Kopin Receives $4.4 Million Follow-on Order for Armored Vehicle Display Systems Enabling $100 Million in Potential Lifetime Program Revenue

Rhea-AI Summary

Kopin Corporation (NASDAQ: KOPN) has received a follow-on production qualification award worth $4.4 million from General Dynamics Land Systems for display systems related to an armored vehicle upgrade program. This award marks a significant transition from the Engineering and Manufacturing Development phase to full-scale development, reflecting the display systems' advanced features, durability, and engineering depth. The systems include microdisplays and specialized optics capable of operating in harsh environments. The potential total production value for Kopin could exceed $100 million, as several variants are included in the program, indicating robust growth prospects.

Positive

• Awarded $4.4 million for display systems from General Dynamics Land Systems, indicating strong demand.
• Transition from Engineering and Manufacturing Development phase to full-scale development.
• Total production potential exceeds $100 million, suggesting significant future revenue growth.

Negative

• None.

WESTBOROUGH, Mass.--(BUSINESS WIRE)-- Kopin Corporation (Nasdaq: KOPN), a leading provider of application specific display systems for defense, enterprise, professional and consumer markets, today announced that it received a $4.4 million follow-on production qualification award from General Dynamics Land Systems for display systems for a major armored vehicle upgrade program.

The upgrade program enables crews to identify enemy targets from farther away through the introduction of higher performance sensors and displays. The Kopin display systems provide significant enhancements over current generation sights to allow the full capability of the new sensors to be presented to the vehicle crew.

“This follow-on award from General Dynamics Land Systems is an important step in transitioning from the Engineering and Manufacturing Development (EMD) phase into full-scale development and a strong endorsement of the performance, durability and quality of the Kopin display systems developed for this program,” said Bill Maffucci, Kopin’s Senior Vice President for Business Development and Strategy. “These display systems provide advanced features not available in any other existing products and the high degree of performance and complexity embodied in them is a testament to the depth of engineering and manufacturing capabilities that Kopin uniquely provides to our customers. We are privileged to be selected to participate in such an important program.”

The Kopin display systems are complete assemblies that include Kopin developed microdisplays, electronics, and specialized optics contained in ruggedized housings capable of withstanding the harsh operating environment of the target platform. Several variants of the display systems are included in the program and due to the high level of integration and the planned quantities the total Kopin production potential exceeds $100 million.

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 include statements with respect to amounts ultimately received under the awards. 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.

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For Investor Relations

Kopin Corporation

Richard Sneider

Treasurer and Chief Financial Officer

rsneider@kopin.com

or

MZ Contact

Brian M. Prenoveau, CFA

MZ Group – MZ North America

KOPN@mzgroup.us

+561 489 5315

Source: Kopin Corporation

FAQ

What is the recent award received by KOPN?

Kopin Corporation recently received a $4.4 million follow-on production qualification award from General Dynamics Land Systems.

How much is the total production potential for KOPN from this program?

The total production potential for Kopin exceeds $100 million due to several display system variants included in the program.

What markets does KOPN serve?

Kopin Corporation provides display systems for defense, enterprise, professional, and consumer markets.

What does the new display system upgrade enable?

The upgrade enables vehicle crews to identify enemy targets from farther distances through enhanced sensors and displays.