Kopin Secures Initial DarkWAVE™ Order From Strategic Partner Theon International

Key Terms

augmented reality technical

Augmented reality is technology that layers computer-generated images, information or sounds onto your view of the real world through devices like phones, tablets or smart glasses — like seeing navigation arrows or product labels projected onto what you’re looking at. It matters to investors because it creates new ways to sell hardware, software, services and ads, can change customer engagement and recurring revenue models, and carries adoption and privacy risks that affect company value.

thermal imaging technical

Thermal imaging is a camera-based technology that detects infrared radiation and turns differences in heat into a visible picture, like a camera that 'sees' temperature instead of color. Investors care because it is used across industries—medical diagnostics, building and equipment inspections, security, and manufacturing—so adoption, regulatory approval, or product improvements can affect sales, margins and competitive position in companies that make or use the technology.

thermal integration technical

Thermal integration is the practice of capturing and reusing heat within an industrial facility so one process’s waste heat becomes another process’s input, like sharing a warm blanket instead of buying a new heater. For investors, it matters because better heat reuse can lower fuel costs, reduce capital and operating expenses, and improve environmental performance, which can boost margins, cash flow and reduce regulatory or energy-price risk.

night vision goggles technical

Night vision goggles are wearable optical devices that amplify low light or convert invisible infrared light into a visible image so a person can see in the dark, like turning moonlight into a clear picture. For investors, they matter because they are a core product in defense, security, and specialized commercial markets: demand, contract awards, production costs, and export rules can affect a maker’s revenue and profit in predictable ways.

cagr financial

Compound Annual Growth Rate (CAGR) measures the average yearly growth of an investment, revenue, or other metric over a multi-year period as if it had grown at a steady rate each year. Think of it like the constant speed that would take you from the starting value to the ending value over the same time—useful because it smooths out ups and downs and lets investors compare different assets or performance periods on an even footing.

oled technical

OLED is a display technology that uses thin layers of organic material that produce light when electric current passes through, enabling thinner, more flexible screens with deeper blacks and more vivid color than traditional backlit panels. Investors watch OLED adoption because it affects product appeal, manufacturing complexity and supplier relationships—wider use can boost revenues and margins for makers of phones, TVs and components, while limited adoption can shift competitive and cost dynamics.

itar-free regulatory

ITAR-free means a product, component, or technology is not subject to U.S. International Traffic in Arms Regulations, which control exports of military and defense-related items. For investors, that matters because ITAR-free goods can be sold, shipped, and integrated more easily across global supply chains without needing special U.S. export licenses, reducing regulatory risk, sales delays, and potential market restrictions—similar to a passport that avoids travel visas.

$1 Million Initial Contract Accelerates 960p Module Development; Advances Aftermarket Video Augmentation System for Installed Base of 2 Million Night Vision Goggle Systems

WESTBOROUGH, Mass.--(BUSINESS WIRE)-- 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

Public Relations Contact

Grace Halvorsen

Lightspeed PR/M

Kopin@lightspeedpr.com

Source: Kopin Corporation