Precision Optics Announces Receipt of $720,000 Follow-On Production Order from Top Tier Defense/Aerospace Customer for New Optical Application

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Precision Optics , Inc. (NASDAQ: POCI) has announced the receipt of a $720,000 follow-on production order from a top-tier defense/aerospace customer for a new optical application. This order adds to the initial $680,000 production order received in September 2023, and $517,000 in follow-on orders in November and December 2023, bringing the total production orders for this application to over $1.9 million. The company's innovative optical assembly has met high-performance requirements, leading to multiple follow-on orders expected to be delivered by August 2024. CEO Dr. Joe Forkey expressed confidence in strong revenue growth for fiscal year 2024 and anticipated continued order volumes for the next fiscal year and beyond, signaling expansion in the defense and aerospace market.

Positive

• Precision Optics received a $720,000 follow-on production order for a new optical application.
• Total production orders for this application now exceed $1.9 million.
• Orders are expected to be delivered by August 2024.
• CEO Dr. Joe Forkey anticipates strong revenue growth for fiscal year 2024.
• Continued order volumes are expected for the next fiscal year and beyond, indicating market expansion.

Negative

• None.

GARDNER, Mass., April 18, 2024 (GLOBE NEWSWIRE) -- Precision Optics Corporation, Inc. (NASDAQ: POCI), a leading designer and manufacturer of advanced optical instruments for the medical and defense industries, today announced it has received a $720,000 follow on production order from a top tier defense/aerospace company addressing a commercial application that leverages the Company's proprietary manufacturing technology developed for high precision micro-optics systems.

The Company received an initial $680,000 production order as of September 2023, and $517,000 in follow on production orders in November and December 2023. With today’s announcement, total production orders for this leading-edge application now total more than $1.9 million. All orders currently received for this program are expected to be delivered by August 2024.

“Precision Optics continues to be at the forefront of innovation, helping yet another of the world’s leading defense and aerospace companies develop next generation solutions,” commented Dr. Joe Forkey, CEO of Precision Optics. “The optical assembly we developed for this program met the high-performance requirements necessary to support our customer’s product, leading to multiple follow-on orders that will be delivered in the near-term. This program, coupled with others for which we have recently received manufacturing orders, gives us confidence that we will see strong sequential revenue growth throughout the remainder of fiscal year 2024. Importantly, based on customer discussions, we anticipate continuing order volumes for the next fiscal year and beyond. We believe our success here bodes well for our continued expansion efforts in the defense and aerospace market.”

About Precision Optics Corporation
Founded in 1982, Precision Optics is a vertically integrated optics company primarily focused on leveraging its proprietary micro-optics and imaging technologies to the healthcare and defense/aerospace industries by providing services ranging from new product concept through mass manufacture. Utilizing its leading-edge in-house design, prototype, regulatory and fabrication capabilities as well as its Lighthouse Imaging division's electronic imaging expertise and its Ross Optical division's high volume world-wide sourcing, inspecting and production resources, the Company designs and manufactures next-generation product solutions to the most challenging customer requirements. Within healthcare, Precision Optics enables next generation medical device companies around the world to meet the increasing demands of the surgical community who require more enhanced and smaller imaging systems for minimally invasive surgery, including single-use medical devices, as well as 3D endoscopy systems to support the rapid proliferation of surgical robotic systems. In addition to these next generation applications, Precision Optics has supplied top tier medical device companies with a wide variety of optical products for decades, including complex endocouplers and specialized endoscopes. The Company is also leveraging its technical proficiency in micro-optics to enable leading edge defense/aerospace applications which require the highest quality standards and the optimization of size, weight and power. For more information, please visit www.poci.com.

About Forward-Looking Statements
This press release contains forward-looking statements. Forward-looking statements include, but are not limited to, statements which express the Company's intentions, beliefs, expectations, strategies, predictions or any other statements related to the Company's future activities or future events or conditions. These statements are based on current expectations, estimates and projections about the Company's business based, in part, on assumptions made by the Company's management. These statements are not guarantees of future performances and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in the forward-looking statements due to numerous factors. Any forward-looking statements speak only as of the date on which they are made, and the Company does not undertake any obligation to update any forward-looking statement, except as required by law.

Company Contact:
PRECISION OPTICS CORPORATION
22 East Broadway
Gardner, Massachusetts 01440-3338
Telephone: 978-630-1800

Investor Contact:
LYTHAM PARTNERS, LLC
Robert Blum
Telephone: 602-889-9700
poci@lythampartners.com

FAQ

What is the amount of the follow-on production order received by Precision Optics from the defense/aerospace customer?

Precision Optics received a $720,000 follow-on production order.

When are the orders for the new optical application expected to be delivered?

All orders for this program are expected to be delivered by August 2024.

Who is the CEO of Precision Optics?

Dr. Joe Forkey is the CEO of Precision Optics.

What is the total amount of production orders received for the new optical application?

The total production orders for this application now exceed $1.9 million.

What market does Precision Optics primarily serve?

Precision Optics primarily serves the medical and defense industries.

What is the ticker symbol for Precision Optics?

The ticker symbol for Precision Optics is POCI.