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$1 Million Initial Contract Accelerates 960p Module Development; Advances Aftermarket Video Augmentation System for Installed Base of 2 Million Night Vision Goggle Systems
Kopin Corporation (NASDAQ: KOPN), a leading provider of application-specific optical systems and high-performance microdisplays for defense and enterprise use, today announced a key milestone in bringing its DarkWAVE™ Module to market, with the first product order for the platform. Theon International (AMS: THEON), a global leader in night-vision and thermal imaging systems, and a strategic partner to Kopin, has placed a $1 million development order to bring the 960p DarkWAVE module to "production readiness" in 2026, marking the transition of the technology from prototype to product availability for international defense customers.
As a result of the above, Theon's DARK-I will be developed, based on Kopin's DarkWAVE micro-display technology. DARK-I will be a next generation clip on, with Augmented Reality and Thermal Integration capabilities. DARK-I will have the ability to integrate with any model of already fielded Night Vision Goggles (NVGs), essentially converting those from traditional NVGs into Augmented Reality (AR) enabled systems, while also providing the option of providing thermal integration on top of AR. DARK-I will provide full-color symbology and full-motion digital interlace feeds, such as drone imagery, enabling soldiers with an enhanced vision of the battlefield without replacing existing night vision goggles using traditional image intensifier tubes.
With more than 2 million estimated night-vision goggles in use globally, DarkWAVE targets a large and immediate aftermarket opportunity. According to MarketsandMarkets, the global night vision (NVG) market is expected to grow at a CAGR of 8.5%, from $8.6 billion in 2025 to $12.9 billion by 2030.
Theon's $1 million order will bring Kopin's 960p OLED DarkWAVE module to design completion and accelerates production-readiness to deliver proprietary, ITAR-free product to Theon and global customers alike, which will subsequently lead to the development of DARK-I. The order provides an opportunity for both companies – for Theon it enables a very high-value add-on capability for their existing installed base of customers, and for Kopin it is a significant sales opportunity for an expanding global customer base.
This is Kopin's first meaningful development order and revenue potential from the international defense markets, which represents a significant opportunity for growth. Theon International does business globally with a wide range of government and defense-related organizations, including the United States, Southeast Asia, Europe and many other NATO countries worldwide.
Management Commentary
Michael Murray, Chief Executive Officer of Kopin, said: "DarkWAVE and DARK-I is just the first example of the mutually beneficial relationship between Kopin and Theon. Our two companies have complementary strengths that we can leverage to accelerate growth for both companies. Kopin brings its strong background in microdisplay technologies and products, along with sophisticated optical module integration with the microdisplays, while Theon brings both its strength in night vision and thermal optical systems and a strong marketing and sales footprint across the globe. I would fully expect to see additional opportunities for both companies ahead. This development order from Theon accelerates our schedule and brings a standard DarkWAVE product to international customers sooner. Because this system is ITAR-free, it opens new global markets, while deepening our collaboration with Theon.
"What makes DarkWAVE a unique product offering for Kopin is that it provides customers with an aftermarket add-on to existing night-vision goggles, thereby significantly upgrading their existing products in a cost-effective way. With more than 2 million estimated standard and enhanced NVGs in use worldwide and global defense budgets rising, the near-term sales potential into the installed addressable base is significant. DarkWAVE delivers full-color as well as full-motion video feeds—such as drone imagery—giving operators a meaningful increase in performance from legacy NVGs at a fraction of the cost. This milestone positions Kopin to move from prototype validation into potential future scale production opportunities."
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. Follow us on LinkedIn , X and Facebook .
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. 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, as amended, for the fiscal year ended December 28, 2024, or as updated from time to time our Securities and Exchange Commission filings.
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Corporate Contact
Kopin Corporation
Erich Manz, Chief Financial Officer
EManz@kopin.com
508-870-5959
Investor Relations Contact
Lucas A. Zimmerman
MZ Group – MZ North America
KOPN@mzgroup.us
949-259-4987
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Lightspeed PR/M
Kopin@lightspeedpr.com
