Kopin Corporation (NASDAQ: KOPN), a leading provider of innovative wearable computing technologies and solutions, today announced it has received an approximately $2.7 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, multirole combat aircraft. The jet 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 the augmented reality (AR) helmet, which provides the pilot with vast quantities of 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.
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. The 500th production F-35 was delivered in March 2020 and the current DOD plan is to acquire a minimum of 2,400 jets over the life of the program. In addition, US Allies are expected to purchase hundreds of F-35s with eight nations cost-sharing the program with the United States. With replacements, the total number of displays for the F-35 program is very substantial.
“This follow-on order extends our backlog of scheduled deliveries into the second quarter of 2021, providing good visibility for our manufacturing plan,” stated Bill Maffucci, the Company’s Vice President of Government Programs. “As the sole provider of displays to the F-35 production program, we benefit from our strong relationship with the DOD in obtaining valuable feedback, which we leverage to continuously improve our display technology. These enhancements have implications for the F-35 program as well as many future opportunities with the military as well as enterprise customers.”
Kopin Corporation is a leading developer and provider of innovative display and optical technologies sold as critical components and subassemblies for military, 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.
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 that we will receive additional orders over the life of the F-35 program; our belief we are the sole provider of displays to the F-35 Joint Strike Fighter production program; and our expectation that we will deliver displays into the second quarter of 2021. 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 28, 2019, or as updated from time to time in the Company’s Securities and Exchange Commission filings.