Kopin Corp (KOPN) 2024 Q1 法說會逐字稿

Good morning, everyone, and welcome to the Kopin Corporation first-quarter 2024 earnings call.

大家早安，歡迎參加 Kopin 公司 2024 年第一季財報電話會議。

Please note that this event is being recorded.

請注意，該事件正在被記錄。

At this time, I'd like to turn the conference over to Brian Prenoveau, Investor Relations for Kopin.

這次，我想將會議交給 Kopin 投資者關係部的 Brian Prenoveau。

Please go ahead.

請繼續。

Thank you, operator, and good morning, everyone.

謝謝接線員，大家早安。

Before we get started, I'd like to remind everyone that during today's call, taking place on Tuesday, May 14, 2024, we will be making forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995.

在開始之前，我想提醒大家，在今天 2024 年 5 月 14 日星期二舉行的電話會議中，我們將做出 1995 年《私人證券訴訟改革法案》中定義的前瞻性聲明。

These statements are based on the company's current expectations, projections, beliefs, estimates and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those forward-looking statements.

這些陳述是基於公司目前的預期、預測、信念、估計，並受到許多風險和不確定性的影響，這些風險和不確定性可能導致實際結果與這些前瞻性陳述有重大差異。

Potential risks include, but are not limited to, demand for our products, operating results of our subsidiaries, market conditions, and other factors discussed in the most recent annual report on Form 10-K and other documents filed with the Securities and Exchange Commission.

潛在風險包括但不限於對我們產品的需求、我們子公司的經營業績、市場狀況以及最新 10-K 表格年度報告和向美國證券交易委員會提交的其他文件中討論的其他因素。

Although the company believes that the assumptions underlying these statements are reasonable, any of them can be proven inaccurate and there can be no assurances that the results will be realized.

儘管公司認為這些陳述背後的假設是合理的，但其中任何一個都可能被證明是不準確的，並且不能保證結果一定會實現。

The company undertakes no obligation to update the forward-looking statements made during today's call.

該公司沒有義務更新今天電話會議中所做的前瞻性陳述。

In addition, references may be made to certain non -- generally accepted accounting principles or non-GAAP measures, for which you should refer to the appropriate disclaimers and reconciliations in the company's SEC filings and press releases.

此外，可能會引用某些非普遍接受的會計原則或非 GAAP 衡量標準，對此，您應該參考本公司向 SEC 提交的文件和新聞稿中的適當免責聲明和對帳。

Kopin Corporation's Chief Executive Officer, Michael Murray, will begin today's call with an overview of Kopin's progress within the company strategy.

Kopin 公司執行長 Michael Murray 將在今天的電話會議中概述 Kopin 在公司策略方面的進展。

Following Michael, Kopin's CFO, Richard Sneider, will review the company's first-quarter 2024 financial results.

在邁克爾之後，Kopin 的財務長理查德·斯奈德 (Richard Sneider) 將審查該公司 2024 年第一季的財務業績。

I would now like to turn the conference over to Michael Murray.

我現在想把會議交給邁克爾·莫瑞。

Michael?

麥可？

Thank you, Brian.

謝謝你，布萊恩。

Good morning to everyone, and welcome to our first-quarter 2024 earnings call.

大家早安，歡迎參加我們的 2024 年第一季財報電話會議。

I'm going to spend much of the time on this call updating you on the strong progress we've made operationally on our strategic initiatives, which are the most important parts of this call.

我將在本次電話會議上花費大量時間，向您介紹我們在策略舉措方面取得的重大進展，這是本次電話會議最重要的部分。

I'm very proud of the significant progress we continue to make in our transformation, including achieving our sixth consecutive positive book-to-bill quarter.

我對我們在轉型中繼續取得的重大進展感到非常自豪，包括連續第六個季度的訂單出貨量成長。

We now have over $55 million in backlog for 2024 and beyond.

目前，我們在 2024 年及以後的積壓訂單已超過 5,500 萬美元。

Our new orders include repeat or follow-on orders from existing customers and programs, and most importantly, very importantly, new orders from new customers.

我們的新訂單包括來自現有客戶和計劃的重複或後續訂單，最重要的是，非常重要的是來自新客戶的新訂單。

We are actively expanding our revenue and our customer base.

我們正在積極擴大我們的收入和客戶群。

Just to recap, our first-quarter order activity for current production programs, we received $20.5 million order for thermal weapon sights, $1.4 million order for a special long range weapon sights, and $3 million order for training and simulation weapons sites as well.

回顧我們目前生產項目的第一季訂單活動，我們收到了 2050 萬美元的熱武器瞄準具訂單、140 萬美元的特殊遠程武器瞄準具訂單以及 300 萬美元的訓練和模擬武器場地訂單。

On the new customers and programs fronts, we received a contract from the Navy to develop a high-resolution MicroDisplay, which can operate at very high frame rates to support the development of trusted AI and autonomous capabilities for computational imaging.

在新客戶和專案方面，我們收到了海軍的一份開發高分辨率微顯示器的合同，它可以以非常高的幀速率運行，以支持可信人工智能和計算成像自主能力的開發。

And we were awarded a contract from BlueHalo LLC for the design development and production of advanced simulated binoculars and a monoscope product for use in their advanced Stinger training system or AST system.

我們還獲得了 BlueHalo LLC 的一份合同，負責設計開發和生產先進的模擬雙筒望遠鏡和單筒望遠鏡產品，用於其先進的 Stinger 訓練系統或 AST 系統。

Beyond those secured orders, our pipeline is deeper than it ever has been.

除了這些已獲得的訂單之外，我們的管道比以往任何時候都更深。

In the last 12 months, we've added new business development resources from outside the company and more recently dedicated additional internal resources to develop new business.

在過去 12 個月中，我們從公司外部增加了新的業務開發資源，最近還專門投入了額外的內部資源來開發新業務。

And it's paying off, as shown in the new customer orders and significant opportunity pipeline that we believe has high probability of wins.

正如新客戶訂單和我們認為獲勝可能性很高的重要機會管道所示，它正在得到回報。

Last week, we demonstrated combat use head warrant -- helmet warrant, daytime and nighttime readable heads up displays or HUD, concepts during special forces or special operation forces, Week or SOF Week in Tampa, Florida.

上週，我們在佛羅裡達州坦帕市的特種部隊或特種作戰部隊週或特種部隊週期間展示了戰鬥使用頭令——頭盔令、白天和夜間可讀平視顯示器或HUD、概念。

Kopin has developed, what we call, an integrated visual acuity system or IVAS NOW solution, which allows warfighters both a night and daytime solution today that works with their current fielded systems like the current versions of enhanced night vision goggles or ENVG goggles and popular helmet-worn systems.

Kopin 開發了我們所謂的整合式視敏度系統或IVAS NOW 解決方案，它為戰士提供了夜間和白天的解決方案，可與他們當前的野戰系統配合使用，例如當前版本的增強夜視鏡或ENVG 護目鏡和流行的頭盔- 磨損的系統。

The need for advanced head-mounted display solutions that are easily readable in all ambulant light conditions is increasing as the number of digital information sources for the warfighter during combat continues to expand.

隨著作戰人員在戰鬥中使用的數位資訊來源數量不斷增加，對在所有流動光線條件下都能輕鬆讀取的先進頭戴式顯示解決方案的需求也在不斷增加。

Warfighters require a solution that can display a wide variety of information in a heads-up viewing configuration, eliminating the loss of situational awareness that comes from viewing information in a head-down mode.

作戰人員需要一種能夠以平視查看配置顯示各種資訊的解決方案，從而消除因低頭查看資訊而造成的態勢感知損失。

Kopin is developing several products that address this growing market by capitalizing on the company's strong technology portfolio and extensive experience in developing dismounted warfighter vision systems.

Kopin 正在開發多種產品，利用該公司強大的技術組合和開發徒步作戰人員視覺系統的豐富經驗來滿足這一不斷增長的市場需求。

Now in relation to our technology developments in Q1, we announced an important milestone towards establishing our fabless organic light-emitting diode or OLED display production with a NATO-friendly partner for defense applications specifically.

現在，就我們第一季的技術發展而言，我們宣布了一個重要的里程碑，即與北約友好合作夥伴建立無晶圓廠有機發光二極管或 OLED 顯示器生產，專門用於國防應用。

We completed initial life testing on representative samples and have achieved near zero degradation in brightness performance after operating displays at brightness levels exceeding 20,000 candelas per meter squared for several thousand hours.

我們完成了代表性樣品的初始壽命測試，並且在超過每平方米 20,000 坎德拉的亮度水平下運行顯示器數千小時後，亮度性能幾乎實現了零退化。

This is a tremendously important advancement as OLED performance degradation over time has hindered use of OLEDs in defense application for many, many years.

這是一項極其重要的進步，因為 OLED 性能隨著時間的推移而下降，多年來一直阻礙 OLED 在國防應用中的使用。

As far as we can tell, none of our competitors can match this technology performance, and it's something that our customers are very excited about as it is a market-enabling achievement.

據我們所知，我們的競爭對手都無法與這項技術性能相媲美，我們的客戶對此感到非常興奮，因為這是一項推動市場發展的成就。

We also announced that we demonstrated our neural-display technology, a highly advanced OLED display that includes embedded sensors that tracks eye movement, position, and gaze while simultaneously processing the tracking data in Kopin's proprietary integrated AI engine that adjusts the displayed information in real-time to optimize the user experience and performance in several use cases.

我們還宣布，我們展示了我們的神經顯示技術，這是一種高度先進的OLED 顯示器，其中包括嵌入式感測器，可以追蹤眼睛運動、位置和注視，同時在Kopin 專有的整合人工智慧引擎中處理追蹤數據，即時調整顯示的資訊。

We believe that this technology development system will be a great fit for the next-generation of IVAS systems.

我們相信該技術開發系統將非常適合下一代IVAS系統。

Furthermore, the product is receiving significant interest from consumer spatial computing manufacturers due to its ability to reduce size, weight, and power consumption while still offering great image quality.

此外，由於該產品能夠縮小尺寸、重量和功耗，同時仍提供出色的影像質量，因此受到消費者空間運算製造商的極大興趣。

Lastly, we entered into an agreement with MICLEDI MicroDisplays, a fabless semiconductor design and technology company, to provide a more immersive and information-rich consumer augmented reality or AR experience and high brightness light conditions specific to our microLED technology development.

最後，我們與無晶圓廠半導體設計和技術公司 MICLEDI MicroDisplays 達成協議，為我們的 microLED 技術開發提供更身臨其境、資訊豐富的消費者擴增實境或 AR 體驗以及高亮度光照條件。

In January, we launched our One Kopin initiative to enhance synergies, expand capabilities, gain efficiencies, decrease costs, and increase accountability across our three sites, being Westborough, Massachusetts; Reston, Virginia; and Dalgety Bay, Scotland, which previously operated fairly autonomously.

一月份，我們啟動了One Kopin 計劃，旨在增強協同效應、擴展能力、提高效率、降低成本並增強我們三個基地的責任感：馬薩諸塞州韋斯特伯勒；馬薩諸塞州韋斯特伯勒；馬薩諸塞州韋斯特伯勒；維吉尼亞州雷斯頓；蘇格蘭的達爾格蒂灣此前相當自治。

We have made substantial progress against our goals, including sharing engineering resources, initiating purchasing efficiencies.

我們在實現目標方面取得了實質進展，包括共享工程資源、提高採購效率。

And most recently, we announced the General Manager of our Fourth Dimension Displays business out of Dalgety Bay was added to our business development team focused on driving European and Asian opportunities.

最近，我們宣布位於多格蒂灣的第四維度顯示器業務總經理已加入我們的業務開發團隊，專注於推動歐洲和亞洲的機會。

To further promote additional focus and increase our cash position, we have started the process to value and potentially monetize the ownership shares Kopin has in several of our portfolio companies.

為了進一步促進更多的關注並增加我們的現金狀況，我們已經開始對 Kopin 在我們的幾家投資組合公司中擁有的所有權股份進行估值並可能將其貨幣化。

As a reminder, Kopin owns minority shares in RealWear, Lenovo, Nuvision, Intuair, HMDmd, Cobrite, and Lightning Silicon.

提醒一下，Kopin 擁有 RealWear、Lenovo、Nuvision、Intuair、HMDmd、Cobrite 和 Lightning Silicon 的少數股權。

We've also begun to evaluate our IP portfolio to understand what is critical to our business moving forward and what can be or should be monetized.

我們也開始評估我們的智慧財產權組合，以了解什麼對我們的業務發展至關重要，以及什麼可以或應該貨幣化。

Having reviewed the quarterly progress, let me turn to the longer term and our strategic initiatives, which ultimately will be the foundation of our future success.

在回顧了季度進展之後，讓我談談長期目標和我們的策略舉措，這最終將成為我們未來成功的基礎。

Turning to our first strategic initiative, building the backlog, our first quarter book-to-bill was approximately 2.7:1, our sixth consecutive positive book-to-bill quarter at a record level for a single quarter.

談到我們的第一個策略舉措，即建立積壓訂單，我們第一季的訂單出貨比約為2.7:1，這是我們連續第六個季度的訂單出貨比正值，創下單季創紀錄水平。

While we don't expect such high ratios in the future or every quarter, the programs we are working on and the significant opportunities we have in our pipeline hold the promise of larger orders on a more routine basis.

雖然我們預計未來或每季不會出現如此高的比率，但我們正在進行的計劃以及我們在管道中擁有的重大機會有望在更常規的基礎上獲得更大的訂單。

Based on just current demand, Kopin could potentially ship triple the volume of weapon sights as 2023 within the calendar year of 2024.

僅根據目前的需求，Kopin 的武器瞄準具數量有可能在 2024 年內增加到 2023 年的三倍。

Now turning to our second strategic initiative focused on our fab-light strategy for OLED and microLED displays.

現在轉向我們的第二個策略舉措，重點是 OLED 和 microLED 顯示器的晶圓廠光戰略。

As I mentioned, we made significant progress in the first quarter of 2024.

正如我所提到的，我們在 2024 年第一季取得了重大進展。

As a reminder, Kopin is the only US manufacturer of human-centric AR and VR application specific optical solutions, and we build four different types of MicroDisplays, used primarily to provide situational awareness for warfighters, surgeons, and spatial computing device users.

提醒一下，Kopin 是美國唯一一家提供以人為中心的AR 和VR 應用特定光學解決方案的製造商，我們構建了四種不同類型的MicroDisplay，主要用於為戰士、外科醫生和空間計算設備用戶提供態勢感知。

You can find our solutions in weapon sights, armored vehicles, a surgeons' head-mounted display, pilot helmet visors, and in field and maintenance and warehouse workers head-worn computers.

您可以在武器瞄準器、裝甲車、外科醫生的頭戴式顯示器、飛行員頭盔護目鏡以及現場、維修和倉庫工人的頭戴式電腦中找到我們的解決方案。

To support the demanding needs of our markets between consumer, medical, industrial, and defense customers, we've taken significant steps to strengthen our supply chain by qualifying a new deposition partner.

為了滿足消費者、醫療、工業和國防客戶之間市場的嚴格需求，我們採取了重大措施，透過鑑定新的沉積合作夥伴來加強我們的供應鏈。

As we previously announced, our European OLED deposition partner was able to achieve brightness of more than 20,000 micro candela squared at lower power consumption compared to our previous displays.

正如我們之前宣布的，與我們之前的顯示器相比，我們的歐洲 OLED 沉積合作夥伴能夠以更低的功耗實現超過 20,000 微坎德拉平方的亮度。

In addition, the initial displays using our proprietary back plane have been fabricated and are now exiting performance validation testing.

此外，使用我們專有背板的初始顯示器已經製造完成，目前正在退出性能驗證測試。

Recently, there have been reports that the Apple Vision Pro demand has been slowing like many other AR devices.

最近有報導稱，與許多其他 AR 設備一樣，Apple Vision Pro 的需求正在放緩。

There are concerns around size, weight, cost, usability, and the neurological challenges associated with AR/VR systems.

人們擔心與 AR/VR 系統相關的尺寸、重量、成本、可用性和神經挑戰。

This is not surprising to Kopin, not at all.

這對科平來說並不奇怪，一點也不奇怪。

Kopin has been working on AR systems for many years, including military pilot helmets, which cost hundreds of thousands of dollars each and have similar challenges.

Kopin 多年來一直致力於 AR 系統的研究，其中包括軍用飛行員頭盔，每個頭盔的成本高達數十萬美元，並且面臨類似的挑戰。

Kopin's initial efforts were on improving the display and then the optics.

科平最初的努力是改進顯示屏，然後是光學器件。

We are now tackling the neurological challenges and previously announced that we are working on a software-defined AI-enabled backplane, which we call our neural display.

我們現在正在應對神經學挑戰，之前也宣布我們正在開發一種軟體定義的人工智慧背板，我們稱之為神經顯示器。

The neural display architecture features embedded sensor pixels within the screen focused on the user's eyes, providing immediate feedback to the AI software powering the display.

神經顯示架構在螢幕內嵌入了感測器像素，聚焦在使用者的眼睛上，為驅動顯示器的人工智慧軟體提供即時回饋。

The feedback from these pixel sensors empowers the software to quickly adjust the contrast or brightness of the display to accommodate the challenges and changes in the user's vision.

這些像素感測器的回饋使軟體能夠快速調整顯示器的對比度或亮度，以適應使用者視覺的挑戰和變化。

During the first quarter, we demonstrated an OLED display that tracks eye movement, position, and gaze, while displaying video using Kopin's internally developed software and AI engine.

在第一季度，我們展示了一款 OLED 顯示器，它可以追蹤眼球運動、位置和注視，同時使用 Kopin 內部開發的軟體和人工智慧引擎顯示影片。

This is a very positive step, our first step in producing what we believe will be the first software-defined AI-enabled bidirectional MicroDisplay.

這是非常積極的一步，也是我們生產首款軟體定義的人工智慧雙向微顯示器的第一步。

If the neural display is successful, system developers will be able to increase their users' comfort by reducing the cantilever effects of a heavy system by eliminating user-facing cameras resting on the nose or the head and in the future, adapt the image to the user's eyesight capability.

如果神經顯示成功，系統開發人員將能夠透過消除放置在鼻子或頭部的面向使用者的攝影機來減少重型系統的懸臂效應，從而提高使用者的舒適度，並在未來使影像適應使用者的視力能力。

We believe that this new design will also help eliminate many of the other common complaints around systems, including the nausea-induced environment that many AR/VR users find themselves in.

我們相信，這種新設計還將有助於消除圍繞系統的許多其他常見投訴，包括許多 AR/VR 用戶發現自己所處的令人噁心的環境。

In the first quarter of 2024, we continue to execute our plans to expand the markets we serve.

2024 年第一季度，我們繼續執行擴大服務市場的計畫。

We made an announcement of a production order for our CR3 product for assisted surgery markets.

我們宣布了針對輔助手術市場的 CR3 產品的生產訂單。

I just mentioned the heads-up display or HUD concepts within our IVAS NOW strategy, and we've demonstrated them at the special operations forces in Tampa, Florida, as I spoke of earlier.

我剛剛提到了我們的 IVAS NOW 戰略中的平視顯示器或 HUD 概念，正如我之前提到的，我們已經在佛羅裡達州坦帕市的特種作戰部隊中演示了它們。

We believe this technology has a significant and unique opportunity to drive consumer spatial computing opportunities, and we have begun partnerships with market-leading firms who could develop and deliver the volumes required in this market.

我們相信這項技術具有重要而獨特的機會來推動消費者空間計算機會，並且我們已經開始與市場領先的公司建立合作夥伴關係，這些公司可以開發和提供該市場所需的數量。

Moreover, this technology provides Kopin the opportunity to license our internally developed software (technical difficulty) we expect to announce more progress on these initiatives throughout 2024.

此外，這項技術為 Kopin 提供了許可我們內部開發的軟體的機會（技術難度），我們預計將在 2024 年宣布這些舉措的更多進展。

Now, turning to another of our strategic initiatives is quality improvement, specifically improving our on-time in-full, OTIF, rate.

現在，我們的另一項策略舉措是品質改進，特別是提高我們的按時完成率 (OTIF)。

In 2023, we moved from 63% OTIF rate to 84% across the company.

2023 年，我們整個公司的 OTIF 比率從 63% 提高到 84%。

Strong OTIF performance is key to customer satisfaction and repeat business.

強大的 OTIF 效能是顧客滿意度和回頭客的關鍵。

We continue to focus on this and our most recent results show consistent and continued improvement.

我們將繼續關注這一點，我們最近的結果顯示出持續不斷的改進。

There is more to accomplish, and we remain focused on reaching and surpassing our goals in this critical area.

還有更多工作要做，我們將繼續專注於實現並超越這一關鍵領域的目標。

Complementary to our OTIF initiative, returning the operation to a cash breakeven level as a milestone of our transformation, we believe Q2 will be the last quarter we experienced heavy litigation expenses and going forward, SG&A expense should normalize at a much lower level.

作為我們OTIF 計劃的補充，將業務恢復到現金收支平衡水平作為我們轉型的里程碑，我們相信第二季度將是我們經歷大量訴訟費用的最後一個季度，展望未來，SG&A 費用應該會在一個低得多的水平正常化。

Furthermore, we continue to focus on pricing, raising the ROI requirements for internal R&D expenses, and challenging all aspects of SG&A spending.

此外，我們持續專注於定價，提高內部研發費用的投資報酬率要求，並對SG&A支出的各個方面提出挑戰。

We have done well controlling what we can control in Q1.

我們在第一季已經很好地控制了我們可以控制的事情。

We came very close to cash flow breakeven, excluding the legal fees.

不包括法律費用，我們非常接近現金流損益兩平。

Lastly, our One Kopin cultural initiative and talent strategy made significant progress this past year and quarter.

最後，我們的 One Kopin 文化計畫和人才策略在過去一年和一個季度取得了重大進展。

Due to the hard work of our Board of Directors, the leadership team and all of our team members here at Kopin, we were able to retain the best talent within Kopin, attract new talent with the skill sets we require for our growth plans, and to execute the strategy of the company.

由於 Kopin 董事會、領導團隊和所有團隊成員的辛勤工作，我們能夠在 Kopin 留住最優秀的人才，吸引具有我們發展計劃所需技能的新人才，並執行公司的策略。

We celebrated our direction, focus and strategy this quarter with the announcement of our new brand, logo, and website.

我們透過宣布新品牌、徽標和網站來慶祝本季的方向、重點和策略。

Our team at Kopin continues to focus, improve, win, and grow, and it will be the people of Kopin that execute on these initiatives this year and next.

我們 Kopin 的團隊將繼續專注、改進、獲勝和成長，今年和明年將由 Kopin 員工執行這些舉措。

I know several of you have specific questions about our litigation.

我知道你們中的一些人對我們的訴訟有具體問題。

As we announced on April 23, the jury delivered a verdict awarding BlueRadios $5.1 million in damages as well as recommending $19.7 million in exemplary and discouragement damages.

正如我們在 4 月 23 日宣布的那樣，陪審團作出裁決，判給 BlueRadios 賠償 510 萬美元，並建議賠償 1,970 萬美元的懲戒性和勸阻性賠償。

These damages are recommendations the jury gives to the judge, and the judge has the discretion to increase or decrease these amounts.

這些損害賠償是陪審團向法官提出的建議，法官有權增加或減少這些金額。

We anticipate a judgment in late summer of this year.

我們預計今年夏末做出判決。

At that point, we will evaluate our options, including an appeal if necessary.

屆時，我們將評估我們的選擇，包括必要時提出上訴。

Of course, in parallel with the legal process, we are working proactively to resolve the issue.

當然，在走法律程序的同時，我們正在積極努力解決這個問題。

I will now turn the call over to our CFO, Rich Sneider, to review our results in further detail.

我現在將把電話轉給我們的財務長 Rich Sneider，以進一步詳細審查我們的結果。

Rich?

富有的？

Thank you, Michael.

謝謝你，麥可。

Turning to our financial results for the first quarter of 2024.

轉向我們 2024 年第一季的財務表現。

Total revenues from Q1 2024 were $10 million versus $10.8 million for the prior year, a 7% decrease year over year.

2024 年第一季的總收入為 1,000 萬美元，而前一年為 1,080 萬美元，年減 7%。

Product revenues for the first quarter ended March 30, 2024, were $9 million compared to $7.7 million for the first quarter ended April 1, 2023.

截至2024年3月30日的第一季產品收入為900萬美元，而截至2023年4月1日的第一季產品收入為770萬美元。

The increase in product revenue was a result of higher defense product revenues, which increased $1.8 million year over year.

產品收入的成長是由於國防產品收入增加，年增 180 萬美元。

The first quarter 2024 funded research and development revenues were $900,000, a decrease of $2 million due to the completion of several programs, which moved into production.

2024 年第一季資助的研發收入為 90 萬美元，由於多個項目的完成並投入生產，減少了 200 萬美元。

Cost of product revenues for the first quarter of 2024 were $8.5 million or 95% of product revenues compared with $6.6 million or 87% of net product revenues in the first quarter of 2023.

2024 年第一季的產品收入成本為 850 萬美元，佔產品收入的 95%，而 2023 年第一季的產品收入成本為 660 萬美元，佔產品淨收入的 87%。

The increase in cost of product revenues was a result of higher provision for excess and obsolete materials in '24 as opposed to '23.

產品收入成本的增加是由於 24 年的過剩和過時材料撥備高於 23 年。

R&D expense for the first quarter of 2024 were $2.1 million compared to $2.3 million a year ago, essentially flat year over year.

2024 年第一季的研發費用為 210 萬美元，而去年同期為 230 萬美元，比去年同期基本持平。

SG&A expenses were $7.2 million in the first quarter of 2024 compared to $4.6 million in the first quarter of '23.

2024 年第一季的銷售、行政管理費用為 720 萬美元，而 2023 年第一季的銷售管理費用為 460 萬美元。

The increase was primarily due to $2.6 million in legal fees associated with the BlueRadios litigation previously mentioned.

這一增長主要是由於與前面提到的 BlueRadios 訴訟相關的 260 萬美元法律費用。

With the announced jury decision of the BlueRadios lawsuit awarding approximately $5.1 million in damages as well as recommending $19.7 million in disgorgement and exemplary damages, we have accrued the judgment under the relevant accounting guidance.

隨著陪審團宣布 BlueRadios 訴訟裁決，裁定賠償約 510 萬美元，並建議返還 1970 萬美元和懲戒性賠償，我們已根據相關會計指南做出了判決。

As mentioned, the company is reviewing its legal options, including a possible field of any judgment that the court ultimately enters.

如前所述，該公司正在審查其法律選擇，包括法院最終做出的任何判決的可能領域。

Turning to the bottom line, net loss attributable to Kopin for the first quarter of 2024 was $32.5 million or $0.27 per share compared with a net loss attributable to Kopin $2.6 million or $0.03 per share for the first quarter of 2023.

談到利潤，2024 年第一季 Kopin 的淨虧損為 3,250 萬美元，即每股 0.27 美元，而 2023 年第一季 Kopin 的淨虧損為 260 萬美元，即每股 0.03 美元。

The amounts discussed above are based on our current estimates and listeners should review our Form 10-Q for the quarter ended March 30, 2024, for any possible changes and of course, any additional filings.

上述金額是根據我們目前的估計，聽眾應查看截至 2024 年 3 月 30 日的季度的 10-Q 表格，以了解任何可能的變更，當然還有任何額外的備案。

And with that, I'll turn it over to Michael.

有了這個，我會把它交給麥可。

Thanks, Rich.

謝謝，里奇。

As evidenced in our first quarter, our focus remains strengthening our order book, pushing on-time in-full rates, higher cost controls, and making the strategic investments in products and people, which in the aggregate, will improve cash flow and provide long-term sustainable profitability and growth for the company.

正如我們第一季所證明的那樣，我們的重點仍然是加強我們的訂單簿，推動按時足額交付，提高成本控制，並對產品和人員進行戰略投資，總的來說，這將改善現金流並提供長期的回報。

We've put tremendous focus on working with our customers to move up the value chain and gain more share of their system and spending.

我們非常注重與客戶合作，向價值鏈上游邁進，並在他們的系統和支出中獲得更多份額。

Furthermore, we have carefully selected new strategic partners and customers to work with and remain focused on new opportunities and projects which support our strategic plan.

此外，我們精心挑選了新的策略合作夥伴和客戶進行合作，並繼續專注於支持我們策略計劃的新機會和專案。

To this end and due to the application-specific strategy, our qualified opportunity pipeline has grown exponentially in the past few quarters due to the recent geopolitical issues and increased sovereign and foreign NATO spending, pushing the demand curve significantly to the right.

為此，由於採用了特定於應用程式的策略，由於最近的地緣政治問題以及主權和外國北約支出的增加，我們的合格機會管道在過去幾個季度呈指數增長，將需求曲​​線顯著向右推。

We expect several new customers, partners, and project awards and announcements soon, which will not only add to our order book but will fuel larger returns in the future as these new projects move into full rate production.

我們預計很快就會出現一些新客戶、合作夥伴以及專案獎項和公告，這不僅會增加我們的訂單，而且隨著這些新項目全面投入生產，未來還將帶來更大的回報。

Kopin remains focused on invention and innovation, but with more focus on cost controls and return on investment.

Kopin 仍然專注於發明和創新，但更專注於成本控制和投資回報。

These new inventions discussed today will help drive our innovations that solve our customers' most difficult technical problems and serve as the bedrock of our business, which will fuel our long-term sustainable growth for our employees, our customers and our stakeholders.

今天討論的這些新發明將有助於推動我們的創新，解決客戶最困難的技術問題，並成為我們業務的基石，這將為我們的員工、客戶和利益相關者推動我們的長期可持續成長。

Thank you everyone for your time today and for showing interest in Kopin.

感謝大家今天抽出寶貴的時間以及對 Kopin 表現出的興趣。

I'd like to thank our employees, customers and stakeholders for their continued hard work, support, and dedication.

我要感謝我們的員工、客戶和利害關係人的持續辛勤工作、支持和奉獻。

And with that, operator, I'll turn it over to you and take some questions.

接線員，我會把它交給你並回答一些問題。

(Operator Instructions) Matt Sheerin, Stifel.

（操作員說明）Matt Sheerin，Stifel。

Yes, thank you.

是的，謝謝。

Good morning.

早安.

First question just regarding the gross margin, which was weak in the quarter.

第一個問題涉及毛利率，本季毛利率疲軟。

I guess, there were some component obsolescence issues and other things.

我猜想，存在一些組件過時問題和其他問題。

Can you talk about that?

你能談談嗎？

I know, Michael, one thing that you've been pleased with is the margin expansion, particularly the gross margin.

我知道，邁克爾，您感到滿意的一件事是利潤率的擴大，特別是毛利率。

And that's been weak now for the last couple of quarters.

在過去的幾個季度裡，這一情況一直疲軟。

So, how should we expect to think about gross margins as we get through the year?

那麼，我們該如何看待這一年的毛利率呢？

Matt, I would note, sequentially, it's a significant improvement in gross margin.

馬特，我要指出的是，毛利率連續顯著提高。

And if you actually -- the comparison is bad because as we discussed last year in Q1, we utilized a bunch of previously written-off materials.

如果你真的 - 比較很糟糕，因為正如我們去年在第一季度討論的那樣，我們利用了一堆以前註銷的材料。

So Q1 of last year was -- I don't want to say artificially because it was correct, but it did have a benefit of materials previously written-off, and that's why it had 13%.

所以去年第一季是——我不想人為地說，因為它是正確的，但它確實有以前註銷的材料的好處，這就是為什麼它有 13%。

But as you see, we actually had about a 10% sequential improvement.

但如您所見，我們實際上環比提高了約 10%。

And we continue to expect further improvements based upon the results that we're getting this year from both our customers and our own internal quality numbers.

根據今年我們從客戶和我們自己的內部品質數據中獲得的結果，我們繼續期望進一步改進。

What's the target then for the second half of the year then because you've been talking about 40%-plus gross margin?

那麼下半年的目標是多少，因為您一直在談論40%以上的毛利率？

And obviously, we're not even close.

顯然，我們還沒有接近。

Right.

正確的。

So I think it's how you do the calculation of gross margin.

所以我認為這就是毛利率的計算方式。

If you take revenue less, cost of sales as opposed to taking product revenue, less cost of sales.

如果你減去收入，銷售成本，而不是減去產品收入，減去銷售成本。

So it depends on how your computation is.

所以這取決於你的計算方式。

But for the product revenue less-cost of sales calculation, we will be still shooting for 15% to 20% in the second half of the year.

但以產品收入減去銷售成本計算，下半年我們仍會爭取15%至20%的成長。

Okay.

好的。

Thank you.

謝謝。

And then, just on revenue, Michael, you talked about the strong book to bill, and you talked about a good backlog and still expecting double-digit growth this year, which would imply about a strong back half.

然後，就收入而言，邁克爾，您談到了強勁的帳單，您談到了良好的積壓，並且仍然預計今年將實現兩位數的增長，這意味著強勁的後半部分。

So, how should we think about Q2?

那麼，我們該如何看待Q2呢？

Should that be flat and then up in the second half?

應該是持平然後下半年上升嗎？

Or how should we think about the revenue, how that flows through?

或者我們應該如何考慮收入，它如何流動？

Sure.

當然。

So in terms of revenue for the year, Q1 was really all about buying material, bringing in material to ramp in Q2, Q3, Q4.

因此，就今年的收入而言，第一季實際上主要是購買材料，為第二季、第三季、第四季帶來材料。

So, we're ramping now.

所以，我們現在正在加速。

We've hit an all-time record for on-time in-full.

我們創下了準時到達的歷史記錄。

Actually, I received a briefing yesterday that we hit an all-time record for quality and throughput out of the factory.

事實上，我昨天收到一份簡報，說我們的出廠品質和產量創下了歷史記錄。

So the ramp is going well.

所以坡道進展順利。

We've hired.

我們已經聘用了。

We've got some more folks that we're bringing in to help us with that ramp.

我們也請了更多人來幫助我們完成這個任務。

But Q2 is about ramping up in terms of production.

但第二季的產量將會增加。

And then Q3 and Q4, we should be moving along quite nicely based on our recent updates.

然後是第三和第四季度，根據我們最近的更新，我們應該會進展得很好。

So, we are back half loaded just simply because we've been waiting for product.

所以，我們回來一半只是因為我們一直在等待產品。

But as we sit here today, we're ramping

但當我們今天坐在這裡時，我們正在加速

Okay.

好的。

All right.

好的。

Thank you.

謝謝。

Glenn Mattson, Ladenburg Thalmann.

格倫馬特森，拉登堡塔爾曼。

Hey guys, thanks for taking the questions.

嘿夥計們，感謝您提出問題。

Quick -- just a couple of lawsuit questions out of the way, quick.

快點——只是解決幾個訴訟問題，快點。

Can you give us a sense or give everyone a sense of the timing in terms of what you think the timing would be for when the judge will make his final ruling?

您能否給我們一個概念，或讓每個人了解您認為法官做出最終裁決的時間？

And then, when -- if you decide to appeal, how long that would take, just to get a sense of cash flow wise what we're looking at in terms of when you'd have to pay this?

然後，如果您決定上訴，需要多長時間才能了解現金流量，我們正在考慮您何時必須支付這筆費用？

And also, is there some bond you have to put up into you appeal or something like that?

另外，您是否必須在上訴中提供一些保證金或類似的東西？

And what -- maybe ballpark percent of what the ruling -- final ruling is?

最終裁決是什麼——也許是裁決的大概百分比？

Would you have to maybe put up?

你可能必須忍受嗎？

Just that kind of color there would be great.

只要有那種顏色就很棒了。

Sure.

當然。

Our understanding is we should expect a judgment sometime around the end of summer.

我們的理解是，我們應該期待在夏末左右的某個時候做出判決。

And at that point in time, we can put in for an appeal.

到那時，我們可以提出上訴。

I assume there would be some sort of bond that could be negotiated with the court at that point in time if we were to appeal.

我認為如果我們要上訴，屆時可以與法院協商某種保證金。

But again, I want to stress that currently, there is no judgment until the judge comes back and the court renders their judgment.

但我想再次強調，目前，在法官回來、法庭做出判決之前，不會有任何判決。

So that would be at the end of the summer.

那麼那將是在夏天結束時。

If we were to appeal, which would be likely, we would enter the appeal at that point.

如果我們要上訴（這很可能），我們將在那時提出上訴。

We would have to potentially post a bond.

我們可能必須繳納保證金。

Don't know how much that would be.

不知道那會是多少。

It would be a negotiation with the court.

這將是與法院的談判。

And then, if we were to appeal, average appeals -- my understanding based on talking to our lawyers, an average appeal is 24 to 36 months, if not 48 months based on the court's backlog.

然後，如果我們要上訴，平均上訴時間——根據與我們律師的交談，我的理解是，根據法院積壓的案件，平均上訴時間為 24 至 36 個月，甚至 48 個月。

And the legal cost with that, is that obviously much lower than a trial?

隨之而來的法律費用，是否明顯比審判低很多？

So right, just thought as an online expense.

沒錯，只是將其視為在線費用。

Tremendously lower.

低得多。

Yeah.

是的。

Glenn, it's tremendously lower.

格倫，它低得多。

It's really about the cycle time of the courts.

這實際上與法院的周期時間有關。

But from a legal cost perspective, it is a fraction of what the legal expenses are that we've been incurred because of the trial.

但從法律成本的角度來看，這只是我們因審判而產生的法律費用的一小部分。

Right.

正確的。

And just -- maybe it's related, maybe it's not, but you talked about valuing and monetizing the portfolio companies.

只是——也許相關，也許不相關，但你談到了投資組合公司的估值和貨幣化。

I guess, on your balance sheet, they're listed in kind of like the $4.5 million value range.

我猜，在你的資產負債表上，它們的價值範圍大概是 450 萬美元。

Is there any expectation that they'd come in significantly higher than that or anything?

是否有任何期望他們的收入會明顯高於這個數字或其他什麼？

And is that a priority or just something you're kind of looking at in terms of monetizing that?

這是一個優先事項還是只是您在貨幣化方面考慮的事情？

So I think -- yeah, great question.

所以我認為——是的，很好的問題。

So we are looking at ways to raise capital in a non-dilutive way, number one.

因此，我們正在尋找以非稀釋方式籌集資金的方法，這是第一。

Number two, it's about focus.

第二，關於焦點。

We have these assets.

我們有這些資產。

It takes money, it takes time to work with them.

與他們合作需要金錢，需要時間。

And I think we want to focus the balance sheet, focus the management team, monetize those assets, get the balance sheet clean and focused, keep the management team focused.

我認為我們希望集中資產負債表，集中管理團隊，將這些資產貨幣化，使資產負債表乾淨且集中，讓管理團隊保持集中。

So that's really the priority.

所以這確實是當務之急。

And as I mentioned, we have several investments that we think we can monetize over the course of the next year or so.

正如我所提到的，我們有幾項投資，我們認為我們可以在明年左右將其貨幣化。

And then also looking at what IP we have that is important for our future and what IP is not, monetize that as well.

然後也要看看我們擁有哪些智慧財產權對我們的未來很重要，哪些智慧財產權不重要，並將其貨幣化。

Make sure that we're carrying the costs of that IP for the right reasons.

確保我們出於正確的原因承擔該知識產權的成本。

So these things have been going on for quite a while.

所以這些事情已經持續了很長一段時間了。

But I think just now, we want to focus our attention there and clean up the balance sheet and the ownership stakes that we have in some of these companies.

但我認為現在我們希望將注意力集中在那裡，清理資產負債表和我們在其中一些公司中擁有的所有權股份。

Yeah.

是的。

A little bit more of a target for you, Glenn.

格倫，你的目標有點多。

I think from my perspective, I'm looking at $6 million to $12 million is kind of the range that I'm hoping for here.

我認為從我的角度來看，600 萬美元到 1200 萬美元是我所希望的範圍。

Right.

正確的。

Great.

偉大的。

Okay.

好的。

And then just moving on to actual business, a solid book to bill and everything, I think last quarter, you talked about the government funding vehicles opening up.

然後就轉向實際業務，一本可靠的書來計費等等，我想上個季度，您談到了政府融資工具的開放。

If they were to open up that there'd be $10 million to $20 million-ish in potential orders out there.

如果他們公開的話，潛在訂單將達到 1,000 萬至 2,000 萬美元左右。

Is that what we saw here or is there just more momentum now that maybe some of the funding issues have temporarily eased perhaps?

這是我們在這裡看到的嗎？

Actually -- so everything that we have in the order book is excluded from the funding that we talked about.

實際上，我們訂單簿中的所有內容都被排除在我們討論的資金之外。

So this would be additive, and we're actively working with our congressional partners to access some funds that is in the budget that we would like allocate it to a program, actually two programs that we have here at Kopin.

因此，這將是附加的，我們正在積極與國會合作夥伴合作，以獲取預算中的一些資金，我們希望將其分配給一個項目，實際上是我們在 Kopin 擁有的兩個項目。

So that work is ongoing with our legislation partners, and it's progressing.

因此，這項工作正在與我們的立法合作夥伴一起進行，並且正在取得進展。

So too early to tell if and when we'll receive those monies, but we're working on it proactively.

現在判斷我們是否以及何時收到這些資金還為時過早，但我們正在積極努力。

And it's a fairly significant investment into the company and technology development if and when we do get it.

如果我們真的得到了它，這對公司和技術開發來說是一項相當重大的投資。

Great.

偉大的。

And then last one for me, just on the ENVG goggle comment that you made.

最後一篇是關於你對 ENVG 護目鏡的評論。

And obviously there's a lot of those out there deployed in just -- so is like any sense of -- is there a long R&D process to get on to those systems or is this something that

顯然，有很多部署在 - 所以就像任何感覺 - 是否有一個漫長的研發過程來進入這些系統，或者這是一個什麼東西

--

--

Would there be R&D revenue associated with that or something over time while it gets -- plan gets formulated or is there some quicker pace to expect or anything like that.

是否會有與此相關的研發收入或隨著時間的推移而製定的計劃或是否有更快的進度或類似的事情。

Color would be great.

顏色會很棒。

Sure.

當然。

You'll hear more about this from me shortly, but we have a daytime and nighttime IVAS NOW strategy, as I mentioned earlier, and the nighttime version of that is an adaptation and a module that we would sell alongside the current ENVG goggles that would provide thermal imaging as an additional input to that system.

你很快就會從我這裡聽到更多關於這方面的信息，但正如我之前提到的，我們有一個白天和夜間的IVAS NOW 策略，而夜間版本是一個改編版本和一個模組，我們將與目前的ENVG 護目鏡一起銷售，提供熱成像作為該系統的附加輸入。

So, to your point, I think it's one of the highest volumes, if not the highest volume, goggle that the US government acquires as well as our friends at NATO.

所以，就你的觀點而言，我認為這是美國政府以及我們北約朋友購買的數量最多的護目鏡之一，即使不是數量最多的護目鏡。

So it is an exciting opportunity for us.

所以這對我們來說是一個令人興奮的機會。

The nighttime vision goggle market is vast.

夜視鏡市場廣闊。

And we have a partner already selected to work with us in this area.

我們已經選擇了一個合作夥伴在這一領域與我們合作。

We hope to announce that shortly.

我們希望盡快宣布這項消息。

We've already received some small business initiatives and funding to develop the technology because our warfighters need it today.

我們已經收到了一些小型企業的倡議和資金來開發該技術，因為我們的戰士今天需要它。

We learned this in Israel, specifically in the tunnels there.

我們在以色列學到了這一點，特別是在那裡的隧道。

So we're working very diligently to develop that technology, and it's a very elegant design that can be used today.

因此，我們正在非常努力地開發這項技術，這是一種非常優雅的設計，可以在今天使用。

So we think it's a quick turn to market.

所以我們認為這是一個快速進入市場的過程。

I think we'll be in market in production next year with this technology and the volumes are exciting, tens of thousands of units.

我認為明年我們將採用這項技術投入生產，而且數量令人興奮，達到數萬台。

Furthermore, our daytime hub, which currently doesn't exist in the market.

此外，我們的日間中心目前在市場上尚不存在。

We're working with a very significant partner in -- I don't think I can say just yet.

我們正在與一個非常重要的合作夥伴合作——我想我現在還不能說。

But once we do, they have a tremendous market share and SOCOM SEAL Team, Six Special Forces.

但一旦我們這麼做了，他們就會擁有龐大的市佔率和特種作戰司令部海豹部隊、六支特種部隊。

And that's an additional item that they would sell alongside their popular helmet warning systems.

這是他們將與流行的頭盔警告系統一起銷售的附加產品。

So that's our daytime strategy.

這就是我們的白天策略。

And so I think there's some small and our read, it will receive for that.

所以我認為有一些小的，我們的閱讀，它會收到。

But the really exciting revenue comes from production, which we believe will be 2025.

但真正令人興奮的收入來自於生產，我們相信這將在 2025 年實現。

And then certainly in 2026 and beyond.

然後肯定是在 2026 年及以後。

Great.

偉大的。

All right.

好的。

Thanks for all the color.

感謝所有的顏色。

Micheal.

麥可.

Good luck.

祝你好運。

Thanks, Glenn.

謝謝，格倫。

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

Kevin Dede, HC Wainright.

凱文·德德，HC 溫賴特。

Good morning, Michael.

早上好，麥可。

Hi Rich.

嗨，里奇。

Looking for a little insight on your 2.7 book-to-bill vis-a-vis the capacity utilization, can you give us some sort of color on where you are and how much room do you have within your three facilities to meet demand that you're expecting?

希望對您的 2.7 訂單到帳單與產能利用率有一些了解，您能給我們一些關於您的位置以及您的三個設施中有多少空間來滿足您的需求的信息嗎？

Great question.

很好的問題。

So if you recall, Kevin, I took the very unpopular decision to close the fabric for a couple of days in Q4 of last year, which impacted our revenues.

所以，如果你還記得的話，凱文，我在去年第四季做出了一個非常不受歡迎的決定，關閉了結構幾天，這影響了我們的收入。

The reason we did that was we needed to move items around in Bay 7 and Bay 8.

我們這樣做的原因是我們需要在 7 號灣和 8 號灣移動物品。

We also did a Sprint Bay 7 at that point in time.

當時我們還做了 Sprint Bay 7。

And that was really to make the capacity and the opportunity to be able to build this level of volume.

這實際上是為了創造能力和機會來建立這種程度的數量。

So far, so good.

到目前為止，一切都很好。

The teams are working well.

團隊運作良好。

We're hitting new volume levels within the fab, but we're scaling well.

我們在晶圓廠內達到了新的產量水平，但我們的規模擴展得很好。

And we do not see any resource requirement issues from a CapEx perspective for the fab.

從晶圓廠的資本支出角度來看，我們沒有看到任何資源需求問題。

It's really now about getting the right people and trained and that time to market for them to be trained and then start to be productive.

現在真正的問題是找到合適的人員並進行培訓，然後將他們推向市場，讓他們接受培訓，然後開始發揮生產力。

So we're on plan, we're on target.

所以我們正在按計劃進行，我們正在達到目標。

We're producing well and our quality levels at low single digits in terms of rejects at incoming inspection at our customer, which we've never actually had before.

我們的生產狀況良好，而且我們的品質水準在客戶進貨檢驗時的廢品率方面處於低個位數，這是我們以前從未真正遇到過的。

I don't believe.

我不相信。

So, we're moving along quite well.

所以，我們進展順利。

We have not yet pulled the trigger on a second shift.

我們還沒有扣下第二班的板機。

So that options available to us.

這樣我們就有了選擇。

Okay.

好的。

The on-time, in-full, quote Mike, you gave us was 84% in March versus 63% in December.

麥克，您給我們的準時、完整報價在 3 月為 84%，而在 12 月為 63%。

Was that -- did I hear that right?

那是──我沒聽錯吧？

No.

不。

So that was 84% was previous year and we are now in the low single digits -- we're now in the high 90s.

去年的比例是 84%，而我們現在處於較低的個位數——我們現在處於 90 多歲的高位。

Okay, so

可以，然後呢

---

---

Kevin, just to clarify.

凱文，我只是想澄清一下。

So what Mike was saying is that when it came in, it was at 63%.

所以麥克所說的是，當它進來時，它是 63%。

Last year in January, and he drove it up to 84% by the end of the year and now we've moved it further.

去年 1 月，他在年底將這一比例提高到了 84%，現在我們又進一步推進了這一目標。

How much more room do you think you have to go there?

你認為你還需要多少空間才能去那裡？

I mean, I don't know that 100% as possible I'm just give me a sort of what your target is.

我的意思是，我不知道 100% 可能，我只是給我一個你的目標是什麼。

Well, the target is always 100% and there is a band though, to your point, Kevin, where you end up having diminished returns, number one.

好吧，目標始終是 100%，但凱文，就你的觀點而言，有一個區間，你最終會得到收益遞減的結果，這是第一名。

Number two, these display systems are very difficult to manufacture without any sort of level of FOD or foreign object debride, that gets in the lenses.

第二，如果沒有任何等級的 FOD 或異物清除進入透鏡，這些顯示系統的製造非常困難。

But what I consider good is a 1% to 3% rate where you've got a fallout of 1% to 3%.

但我認為好的是 1% 到 3% 的利率，而你會得到 1% 到 3% 的影響。

I think that's best in class.

我認為這是班上最好的。

It's much better than what we see from other competitors in the space.

它比我們從該領域其他競爭對手看到的要好得多。

And certainly, even from our customer perspective, when I hear our customers ask our quality group to visit their quality group and their facilities.

當然，即使從我們客戶的角度來看，當我聽到我們的客戶要求我們的品質團隊參觀他們的品質團隊及其設施時。

I know we're doing a good job and that's already happened in several locations here, but I can report my briefing yesterday, the firm created a month where we hit 100% on-time in-full on every single project we have last month, and we've never done that before since I've been here.

我知道我們做得很好，而且這已經在這裡的幾個地方發生了，但我可以報告昨天的簡報，該公司創建了一個月，我們上個月的每個項目都達到了100% 的準時完成率，自從我來到這裡以來，我們以前從未這樣做過。

So great progress by that by the firm so far.

到目前為止，該公司在這方面取得了巨大的進步。

Can you help me understand where you have to go with FWSI versus ENVG and addressing the night vision and the day vision.

您能幫我了解 FWSI 與 ENVG 的差異以及解決夜視和日視問題嗎？

I mean, I'm just and look in view of or with regards to the technology need to develop.

我的意思是，我只是考慮或考慮到需要開發的技術。

Well, I see it's definitely leveraging knowledge that we have around the marriage between the display and the optics and the form factor that's required in terms of very small form factors, working with current systems and inputs into current systems and working very closely with our customer base.

嗯，我認為它肯定利用了我們在顯示器和光學器件之間的結合以及非常小的外形尺寸所需的外形尺寸方面所擁有的知識，使用當前系統並輸入到當前系統中，並與我們的客戶密切合作根據。

It's an intimacy that we need to have with our customer to work within their system.

這是我們需要與客戶建立的親密關係，以便在他們的系統中運作。

And that's a trust level that Kopin is creating because of the business development folks that we've been able to bring into the company.

這就是 Kopin 正在創造的信任水平，因為我們能夠將業務開發人員帶入公司。

So the technology is there, the display capabilities there with our own lead capability now that we have it in a native friendly location.

所以技術就在那裡，顯示能力就在那裡，我們自己的領先能力現在已經在本地友好的位置了。

The opportunities, Kevin, that we're seeing because of that, our immense and moving into a NATO-friendly country is definitely opened up a lot of opportunities, but the technology right now that we see winning the day is our lead capability along with a bespoke optic and between FWSI, the thermal weapons site for a weapon and the thermal capability for ENVG, it's very similar, but it acts more like an injector versus a viewing angle type of device.

凱文，正因為如此，我們看到了巨大的機會，進入了一個對北約友好的國家，這無疑帶來了很多機會，但我們現在看到的獲勝技術是我們的領先能力以及定制光學器件和FWSI （武器的熱武器站點）和ENVG 的熱能力之間非常相似，但它的作用更像是注入器而不是視角類型的設備。

Can you -- in that discussion, Michael, can you kind of layer on -- I mean, if I heard correctly in your prepared remarks, you alluded to the number of inputs that a Warfighter has to deal with and I was wondering how the DoD is asking you to handle that and what sort of time line you have and whether or not that has to get integrated into FWSI?

你能——在那次討論中，邁克爾，你能談談——我的意思是，如果我在你準備好的發言中沒聽錯的話，你提到了戰士必須處理的輸入數量，我想知道如何國防部要求你處理這個問題，你有什麼樣的時間表，以及是否必須將其整合到 FWSI 中？

Great question.

很好的問題。

So when we talk with the US Department of Defense, they want simplicity and they want size, weight and power, obviously at a decent cost and the ability to enter into sensor fusion capabilities like neural display is what they want to see and hear about more and invest in more importantly, and Kopin is very unique in that capability here in the United States.

因此，當我們與美國國防部交談時，他們想要簡單性，他們想要尺寸、重量和功率，顯然以合理的成本，並且進入神經顯示等感測器融合功能的能力是他們希望看到和聽到的更多內容更重要的是，Kopin 的這種能力在美國是獨一無二的。

So what they're asking for is very flexible software defined technology that can be adapted for the $252 million, service people that we have to put through a year or over the course of several years.

因此，他們要求的是非常靈活的軟體定義技術，可以適應我們一年或幾年內必須投入的 2.52 億美元的服務人員。

So I think it's that level of sophistication, but the ability to make it software defined is really what we're hearing from the customer base.

所以我認為這就是那種複雜程度，但我們從客戶群聽到的確實是軟體定義的能力。

So I think that's where we're focused and where we're going.

所以我認為這就是我們關注的重點和我們要去的地方。

The capability of the company is very unique for that customer base.

該公司的能力對於該客戶群來說是非常獨特的。

And what they're valuing is our ability to do a lot of different things through software, utilizing our capability with micro displays and the optics.

他們看重的是我們透過軟體完成許多不同事情的能力，利用我們在微型顯示器和光學方面的能力。

So that's what we see kind of winning the day in the future.

這就是我們所看到的未來​​獲勝的方式。

And would you mind sort of segregating synthetic human user inputs versus battlefield awareness inputs?

您是否介意將合成人類使用者輸入與戰場意識輸入分開？

I think maybe that's where I'm tripped up.

我想也許這就是我被絆倒的地方。

So Kevin, this is Rich.

凱文，這是里奇。

Just to need take a step back.

只是需要退一步。

So a soldier at night with his night vision goggles and as FWSI is getting a tremendous amount of information through his systems, not just thermal imaging, but reversing our presentation we provide we overlay on the national scene over a dozen different types of information so the soldiers getting all of this information about what's going on around them at night.

因此，一名士兵在晚上戴著夜視鏡，FWSI 透過他的系統獲取大量信息，不僅僅是熱成像，而是反轉我們提供的演示，我們在國家場景上疊加了十幾種不同類型的訊息，因此士兵們可以獲得有關夜間周圍發生的事情的所有資訊。

Soon as the sun comes up, they lose it all, it's gone.

太陽一升起，他們就失去了一切，一切都消失了。

Now they're just walking around with a pair of binoculars and an optical site.

現在他們只是帶著一副雙筒望遠鏡和一個光學站點四處走動。

And so all the other information is gone.

所以所有其他資訊都消失了。

And so that's what they're trying to do is the issue, of course, you compete against the sun tried to overlay it during the daytime.

所以這就是他們試圖做的問題，當然，你與太陽競爭試圖在白天覆蓋它。

So they're trying to do is give the soldier all that information they get at night during the day and that's what's really hard because you're dealing with the sun.

所以他們試圖做的就是向士兵提供他們在白天晚上獲得的所有信息，這真的很困難，因為你要面對太陽。

That's why we need the 20,000 nits, right?

這就是我們需要 20,000 尼特的原因，對嗎？

Correct.

正確的。

And that's our daytime HUD.

這就是我們的白天 HUD。

So it provides you, Kevin, the telematics, geospatial awareness where your buddies are, where they're not so friendly folks are and which way to travel.

因此，凱文，它為您提供了遠端資訊處理、地理空間意識，您的好友在哪裡，他們在哪裡，他們不那麼友好，以及旅行的方式。

So that type of technology during the day is critically important as long as it doesn't add size, weight, and power consumption.

因此，只要不增加尺寸、重量和功耗，這種技術在白天就至關重要。

So our designs are very lightweight.

所以我們的設計非常輕量。

Our soldiers can carry them in a backpack, use them when they need to it attaches to a very popular helmet worn system that special forces already uses.

我們的士兵可以將它們放在背包中，並在需要時使用它們，它連接到特種部隊已經使用的非常流行的頭盔佩戴系統。

And I think that's the big thing, Kevin, if you take anything away from the strategy is we have that visual acuity system for daytime and nighttime today for use for what is in field today.

我認為這是一件大事，凱文，如果你從戰略中拿走任何東西的話，那就是我們今天擁有白天和夜間的視敏度系統，用於今天的現場工作。

That's our IVAS NOW strategy, and you'll see some graphics from us on this at our next presentation, but we also have a long term, IVAS NEXT strategy, which is the neural display architecture, which takes that big goggle for daytime and nighttime use and reduces it down to what we think should be a set of Oakley's as an example.

這就是我們的 IVAS NOW 策略，您將在下一次演示中看到我們提供的一些相關圖表，但我們還有一個長期的 IVAS NEXT 策略，即神經顯示架構，它在白天和夜間都需要配備大護目鏡使用並將其簡化為我們認為應該是一組Oakley 的範例。

So but that level of technology to provide geospatial awareness trajectory and maybe even shot whistle, where did the shot come from as an example.

因此，但是提供地理空間意識軌跡甚至射擊哨子的技術水平，例如射擊來自哪裡。

Those are all types of technologies and information that the warfighter is getting through this type of HUD or head-up display that we're enabling for daytime and nighttime uses.

這些是作戰人員透過我們為白天和夜間使用的此類 HUD 或平視顯示器所獲取的所有類型的技術和資訊。

So book-to-bill almost doubled sequentially.

因此，訂單出貨量幾乎連續翻了一番。

Can you give us the highlights of the drivers there?

您能為我們介紹一下那裡的車手的亮點嗎？

And clearly, consumer business fell off to zero.

顯然，消費者業務跌至零。

I'd just maybe offer a little insight on where you think that's going?

我可能只是想提供一些關於您認為事情會發生什麼的見解？

The new order is for a new configuration.

新訂單適用於新配置。

The $20.5 million order is for a new thermal weapon site configuration.

這份 2050 萬美元的訂單用於新的熱武器站點配置。

We believe that is due to a new weapon selection by the US governments.

我們認為這是由於美國政府選擇了新的武器。

And if you Google hard enough, you can find out which squad weapons those are.

如果你用足夠的谷歌搜索，你就能找到這些是哪些小隊武器。

So that's where that order came from.

這就是該命令的來源。

We believe that it's going to be a sustainable new product for us for several years in the future.

我們相信，在未來的幾年裡，它將成為我們永續發展的新產品。

So great additional revenue on our thermal weapon sight programs.

我們的熱武器瞄準器專案帶來如此龐大的額外收入。

But again a new weapon selection, that's where that came from.

但同樣是新的武器選擇，這就是它的來源。

Secondly, from a standpoint of the consumer business -- consumer right now, I mentioned the AR/VR marketplace for spatial computing, it's still emerging.

其次，從消費者業務的角度來看——現在的消費者，我提到了空間運算的 AR/VR 市場，它仍在新興。

I think the systems that are out there today are really software development systems for platforms.

我認為當今的系統實際上是平台的軟體開發系統。

I see the largest customers in the world developing their software ecosystems, their software stores and their applications for that technology.

我看到世界上最大的客戶正在開發他們的軟體生態系統、軟體商店以及該技術的應用程式。

I think the next generations of those technologies are going to be much sleeker, definitely lighter because of the cantilever weight that we're seeing with the opportunism Pro as a perfect example far too heavy on the nose and creating tremendous cantilever weight on the back of your neck, it just can't be used for long enough periods of time.

我認為這些技術的下一代將會更加時尚，而且肯定會更輕，因為我們看到機會主義 Pro 的懸臂重量就是一個完美的例子，它的鼻子太重，在後部產生了巨大的懸臂重量。你的脖子，它只是不能使用足夠長的時間。

So Kopin can help with that.

因此 Kopin 可以提供協助。

We have decades of experience in helping with those types of technologies.

我們在幫助此類技術方面擁有數十年的經驗。

And we think neural display is a great opportunity for these customers to reduce size, weight and power consumption while still doing things like eye gaze, for things like shopping as an example and marketing feedback as to where the eyes go on a Facebook page and offerings page.

我們認為，神經顯示對於這些客戶來說是一個很好的機會，可以減少尺寸、重量和功耗，同時仍然可以執行諸如眼睛注視之類的操作，例如購物以及有關眼睛在Facebook 頁面和產品上的位置的行銷回饋頁。

So we see that being one of the key drivers for consumer, which is really exciting technology for us.

因此，我們認為這是消費者的關鍵驅動力之一，這對我們來說確實是令人興奮的技術。

So I understand the source vendors for helmets are different airframes.

所以我知道頭盔的來源供應商是不同的機身。

But I was wondering if you had any insight on given the success you've had with the F-35 and where you might be able to go with, say, the 15EX and some of the new Helo programs.

但我想知道，鑑於您在 F-35 上取得的成功以及您可以在哪些方面使用 15EX 和一些新的 Helo 項目，您是否有任何見解。

I know you've spoken to them in the past.

我知道你過去曾與他們交談過。

I was just wondering if you could give us an update on those.

我只是想知道您能否向我們提供最新情況。

Sure.

當然。

So our customer there, is moving forward with our SNO2 project.

因此，我們的客戶正在推進我們的 SNO2 專案。

That's a project that we've had with Elbit for several years.

這是我們與埃爾比特合作多年的一個項目。

We see that opportunity moving forward.

我們看到這個機會正在向前發展。

We also see, I believe, increased volumes when it comes to the Chinook helicopter and some of the other helicopter programs that we're engaged in and that technology is moving forward.

我相信，我們也看到支奴干直升機和我們參與的其他一些直升機計畫的數量增加，而且技術正在不斷進步。

So that's mainly on our LCD technology.

這主要取決於我們的 LCD 技術。

We are seeing the transition to OLED finally.

我們終於看到了向 OLED 的過渡。

We believe that we'll have a production order for OLED capability for both rotary wing and fast movers this year.

我們相信，今年我們將獲得用於旋翼機和快速推進器的 OLED 產能生產訂單。

So we're expecting that.

所以我們對此充滿期待。

And on the fast mover program, the F-35, the team did complete our last milestone in that program for our customer this quarter.

在快速推進計劃 F-35 上，團隊本季確實為我們的客戶完成了該計劃的最後一個里程碑。

So we are now through all the development phases on the F-35 OLED program.

現在我們已經完成了 F-35 OLED 專案的所有開發階段。

Okay.

好的。

One last one just on the Abrams and any insight you might have some of the feedback coming on.

最後一篇是關於艾布拉姆斯的，以及您可能會收到的一些回饋的任何見解。

The Abrams performance in Ukraine hasn't been stellar.

艾布拉姆斯在烏克蘭的表現並不出色。

So I was wondering if any of that is sort of infiltrated way that you've been asked to update or upgrade their optics?

所以我想知道是否有任何一種滲透方式要求您更新或升級他們的光學元件？

Great question.

很好的問題。

Yes, we continue our PPAP programs.

是的，我們繼續我們的 PPAP 計劃。

We've hit all of our milestones so far, it's coming to a close shortly here.

到目前為止，我們已經實現了所有里程碑，很快就會結束。

We do expect to have and RFP for production units in the next quarter as we articulated last year.

正如我們去年所闡明的那樣，我們確實預計在下一季為生產單位提供 RFP。

And we've been in discussion directly with General Dynamics who actually visited the facility here several weeks ago because we are part of their thermal imaging and AI targeting system.

我們一直在與通用動力公司進行直接討論，通用動力公司幾週前就參觀了這裡的設施，因為我們是他們的熱成像和人工智慧瞄準系統的一部分。

They're moving forward with our platform.

他們正在推進我們的平台。

That's what they said to us recently.

這是他們最近對我們說的話。

And that platform will help improve lethality, of the of the Abrams tank, reduced size, weight, and power, which is a significant problem, as you correctly stated that we're seeing with the Abrams tank program.

該平台將有助於提高艾布拉姆斯坦克的殺傷力，減少尺寸、重量和功率，這是一個重大問題，正如您正確指出的那樣，我們在艾布拉姆斯坦克計劃中看到了這一點。

So, to summarize that, we increased lethality because of what we do and how we do it.

因此，總而言之，我們的殺傷力之所以增加，是因為我們所做的事情以及做事的方式。

And we reduce size, weight, and power, which is a key aspect of the next-generation spec for Abrams as well as some of the other General Dynamics programs that we're working on currently.

我們縮小了尺寸、重量和功率，這是艾布拉姆斯下一代規格以及我們目前正在研究的其他一些通用動力項目的關鍵方面。

But too early to tell what those will relate to in terms of revenue.

但現在判斷這些與收入有何關係還為時過早。

Thank you very much, Michael, and thank you too Rich for the color for the idiots like myself.

非常感謝你，邁克爾，也感謝里奇為像我這樣的白痴提供的顏色。

Appreciate it.

欣賞它。

Thank you, Kevin.

謝謝你，凱文。

Thank you.

謝謝。

It appears that we have no further questions at this time.

目前看來我們沒有其他問題了。

I will now turn the program back over to our presenters for any additional or closing remarks.

我現在將把節目交還給我們的主持人，以供補充或結束語。

Thank you very much, operator, I just wanted to say thank you to everyone for participating today.

非常感謝您，接線員，我只是想對大家今天的參與表示感謝。

Thank you to the analysts for their great questions and color, we hope this is helpful.

感謝分析師提出的精彩問題和色彩，我們希望這對您有幫助。

And Rich and I will be available over the course of the next week and several weeks to answer any other questions we can on one-to-one basis.

里奇和我將在接下來的一周和幾週內一對一地回答任何其他問題。

So thank you very much for your time, attention, and investment in Kopin.

非常感謝您對 Kopin 的時間、關注和投資。

And as a reminder, you will be receiving a proxy vote in the next week or so.

提醒一下，您將在下週左右收到代理投票。

Please vote.

請投票。

Thank you.

謝謝。

Thank you.

謝謝。

This does conclude today's program.

今天的節目到此結束。

Thank you for your participation.

感謝您的參與。

You may disconnect at any time.

您可以隨時斷開連線。