Syntec Optics (Nasdaq: OPTX) Builds Higher Volume Manufacturing Cells for Low Earth Orbit Satellite Optics and Data Center Optical Connectivity Product Lines
July 10 2024 - 8:00AM
Syntec Optics (Nasdaq: OPTX), a leading provider of scientific,
technical instruments, aerospace, and defense optics, announced
today that it has successfully developed two different and scalable
solutions that deliver higher weekly production volumes to meet
demands for optics used in low earth orbit satellites and data
centers. Syntec continues to receive orders for these two different
lines of products in the newly entered communications end-market
that utilize Syntec's broad capabilities, including ultra-high
precision nano-machining, precision mechanicals, and replicative
molded optics.
Continuing orders demonstrate the growing demand for Syntec's
advanced optics solutions in the low-earth orbit (LEO) satellite
market. Syntec's commitment to vertical integration, including
previously announced in-house scalable preform production for
nano-scale accuracies, enables the scheduled mega-constellation
satellite launches.
The increasing deployment of Artificial Intelligence is believed
to drive higher demand for data center optical connectivity. Syntec
has added more people and created an innovative, custom, and
dedicated process for increased throughput.
With these two product lines, Syntec Optics now participates in
two fast-growing areas within communications — low-earth-orbit
satellites and data centers — both of which are believed to have
tailwinds.
Communication further diversifies Syntec's existing end-markets,
including defense, biomedical, and consumer.
Satellite broadband could represent a significant portion of
the $1 trillion global space economy by 2040. The data center
market is expected to reach $622.4 billion by 2030.
About Syntec Optics
Syntec Optics Holdings, Inc. (Nasdaq: OPTX), headquartered in
Rochester, NY, is one of the largest custom optics and photonics
manufacturers in the United States. Operating for over two decades,
Syntec Optics runs a state-of-the-art facility with extensive core
capabilities of various optics manufacturing processes, both
horizontally and vertically integrated, to provide a competitive
advantage for mission-critical OEMs. Syntec Optics recently
launched new products, including Low Earth Orbit (LEO) satellite
optics, lightweight night vision goggle optics, biomedical
equipment optics, and precision microlens arrays. To learn more,
visit www.syntecoptics.com.
Forward-Looking Statements
This press release contains certain “forward-looking statements”
within the meaning of the United States Private Securities
Litigation Reform Act of 1995, Section 27A of the Securities Act of
1933, as amended (the “Securities Act”) and Section 21E of the
Securities Exchange Act of 1934, as amended, including certain
financial forecasts and projections. All statements other than
statements of historical fact contained in this press release,
including statements as to the transactions contemplated by the
business combination and related agreements, future results of
operations and financial position, revenue and other metrics,
planned products and services, business strategy and plans,
objectives of management for future operations of Syntec Optics,
market size, and growth opportunities, competitive position and
technological and market trends, are forward-looking statements.
Some of these forward-looking statements can be identified by the
use of forward-looking words, including “may,” “should,” “expect,”
“intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,”
“plan,” “targets,” “projects,” “could,” “would,” “continue,”
“forecast” or the negatives of these terms or variations of them or
similar expressions. All forward-looking statements are subject to
risks, uncertainties, and other factors (some of which are beyond
the control of Syntec Optics), which could cause actual results to
differ materially from those expressed or implied by such
forward-looking statements. All forward-looking statements are
based upon estimates, forecasts and assumptions that, while
considered reasonable by Syntec Optics and its management, as the
case may be, are inherently uncertain and many factors may cause
the actual results to differ materially from current expectations
which include, but are not limited to: 1) risk outlined in any
prior SEC filings; 2) ability of Syntec Optics to successfully
increase market penetration into its target markets; 3) the
addressable markets that Syntec Optics intends to target do not
grow as expected; 4) the loss of any key executives; 5) the loss of
any relationships with key suppliers including suppliers abroad; 6)
the loss of any relationships with key customers; 7) the inability
to protect Syntec Optics’ patents and other intellectual property;
8) the failure to successfully execute manufacturing of announced
products in a timely manner or at all, or to scale to mass
production; 9) costs related to any further business combination;
10) changes in applicable laws or regulations; 11) the possibility
that Syntec Optics may be adversely affected by other economic,
business and/or competitive factors; 12) Syntec Optics’ estimates
of its growth and projected financial results for the future and
meeting or satisfying the underlying assumptions with respect
thereto; 13) the impact of any pandemic, including any mutations or
variants thereof and the Russian/Ukrainian or Israeli conflict, and
any resulting effect on business and financial conditions; 14)
inability to complete any investments or borrowings in connection
with any organic or inorganic growth; 15) the potential for events
or circumstances that result in Syntec Optics’ failure to timely
achieve the anticipated benefits of Syntec Optics’ customer
arrangements; and 16) other risks and uncertainties set forth in
the sections entitled “Risk Factors” and “Cautionary Note Regarding
Forward-Looking Statements” in prior SEC filings including
registration statement on Form S-4 filed with the SEC. These
filings identify and address other important risks and
uncertainties that could cause actual events and results to differ
materially from those contained in the forward-looking statements.
Nothing in this press release should be regarded as a
representation by any person that the forward-looking statements
set forth herein will be achieved or that any of the contemplated
results of such forward-looking statements will be achieved. You
should not place undue reliance on forward-looking statements,
which speak only as of the date they are made. Syntec Optics does
not give any assurance that Syntec Optics will achieve its expected
results. Syntec Optics does not undertake any duty to update these
forward-looking statements except as otherwise required by law.
For further information, please contact:
Sara Hart
Investor Relations
InvestorRelations@syntecoptics.com
SOURCE: Syntec Optics Holdings, Inc. (Nasdaq: OPTX)
Syntec Optics (NASDAQ:OPTX)
Historical Stock Chart
From Aug 2024 to Sep 2024
Syntec Optics (NASDAQ:OPTX)
Historical Stock Chart
From Sep 2023 to Sep 2024