B. RILEY FBR CONFERENCE

MAY 22, 2019

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, use of proceeds and the effects of competition. 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.

2

Overview

❖30 years of leadership in precision visible

and infrared optics

❖Deep expertise in optical aspheric lens

design for visible and IR applications

❖Diversified end markets include industrial,

commercial, medical, defense, telecom

❖Vertically integrated low cost/high volume

manufacturing capabilities

❖Revenue doubled in last 3 years

❖344 Employees in US, China and Europe

3

Key Developments

❖ Revenue shifted toward IR products which have longer processing times and

lower gross margin than PMO

❖ Investments in manufacturing for cost reduction and additional capacity

❖ New proprietary infrared products using Black DiamondTM chalcogenide-based

glass compound

❖ Relocation of NY operations as leading initiative to improve gross margins

❖ Strengthened Finance Leadership

❖ Balance sheet and capitalization improvements

Significant Progress in FY2018

Sets the Stage For Transitional Period in FY2019

4

Market Dynamics –

Thermal Imaging Market

5

• Est. $5.5 billion in 2017 with 8% CAGR - Global Market Insights

• Expected to reach +4 million units from 2018-2024

Global Market Insights-Source

• Est. $4 billion by 2023 from $2.7 billion in 2017 with 6.7% CAGR

Market & Markets-Source

• The global Microbolometer market is valued at $770 million in 2018; expected to reach $2.3 million by the end of 2025, growing at a CAGR of 14.4% during 2019-2025

Themarketreports.com

• 7% CAGR 2018-2023 to $4.0 billion

Market Watch-Source

6

Categories

• Perimeter Security, Machine Vision, Thermal Inspection, Home automation, Medical, Food Processing, ADAS, OEM, Aerospace & Defense, Pub Safety, HVAC, Telephone handsets, etc.

Uncooled Microbolometers

dropping in cost due to

• Moore’s law and Advanced Wafer Mfg.

• Market switching from 17um to 12um and 10um detectors

Optics dropping in price due to

• Molded chalcogenides cheaper to produce than SPDT optics

• Smaller detectors requiring smaller optics

• Better detectors requiring smaller optics due to higher F#’s

Key players

• FLIR(lens mfg focus-Ross Overstreet)

• Fortive, HIK Vision, Axis, DRS, BAE, L3, UT, Sofradir, Testo, Xenics, Gen Dyn, Bosch, Dali, Bullard, Seek Thermal

Market Dynamics –

Thermal Market Growth Drivers

7

• Technavio- Global laser diode market to grow– CAGR of close to 3% during ‘17-’21.

• increasing adoption of laser-based treatments

• Increase in demand for green lasers

• Growing demand for automotive laser headlamps

• Mordor- Global Laser diode mkt expected growth– CAGR 12.56%, 2017 thru 2023

– Green expected to grow the most

• 2015-2020– NIR is expected to hold the major share

– Green expected to grow by 16.7% 2015-2020

• Key players– Osram, IPG, Coherent, Trumpf, Sumitomo, SPI,

Frankfurt Laser, Panasonic, Rohm, Sharp, Coherent, Hammatsu, JDS, Jenoptik, Newport, Finisar, Avago, Rofin-Sinar

Market Dynamics – Laser Diode Market Source-Mordor Intel/Market & Markets/Technavio

Product Lines

Infrared Lenses

50% of Revenue

Molded Aspheric Lenses

42% of Revenue

Optical Assemblies Connectorized Collimators

Specialty Products

8% of Revenue

Fiber Collimators

Revenue of $25 Million in First 9M of Fiscal 2019

8

• New Products Designed• Record 56 new lenses

• 37 Visible PMO lenses

• 19 Infrared Molded lenses

• 19 New Assembly Designs• 11 Infrared

• 8 Visible

• MWIR assembly

• Molded 2-sided Free-Form optic

New Product Development

9

New Products

10

New Products

• 35mm & 50mm

Prototypes

completed

• 2 Elements

– 1 BD6 DT

– 1 BD6 Molded

• Demonstrated at

DCS conference

• Ramp to production

in Q2

Image from 1st 50mm Prototype

11

Expanded Manufacturing Capacity

• Diamond Turning Capacity

• Optical Coating Capacity

• Material Polishing Capability

• Glass Melting Capacity

• LCR Precision Glass Molding

Capacity

• Engineering Bench Strength

Starting to payoff in key wins in Industrial, Telecom, Medical & more.

Backlog is being built with large long-term supply contracts.

Double Digit Growth:

• Industrial Sector

• Medical Sector

• Telecom Sector

Backlog

$17.1 Million - Up 34% from Q4 2018

Bookings/Backlog in 9M Fiscal 2019LightPath Investments

12

Bookings

$29.2 Million - Up 5% from 9M19

Key Win

Single largest order ever – for

upsized contract renewal

Telecom

Focus Actions

• Multiple new optical designs

creates - “get in @ design phase”

• Global customer base being

engaged by sales team

• Multiple lens designs for 5G

(China/US)

Strengthening Order Activity.

Large number of new design requests is leading indicator.

Significant opportunities with 5G, Data Center, and Fiber.

13

Defense & Pub Safety

+$80mm IR Optics Opportunity

LPTH’s BD6 optical material price & performance is gaining rapid acceptance

vs. more expensive Ge crystals and Zinc ceramic optical materials in commercial markets.

Poised to expand presence in Defense Industry. 14

LIDAR/Autonomous Vehicles Industry

• LiDAR market expected to reach a value of $3.45 billion by 2023

• CAGR of 12.7% during the forecast period, 2018-2023

• Market growth:– Automotive

– Mapping

– New sectors like drone delivery

Collimating & Receiving Optics

• Lidar enhanced Fork Lifts

• Lidar enhanced Automobiles

LPTH entering with several LIDAR/night vision outfits -- fiber collimation, free form, & IR imaging.

Still no clear tech leader; in development efforts with several technical approaches.

$1.7 Billion in 2017

15

Medical Imaging- Endoscopy

Partner with a cutting-edge, low-cost, instrument manufacturer in a $1.7B market/5.8 million

surgeries (15 patents) -- their orders continue to accelerate as adoption hurdles diminish.

Development partner is gaining momentum.16

IR & VIS Commercial Applications

IR/Visible – Oil & Gas monitoring

– Power gen & distribution control

– Drones

– Housing inspection/leak detection

– Laser tools/range finding

– Radiometry

Visible– Automotive headlights

– Optical sensing

– QC systems

– LIDAR

– Projection/illumination

– Virtual reality

Working with major US, EU & Asian manufacturing partners.17

Optical Solutions

Diversified High Potential Platforms

LPTH strategic investments and new product development are driving growth in new areas and

toward improving margins.

Diversification is Core Strength

❖ 2 Segments –Visible and Infrared

❖ Multiple Product Platforms

❖ International Reach

❖ High Growth Market Trends

❖ Large Strategic Partners

❖ Broad & ‘Sticky” Customer Base

Market Status Product

Industrial Growing Vis PMO/IR PMO/ Windows

Commercial Stable DT IR/IR & VIS PMO

Medical Growing IR & VIS PMO

Defense GrowingDT IR/IR & VIS PMO/

Windows

Telecom Growing VIS PMO/ CCA

18

19

Business Transition Developments

Developments Leading into Transitional FY19 (ended 6/30/19)

• Capital allocation strategy: CapEx, capital leases, R&D, M&A

o Major acquisition of ISP in December 2016 included equity issuance and debt;

closure/transfer of NY location

o Capital investments and R&D for product development – heavy investments

completed

• Introduction of groundbreaking Black DiamondTM chalcogenide-based glass

compound marketed as BD6

• Significant demand led to capacity constraints until new machines and facility

expansions fully operational

• IR products driving sales and bookings growth

• Record bookings/backlog new realities – longer processing times; margin differential

• Global economic factors; pricing pressure for select products/markets

Market Estimated Size Estimated Growth Rate

IR Products $500 Million 7%-10%

PMO/Visible Products $300 Million 3%-5%

Combined $800 Million 6%-7%

Business Transition Initiatives -- May 2019

1. Continuing to increase 12-month backlog, while also growing

revenues, so that we enter each quarter with at least 75% of our

forecasted revenue booked. Certain PMO contracts can be

booked and fulfilled in the same quarter, while most IR contracts

take more than a quarter to record as revenue from the time

the orders are booked.

2. Reducing our product process cycle time, including efforts to

transition IR lens elements from diamond turned to molded.

3. Continuing to implement cost reductions in our manufacturing

process.

20

Multiple Areas for

Gross Margin Improvement

IR Business Revenue Growth

• Acquired ISP’s IR Business with approx. $12 million in revenues in December 2016

• Consolidated IR revenues increased to over $16 million for fiscal year ended 6/30/18, representing

organic growth of 33% in nearly 18 months

• Accelerated traction: bookings in the fiscal fourth quarter ended 6/30/18 increased by 43% to $9.9

million from $6.9 million in the prior year driven by IR growth

• With continued IR growth, LPTH is well-positioned to benefit from improvements in its IR gross

margins.

Gross Margin Improvements Focused on IR Business

• Cost of materials - introduction of new BD6TM product family

• Labor – reduced expense given easier handling and processing of BD6

• Transition out of NY – lower cost basis; more efficient and available labor pool

• Capital investments – enables vertical integration for reduced handling and shipping costs; higher

volume manufacturing; improves turns

• Improved factory utilization with increased volume/orders and more efficient practices

• Management implemented similar strategies for PMO lens operations when consolidated

GM increased from 35.8% in fiscal 2012 to 53.9% in fiscal 2016 (pre-ISP) acquisition

21

Transition Impact on KPIs(Fiscal year ended June 30)

$M* 2016 2017** 2018 9M19

Total Sales $17.3 $28.4 $32.5 $25.0

IR Sales $1.8 $9.4 $16.2 $12.5

Visible/PMO Sales $11.2 $16.1 $13.5 $10.6

Bookings $17.5 $22.4 $37.9 $29.2

12M Backlog $6.6 $9.3 $12.8 $17.1

Gross Margin % 54% 52% 39% 39%

SG&A Expense $6.6 $8.7 $9.2 $7.4

R&D Expense $0.7 $1.2 $1.6 $1.5

D&A Expense $0.8 $2.1 $3.4 $2.5

Interest Expense (excl. 1x) $0.0 $0.4 $0.2 $0.6

Adjusted EBITDA $2.6 $6.3 $4.0 $2.2

Free Cash Flow $0.4 $2.8 $0.1 ($1.6)

Cash $2.9 $8.1 $6.5 $4.6

Debt $0.3 $11.0 $7.4 $6.8

CapEx & Leases $1.1 $2.4 $3.3 $2.1

* Dollars in millions; income statement items are for year/period identified; balance sheet items are for year/period or end of year/period.

** ISP Optics acquisition, December 201622

• Business transition initiatives underway provides for visibility into more sustainable

growth and higher profitability and cash flow

• Consistently strong financial performance in past years bolstered by ISP acquisition

• Accelerating revenue growth with new products, markets and cross-selling strategies

• Core markets are diversified and experiencing solid growth

• Catalysts include engagement in exciting, high volume potential market trends

• High volume manufacturing efficiencies & leading IP/technology portfolio includes

molding and diamond turning capabilities

• Record bookings and backlog achieved during 9M19

• Continued balance sheet improvement – debt reductions in 9M19 and 2018

• Strategic acquisitions will be part of our growth story

• Experienced management; significant insider/affiliate ownership

Investment Highlights

23

APPENDIX

Balance Sheet

25

March 31, June 30,

Assets 2019 2018

Current assets:

Cash and cash equivalents $ 4,641,457 $ 5,508,620

Restricted cash - 1,000,000

5,899,062 5,370,508

Inventories, net 7,586,734 6,404,741

Other receivables 3,789 46,574

Prepaid expenses and other assets 934,068 1,058,610

Total current assets 19,065,110 19,389,053

Property and equipment, net 12,520,168 11,809,241

Intangible assets, net 8,120,826 9,057,970

Goodwill 5,854,905 5,854,905

Deferred tax assets, net 1,030,000 624,000

Other assets 319,021 381,945

Total assets $ 46,910,030 $ 47,117,114

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable $ 2,424,960 $ 2,032,834

Accrued liabilities 789,886 685,430

Accrued payroll and benefits 1,194,182 1,228,120

Loans payable, current portion 581,350 1,458,800

Capital lease obligation, current portion 401,666 307,199

Total current liabilities 5,392,044 5,712,383

Capital lease obligation, less current portion 673,659 550,127

Deferred rent 633,526 377,364

Loans payable, less current portion 5,140,837 5,119,796

Total liabilities 11,840,066 11,759,670

Commitments and Contingencies

Stockholders’ equity:

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; 25,813,895 and 25,764,544

shares issued and outstanding 258,139 257,645

Additional paid-in capital 230,226,315 229,874,823

Accumulated other comprehensive income 752,675 473,508

Accumulated deficit (196,167,165) (195,248,532)

Total stockholders’ equity 35,069,964 35,357,444

Total liabilities and stockholders’ equity $ 46,910,030 $ 47,117,114

Trade accounts receivable, net of allowance of $27,145 and $13,364

LIGHTPATH TECHNOLOGIES, INC.

Condensed Consolidated Balance Sheets

(unaudited)

26

Income Statement

2019 2018 2019 2018

Revenue, net 7,905,582$ 8,503,628$ 25,003,810$ 24,437,094$

Cost of sales 4,799,913 5,211,602 15,313,825 14,344,015

Gross margin 3,105,669 3,292,026 9,689,985 10,093,079

Operating expenses:

Selling, general and administrative 2,431,819 2,362,578 7,414,550 7,054,996

New product development 505,636 384,380 1,494,412 1,178,849

Amortization of intangibles 283,521 329,270 937,143 987,812

(Gain) loss on disposal of property and equipment (136,125) — (92,868) 3,315

Total operating costs and expenses 3,084,851 3,076,228 9,753,237 9,224,972

Operating income (loss) 20,818 215,798 (63,252) 868,107

Other income (expense):

Interest expense, net (275,233) 342,796 (573,535) (52,212)

Change in fair value of warrant liability — — — (194,632)

Other income (expense), net 64,267 484,531 (322,339) 927,383

Total other income (expense), net (210,966) 827,327 (895,874) 680,539

Income (loss) before income taxes (190,148) 1,043,125 (959,126) 1,548,646

Income tax provision (benefit) 161,870 (183,154) (40,493) (318,678)

Net income (loss) (352,018)$ 1,226,279$ (918,633)$ 1,867,324$

Foreign currency translation adjustment 53,327 77,477 279,167 200,886

Comprehensive income (loss) (298,691)$ 1,303,756$ (639,466)$ 2,068,210$

Earnings (loss) per common share (basic) (0.01)$ 0.05$ (0.04)$ 0.08$

Number of shares used in per share calculation (basic) 25,810,681 25,546,512 25,788,286 24,763,458

Earnings (loss) per common share (diluted) (0.01)$ 0.04$ (0.04)$ 0.07$

Number of shares used in per share calculation (diluted) 25,810,681 27,281,010 25,788,286 26,618,956

LIGHTPATH TECHNOLOGIES, INC.

Condensed Consolidated Statements of Comprehensive Income (Loss)

(unaudited)

Nine Months Ended

March 31,

Three Months Ended

March 31,

Non-GAAP Reconciliation

To supplement our consolidated financial statements presented in accordance with U.S. GAAP, we provide additional non-GAAP financial measures. Our management believes these non-

GAAP financial measures, when considered together with the GAAP financial measures, provide information that is useful to investors in understanding period-over-period operating results

separate and apart from items that may or could, have a disproportionally positive or negative impact on results in any particular period. Our management also believes that these non-GAAP

financial measures enhance the ability of investors to analyze our underlying business operations and understand our performance. In addition, our management may utilize these non-GAAP

financial measures as guides in forecasting, budgeting, and planning. Any analysis on non-GAAP financial measures should be used in conjunction with results presented in accordance with

GAAP. A reconciliation of these non-GAAP financial measures with the most directly comparable financial measures calculated in accordance with GAAP is presented in the tables below.27

Quarter Ended: Nine Months Ended:

March 31,

2019

March 31,

2018

March 31,

2019

March 31,

2018

Net income (loss) (352,018)$ 1,226,279$ (918,633)$ 1,867,324$

Change in fair value of warrant liability — — — 194,632

Adjusted net income (loss) (352,018)$ 1,226,279$ (918,633)$ 2,061,956$

% of revenue -4% 14% -4% 8%

Quarter Ended: Nine Months Ended:

March 31,

2019

March 31,

2018

March 31,

2019

March 31,

2018

Net income (loss) (352,018)$ 1,226,279$ (918,633)$ 1,867,324$

Depreciation and amortization 857,287 866,329 2,540,963 2,492,003

Income tax provision (benefit) 161,870 (183,154) (40,493) (318,678)

Interest expense 275,233 (342,796) 573,535 52,212

EBITDA 942,372 1,566,658 2,155,372$ 4,092,861$

Change in fair value of warrant liability — — — 194,632

Adjusted EBITDA 942,372$ 1,566,658$ 2,155,372$ 4,287,493$

% of revenue 12% 18% 9% 18%

(unaudited)

(unaudited)

LIGHTPATH TECHNOLOGIES, INC.

Reconciliation of Non-GAAP Financial Measures and Regulation G Disclosure

Experienced Management Team

Alan Symmons Executive Vice President, Operations

CEO since January 2008, previously Corporate Vice President of Operations from July 2006 to January

2008. Prior to joining LightPath: Director of Operations for Puradyn Filter Technologies, Vice President

of Operations and General Manager for JDS Uniphase Corporation’s Transmission Systems Division.

J. James Gaynor

Chief Executive Officer

Dorothy Cipolla Vice President,

Executive Director of Compliance, Treasury and Tax

Hui YueGeneral Manager, China

CFO from February 2006 – June 2018. Prior to joining LightPath: CFO for both public and private

companies including LaserSight Technologies, Inc. (NASDAQ), Network Six, Inc. (NASDAQ), Vice

President of Finance with Goliath Networks, Inc., Department Controller of Alliant Energy Corporation.

She is a certified public accountant.

Executive Vice President of Operations since February 2015, previously Vice President of Corporate

Engineering from September 2010 to February 2015 and Director of Engineering from October 2006 to

September 2010. Prior to joining LightPath: Engineering Manager for Aurora Optical, a subsidiary of

Multi-Fineline Electronix and worked for Applied Image Group – Optics, (AIG/O).

General Manager of LightPath Optical Instrumentation Co (Shanghai) since 2012 and General Manager

of LightPath Optical Instrumentation Co (Zhenjiang) since 2013, previously served as Sales Manager

from April 2007 to 2013. Prior to joining LightPath: Senior Director of Sales at Walsin Fujikura.

Devin StandardVice President

Corporate Business Development

Vice President of Corporate Development since April 2017. Prior to joining LightPath was the

Worldwide Sales Manager and Business Development for Infrared Optical Material for Schott N.A., a

Senior Account Manager for Janos Technology and the Director of Business Development & Marketing

for Insight Technology. Prior to that he held senior positions in business development for Smith &

Wesson Holding Corp.,The Hach Company and Quasark America.

Donald Retreage, Jr.

Chief Financial Officer

Appointed CFO in 2018, he is a corporate leader with 25 years in international finance and accounting,

a financial management expert with a proven track record of accelerating revenue growth, and adept at

strategic decision-making to maximize workforce productivity and business profitability. Prior, served

as SVP at Houser Logistics and spent majority of career in increasingly progressive financial/operational

roles for multinationals, including Seaboard Corp. and Sodexho/Universal Ogden Services.

28

Accomplished Board of Directors

Sohail Khan Director

CEO since January 2008, previously Corporate Vice President of Operations from July

2006 to January 2008. Prior to joining LightPath, he was Director of Operations for

Puradyn Filter Technologies; and Vice President of Operations and General Manager for

JDS Uniphase Corporation’sTransmission Systems Division.

J. James Gaynor

Chief Executive Officer

Robert Ripp Chairman of the Board

Dr. Steven Brueck Director

Director and Chairman of the Board since 1999, during portions of fiscal year 2002, he

also served as Interim President and CEO. Previously he was Chairman and CEO of AMP

Incorporated and VP and Treasurer of IBM. He has also served on the Board of Directors

of PPG Industries, Axiall Corporation and Ace Limited, all on the New York Stock

Exchange.

Director since 2005. Previously he was Chairman and CEO of ViSX Systems, Inc.; CEO

and Director of Lilliputian Systems; Managing Partner of K5 Innovations; President and

CEO and Directors of SiGe Semiconductor; and Entrepreneur in Residence and

Operating Partner of Bessemer Venture Partners. He has also served on the Board of

Directors of Intersil Corporation.

Director since 2001. Distinguished Professor, Emeritus of Electrical and Computer

Engineering and of Physics at the University of New Mexico in Albuquerque, New

Mexico. He is a fellow of The Optical Society, the Institute of Electrical and Electronics

Engineers, the American Association for the Advancement of Science, and the National

Academy of Inventors.

29

Accomplished Board of Directors

Dr. Joseph MenakerDirector

Director since 2018, previously served as a consultant to the Board. Previously was

President of ISP Optics Corporation and as a director of its wholly owned subsidiary, ISP

Optics Latvia until acquired by us in December 2016. He co-founded UAV Factory in

Latvia in 2009 and continues to serve as a director. UAV Factory is a leading

manufacturer of unmanned aerial vehicles.

Director since 1996. A self-employed business consultant. Previously was Senior

Financial Advisor and VP of Finance of The Fetzer Institute; Audit Manager for Price

Waterhouse & Co.; Member of Financial Foundation Officers Group; and the Chairman

and Trustee for the John E. Fetzer Memorial Trust Fund.

Louis Leeburg

Director

Craig Dunham Director

M. Scott FarisDirector

Director since 2016, previously served as a consultant to the Board. A self-employed

business and M&A consultant. Previously was CEO of Applied Pulsed Power Inc.;

President, CEO of Dynasil Corporation; Partner with a private equity group to pursue

acquisitions of mid-market manufacturing companies; VP/General Manager of the Tubular

Division at Kimble Glass Corporation; and various increasing leadership responsibilities

at Corning Incorporated. Director of Applied Pulsed Power Inc and Dynasil Corporation.

Director since 2011. Experienced entrepreneur with almost two decades of operating,

venture-financing, and commercialization experience, involving more than 20 start-up and

emerging-growth technology companies. Chief Business Officer of Luminar Technologies,

Inc.; Founder and Chief Executive Officer of Enterprise Corporation, a technology

accelerator; Director of the Florida Seed Capital Fund and Technology

Commercialization at the Center for Microelectronics Research; and past Chairman of

the Metro Orlando EDC. Previously a Director of Open Photonics, Inc. and Aerosonix,

Inc., both of which were private companies. 30