Kopin Achieves Major Milestone in Development of Next Generation F-35 Microdisplay

Rhea-AI Summary

Kopin Corporation (Nasdaq: KOPN) has announced a critical milestone in the production qualification of its Organic Light Emitting Diode (OLED) displays for the F-35 Joint Strike Fighter Helmet Mounted Display System. This advancement confirms the exceptional performance of Kopin's OLED technology, which is expected to continue as the sole supplier under a multi-year procurement agreement. The F-35, known for its advanced capabilities, relies on cutting-edge display technology for situational awareness in combat. Successful completion of customer testing will position Kopin to provide production displays for upcoming generations of F-35 technology.

Positive

• Achieved production qualification milestone for OLED displays for the F-35 HMDS.
• Kopin is expected to remain the sole provider under a multi-year procurement agreement.
• Successful OLED performance validation positions Kopin for final qualification and full-rate production.

Negative

• None.

WESTBOROUGH, Mass.--(BUSINESS WIRE)-- Kopin® Corporation (Nasdaq: KOPN), a leading provider of application specific optical systems for defense, enterprise, professional and consumer markets, today announced that it has achieved an important milestone in the production qualification of its high performance Organic Light Emitting Diode (OLED) display for the F-35 Joint Strike Fighter Helmet Mounted Display System (HMDS).

The F-35, the world’s most advanced jet fighter, is a family of single-seat, single-engine, all-weather, day and night, stealth combat aircraft. The F-35 aircraft is designed to perform both air superiority and strike missions while also providing electronic warfare and intelligence, surveillance, and reconnaissance. Much of the functionality is enabled through an advanced augmented reality (AR) helmet, which provides the pilot with critical flight, tactical, and sensor information for advanced situational awareness, precision and safety. The extensive functionality and extreme conditions require unique display technology.

While Kopin continues as the sole-source supplier of its high-brightness AMLCDs for the F-35 HMDS under a multi-year procurement agreement that is expected to continue over several more years, it is also engaged in a development program to production qualify the next generation OLED displays for the HMDS. Recently Kopin completed its full performance validation of the OLED display in preparation for customer qualification and flight testing.

“Performance validation for the new OLED display is an important milestone in the production qualification of our display and confirms the exceptional performance of our OLED technology,” stated Bill Maffucci, the Company’s Vice President of Business Development and Strategy. “We believe our display is the only one that meets the higher performance requirements for this program because of it high dynamic range, and as a result the Kopin OLED is the only version moving forward into final qualification and full rate production. We believe successful completion of customer testing will enable Kopin to continue as the sole provider of production displays for the F-35 HMDS through two generations of display technologies.”

As the largest procurement program in the Department of Defense (DOD), the F-35 strike fighter aircraft is being procured in different configurations for multiple branches of the DOD, including the United States Air Force, Marine Corps, and Navy (NVYAF).

About Kopin Corporation

Kopin Corporation is a leading developer and provider of innovative display and optical technologies sold as critical components and subassemblies for defense, enterprise, professional and consumer products. Kopin’s portfolio includes microdisplays, display modules, eyepiece assemblies, image projection modules, and vehicle mounted and head-mounted display systems that incorporate ultra-small high-resolution Active Matrix Liquid Crystal displays (AMLCD), Liquid Crystal on Silicon (LCOS) displays and Organic Light Emitting Diode (OLED) displays, a variety of optics, and low-power ASICs. For more information, please visit Kopin’s website at www.kopin.com. Kopin is a trademark of Kopin Corporation.

Forward-Looking Statements

Statements in this press release may be considered “forward-looking statements” within the meaning of 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 (the “Exchange Act”), which are subject to the safe harbor created by such sections. Words such as “expects,” “believes,” “can,” “will,” “estimates,” and variations of such words and similar expressions, and the negatives thereof, are intended to identify such forward-looking statements. We caution readers not to place undue reliance on any such “forward-looking statements,” which speak only as of the date made, and advise readers that these forward-looking statements are not guarantees of future performance and involve certain risks, uncertainties, estimates, and assumptions by us that are difficult to predict. These forward-looking statements may include statements with respect to our expectation that we will provide high-brightness AMCLDs for several more years under a multi-year procurement agreement; our belief that our display is the only one that meets the higher performance requirements for this program because of it high dynamic range, and as a result the Kopin OLED is the only version moving forward into final qualification and full rate production; and our belief that successful completion of customer testing will enable Kopin to continue as the sole provider of production displays for the F-35 HMDS. Various factors, some of which are beyond our control, could cause actual results to differ materially from those expressed in, or implied by, such forward-looking statements. All such forward-looking statements, whether written or oral, and whether made by us or on our behalf, are expressly qualified by these cautionary statements and any other cautionary statements that may accompany the forward-looking statements. In addition, we disclaim any obligation to update any forward-looking statements to reflect events or circumstances after the date of this press release, except as may otherwise be required by the federal securities laws. These forward-looking statements are only predictions, subject to risks and uncertainties, and actual results could differ materially from those discussed. Important factors that could affect performance and cause results to differ materially from management’s expectations are described in Part I, Item 1A. Risk Factors; Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations; and other parts of our Annual Report on Form 10-K for the fiscal year ended December 25, 2021, or as updated from time to time our Securities and Exchange Commission filings.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230308005236/en/

Investor Relations:

Richard Sneider

Treasurer and Chief Financial Officer, Kopin

rsneider@kopin.com

(508) 870-5959

Source: Kopin Corporation

FAQ

What milestone has Kopin Corporation achieved regarding its OLED displays for the F-35?

Kopin Corporation has achieved production qualification for its OLED displays intended for the F-35 Joint Strike Fighter Helmet Mounted Display System.

How does Kopin's OLED technology compare to other displays for the F-35?

Kopin's OLED technology is considered the only one that meets the F-35's higher performance requirements due to its high dynamic range.

What is the significance of the OLED displays for the F-35 HMDS?

The OLED displays provide critical flight, tactical, and sensor information, enhancing situational awareness for pilots of the F-35.

What contract does Kopin Corporation have related to the F-35?

Kopin continues as the sole-source supplier of high-brightness AMLCDs for the F-35 and is qualifying its next-generation OLED displays.

What does successful customer testing mean for Kopin Corporation?

Successful customer testing will enable Kopin to continue as the sole provider of production displays for the F-35 HMDS through two generations of display technologies.