Kopin Achieves Production Approval Milestone on Next Generation F-35 OLEDoS Microdisplay
Kopin (NASDAQ: KOPN) has achieved a significant milestone in the production qualification of its high-performance Organic Light Emitting Diode on Silicon (OLEDoS) display for the F-35 Lightning II Helmet Mounted Display System (HMDS). This achievement marks the final step before customer qualification and flight testing.
Kopin is the sole-source supplier of high-brightness AMLCD displays for F-35 helmets under a multi-year procurement agreement. The company's next-generation OLEDoS technology is set to replace the current display technology in the coming years. Collins Aerospace, an RTX business, will fund Kopin's purchase of production test equipment to scale OLEDoS to full mass-production.
This development positions Kopin to continue as the exclusive provider of production displays for the F-35 HMDS through two generations of display technologies, supporting the largest procurement program in the Department of Defense.
- Achieved final milestone in production qualification of OLEDoS display for F-35 HMDS
- Sole-source supplier for F-35 helmet displays under multi-year procurement agreement
- Transitioning to next-generation OLEDoS technology in coming years
- Collins Aerospace to fund production test equipment for OLEDoS mass-production
- Positioned to remain exclusive provider for F-35 HMDS displays through two technology generations
- None.
Insights
Kopin Corporation's progression to the next-generation OLEDoS microdisplay for the F-35 Helmet Mounted Display System represents a significant milestone in defense technology. The F-35 program is the largest procurement initiative within the Department of Defense, making this achievement notable. The transition from AMLCD to OLEDoS demonstrates a leap in display technology, enhancing the performance and capabilities of F-35 helmets.
This upgrade promises better visibility and operational effectiveness for pilots, which is important for mission success. By securing a multi-year procurement agreement with Collins Aerospace, Kopin solidifies its position as a key supplier in a highly specialized and competitive market. This not only ensures a steady revenue stream but also enhances the company's reputation within the defense sector.
For investors, the strategic importance of this milestone cannot be overstated. The guaranteed funding from Collins Aerospace for production test equipment reduces financial risk for Kopin, ensuring they can scale production efficiently. It's a positive signal of confidence from a major defense contractor, which may bolster investor trust and potentially lead to stock appreciation.
Moreover, the exclusive position as the sole-source supplier for the F-35 HMDS through two generations of displays underscores Kopin's technological superiority and potential for sustained growth in defense contracts.
From a financial standpoint, Kopin's achievement in the production qualification for the F-35 OLEDoS display is a promising development. The continued relationship with Collins Aerospace under a multi-year procurement agreement ensures recurring revenue for the company. This long-term contract stability is a significant advantage, especially in an industry often characterized by fluctuating defense budgets.
Investors should note the financial implications of Collins Aerospace funding the purchase of production test equipment. This external investment in Kopin's infrastructure mitigates upfront capital expenditure risks, allowing the company to allocate resources more efficiently and potentially improve margins.
Additionally, the move to next-generation OLEDoS technology could open up new avenues for revenue as other defense programs may take interest in Kopin's advanced display solutions. This strategic maneuver positions the company well for future growth beyond the existing F-35 program.
Overall, this development signals a robust financial outlook for Kopin, with a blend of stable short-term income and promising long-term growth prospects.
Kopin is the sole-source supplier of its high-brightness AMLCD displays for the F-35 helmets under a multi-year procurement agreement that is expected to continue over several additional years. The display technology used in the F-35 helmets will be transitioning to Kopin’s next-generation OLEDoS in the coming years. Under the agreement Collins Aerospace, an RTX business, will fund Kopin’s purchase of production test equipment required to scale OLEDoS to full mass-production. Kopin completed its full performance validation of the OLEDoS display in preparation for customer qualification and flight testing.
“Production validation for the new OLEDoS display is the final milestone in the qualification of our display and confirms the exceptional performance of our OLEDoS technology,” stated Bill Maffucci, the Company’s Vice President of Business Development and Strategy. “This display is designed to meet higher performance requirements than the interim OLEDoS displays currently being procured by the program, and as a result the Kopin OLEDoS is the only version moving forward into final qualification and full rate production. This 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 (NAVAIR).
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 Kopin will continue as the sole-source supplier of its high-brightness AMLCD displays for the F-35 helmets under a multi-year procurement agreement for several additional years; the expectation that the display technology used in the F-35 helmets will be transitioning to Kopin’s next-generation OLEDoS in the coming years and, under the agreement with Collins Aerospace; Kopin’s OLED is the only version moving forward into final qualification and full rate production; and 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. 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 30, 2023, or as updated from time to time our Securities and Exchange Commission filings.
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Investor Relations:
Richard Sneider
Treasurer and Chief Financial Officer, Kopin
rsneider@kopin.com
(508) 870-5959
or
MZ Contact:
Brian M. Prenoveau, CFA, 561 489 5315
MZ Group – MZ North America
KOPIN@mzgroup.us
Source: Kopin Corporation
FAQ
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