Kopin Receives $2M Development Contract for Defense In-Vehicle Display Imaging System

Rhea-AI Summary

Kopin Corporation (NASDAQ: KOPN) has secured a contract to develop a new in-vehicle display imaging system for a U.S. prime defense contractor. This marks the second such development program awarded to Kopin, highlighting its strong presence in U.S. defense applications. The system will utilize Kopin's high-brightness, low-power FLCOS microdisplay technology and custom optics, designed for harsh environments. Expectations are set for this program to transition into production, generating revenue over multiple years, as stated by Bill Maffucci, VP of Government Programs.

Positive

• Awarded a contract for in-vehicle display imaging system, indicating expanding market presence.
• Utilizes advanced FLCOS technology and custom optics, showcasing innovation.
• Expected to transition to production, providing revenue for multiple years.

Negative

• None.

2nd Vehicle Display System Development Order

WESTBOROUGH, Mass.--(BUSINESS WIRE)-- Kopin^® Corporation (NASDAQ: KOPN), a leading provider of high-resolution microdisplays and sub-systems for Augmented Reality (AR) and Virtual Reality (VR) for use in defense, enterprise and consumer applications, today announced it was awarded a contract to develop a new in-vehicle display imaging system for a U.S. prime defense contractor. This is the second in-vehicle defense development program awarded to Kopin and reflects Kopin’s recent efforts to enter this very large market. Kopin has a strong presence in U.S. defense applications with soldier-centric weapon sights and targeting systems and pilot helmets for fixed and rotary wing aircraft due in part to Kopin’s design and manufacturing expertise in precision displays solutions for use in extreme environments.

The new system will integrate Kopin high-brightness, high-resolution, low-power ferroelectric liquid crystal on silicon (FLCOS) microdisplay and custom optic into a heavily ruggedized custom housing to enable operational use in extremely harsh environments.

“We are excited with this new order, which continues our focused efforts to expand our penetration into new defense market segments, in this case the very large vehicle market,” said Bill Maffucci, the Company’s Vice President of Government Programs. “We believe our ability to offer microdisplay solutions with any of our leading silicon-based microdisplay technologies (LCD, FLCOS, OLED and MicroLED), plus our advanced custom optics, electronics, and 35 years of experience designing and building high precision systems that can perform reliably in the very severe environments in which our soldiers operate make Kopin the display imaging system provider of choice, especially for challenging environments. Following the development and qualification process, we expect this program to transition to production and provide revenue for multiple years.”

About Kopin

Kopin Corporation is a leading developer and provider of innovative display and optical technologies sold as critical components and subassemblies for defense, industrial and consumer products. Kopin's technology portfolio includes ultra-small Active Matrix Liquid Crystal displays (AMLCD), Liquid Crystal on Silicon (LCOS) displays and Organic Light Emitting Diode (OLED) displays, and Micro Light Emitting Diode (Micro LED) displays as well as 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 belief that our ability to offer microdisplay solutions with any of our leading silicon-based microdisplay technologies (LCD, FLCOS, OLED and MicroLED), plus our advanced custom optics, electronics and 35 years of experience designing and building high precision systems that can perform reliably in the very severe environments in which our soldiers operate make Kopin the display imaging system provider of choice, especially for challenging environments; and our expectation that following development and qualification this program will provide revenue for multiple years. 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 in the Company’s Securities and Exchange Commission filings.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220628005481/en/

Kopin Corporation

Bill Maffucci, 508-870-5959

VP of Government Programs

bmaffucci@kopin.com

Richard Sneider, 508-870-5959

Treasurer and Chief Financial Officer

Richard_Sneider@kopin.com

or

Market Street Partners

Joann Horne, 415-445-3233

JHorne@marketstreetpartners.com

Source: Kopin Corporation

FAQ

What recent contract did Kopin Corporation receive regarding defense applications?

Kopin Corporation was awarded a contract to develop a new in-vehicle display imaging system for a U.S. prime defense contractor.

How does the new display system from Kopin feature advanced technology?

The display system integrates Kopin's high-brightness, low-power ferroelectric liquid crystal on silicon (FLCOS) microdisplay and custom optics.

What market segment is Kopin Corporation expanding into with this new contract?

Kopin is expanding its presence in the defense market, specifically targeting the vehicle segment.

Who commented on Kopin's new order and what did they say?

Bill Maffucci, VP of Government Programs, expressed excitement over the order, emphasizing the company's capabilities in challenging environments.

What is the expected outcome of the new development contract for Kopin?

The program is anticipated to transition to production and generate revenue for multiple years.