{"id":5103,"date":"2025-02-27T16:33:51","date_gmt":"2025-02-27T15:33:51","guid":{"rendered":"https:\/\/monocle.lu\/?p=5103"},"modified":"2025-02-27T16:33:51","modified_gmt":"2025-02-27T15:33:51","slug":"predator","status":"publish","type":"post","link":"https:\/\/monocle.lu\/en\/2025\/02\/27\/predator\/","title":{"rendered":"\u00ab Predator \u00bb"},"content":{"rendered":"

Il y a pile 5 ans, on se ramassait en pleine face l\u2019arriv\u00e9e du Covid. Trois vols par semaine en direct de Wuhan arrivaient \u00e0 Paris. Ailleurs dans le monde c\u2019\u00e9tait pareil. Les cam\u00e9ras thermiques commen\u00e7aient \u00e0 pulluler dans les a\u00e9roports et \u00e7a donnait des images \u00e0 la Predator. Pas de quoi rassurer pour ceux qui se rappellent du film.<\/span><\/p>\n

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L’une des bo\u00eetes derri\u00e8re cette technologie, c’est Lightpath. En 2020, ce n\u2019\u00e9tait encore qu\u2019on fournisseur de pi\u00e8ces d\u2019optiques destin\u00e9es \u00e0 la fabrication de cam\u00e9ras thermiques. La valeur ajout\u00e9e \u00e9tait chez leurs clients, pas chez eux : leurs pi\u00e8ces \u00e9taient vendues quelques dollars et subissaient les assauts de la concurrence.<\/span><\/p>\n

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\u00c7a, Sam Rubin l\u2019avait bien compris. Quand il prend la t\u00eate de Lightpath en mars 2020, il a d\u00e9j\u00e0 pas mal d\u2019exp\u00e9rience : 15 ann\u00e9es pass\u00e9es chez Thorlabs, un sp\u00e9cialiste de l\u2019optique am\u00e9ricain. Le projet de Rubin est simple : il va int\u00e9grer verticalement Lightpath, de fa\u00e7on \u00e0 garder plus de valeur en interne.<\/p>\n

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Trois \u00e9tapes majeures sont pass\u00e9es rapidement\u00a0:<\/p>\n

1\/ Le d\u00e9veloppement de la cam\u00e9ra Mantis\u00a0: premi\u00e8re cam\u00e9ra thermique \u00e0 pouvoir d\u00e9tecter les ondes moyennes et longues (MWIR et LWIR), 10x moins ch\u00e8re que les cam\u00e9ras existantes.<\/p>\n

2\/ Le rachat de Visimid qui permet de personnaliser les cam\u00e9ras et d\u2019ouvrir de plus grands march\u00e9s comme la d\u00e9tection de fuite de m\u00e9thane dans le Oil & Gas.<\/p>\n

R\u00e9sultat\u00a0: Lightpath vend aujourd\u2019hui des cam\u00e9ras \u00e0 plusieurs dizaines de milliers de dollars.<\/p>\n

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3\/ La signature de plusieurs licences exclusives avec le NRL (Naval Research Laboratory, fond\u00e9 par Thomas Edison) pour l\u2019utilisation exclusive de mat\u00e9riaux propri\u00e9taires. Parmi ces mat\u00e9riaux se trouve de quoi faire le Black Diamond, une alternative au germanium.<\/span><\/p>\n

\n

Germa quoi ? Non, je ne vous parle pas de la plante sur le balcon de votre grand-m\u00e8re. Le germanium c\u2019est un m\u00e9tallo\u00efde d\u00e9riv\u00e9 de la production du zinc. L\u2019une de ses propri\u00e9t\u00e9s, c\u2019est sa tr\u00e8s grande sensibilit\u00e9 aux changements de temp\u00e9rature. C\u2019est donc un ingr\u00e9dient essentiel pour les cam\u00e9ras thermiques.<\/p>\n

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Mais il se trouve que, comme le Covid, le germanium vient de Chine et que les Chinois ont d\u00e9cid\u00e9 il y a peu de couper les exportations, en repr\u00e9sailles aux restrictions sur les semiconducteurs des US.<\/p>\n

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Voil\u00e0 pourquoi on a d\u00e9cid\u00e9 de s\u2019int\u00e9resser \u00e0 Lightpath. Et en creusant plus le dossier, on est tomb\u00e9 sur quelque chose qui pourrait totalement changer la donne pour Lightpath.<\/p>\n

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Le gouvernement US a fait un appel d\u2019offre en 2023 pour ses missiles Stinger. Deux soci\u00e9t\u00e9s ont r\u00e9pondu\u00a0: Raytheon et Lockheed Martin.<\/p>\n

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Lockheed a choisi d\u2019int\u00e9grer la technologie de Lightpath dans son projet : son syst\u00e8me infrarouge servira \u00e0 guider le missile. Il faut dire que c\u2019est un vrai atout qui leur permet de dire au gouvernement US : \u00ab Regardez, ma supply chain est clean, pas de germanium chinois, que des composants Made in USA. \u00bb<\/p>\n

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La phase de test est pr\u00e9vue pour la fin de l\u2019ann\u00e9e et on saura d\u00e9but 2026 qui remporte le contrat. Pour Lightpath, \u00e7a repr\u00e9sente 50 \u00e0 100m$ de ventes par an rien que sur ce programme. Pas une paille pour un groupe qui fait aujourd\u2019hui 50m$ de CA et p\u00e8se 100m$ en bourse.<\/p>\n

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Le tampon de Lockheed vient valider le caract\u00e8re \u00ab\u00a0actif strat\u00e9gique\u00a0\u00bb de Lightpath qui pourrait bien se retrouver rapidement dans son escarcelle ou dans celle d\u2019un L3 Harris (les deux principaux concurrents de Lightpath sont FLIR qui appartient \u00e0 Teledyne, et Lynred qui appartient \u00e0 Thales).<\/p>\n

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Lightpath vise les 200m$ de CA dans 5 ans, de quoi g\u00e9n\u00e9rer 15m$ de r\u00e9sultat par an. On paye aujourd\u2019hui 7x ce r\u00e9sultat. On en a mis 1% du fonds pour le moment, la liquidit\u00e9 est assez faible.<\/p>","protected":false},"excerpt":{"rendered":"

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