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LightPath Technologies, based in Orlando, Florida, is developing alternatives to germanium, a key rare earth mineral dominated by China and Russia, which together produce 90% of the world's supply. Canaccord Genuity initiated coverage of LightPath with a buy rating, highlighting its development of optical components and infrared imaging systems using U.S. and European resources.

Following Chinese export restrictions on germanium, U.S. imports dropped significantly in 2024. LightPath's proprietary chalcogenide, marketed as 'BlackDiamond' glass, offers a lighter, cheaper alternative to germanium in infrared cameras.

The company received an $8 million investment from drone manufacturers to enhance its technology. Canaccord forecasts strong growth for LightPath, driven by demand in defense and industrial markets, and set a 12-month price target of $15, reflecting a potential 33% increase from its recent close. LightPath's stock has increased by 280% over the past six months.