Kopin Receives $20.5 Million Contract for New Thermal Weapon Sight Configuration
09 January 2024 - 12:30AM
Business Wire
Kopin Corporation (NASDAQ: KOPN) a leading provider of
application-specific optical solutions and high performance
micro-displays for defense, enterprise, consumer and medical
products, today announced it received an approximate $20.5 million
contract for a new weapon sight eyepiece configuration.
Under the terms of the contract, Kopin is authorized to procure
up to approximately $9 million of materials until the new weapon
sight eyepiece configuration is fully qualified at which time the
remaining contract balance will become effective, subject to
standard government provisions. The new weapon sight eyepiece
configuration is scheduled for deliveries in 2024 and 2025.
The weapon sight eyepieces, which includes Kopin’s proprietary
high-brightness microdisplay and custom-designed Pancake® optics,
are critical components provided to a Department of Defense prime
contractor that integrates the eyepiece into a sophisticated video
“see through” augmented reality (“AR”) weapon system.
The additional demand for Kopin’s existing eye piece and new
configuration could more than triple its thermal weapon sight
production volumes in fiscal year 2024, as compared to 2023
production.
“Our customer’s willingness to start procurement prior to final
qualification is a testament to Kopin’s optical expertise, customer
responsiveness and reliability in delivering weapon sights and
targeting products of the highest quality,” said Bill Maffucci,
Kopin's Vice President of Business Development and Strategy.
Michael Murray, Kopin's Chief Executive Officer stated, “This
contract is another milestone in our transformation to become a
world-class developer and manufacturer of application-specific
optical solutions. We start 2024 with a strong orderbook and this
order strengthens our foundation for significant revenue and
profitable growth.”
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 the scheduled for deliveries of
the new weapon sight eyepiece in 2024 and 2025; this additional
increase in demand potentially triples our thermal weapon sight
production volumes in fiscal year 2024, as compared to our 2023
production; and our belief that this additional order adds to an
already strong orderbook and is the foundation for significant
revenue and profitable growth. 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 31, 2022, or as updated from time to time our
Securities and Exchange Commission filings.
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version on businesswire.com: https://www.businesswire.com/news/home/20240108481698/en/
Kopin Corporation Bill Maffucci, 508-870-5959 VP of Business
Development and Strategy bmaffucci@kopin.com
Richard Sneider, 508-870-5959 Treasurer and Chief
Financial Officer Richard_Sneider@kopin.com
or
MZ Contact: Brian M. Prenoveau, CFA, 561 489 5315 MZ
Group – MZ North America KOPIN@mzgroup.us
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