Kopin Corp (KOPN) 2024 Q2 法說會逐字稿

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

大家早安，歡迎參加 Kopin 公司 2024 年第二季財報電話會議。

(Operator Instructions) Please note this event is being recorded.

（操作員說明）請注意此事件正在被記錄。

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

這次，我想將電話會議轉給 Kopin 投資者關係部的 Brian Prenoveau。

Please go ahead.

請繼續。

Thank you, Cindy.

謝謝你，辛蒂。

Good morning, everyone.

大家早安。

Before we get started, I'd like to remind everyone that during today's call taking place on Thursday, August 8, 2024, we will be making forward-looking statements as defined in the Private Securities Litigation Reform Act 1995.

在開始之前，我想提醒大家，在 2024 年 8 月 8 日星期四舉行的今天的電話會議中，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 and 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、信念和估計，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 our 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我們產品的需求、子公司的經營業績、市場狀況以及我們最近的 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 results will be realized and the company undertakes no obligation to update the forward-looking statements made during today's call.

儘管該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以被證明是不準確的，並且不能保證結果將會實現，並且該公司不承擔更新今天電話會議期間做出的前瞻性陳述的義務。

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 reconciliation in the company's SEC filings and press releases.

此外，可能會提及某些非普遍接受的會計原則或非 GAAP 衡量標準，您應參考本公司向 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 second quarter 2024 financial results.

在邁克爾之後，Kopin 的財務長 Richard Sneider 將審查公司 2024 年第二季的財務業績。

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

我現在想把電話轉給邁克爾·莫瑞。

Michael?

麥可？

Thank you, Brian, good morning to everyone, and welcome to our second quarter 2024 earnings call.

謝謝布萊恩，大家早上好，歡迎參加我們的 2024 年第二季財報電話會議。

I'm going to spend much of the time on this call updating you on the strong progress we made operationally on our strategic initiatives.

我將在這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。

I'm very proud of the significant progress we are making on our transformation plan.

我對我們的轉型計劃取得的重大進展感到非常自豪。

We have received over $55 million in orders for 2024 and beyond, including repeat or follow-on orders from our existing customers and programs and importantly, orders from new customers within the US and now Europe, which demonstrates that we are actively expanding our revenue and customer base.

我們已收到2024 年及以後超過5500 萬美元的訂單，包括來自我們現有客戶和計劃的重複或後續訂單，重要的是，來自美國和現在歐洲的新客戶的訂單，這表明我們正在積極擴大我們的收入和客戶群。

The second quarter was highlighted by continued sales momentum with $12.3 million in revenue.

第二季的銷售勢頭強勁，營收達 1,230 萬美元。

Notably, our products for defense applications delivered year-over-year growth of 106% at $10.4 million.

值得注意的是，我們的國防應用產品年增 106%，達到 1,040 萬美元。

This progress has been validated and validating our strategy to reset the course within Kopin to focus on defense products that we began last year.

這一進展已經得到驗證，並驗證了我們在 Kopin 內部重置課程以專注於我們去年開始的國防產品的戰略。

Every month in Q2 and in July, incoming inspection rates at our top customers reached 97%, up from 86% the previous quarter, which positively and significantly impacted product gross margins.

在第二季和七月的每個月，我們主要客戶的進貨檢驗率均達到 97%，高於上一季的 86%，這對產品毛利率產生了正面且顯著的影響。

We now expect Q3 revenues to increase cautiously above analyst guidance, and we are expecting a much stronger second half of 2024 than the first half.

我們現在預計第三季營收將謹慎成長，高於分析師指導，並且預計 2024 年下半年將比上半年強勁得多。

During the quarter, we demonstrated combat use helmet warn daytime and nighttime readable heads-up displays or HUDs.

在本季度，我們示範了戰鬥使用頭盔警告白天和夜間可讀平視顯示器或 HUD。

These concepts during the special operation forces weak or soft week in Tampa, Florida.

這些概念在佛羅裡達州坦帕市的特種作戰力量弱或弱的一周中出現。

We also expanded the focus of our 3D AOI sales team based in Europe, sell the full breadth of scope and products and capabilities to European and Southeast Asian defense customers.

我們也擴大了位於歐洲的 3D AOI 銷售團隊的重點，向歐洲和東南亞國防客戶銷售全方位的範圍、產品和功能。

This reorganization has already begun to produce orders and increased opportunities.

此次重組已經開始產生訂單和增加機會。

Just to recap our second quarter order activity, five new customers placed development orders, which when completed, we believe will fuel multimillion dollar per year production orders and significant revenue growth.

回顧我們第二季的訂單活動，有五家新客戶下了開發訂單，我們相信這些訂單完成後將推動每年數百萬美元的生產訂單和顯著的收入成長。

From an international perspective, we received a 1,200 unit production order for OLED microdisplays for the Indian armed forces with deliveries taking place over a six month time span.

從國際角度來看，我們收到了為印度武裝部隊生產 1,200 台 OLED 微型顯示器的生產訂單，交貨時間超過六個月。

Now from a domestic perspective, we received a development contract from a new defense customer to support the integration of our OLED microdisplay with a power-efficient, low latency, digital night vision sensor referred to as PEB NVIS for use in next-generation war fighter integrated visual acuity systems, also known as IVAS.

現在從國內角度來看，我們收到了新國防客戶的開發合同，支援將我們的 OLED 微顯示器與高能效、低延遲的數位夜視感測器（稱為 PEB NVIS）集成，用於下一代戰鬥機綜合視力系統，也稱為IVAS。

Furthermore, the US Army awarded Kopin a phase 1 SBIR contract to research optical approaches for visual augmentation systems to improve performance and lessened cognitive dissonance and nausea.

此外，美國陸軍還授予 Kopin 第一階段 SBIR 合同，研究視覺增強系統的光學方法，以提高性能並減少認知失調和噁心。

This is critical research, for the military, and we are honored to be able to be trusted to do this work.

對於軍隊來說，這是一項至關重要的研究，我們很榮幸能夠被信任來進行這項工作。

The US Army also awarded comp of Kopin a contract to develop a high resolution IPS assembly for the new commanders launch assembly or CLA, used in next generation short range interceptor or NGSRI system.

美國陸軍還授予 Kopin 公司一份合同，為新指揮官發射組件或 CLA 開發高分辨率 IPS 組件，用於下一代短程攔截器或 NGSRI 系統。

The NGSRI system and program was won by Lockheed and it is expected to replace over 100,000 Stinger Missiles and launchers.

NGSRI 系統和專案由洛克希德公司贏得，預計將取代超過 100,000 枚刺針飛彈和發射器。

These new projects are expected to be faster turnaround enabled and have radiofrequency jamming capabilities.

這些新項目預計將實現更快的周轉，並具有射頻幹擾能力。

Kopin has been selected to design, develop and produce targeting IPs for the new launchers.

Kopin 已被選中為新發射器設計、開發和生產目標 IP。

We believe the program will require just as many launches as there are missiles when production starts in 2027 and we estimate this contract will provide Kopin tens of millions of revenues in peak annual production.

我們相信，當 2027 年開始生產時，該計劃所需的發射次數將與導彈的發射次數一樣多，我們估計這份合約將在年產量高峰期為 Kopin 帶來數千萬美元的收入。

Now I would like to remind folks of some of the other notable items that we have been working on in 2024.

現在我想提醒大家我們 2024 年一直在做的其他一些值得注意的項目。

Kopin has developed integrated visual acuity system or IVAS now solution, which allows war fighters both at night and daytime solution today that works with their currently fielded systems like the current versions of Night Vision Goggles or NVG goggles, and popular helmet won systems like those from Wilcox.

Kopin 開發了整合視敏度系統或IVAS now 解決方案，該解決方案允許戰士在夜間和白天使用解決方案，該解決方案可與他們目前部署的系統（如當前版本的夜視鏡或NVG 護目鏡）以及流行的頭盔贏得系統（如來自威爾科克斯。

This allows Kopin immediate access to a significant market potential.

這使得 Kopin 能夠立即獲得巨大的市場潛力。

There are millions of NVG goggles in use today, which require the additional information sources to be visible through the goggles during operation.

目前有數百萬個 NVG 護目鏡在使用，這需要在操作過程中透過護目鏡看到額外的資訊來源。

Kopin's OLED solutions provide the real time digital overlay to the analog world in a unique, easy-to-use, lightweight, adaptable and lesser cost and the high-end systems, which are cost prohibitive.

Kopin 的 OLED 解決方案以獨特、易於使用、輕巧、適應性強且成本較低的方式向類比世界提供即時數位疊加，以及成本高昂的高階系統。

We've also demonstrated our neural display, a highly advanced OLED bidirectional display that includes embedded sensors to track eye movement position and gaze while simultaneously processing the tracking data in Kopin's proprietary software integrated within an AI engine that resides in the back plane of the display.

我們還展示了我們的神經顯示器，這是一種高度先進的OLED 雙向顯示器，其中包括嵌入式感測器，用於追蹤眼睛運動位置和注視，同時處理整合在位於顯示器背板的人工智慧引擎中的Kopin專有軟體中的追蹤數據。

The system adjusted displayed information in real time to optimize user experience and performance in high-stakes use cases.

系統即時調整顯示訊息，以優化高風險用例中的使用者體驗和效能。

This innovative software platform has now reached the alpha testing stage of development, marking a significant milestone in our neural display development efforts.

這個創新的軟體平台現已進入開發的 alpha 測試階段，標誌著我們神經顯示開發工作的一個重要里程碑。

We believe that this display system will be a great fit for the next generation of defense, visual augmentation systems.

我們相信此顯示系統將非常適合下一代防禦、視覺增強系統。

And it's also receiving significant interest from consumer spatial computing manufacturers due to its ability to reduce size, weight, power consumption while still offering a great image quality high and people tracking and dynamic image control.

由於其能夠減小尺寸、重量和功耗，同時仍提供出色的影像品質以及人員追蹤和動態影像控制，因此它也受到了消費者空間運算製造商的極大興趣。

In addition to our efforts, Kopin is also benefiting from overall market trends.

除了我們的努力之外，Kopin還受益於整體市場趨勢。

Our pipeline of opportunities is being fueled by US, DoD, refreshing its current capabilities, investing in new targeting and next-generation of visual acuity systems and now NATO pushing member countries to spend the required 2% of GDP required by the membership mandate.

我們的機會管道正在由美國、國防部推動，更新其當前的能力，投資於新的目標定位和下一代視敏度系統，現在北約正在推動成員國按照其成員授權要求將國內生產總值的2 % 支出。

Furthermore, consumer, medical and industrial companies are reevaluating their spatial computing architectures and realizing that not only do customers want a great display, but there are demanding reductions in size, weight, power consumption and cost.

此外，消費者、醫療和工業公司正在重新評估其空間運算架構，並意識到客戶不僅需要出色的顯示效果，而且還需要減少尺寸、重量、功耗和成本。

We anticipated these market signals with our patented AI enabled neural display architecture.

我們透過我們的專利人工智慧神經顯示架構預測了這些市場訊號。

As a result of this strategy focus and the reorganizations, we believe our opportunity pipeline has now expanded over $500 million, of which $350 million of the total resides within the defense market and has high probabilities for contractual awards, while the remaining $150 million of new opportunities are in other markets and in the early stages, it formation.

由於這一戰略重點和重組，我們相信我們的機會管道現已擴大超過 5 億美元，其中 3.5 億美元位於國防市場，並且很有可能獲得合同，而其餘 1.5 億美元則屬於新領域。其他市場，並且處於其形成的早期階段。

On the expense side of the ledger, in January, we launched our one Kopin initiative to enhance synergies, expand capabilities, gain efficiencies, decreased costs and increase accountability across our three sites.

在分類帳的費用方面，一月份，我們啟動了 one Kopin 計劃，以增強三個基地的協同效應、擴展能力、提高效率、降低成本並增強責任感。

As a reminder, that's Westboro, Massachusetts, Reston, Virginia and Dalgety Bay Scotland, which previously operated autonomously.

提醒一下，這些地區是馬薩諸塞州的韋斯特伯勒、維吉尼亞州的雷斯頓和蘇格蘭的達爾格蒂灣，這些地區之前都是自治的。

We have made substantial progress against our goals, including sharing engineering resources, initiating purchasing efficiencies and cross training our sales organizations.

我們在實現目標方面取得了實質進展，包括共享工程資源、提高採購效率以及對我們的銷售組織進行交叉培訓。

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

在回顧了我們的季度進展之後，讓我談談長期和我們的策略舉措，它們是我們未來成功的基礎。

Turning to our first strategic initiative, building the backlog.

談到我們的第一個策略舉措，即建立積壓訂單。

Our backlog remains ahead of plan for the year thus far, and we are pleased with the new customer adoption, which will bring a stronger, wider and deeper foundation for Kopin's long-term growth.

到目前為止，我們的積壓訂單仍然領先於今年的計劃，我們對新客戶的採用感到高興，這將為 Kopin 的長期成長帶來更強大、更廣泛和更深的基礎。

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

根據我們目前的採購訂單，Kopin 的武器瞄準具數量有可能在 2024 年內增加到 2023 年的三倍。

While our quality rates continue to improve and are stabilizing at the targeted levels.

同時我們的品質率繼續提高並穩定在目標水準。

With respect to our fixed and rotary wing aircraft orders, we have recently announced that our OLED display reached the final milestone and production readiness, which is a significant milestone for Kopin and our fab-light strategy, which supports the need for a US DoD approved deposition source for this technology.

關於我們的固定翼和旋翼飛機訂單，我們最近宣布我們的OLED 顯示器達到了最後的里程碑並已做好生產準備，這對於Kopin 和我們的輕晶圓廠戰略來說是一個重要的里程碑，該戰略支持了獲得美國國防部批准的需求該技術的沉積源。

This highly-customized display will run concurrently with the current AMLCD offering within pilot helmets for several years, potentially doubling our revenue in that application space.

這種高度客製化的顯示器將與飛行員頭盔中目前的 AMLCD 產品同時運行數年，這可能會使我們在該應用領域的收入翻倍。

Our monochrome micro-LED product for cockpit heads-up display applications will also enter its next phase of private production shortly as well.

我們用於駕駛艙平視顯示器應用的單色 Micro-LED 產品也將很快進入下一階段的私人生產。

Now turning to our armored vehicle program.

現在轉向我們的裝甲車計劃。

As discussed previously, the set 4 upgrade was canceled.

如同先前所討論的，第 4 組升級被取消。

However, we reaffirm that our weapons sight program will continue as planned and be added to previous upgrade packages and new developments alike.

然而，我們重申，我們的武器瞄準器計劃將按計劃繼續進行，並添加到先前的升級包和新的開發中。

We are pleased to report that part production approval process for PPAP program continues to progress on schedule, and we are now receiving early forecasts for production demands from General Dynamics.

我們很高興地報告，PPAP 計劃的零件生產審批流程繼續按計劃進行，我們現在收到通用動力公司對生產需求的早期預測。

We are unable to share these early volume estimates due to the sensitivities of that program.

由於該計劃的敏感性，我們無法分享這些早期的數量估計。

However, the outlook is starting to form to our original expectations.

然而，前景開始符合我們最初的預期。

As a reminder, Kopin will supply for integrated Weapons Sights systems per vehicle system sells for over $10,000 each.

提醒一下，Kopin 將為每個車輛系統提供整合式武器瞄準系統，每個系統的售價超過 10,000 美元。

And our understanding is that there will be -- that there are over 10,000 vehicles in service today, we expect to retrofit 10% to 20% of these vehicles while also being designed into new versions, also making this a significant relative revenue generation program for many years to come.

我們的理解是，目前有超過 10,000 輛車輛在使用，我們預計將改造其中 10% 至 20% 的車輛，同時設計新版本，這也使這成為一項重要的相對創收計劃未來很多年。

We've also increased our presence in the medical and biomedical space with design wins at the world's most advanced laboratories, universities and hospitals, which are using our ferroelectric liquid crystal on silicon displays as we announced previously.

我們也擴大了在醫療和生物醫學領域的影響力，贏得了世界上最先進的實驗室、大學和醫院的設計，正如我們之前宣布的那樣，這些實驗室、大學和醫院正在矽顯示器上使用我們的鐵電液晶。

Our CR3 headset also begun to receive interest as we are now supporting production orders for customers who are putting the product through their testing and through their paces.

我們的 CR3 耳機也開始引起人們的興趣，因為我們現在正在為正在對產品進行測試和測試的客戶提供生產訂單支援。

We are hopeful to announce a new strategic partner in this space later on this year, which will greatly accelerate our go-to-market plans and product adoption.

我們希望在今年稍後宣布該領域的新戰略合作夥伴，這將大大加快我們的上市計劃和產品採用。

Lastly, I spoke about our star missile replacement order, which is significant for Kopin.

最後，我談到了我們的明星導彈更換訂單，這對科平來說意義重大。

And there are several other opportunities like it.

還有其他幾個類似的機會。

We understand the US Army will seek to replenish and replace over 100,000 missiles.

據我們了解，美國陸軍將尋求補充和更換超過 10 萬枚飛彈。

We believe that they may also refresh the launching systems for other surface to air project styles, which are active opportunities we are pursuing both in the United States and in NATO countries.

我們相信，它們也可能更新其他地對空項目類型的發射系統，這是我們在美國和北約國家正在尋求的積極機會。

Over the long term, we believe Kopin has the technology, products solutions, customers and confirm contracts to grow yearly revenues to $100 million or beyond.

從長遠來看，我們相信 Kopin 擁有技術、產品解決方案、客戶和確認合同，可將年收入增長到 1 億美元或以上。

We are now deeply embedded within several US and NATO countries, Department of Defense programs that have multi-year demands of reoccurring revenue scheduled up to 2030 in some programs.

我們現在已深入參與美國和北約幾個國家的國防部項目，這些項目對某些項目的經常性收入有到 2030 年的多年要求。

We have a strong pipeline of qualified opportunities, newly received research and development orders and a solid production contract, which offers a clear line of sight to increased revenue in 2024 over 2023, while setting the expectation for further double-digit revenue increases in 2025, compared to this year with the aim to achieve and sustain over $100 million of your yearly revenue in the next three years or so.

我們擁有強大的合格機會管道、新收到的研發訂單和可靠的生產合同，這為 2024 年收入比 2023 年增加提供了清晰的視野，同時設定了 2025 年收入進一步兩位數增長的預期，與今年相比，目標是在未來三年左右實現並維持超過1 億美元的年收入。

I'll now turn the call over to our CFO, Rich Schneider, to review our results from the second quarter and further detail.

我現在將把電話轉給我們的財務長 Rich Schneider，以審查我們第二季的業績和更多細節。

Over to you, Rich.

交給你了，里奇。

Thank you, Michael.

謝謝你，麥可。

Turning to our financial results for the second quarter, total revenues for Q2 2024 were $12.3 million versus $10.5 million for the prior year, an 18% increase year over year.

轉向我們第二季的財務業績，2024 年第二季的總收入為 1,230 萬美元，而去年同期為 1,050 萬美元，年成長 18%。

Product revenues for the second quarter ended June 29, 2024 were $11.1 million compared to $6 million in the second quarter of July 1, 2023.

截至2024年6月29日的第二季產品營收為1,110萬美元，而2023年7月1日第二季的產品營收為600萬美元。

Increase in product revenues as a result of higher defense product revenues, which increased by $5.4 million year over year.

由於國防產品收入增加，產品收入增加，較去年同期增加 540 萬美元。

In the second quarter of 2024, funded research and development revenues were $1.2 million, a decrease of $2.7 million as compared to Q2 2023 due to the completion of several programs.

2024 年第二季度，受資助的研發收入為 120 萬美元，較 2023 年第二季減少 270 萬美元，原因是多個專案的完成。

Cost of product revenue for the second quarter of 2024 was $8.7 million or 79% of product revenues compared to $5.7 million or 95% of net product revenues for the second quarter of 2023.

2024 年第二季的產品收入成本為 870 萬美元，佔產品收入的 79%，而 2023 年第二季的產品收入成本為 570 萬美元，佔產品淨收入的 95%。

The decrease in cost of product revenues was the result of a decrease in expected program costs because of lower estimates of rework costs.

產品收入成本的下降是由於返工成本估計較低而導致預期專案成本下降的結果。

We estimate that the lower estimated rework cost improved gross margins by approximately $1.3 million for the three months ended June 29, 2024.

我們估計，預計返工成本的降低使截至 2024 年 6 月 29 日止三個月的毛利率提高了約 130 萬美元。

R&D expenses for the second quarter of 2024 for $1.8 million compared to $3.1 million in the year-ago quarter.

2024 年第二季的研發費用為 180 萬美元，去年同期為 310 萬美元。

This was primarily due to a decrease in funded R&D expense of approximately $1.5 million on US defense programs that we previously noted were completed, partially offset by an increase of $200,000 in internal R&D expense process improvement.

這主要是由於我們先前指出的已完成的美國國防項目的資助研發費用減少了約 150 萬美元，部分被內部研發費用流程改善增加 20 萬美元所抵消。

SG&A expenses were $7.3 million in the second quarter of 2024 compared to $6.5 million in the second quarter of 2023.

2024 年第二季的銷售管理及行政費用為 730 萬美元，而 2023 年第二季為 650 萬美元。

The increase was primarily due to an increase in legal fees of $1.2 million, partially offset by a decrease in credit loss expense of $200,000.

這一增長主要是由於法律費用增加了 120 萬美元，但部分被信用損失費用減少 20 萬美元所抵消。

Total legal fees associated with blue radios expense in the fourth quarter of 2024 and 2023 were $3.1 million and $1.9 million, respectively.

2024 年和 2023 年第四季與藍色無線電費用相關的法律費用總額分別為 310 萬美元和 190 萬美元。

Other expense includes approximately $700,00 & $3.3 million of impairment losses on equity investments for the second quarter of 2024 and 2023.

其他費用包括 2024 年第二季和 2023 年第二季約 70 萬美元的股權投資減損損失和 330 萬美元。

Since the bottom line, the net loss for the second quarter of 2024 was $5.9 million or $0.05 per share compared to a net loss of $8.2 million or $0.07 per share in the second quarter of '23.

自底線以來，2024 年第二季的淨虧損為 590 萬美元，即每股 0.05 美元，而 2023 年第二季的淨虧損為 820 萬美元，即每股 0.07 美元。

The amounts discussed above are based on current estimates and listeners should review our Form 10-Q for the quarter ended June 29, 2024, for any possible changes and of course, any additional filings.

上述金額是根據目前的估計，聽眾應查看我們截至 2024 年 6 月 29 日的季度的 10-Q 表格，以了解任何可能的變化，當然還有任何額外的文件。

And with that, I'll turn the call back over to Michael for closing remarks.

接下來，我會將電話轉回邁克爾，讓其結束語。

As evidenced in our second quarter, our focus remains strengthening our record 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.

正如我們第二季所證明的那樣，我們的重點仍然是加強創紀錄的訂單簿，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，這總體上將改善現金流並提供長期長期可持續獲利和成長。

We are focusing on bringing our customers up the value chain to gain more share of their system and spending.

我們專注於讓客戶提升價值鏈，以獲得更多的系統份額和支出。

Furthermore, we continue to add new strategic partners and customers work with and remain focused on new opportunities and projects which support our strategic plan to defend.

此外，我們繼續增加新的策略合作夥伴和客戶，並繼續專注於支持我們捍衛戰略計劃的新機會和專案。

And due to our focus upon application specific strategies, our qualified opportunity pipeline has now grown exponentially in the past few quarters due to the recent geopolitical issues and increased sovereign and foreign NATO spending, we expect to continue to add new customers, partners and projects, which will not only add to our order book, but fuel larger returns in the future as these new projects move into full-rate production.

由於我們專注於特定應用策略，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中呈指數級增長，我們預計將繼續增加新的客戶、合作夥伴和項目，這不僅會增加我們的訂單，而且隨著這些新項目進入全速生產，未來將帶來更大的回報。

I'd like to thank everyone for your time today and for showing interest in Kopin.

我要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, we'll now offer time to take some questions.

接線員，我們現在將提供一些時間來回答一些問題。

We will now begin the question-and-answer session.

我們現在開始問答環節。

(Operator Instructions)

（操作員說明）

Jaeson Schmidt, Lake Street.

傑森‧施密特，湖街。

Hey guys, thanks for taking my questions and congrats on the really strong momentum in Q2.

大家好，感謝您回答我的問題，並祝賀第二季度的強勁勢頭。

That's really where I want to start.

這確實是我想要開始的地方。

I mean, obviously, defense was up strongly curious if that strength was broad based are driven by one or two programs?

我的意思是，顯然，國防部門非常好奇這種力量是否具有廣泛的基礎，是由一兩個計劃驅動的嗎？

Great question and thanks, Jaeson, and thank you for your write-up recently.

很好的問題，謝謝，Jaeson，也謝謝你最近寫的文章。

Well done.

幹得好。

It was across the Board really.

確實是全面的。

Our thermal weapon program obviously leads the way in terms of total revenue.

我們的熱武器項目在總收入方面顯然處於領先地位。

However, we have seen increases across the defense market, whether it's weapon sights or projectile thermal imagers and eyepieces to rotary wing and fixed wing orders.

然而，我們看到整個國防市場的成長，無論是武器瞄準器還是彈射熱成像儀和目鏡，再到旋轉翼和固定翼訂單。

So we see across the defense marketplace an increase in spending.

因此，我們看到整個國防市場的支出都在增加。

And for Kopin, I think one of the big things to take away from this call is now we're getting more interest and focus from European companies and customers.

對科平來說，我認為這次電話會議最重要的一點是，我們現在越來越受到歐洲公司和客戶的興趣和關注。

And we're very much in those conversations now and that spending will be significant.

我們現在正在積極參與這些對話，而且支出將是巨大的。

So it's across the board.

所以這是全面的。

Okay.

好的。

Perfect.

完美的。

And then looking at sort of the gross margin line, obviously a nice snapback here in Q2.

然後看看毛利率線，顯然第二季出現了不錯的反彈。

How should we think about gross margin trending there this year?

我們該如何看待今年的毛利率趨勢？

It should continue to trend up.

應該會繼續呈上升趨勢。

So I think you have to adjust the current gross margin by the 1.3, as or maybe don't in our military products, we use a percent completion.

所以我認為你必須將目前的毛利率調整為 1.3，正如我們的軍用產品中可能沒有的那樣，我們使用完成百分比。

And so when we have to figure out the total cost of program.

因此，當我們必須計算出計劃的總成本時。

We estimate rework costs and so on.

我們估算返工成本等等。

But as Michael indicated, our quality has gone up significantly over the last 12 months where cost has come down, meaning gross margin expansion and you do get somewhat a little catch up as you lower your estimates on total contracts.

但正如邁克爾指出的那樣，在過去12 個月裡，我們的品質顯著提高，成本也有所下降，這意味著毛利率有所上升，而且當您降低對總合約的估計時，您確實會有所趕上。

That's why we gave you the number the 1.3, there's a little catch-up in there.

這就是為什麼我們給你這個數字 1.3，其中有一些補充。

So you really have to deduct that start from that point and then move forward and they should continue to expand.

所以你真的必須從那一點開始扣除，然後向前推進，它們應該繼續擴大。

Got you.

明白你了。

And then just last one for me and I'll jump back into queue.

然後我就跳回隊列中的最後一個。

Just a clarification on your commentary regarding Q. three.

只要澄清您對問題三的評論。

Did I hear correctly that you think it could be up sequentially?

我沒聽錯吧，你認為可以依照順序進行？

We do.

我們做到了。

Okay.

好的。

Perfect.

完美的。

Thanks a lot, guys.

非常感謝，夥計們。

Thanks Jaeson.

謝謝傑森。

Glenn Mattson, Ladenburg Thalmann.

格倫馬特森，拉登堡塔爾曼。

Hi guys, Thanks for taking the questions.

大家好，感謝您提問。

And congrats on a great quarter.

並祝賀這個季度的出色表現。

First, you mentioned the IVAS strategy, you talked about the night vision goggle piece.

首先，您提到了IVAS策略，您談到了夜視鏡這一塊。

I think in the past you talked about having completed that product and shifted -- or shipped it for testing and we're kind of starting to get a feel for uptake or whatnot.

我認為過去您談到已經完成了該產品並進行了轉移，或者將其交付進行測試，我們開始感受到採用或諸如此類的感覺。

Can you give us any expansion on that.

您能否對此進行擴充？

Has there been any feedback yet from the from the purchasers?

買家有回饋嗎？

So we have two different partners, three, actually different partners for that technology, which we call IVAS now to recap, it's a daytime product as well as a nighttime product for night vision goggles.

因此，我們有兩個不同的合作夥伴，三個，實際上是不同的技術合作夥伴，我們現在將其稱為IVAS，回顧一下，它是一種日間產品，也是用於夜視鏡的夜間產品。

And we partnered with a company called Wilcox industries who owns about, I think, 60% of the US DoD helmet market.

我們與一家名為 Wilcox Industries 的公司合作，我認為該公司擁有美國國防部頭盔市場約 60% 的份額。

And I think there are pretty significant worldwide actually.

我認為實際上在全世界範圍內都有相當重要的影響。

So we partner with them.

所以我們與他們合作。

We're working with them to productize those two technologies as well as another partner and the US Army.

我們正在與他們以及另一個合作夥伴和美國陸軍合作，將這兩項技術產品化。

So that's ongoing blend.

所以這是一個持續的混合。

We do have a feedback loop that we're listening to and developing those technologies for production.

我們確實有一個反饋循環，我們正在傾聽並開發這些生產技術。

We do expect them to enter production in 2025 and we believe we'll have immediate revenue.

我們確實預計它們將於 2025 年投入生產，我們相信我們將立即獲得收入。

How much revenue we're still trying to figure out because this is a new entrant, but the key point here is that this technology will work with what the soldier has in their pack and on their head today.

我們仍在試圖弄清楚有多少收入，因為這是一個新進入者，但這裡的關鍵點是這項技術將與士兵今天背包裡和頭上的東西一起使用。

So there's no new adoption rate that needs to happen in terms of connectivity or what have you.

因此，在連接性或其他方面，不需要出現新的採用率。

So it's a pure SAM or serviceable available market and sure that we can have revenue for next year.

因此，這是一個純粹的 SAM 或可用市場，並確保我們明年可以獲得收入。

Great.

偉大的。

That's helpful.

這很有幫助。

Curious on the armored vehicle program, the PPAP that you're working through, I believe in the past, you've alluded to either in prior calls or in maybe product demo days or something, but along the way, you talked about the ability to use that technology for some consumer applications in the auto space in particular, maybe perhaps can you expand on that and just give us an update?

對裝甲車計劃、您正在執行的 PPAP 感到好奇，我相信在過去，您在之前的電話會議或產品演示日或其他活動中都提到過，但在此過程中，您談到了這種能力將該技術用於汽車領域的一些消費應用，也許您可以對此進行擴展並給我們更新嗎？

Great question.

很好的問題。

So yeah, we have received inbound requests from electric vehicle manufacturers here in the United States that are looking for a very high refresh rates, looking crystal on silicon device that's automotive qualified, and that's what we developed for General Dynamics under the PPAP program, what a PPAP is basically an automotive quality standard that you need to have for any moving vehicle in the United States.

所以，是的，我們收到了來自美國電動車製造商的入站請求，他們正在尋找非常高的刷新率，尋找符合汽車標準的矽裝置上的晶體，這就是我們根據PPAP 計劃為通用動力公司開發的產品， PPAP 基本上是美國任何行駛車輛都需要具備的汽車品質標準。

But once you have it, Glenn, you can then sell that product into other automotive applications.

但一旦你擁有了它，格倫，你就可以將該產品銷售到其他汽車應用中。

Now we're not signaling that we're going to get into the automotive market right now, but we will have an automotive qualified Ferroelectric liquid crystal on silicon device available for sale, and we're getting pulled from the market to have conversations about it, and it will be automotive qualified.

現在，我們並沒有表示我們將立即進入汽車市場，但我們將有一款符合汽車標準的矽基鐵電液晶元件可供銷售，並且我們正在從市場上撤出，以進行有關以下方面的對話：它將符合汽車標準。

So it's something we're monitoring.

所以這是我們正在監控的事情。

We are getting some inbound customer requests to have conversations for an in-cabin application for liquid crystal on silicon.

我們收到一些入境客戶的請求，要求就矽基液晶的機艙內應用進行對話。

So it's something that we're considering very carefully.

所以這是我們正在非常仔細考慮的事情。

But one thing I will say in automotive, in my experience from Analog Devices.

但根據我在 Analog Devices 的經驗，我要在汽車領域說一件事。

You have to have great quality.

你必須有優秀的品質。

Just like in defense, you have to have great quality.

就像防守一樣，你必須擁有出色的素質。

That is how you make money in automotive and defense.

這就是你在汽車和國防領域賺錢的方式。

And we're gaining confidence that's something that we could potentially do in the future.

我們越來越有信心，這是我們未來可能會做的事情。

So a great question.

這是一個很好的問題。

I hope that helps.

我希望這有幫助。

Yes, very helpful.

是的，非常有幫助。

One more product one, and then a quick model on the product, one on the 3D AOI and some of the other industrial stuff, -- that's been -- market has been down for a while for you guys now?

又一個產品，然後是該產品的快速模型，一個關於 3D AOI 的模型以及其他一些工業產品，-- 市場對你們來說已經下滑了一段時間了？

Is there outlook for a bounce back there at some point?

是否有在某個時候反彈的前景？

Yeah, due to the geopolitical issues in China, specifically where many of our top 3D AOI customers are as well as Korea.

是的，由於中國的地緣政治問題，特別是我們的許多頂級 3D AOI 客戶以及韓國。

The geopolitical issues with Chips act and EVs moving around has really hurt that business.

晶片法案和電動車移動的地緣政治問題確實損害了該業務。

We do see it rebounding shortly and marginally quite frankly.

坦白說，我們確實看到它很快就會反彈。

But we also have been working on a new product introduced into that market.

但我們也一直致力於將新產品引入該市場。

That's a little bit lower cost that I think will put us in a better position to gain more traction.

我認為這稍微降低了成本，這將使我們處於更好的位置，以獲得更多的吸引力。

And we're also seeing some uptick in Europe from the 3D AOI customers there.

我們也看到歐洲 3D AOI 客戶的數量增加。

So right now, as we sit here today, the 3D AOI market for us is somewhat de minimus.

所以現在，當我們今天坐在這裡時，3D AOI 市場對我們來說有點微不足道。

So anything that we have next year is just complete upside for the company at this point.

因此，我們明年所擁有的一切都對公司來說完全是有利的。

Great, it's helpful.

太好了，很有幫助。

And Rich, just quick on the sales and marketing, what should we model now post the trial indicate that the number then is going to come down a little faster, but what should we think about now that all that kind of noise is -- we're moving through that or whatever?

里奇，在銷售和行銷方面，我們現在應該在試驗後建模什麼，這表明數字會下降得更快一些，但現在我們應該考慮什麼，因為所有這些噪音都是——我們正在經歷那個或其他什麼？

So this we hope, knock on wood is the last this being Q3, but the last tough quarter of expense.

因此，我們希望這是第三季的最後一個季度，也是最後一個艱難的支出季度。

We mentioned before we filed and both motion moving I know I'm pushing 50 whatever the cause to the judge explaining why we think that the verdict doesn't make any sense.

我們在提起訴訟之前提到過，我知道無論出於什麼原因，我都會向法官提出 50 項動議，解釋為什麼我們認為判決沒有任何意義。

And so all of that work has been done in July and August.

所有這些工作都已在七月和八月完成。

And now we're just waiting for the judge.

現在我們只是等待法官的裁決。

And depending on how that goes, we may or may not appeal because our favor obviously we won't have to I'm told the actual fuel process is very inexpensive relative to the amounts that we've been spending.

根據進展情況，我們可能會上訴，也可能不會上訴，因為我們顯然不需要上訴。

So we think once we get through this month, again, knock on wood, the expense should drop dramatically.

因此，我們認為，一旦度過這個月，費用應該會大幅下降。

And what a normalized assuming no legal, what would the sales and marketing number be if you had nothing or ballpark?

假設沒有法律，那麼如果你什麼都沒有或沒有大概的話，銷售和行銷數字會是多少？

Yeah.

是的。

So as I mentioned in my prepared remarks, in the second quarter of 2024, we spent $3.1 million expense associated with the blue radios.

正如我在準備好的演講中提到的，2024 年第二季度，我們花了 310 萬美元與藍色收音機相關的費用。

Yeah, okay.

是啊，好吧。

(multiple speakers) Okay, excellent.

（多個發言者）好的，非常好。

Okay.

好的。

Matt Sheerin, Stifel.

馬特謝林，史蒂菲爾。

Good morning, guys.

早安，夥計們。

This is Victor on for Matt.

這是維克多為馬特代言的。

Just to follow up actually on the blue radio's lawsuit, do you still plan to fund any damages through the sale of assets or IP?

就藍色電台的訴訟而言，你們是否還計劃透過出售資產或智慧財產權來賠償任何損失？

And so kind of how that how is that process going?

那麼這個過程進展如何？

Hey Victor, Yeah.

嘿維克多，是的。

So we are actively pursuing sales of some of our assets specific to investments that we have in other firms.

因此，我們正在積極尋求出售我們在其他公司的投資所特有的一些資產。

We have made pretty significant progress in that area with signed term sheets, et cetera.

我們在該領域取得了相當大的進展，簽署了條款清單等。

But we don't have cash in the bank just yet.

但我們銀行裡還沒有現金。

So we're not reporting on it, but we are making some pretty good progress there several million dollars.

所以我們沒有對此進行報道，但我們在這方面取得了一些相當好的進展，耗資數百萬美元。

But again, until the cash is in the bank, we're not going to report on it, but we are making progress.

但同樣，在現金存入銀行之前，我們不會對此進行報告，但我們正在取得進展。

Got it.

知道了。

Thank you.

謝謝。

And then just on the consumer segment, look like you guys record any revenue in the quarter?

然後就消費領域而言，你們本季有記錄任何收入嗎？

Or should we just continue to expect a little to no contribution through the year?

或者我們應該繼續期望全年會有一點貢獻甚至沒有貢獻？

And also on, I guess, what kind of drove the revenue in the quarter?

我想，是什麼推動了本季的營收？

So sort of consumer, I think is going to be diminimus throughout this year.

我認為這種類型的消費者今年全年都會減少。

We are going to see some sample orders, I believe, in the next couple of quarters and then where we are negotiating in a couple of areas, some funded research and development with consumer companies.

我相信，在接下來的幾個季度中，我們將看到一些樣品訂單，然後我們將在幾個領域進行談判，一些與消費公司資助研發。

And that takes a long time taking much longer than we expected on the consumer front, but we are working with several multinational companies to develop those potential contracts for funded research and development specifically.

這需要很長的時間，比我們在消費者方面預期的時間要長得多，但我們正在與幾家跨國公司合作，專門開發這些潛在的資助研發合約。

Got it.

知道了。

Thank you.

謝謝。

That's all I had.

這就是我所擁有的一切。

Kevin Dede, HE Wainwright.

凱文·德德，HE 溫賴特。

(technical difficulty)

（技術難度）

No you're fading out.

不，你正在淡出。

Yes, that's what I was afraid of a short comes the answer.

是的，這就是我所害怕的答案。

I think the thing that's most curious to me is the Abrams cancellation.

我認為我最好奇的是艾布拉姆斯的取消。

I was wondering if you understood why and whether or not there might be a replacement behind it?

我想知道你是否明白為什麼以及背後是否可能有替代品？

Well, so for us, Kevin, the SEP 4 upgrade was canceled by the US Army, and there are several reasons one ends, but essentially our program will still continue.

好吧，對我們來說，凱文，美國陸軍取消了 SEP 4 升級，結束的原因有很多，但本質上我們的計劃仍然會繼續。

The reason why our program will continue as the Kopin weapons site reduces size, weight cost and improves lithology.

我們的計畫之所以會繼續下去，是因為科平武器基地縮小了尺寸、降低了重量成本並改善了岩性。

So our program will continue, but the set 4 upgrade was canceled.

所以我們的計畫還會繼續，但set 4的升級被取消了。

I think due to feedback from the folks in Ukraine, some of the other issues that that armored vehicle is going through and also the request from the Army to have a new version of that vehicle by 2030, which we're also engaged on right now.

我認為，由於烏克蘭民眾的回饋，該裝甲車正在經歷的一些其他問題，以及陸軍要求在 2030 年之前擁有該車輛新版本的要求，我們現在也在處理這一問題。

So our weapon site will still continue, but that upgrade package has been canceled and our product will be available through the other upgrade packages as well as for the new vehicle program that we're expecting to see out in 2030.

因此，我們的武器網站仍將繼續，但該升級包已被取消，我們的產品將透過其他升級套件以及我們預計在 2030 年推出的新車計劃提供。

So we continue on, but the software upgrade was canceled it's just due to feedback from customers.

所以我們繼續，但是由於客戶的回饋，軟體升級被取消了。

I appreciate the color.

我很欣賞它的顏色。

Thank you, Michael.

謝謝你，麥可。

(technical difficulty) Lockheed and have an offer new development some money for that?

（技術難度）洛克希德公司願意為新開發案提供一些資金嗎？

Or is that pretty much off the shelf product two at this point?

或者說目前這已經是現成的產品二了？

If I understood your question, Kevin, you're coming in and out.

如果我理解你的問題，凱文，你就進進出出。

But yes, the current contract that we have with Lockheed is a development contract and we're developing the eyepiece for the launcher under that contract.

但是，是的，我們與洛克希德公司簽訂的當前合約是一份開發合同，我們正在根據該合約開發發射器的目鏡。

Production will follow thereafter.

此後將進行生產。

The development contract is around at $1.5, roughly speaking.

粗略地說，開發合約的價格約為 1.5 美元。

Okay.

好的。

Fair enough, gentlemen.

很公平，先生們。

Thank you.

謝謝。

I appreciate it.

我很感激。

Jeffrey Bernstein, Silverberg Bernstein Capital.

傑弗裡·伯恩斯坦，西爾弗伯格·伯恩斯坦資本。

Hi good morning, guys.

嗨，早上好，夥計們。

So nice progress in the quarter here.

本季取得了很好的進展。

Just a couple of quick follow-ups on the medical side.

只是醫療方面的一些快速跟進。

I think it sounded like you were talking about having a larger distribution partner coming in.

我認為這聽起來像是您在談論有一個更大的分銷合作夥伴加入。

Can you just flesh out what you were saying there?

你能充實一下你剛才說的話嗎？

Sure.

當然。

So our go-to-market strategy is very unique in that market.

因此，我們的進入市場策略在該市場非常獨特。

We can't expose our own resources to call on hospitals and surgeons and what have you.

我們不能暴露我們自己的資源去拜訪醫院和外科醫生以及你們擁有的東西。

So our go-to-market strategy is we're going to partner with a very large market leader in that space, that RD Instruments surgeons and they're basically going to white label our CR3 headset and sell it as their own.

因此，我們的市場策略是，我們將與該領域的一家非常大的市場領導者合作，即RD Instruments 外科醫生，他們基本上會給我們的CR3 耳機貼上白標，並將其作為自己的耳機出售。

So we have active negotiations ongoing right now.

因此，我們現在正在進行積極的談判。

Our at the term sheet level.

我們處於投資意向書層面。

We're hopeful to announce that this year.

我們希望今年能夠宣布這項消息。

And that partner, I think, is either one or two in that marketplace from a standpoint of overall revenue and market penetration.

我認為，從整體收入和市場滲透率的角度來看，該合作夥伴在該市場中要么是一兩個。

So that's our go to market strategy there for the simple fact that we don't want to expel our own resources to call on hospitals and surgeons and what have you.

這就是我們的市場策略，因為一個簡單的事實是，我們不想耗盡自己的資源來拜訪醫院和外科醫生以及其他人。

So we'll have a partner that is already in that space and has a delivery channel and distribution channel, and they'll white label our technology and sell through.

因此，我們將擁有一個已經進入該領域並擁有交付管道和分銷管道的合作夥伴，他們將為我們的技術貼上白標並進行銷售。

So we're hopeful to have that announcement very shortly.

因此，我們希望很快就能宣布這項消息。

Fantastic.

極好的。

That's great.

那太棒了。

And then I just wanted to clarify on the F-35.

然後我想澄清一下 F-35 的問題。

Can you just talk about the sequence of what's going on there with the advanced displays that you're developing.

能簡單談談您正在開發的高階顯示器的進展嗎？

And I think you talked about it resulting in a larger revenue opportunity.

我認為您談到了它會帶來更大的收入機會。

I just wonder if you could flesh that out.

我只是想知道你能否充實這一點。

Sure.

當然。

So it's basically four lines of both technology.

所以這兩種技術基本上都是四行。

Our first everyone knows we ship our current AMLCD technology into the helmet we announced finally that we are now production ready and entering the last phase, which is production of our OLED display.

首先，大家都知道，我們將目前的 AMLCD 技術應用到頭盔中，我們最終宣布，我們現在已做好生產準備，並進入最後階段，即 OLED 顯示器的生產。

And that is something that we've been working on for many years.

這是我們多年來一直在努力的事情。

And Kopin was the only company that was able to actually meet the requirements and the full specification for that application.

Kopin 是唯一一家能夠真正滿足該應用程式的要求和完整規範的公司。

So very proud of the team and also the transition to our US DoD friendly deposition partner took over a year and a half.

我們為這個團隊感到非常自豪，並且向我們美國國防部友好的沉積合作夥伴的過渡花了一年半的時間。

So great job by that team.

該團隊的工作非常出色。

So those two lines of business will continue to run concurrently for several years, at least three, we believe or more also we have our micro LED line of business that we're bringing up in terms of our monochrome display, which is now also reaching the production readiness level that goes into a different application in the aircraft.

因此，這兩個業務線將繼續同時運行幾年，至少三年，我們相信或更多，我們也有我們在單色顯示器方面提出的 micro LED 業務線，現在也達到了飛機中不同應用的生產準備水平。

And then we still have ambitions around our micro LED color program, albeit that's we're struggling with that currently, as it's everybody in the world to create very strong color micro-LED.

然後，我們仍然對 Micro LED 色彩計劃抱有雄心，儘管我們目前正在努力解決這個問題，因為世界上每個人都在創造非常強大的色彩 Micro LED。

So those are the four lines of business microdisplays for our fixed wing aircraft, whether it's at 35 or not, those technologies are being uptakes into other planes.

這些是我們固定翼飛機的四個業務微顯示器，無論是否達到 35 架，這些技術正在被其他飛機採用。

By the way, we're seeing some planes and can the UK and NATO countries that are also uptaking that technology through our great customer and Collins and others.

順便說一句，我們看到一些飛機，英國和北約國家也透過我們的偉大客戶和柯林斯等人採用了這項技術。

So that's where we're at with that business.

這就是我們的業務現況。

Got it.

知道了。

And then the revenue increase is part of the addition of a new application within the airframe?

那麼收入的增加是機身內添加新應用程式的一部分嗎？

Exactly right.

完全正確。

Yeah.

是的。

So we have our helmet business.

所以我們有了頭盔業務。

And we also have a heads up display light engine, which is the micro-LED.

我們還有一個抬頭顯示光引擎，就是 micro-LED。

So it basically compounds, if you think of it that way, our current LCD business will continue to ship.

所以它基本上是複合的，如果你這樣想的話，我們目前的液晶顯示器業務將繼續出貨。

So that filters on top of that micro-LED on top of that and they seem to be around the same amount of revenue per year around $3.5 million per year.

因此，除此之外還有 micro-LED 過濾器，它們每年的收入似乎約為 350 萬美元左右。

So if you do that simple math here into the $6 million to $9 million mark per year, starting next year for that application space.

因此，如果您在這裡進行簡單的計算，從明年開始，該應用程式空間每年將達到 600 萬至 900 萬美元。

Got you.

明白你了。

Okay.

好的。

And then I just wanted to see if you could provide any additional detail on the rotary craft helmets, which also took quite a while to get to production.

然後我只是想看看您是否可以提供有關旋轉工藝頭盔的任何其他細節，這也需要相當長的時間才能投入生產。

I guess, but it sounds like you're in production now.

我猜，但聽起來你現在正在製作中。

We are.

我們是。

In some cases, there are other programs that we're developing for our customer.

在某些情況下，我們正在為客戶開發其他程式。

Elbit has been distracted of late of what's going on within Israel.

埃爾比特最近對以色列境內發生的事情感到心煩意亂。

So that program is behind for that reason only, but we do see them catching up and we are in active negotiations to bring that technology to market and into production.

因此，該計劃僅因這個原因而落後，但我們確實看到他們正在迎頭趕上，我們正​​在積極談判，以將該技術推向市場並投入生產。

And there are several other iterations of display architecture for rotary wing, specifically being the Chinook and the Apache that we are working with Elbit on.

還有其他幾種旋翼顯示架構的迭代，特別是我們正在與埃爾比特合作開發的奇努克和阿帕奇。

So we wish them all the best and hopefully they're safe and we look forward to working with them, getting that into production over the course of the second half year.

因此，我們祝他們一切順利，希望他們安全，我們期待與他們合作，在下半年將其投入生產。

That's great.

那太棒了。

Thank you.

謝謝。

This concludes our question-and-answer session.

我們的問答環節到此結束。

I would like to turn the conference back over to Michael Murray, CEO. for any closing remarks.

我想將會議重新交給執行長邁克爾·莫瑞 (Michael Murray)。任何結束語。

Thank you, folks.

謝謝你們，夥計們。

Thank you for your questions, your interest and your focus on Kopin.

感謝您的提問、您的興趣以及您對 Kopin 的關注。

We look forward to delivering our results in the second half year, and we hope you all have a great day, and thank you for joining.

我們期待在下半年取得成果，希望大家有個愉快的一天，感謝您的加入。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連線。