Kopin Receives Additional $2.8 Million Order for the F-35 Joint Strike Fighter Program

Rhea-AI Summary

Kopin Corporation (NASDAQ: KOPN) announced a follow-on order worth approximately $2.8 million for its high-brightness liquid crystal displays, used in the F-35 Joint Strike Fighter program. This move is significant due to the F-35’s production expected to continue through 2030, potentially leading to more orders. As the sole supplier for this advanced AR helmet display technology, Kopin's experience from the program enhances its product offerings. This order boosts Kopin's delivery backlog into the third quarter of 2022.

Positive

• Received a $2.8 million follow-on order for displays used in the F-35 program.
• Exclusive supplier for F-35 helmet displays, which ensures ongoing business.
• Increased backlog extends delivery timeline into Q3 2022.

Negative

• None.

WESTBOROUGH, Mass.--(BUSINESS WIRE)-- Kopin Corporation (NASDAQ: KOPN), a leading provider of high resolution microdisplays for Augmented Reality (AR) and Virtual Reality (VR), today announced it has received an approximately $2.8 million follow-on order of its high-brightness liquid crystal display for the F-35 Joint Strike Fighter program. With the F-35 scheduled for production through 2030, Kopin expects additional orders over the life of the program.

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 and Kopin is the sole supplier to this production program.

“This order extends our backlog of scheduled deliveries into the third quarter of 2022 and is a testament to the quality of our display technology as the helmet in the F-35 is one of the most advanced augmented reality platforms in the world,” stated Bill Maffucci, the Company’s Vice President of Government Programs. “As the provider of displays to the F-35 production program since its inception, our cycles of learning on the program provide benefits to all of our products and programs. We are proud to be providing our defense customers with the best possible equipment.”

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 arms of the DOD, including the United States Air Force, Marine Corps, and Navy. Kopin has been the sole-supplier of microdisplays for the F-35 pilot helmets since the program inception with thousands of displays delivered to-date.

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, a variety of optics, and low-power ASICs. For more information, please visit Kopin's website at www.kopin.com.

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 of additional orders over the life of the F-35 joint strike fighter program; and our belief that this order extends our backlog of scheduled deliveries into the third quarter of 2022 . 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 26, 2020, 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/20211110005557/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 is the significance of Kopin's $2.8 million order related to KOPN?

The $2.8 million order enhances Kopin's backlog and reflects its role as the sole supplier of display technology for the F-35 Joint Strike Fighter.

How does the F-35 program impact Kopin's business outlook?

The F-35 program provides Kopin with stable revenue streams and potential for future orders, expected to continue through 2030.

What role does Kopin plays in the F-35 Joint Strike Fighter program?

Kopin is the exclusive supplier of high-brightness liquid crystal displays for the F-35's advanced augmented reality helmet.