Kopin Receives Initial Order for New “SXGA-R15” Microdisplay Assembly for 3D Automated Optical Inspection from Mirtec

Rhea-AI Summary

Kopin (NASDAQ: KOPN) has secured its first production purchase order for the new SXGA-R15 microdisplay system for 3D Automated Optical Inspection (3D AOI) from Mirtec Co. of South Korea. The order includes a combination of Kopin's previous generation systems and the new SXGA-R15 system, with the majority being for the new model. Delivery is expected in 2025.

The SXGA-R15 offers a 25% reduction in size and weight compared to Kopin's previous product, along with high performance at a lower cost. It is designed for accurate defect detection in high-speed manufacturing environments. Zion Market Research predicts the global 3D AOI systems market will grow from $700 million to $3 billion by 2030.

Positive

• Secured first production order for new SXGA-R15 microdisplay system
• SXGA-R15 offers 25% reduction in size and weight compared to previous model
• New system delivers high performance at a lower cost
• Majority of the order is for the new SXGA-R15 systems
• Global 3D AOI systems market expected to grow from $700 million to $3 billion by 2030

Negative

• Order fulfillment expected in 2025, indicating a long lead time

Insights

Tech Expert

The new SXGA-R15 microdisplay system represents a significant technological advancement for Kopin in the 3D Automated Optical Inspection (AOI) market. Key improvements include:

• 25% reduction in size and weight compared to previous models
• New software and firmware interface for enhanced performance at lower cost
• Optimized for high-speed, high-precision defect detection in complex electronics manufacturing

This initial order from Mirtec, a leading 3D AOI technology provider, validates the SXGA-R15's competitive advantages. The system's compact design and improved capabilities align well with the increasing demand for precise inspection of miniaturized electronic components, particularly in automotive and semiconductor industries.

With the global 3D AOI market projected to grow from $700 million to $3 billion by 2030, Kopin is positioning itself to capitalize on this expanding opportunity. The SXGA-R15's cost-effectiveness and performance improvements could drive adoption across Asia and other global markets, potentially boosting Kopin's market share and revenues in this high-growth sector.

Financial Analyst

This initial order for the SXGA-R15 microdisplay system is a positive development for Kopin, but investors should consider several factors:

• The order is primarily for delivery in 2025, indicating a long lead time before revenue recognition
• Specific order value and quantities are not disclosed, limiting assessment of immediate financial impact
• Kopin's current market cap of $86.3 million suggests the company is still relatively small in the industry

However, the order does provide validation of Kopin's new technology and could lead to future opportunities. The projected growth of the 3D AOI market to $3 billion by 2030 presents significant potential for Kopin to expand its market presence and improve its financial position.

Investors should monitor Kopin's ability to secure additional orders, expand its customer base beyond Mirtec and translate this technological advancement into sustainable revenue growth and profitability. The company's success in capitalizing on the growing 3D AOI market could be a key driver for future stock performance.

WESTBOROUGH, Mass.--(BUSINESS WIRE)-- Kopin Corporation (NASDAQ: KOPN) a leading provider of application-specific optical systems and high-performance microdisplays for defense, enterprise, industrial, consumer and medical products, announced today that it has secured its first production purchase order for the recently launched SXGA-R15 microdisplay system for 3D Automated Optical Inspection (3D AOI). This initial order comes from Mirtec Co. Ltd., of South Korea.

Mirtec Co. Ltd. is a prominent supplier of 3D AOI technology, and a pioneer in the industry. 3D AOI Technology is used in advanced electronics manufacturing lines to detect defects at high speeds. Mirtec has provided its high-performance inspection devices to advanced electronics manufacturing lines, including the automotive electrical sector. The Mirtec purchase order is for a combination of Kopin’s previous generation of systems and the new generation SXGA-R15 system. The majority of the order is for the new SXGA-R15 systems and is expected to be fulfilled in 2025.

Designed specifically for 3D AOI systems, the SXGA-R15 offers a 25% reduction in size and weight, compared to Kopin’s previous product. Utilizing a new software and firmware interface, the SXGA-R15 delivers high performance at a lower cost, compared to Kopin’s previous model. Its compact design and enhanced capabilities allow for accurate defect detection in high-speed manufacturing environments, significantly improving quality control in the production of intricate electronic components such as circuit boards.

Zion Market Research predicts that the global market for 3D AOI systems will expand from $700 million to $3 billion by 2030, driven by the increasing complexity and miniaturization of electronic components.

“Kopin has developed a product that meets the evolving needs of manufacturers requiring not only high precision and high performance, but also cost-effective spatial light modulator (SLM) solutions,” said Chanwha Pak, CEO of Mirtec. “Mirtec is immensely proud of offering technology to address and resolve customer challenges. Kopin’s SXGA-R15 system plays an important role in our goal of developing new technologies and offering the best products.”

“This order from Mirtec is evidence that with the low-cost and small form factor advantages offered by the SXGA-R15 system, we believe Kopin is well positioned to capitalize on this surge in demand across Asia and other global markets,” said Greg Truman, Vice President of Business Development for Europe and Asia. “Kopin's SXGA-R15 is particularly well-suited for high-growth sectors like semiconductor manufacturing and automotive electronics, where the demand for high-precision 3D inspection continues to rise. We are excited to support Mirtec’s continuing innovation in 3D AOI and contribute to enabling their next generation of automated inspection machines.”

About Mirtec

Mirtec is a company specializing in vision inspection solutions. Mirtec has an unrivaled technology in 3D and 2D vision optical inspection to deliver productivity in SMT, semiconductor, and LED manufacturing. The company has supplied its high-performance inspection devices to the cutting edge IT industries and automobile electrical fields, both of which require a great reliability and precision. We take great pride in solving the problems of our customers with the technology we have developed. To continue on our excellence, we devote ourselves into continuously developing new technologies and offering best services. Our goal extends beyond customer satisfaction; it is “To long remain as a company that contributes to the nation, the society, and the mankind’s well-being”.

About Kopin

Kopin Corporation is a leading developer and provider of innovative display, and application-specific optical solutions 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), Ferroelectric Liquid Crystal on Silicon (FLCoS) displays, MicroLED displays (µLED) 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.

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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 regarding our belief that Kopin is well positioned to capitalize on this surge in demand global market for 3D AOI systems across Asia and other global markets; and demand for high-precision 3D inspection continues to rise. 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 by our Securities and Exchange Commission filings.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241008824863/en/

For Investor Relations

Kopin Corporation

Richard Sneider, Treasurer and Chief Financial Officer

Richard_Sneider@kopin.com

508-870-5959

MZ Contact

Brian M. Prenoveau, CFA

MZ Group – MZ North America

KOPN@mzgroup.us

561-489-5315

Lightspeed PR Contact

Grace Halvorsen

Lightspeed PR/M

Kopin@lightspeedpr.com

Mirtec Co. Ltd.

Marketing

marketing@mirtec.com

+82-31-202-5999

Source: Kopin Corporation

FAQ

What is the new product Kopin (KOPN) received an order for?

Kopin received an order for its new SXGA-R15 microdisplay system for 3D Automated Optical Inspection (3D AOI).

Who placed the order for Kopin's (KOPN) SXGA-R15 microdisplay system?

Mirtec Co. , a prominent supplier of 3D AOI technology from South Korea, placed the order for Kopin's SXGA-R15 microdisplay system.

What are the advantages of Kopin's (KOPN) new SXGA-R15 system?

The SXGA-R15 system offers a 25% reduction in size and weight compared to Kopin's previous product, delivers high performance at a lower cost, and allows for accurate defect detection in high-speed manufacturing environments.

When is Kopin (KOPN) expected to fulfill the order for the SXGA-R15 systems?

Kopin is expected to fulfill the order for the SXGA-R15 systems in 2025.