE Global Leader in Optical & Infrared Solutions#20LightPath Technologies Appendix#21LightPath Technologies Current assets: Cash and cash equivalents Restricted cash LIGHTPATH TECHNOLOGIES, INC. Consolidated Balance Sheets Assets Trade accounts receivable, net of allowance of $18,502 and $36,313 Inventories, net Prepaid expenses and other assets Total current assets Property and equipment, net Operating lease right-of-use assets Intangible assets, net Balance Sheet Goodwill Deferred tax as sets, net Other assets Total assets Current liabilities: Accounts payable Accrued liabilities Accrued payroll and benefits Loans payable, current portion June 30, 2023 June 30, 2022 S 4,687,004 $ 5,507,891 2,457,486 6,634,574 5,211,292 7,410,734 6,985,427 570,293 21,760,091 464,804 18,169,414 12,810,930 11,640,463 9,571,604 10,420,604 3,332,715 4,457,798 5,854,905 5,854,905 140,000 143,000 65,939 53.536,184 27,737 $ 50,713,921 Operating lease liabilities, current Finance lease obligation, current portion Total cument liabilities Deferred tax liabilities, net Finance lease obligation, less current portion Operating lease liabilities, noncurrent Loans payable, less current portion Total liabilities Commitments and Contingencies Stockholders' equity: Liabilities and Stockholders' Equity S 2,574,135 $ 3,073,933 662,242 558,750 1,499,896 2,081,212 969,890 965,622 1,023,814 998,692 103,646 6,833,623 55,348 7,733,557 465,000 541,015 341.201 11,454 8,393.248 9,478,077 1,550,587 3,218,580 17,583,659 20,982,683 Preferred stock: Series D, $.01 par value, voting; 500,000 shares authorized; none issued and outstanding Common stock: Class A, $.01 par value, voting; 44,500,000 shares authorized; 37,344,739 and 27,046,790 shares issued and outstanding Additional paid-in capital Accumulated other comprehensive income Accumulated deficit Total stockholders' equity Total liabilities and stockholders' equity 373,447 242,808,771 270,468 232,315,003 935,125 606,536 (207,836,229) 35,952,525 (203,789,358) 29,731,238 S 53,536,184 $ 50,713,921 Investor Presentation January 2024 | 20#22LightPath Technologies Income Statement LIGHTPATH TECHNOLOGIES, INC. Consolidated Statements of Comprehensive Income (Loss) Revenue, net Cost of sales Gross margin Operating expenses: Selling, general and administrative New product development Amortization of intangibles (Gain) loss on disposal of property and equipment Total operating expenses Operating loss Other income (expense): Interest expense, net Other income (expense), net Total other income (expense), net Loss before income taxes Income tax provision Net loss Foreign currency translation adjustment Comprehensive loss Loss per common share (basic) Number of shares used in per share calculation (basic) Loss per common share (diluted) Number of shares used in per share calculation (diluted) 2023 Year Ended June 30, $ 32,933,949 $ 21,859,126 2022 35,559,160 23,744,524 11,074,823 11,814,636 11,437,241 11,221,866 2,145,413 2,085,686 1,125,083 1,125,083 (78,373) 9,235 14,629,364 (3,554,541) 14,441,870 (2,627,234) (283,266) (229,475) 24,970 (258,296) 177,435 (52,040) (3,812,837) (2,679,274) 234,034 862,907 S (4,046,871) $ (3,542,181) $ S (328,589) (4,375,460) $ (0.13) $ 31,637,445 (1,181,027) (4,723,208) (0.13) 27,019,534 $ (0.13) $ 31,637,445 (0.13) 27,019,534 Investor Presentation January 2024 | 21#23LightPath Technologies Examples of Customized Imaging Modules Complete LWIR Imaging Module with Micro-display • QVGA LWIR complete with • • • Kopin micro-display Smallest cross section Shutterless, ready for customer housing VGA LWIR Imaging Cores and Modules • Built in shutter or external shutter Video engine output CameraLink, Analog or GigE • Includes processing and corrections Broadband Uncooled Microbolometer Modules • Modified Microbolometer for . . Broadband operation in 2-12μm Customized for high temperature process measurements Photometric and gas visualization FT & IN INCHES 100 fps XGA LWIR Camera • • XVGA LWIR 1024 x 768 NETD <50 mK; Short thermal time constant, <12 msec USB3.0 Vision output Shutterless Imaging Models • VGA or QVGA • • Calibrated across wide range of temperatures Very low power consumption, size and weight Multi Sensor Imaging Models • Combines and synchronizes live . streams from multiple sensors · One video engine processes • and manages all sensors Significant savings vs. multiple camera Diameter: 156" Thickness: 0.419in Investor Presentation January 2024 | 22#24LightPath Technologies True Flame Detection Each pair of images - Left side, camera with 4.3 µm filter "flame - detection mode” – right image with LWIR filter Gas Firepit Pot on a Lit Gas Stove Image from a Standard LWIR Camera Image from Our Flame Detection Camera Image from Our Flame Detection Camera Image from a Standard LWIR Camera LightPath Technologies Lit Candle in a Glass Jar Image from Our Flame Detection Camera LightPath Technologies A Candle at 190' Distance Image from a Standard LWIR Camera Image from a Standard LWIR Camera Image from Our Flame Detection Camera LightPath Technologies Flame detected LightPath Technologies Investor Presentation January 2024 | 23#25LightPath Technologies Example: 1" Flame from 250' Flame Detection Mode. 12 pixels of flame detected at 250 feet away 1" flame from tiki torch Investor Presentation January 2024 | 24