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 has achieved two important milestones toward establishing “fabless” organic light emitting diode (OLED) display production for defense applications.

First, to meet the needs of its customers in the Defense and Security markets, Kopin is in the process of establishing an OLED deposition partner in a strong NATO-member European country through a transition effort that is scheduled to be production ready in 2024.

Second, as part of this activity Kopin’s deposition partner has completed initial life testing on representative samples and has achieved near-zero degradation in brightness performance after operating displays at brightness levels exceeding 20,000 cd/m² for several thousand hours. In addition, the initial displays using Kopin proprietary backplane have been fabricated and are entering into performance validation testing.

Kopin has developed a series of high-performance OLED displays that incorporate advanced features that are only available in recently developed designs. As per Kopin’s strategic initiatives in this area, the displays are manufactured using a fabless approach in which Kopin relies on partner companies to perform silicon backplane fabrication and OLED deposition. We believe this strategy allows Kopin to remain agile, utilize unique performance capabilities and rapidly adapt to evolving technology developments in a highly cost-effective manner.

"We are extremely pleased with the progress we are making in establishing an additional production OLED supply chain to support Defense and Security applications for our products while also retaining our lower cost consumer supply chains,” stated Bill Maffucci, the Company’s Senior Vice President of Business Development and Strategy. “Our existing supply chain allows us to supply OLED displays and display subassemblies to support customer development and system qualifications while we are completing our additional production capability. The results to-date not only validate that we are on-track to complete this transition in 2024, but they also confirm the outstanding performance of the Kopin OLED displays as market leading.”

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 our transition effort to create an additional supply chain for Defense and Security markets that is scheduled to be production ready in 2024; and our belief that a fabless manufacturing strategy allows Kopin to remain agile, utilize unique performance capabilities and rapidly adapt to evolving technology developments in a highly cost-effective. 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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