Optex Systems is a small defense manufacturer that makes precision optical sighting systems and assemblies for U.S. military ground vehicles. Optex operates through two segments out of Texas. The first, Optex Richardson, makes periscopes, vision blocks, optical sighting systems, and collimators for armored vehicles including the Abrams tank, Bradley Fighting Vehicle, Stryker, and the next-generation XM30. The second, Applied Optics Center (AOC), makes thin film coatings and laser filter components — particularly laser interference filters that block specific laser wavelengths to protect soldiers' eyes and sensitive sensors — which are used in Richardson's products and sold directly to defense customers. About 90% of revenue comes from U.S. military work, with customers including the Defense Logistics Agency, U.S. Army, and prime contractors like General Dynamics Land Systems and BAE Systems. Roughly 80% of revenue is sole-source, giving Optex pricing stability once a contract is in place. Optex wins multi-year, firm-fixed-price contracts, then manufactures to schedule. The business has high operating leverage, as materials are the largest cost and fixed overhead spreads over more units at higher volumes. Capex requirements are modest given the labor-intensive nature of assembly and precision coating work. Optex is also pursuing growth through Foreign Military Sales, new platform programs like the XM30, and an early-stage commercial push including the Optex Outdoors consumer brand targeting sport shooters.