Kopin Receives Initial $3 Million First Production Order for New Weapon Sight Module

Rhea-AI Summary

Kopin Corporation (NASDAQ: KOPN) announced a $3 million production order for a new weapon sight module, affirming its leadership in weapon sight eyepieces for military applications. The module features advanced augmented reality capabilities and utilizes their proprietary CyberDisplay technology, proven in over 250,000 systems. Expected deliveries will occur in 2023, and the order opens doors for potential follow-on contracts, particularly due to the ongoing situation in Europe, which presents further opportunities for the company.

Positive

• Received $3 million production order for new weapon sight module.
• Affirms leadership in weapon sight eyepieces.
• Product utilizes proven CyberDisplay technology in over 250,000 systems.
• Potential for follow-on orders due to market situation in Europe.

Negative

• None.

WESTBOROUGH, Mass.--(BUSINESS WIRE)-- Kopin Corporation (NASDAQ: KOPN), a leading developer and provider of high-resolution microdisplays and display subassemblies for defense, enterprise, consumer and medical products, today announced it has received an initial $3 million production order for a new weapon sight module.

"This initial order for a new weapon sight electronic eyepiece confirms Kopin as the leader in weapon sight eyepieces for soldiers and is an example of our continued success in designing and manufacturing very complex microdisplay subassemblies that are used in the most rugged environments," said Bill Maffucci, Kopin's Vice President/General Manager of Government and Professional Products. "This weapon sight is for a new market and application and we believe the current situation in Europe provides significant opportunities for follow-on orders.”

This weapon sight module offers a sophisticated video “see through” augmented reality capability. It incorporates our proprietary CyberDisplay^® product and our custom-designed optics, which have been proven as the reliable and high-performing core in more than 250,000 weapon sight systems. The order calls for deliveries in 2023.

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.

Kopin and CyberDisplay are trademarks 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 the current situation in Europe provides significant opportunities for follow-on orders. 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/20220929005240/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 recent production order announced by KOPN?

KOPN announced a $3 million production order for a new weapon sight module.

How does KOPN's new weapon sight module function?

The module offers augmented reality capabilities and incorporates the proprietary CyberDisplay technology.

When will KOPN deliver the new weapon sight module?

Deliveries of the new weapon sight module are expected in 2023.

What market opportunities does KOPN see in Europe?

KOPN believes the current situation in Europe presents significant opportunities for follow-on orders.