Kopin Corp (KOPN) 2025 Q1 法說會逐字稿

Good day, everyone, and welcome to the Kopin Corporation's first-quarter 2025 earnings call. Please note that this event is being recorded. At this time, I'd like to turn the conference over to Brian Prenoveau, Investor Relations for Kopin. Please go ahead.

大家好，歡迎參加 Kopin Corporation 2025 年第一季財報電話會議。請注意，此事件正在被記錄。現在，我想將會議交給 Kopin 投資者關係部的 Brian Prenoveau。請繼續。

Thank you, and good afternoon, everyone. Before we get started, I'd like to remind everyone that during today's call, taking place on May 13, 2025, we will be making forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. 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.

謝謝大家，下午好。在我們開始之前，我想提醒大家，在今天的電話會議（2025 年 5 月 13 日舉行）中，我們將做出《1995 年私人證券訴訟改革法案》中定義的前瞻性陳述。這些聲明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因素的影響，可能導致實際結果與這些前瞻性聲明有重大差異。

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

潛在風險包括但不限於我們產品的需求、我們子公司的營運表現、市場條件以及我們最新的 10-K 表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。儘管公司認為這些陳述所依據的假設是合理的，但其中任何一個假設都可能被證明是不準確的，並且不能保證結果會實現。該公司不承擔更新今天電話會議中所做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，可能會引用某些非公認會計原則或非 GAAP 指標，您應參考本公司 SEC 文件和新聞稿中的相應免責聲明和對帳。

Kopin Corporation's Chief Executive Officer, Michael Murray, will begin today's call with an overview of Kopin's progress within the company's strategy. Following Michael, Kopin's CFO, Rich Sneider, will review the company's first-quarter 2025 financial results.

Kopin Corporation 執行長 Michael Murray 將在今天的電話會議上概述 Kopin 在公司策略中取得的進展。繼麥可之後，Kopin 財務長 Rich Sneider 將回顧該公司 2025 年第一季的財務表現。

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

現在我想將會議交給邁克爾·莫瑞。麥可？

Thank you, Brian. Good evening to everyone, and welcome to our first quarter earnings call. I'm actually visiting customers and speaking at SID tomorrow in California, which is why our call is this evening instead of usually in the mornings.

謝謝你，布萊恩。大家晚上好，歡迎參加我們的第一季財報電話會議。事實上，我明天要去拜訪客戶，並在加州的 SID 上發表演講，這就是為什麼我們的電話會議是在今天晚上而不是通常在早上舉行。

For our first call of the calendar year 2025, I'd like to take a few moments to discuss Kopin's big picture opportunities and how we see our business and landscape evolving over the coming few years. As a leading provider of the world's most advanced microdisplays and application-specific optical solutions for high-performance and mission-critical virtual reality and augmented reality applications, we have a unique and truly significant opportunity in front of us.

在 2025 年的第一次電話會議上，我想花點時間討論一下 Kopin 的宏觀機會以及我們如何看待未來幾年我們的業務和格局的發展。作為全球最先進的微型顯示器和專用光學解決方案的領先供應商，我們為高效能和關鍵任務虛擬實境和擴增實境應用提供解決方案，我們面臨著獨特且真正重要的機會。

While our products and technology can be applied to a variety of industries across the landscape, we've chosen to focus on a few, which we think will have the greatest growth opportunities aligned to our core competencies and provide the clearest path to profitability. The industry we initially narrowed our focus on is defense. We believe we are the only manufacturer in the world offering four different types of microdisplays, which put us in a unique position to capitalize on macro trends across the globe and grow our business.

雖然我們的產品和技術可以應用於整個領域的各種行業，但我們選擇專注於少數幾個我們認為將擁有與我們的核心競爭力相一致的最大增長機會並提供最清晰的盈利途徑的行業。我們最初關注的產業是國防。我們相信，我們是世界上唯一一家提供四種不同類型微型顯示器的製造商，這使我們處於獨特的地位，可以利用全球宏觀趨勢並發展我們的業務。

Furthermore, Kopin has invented a fifth type of microdisplay called NeuralDisplay, which integrates human responses as feedback loops into the dynamic control of the display itself to optimize brightness, contrast, increase comfort, while reducing size, weight and power consumption of currently fielded defense and consumer AR systems.

此外，Kopin 還發明了第五種微顯示器，稱為 NeuralDisplay，它將人類反應作為反饋迴路整合到顯示器本身的動態控制中，以優化亮度、對比度，提高舒適度，同時減小目前部署的國防和消費 AR 系統的尺寸、重量和功耗。

Due to the increased global tensions, defense budgets across the globe are increasing at significant rates. In the United States, the administration has mentioned spending $1 trillion on defense next year alone. Europe has also pledged to spend over $1 trillion as well, while Japan and Korea are committing to increase defense spending as well. In short, we are seeing increased budget rates at all nations across the globe, while Kopin has experienced a higher rate and exponential increase in the volume of quote requests, bids and research and development projects, driving our pipeline of qualified and capturable opportunities into several hundreds of millions of dollars. We believe this shift provides us with increased global opportunities and a diversified pipeline for growth.

由於全球緊張局勢加劇，全球國防預算正在大幅增加。在美國，政府已提到光明年國防支出就達1兆美元。歐洲也承諾投入超過1兆美元，而日本和韓國也承諾增加國防開支。簡而言之，我們看到全球所有國家的預算利率都在增加，而 Kopin 的報價請求、投標和研發項目數量也出現了更高的增長和指數級增長，使我們的合格和可抓住的機會價值達到數億美元。我們相信，這種轉變為我們提供了更多的全球機會和多樣化的成長管道。

During my recent visits to Korea, Taiwan and Europe, it is evident that a significant technology refresh with regards to soldier vision systems, thermal weapon sights and helmet-mounted displays is a priority for these nations specifically as well since their ability to view tactical information, control drone movements, all while keeping their eyes on the battlefield to see their adversaries before they are seen is critically important to a positive outcome. This capability is highly sought after, and it is called our DayVAS and DarkWAVE technology.

在我最近訪問韓國、台灣和歐洲期間，很明顯，對士兵視覺系統、熱武器瞄準器和頭盔顯示器進行重大技術更新是這些國家的優先事項，特別是因為他們能夠查看戰術信息、控制無人機運動，同時密切關注戰場以便在對手被發現之前發現他們，這對於取得積極成果至關重要。這種功能備受追捧，我們稱之為 DayVAS 和 DarkWAVE 技術。

Now today, defense departments and contractors are looking for more than simple commodity products to plug into systems. They want application-specific solutions tailored to individual needs and products. This is where Kopin has a distinct advantage. Customers want ergonomically designed systems that utilize custom optics that require less weight and less battery power. Whether the application is a thermal weapon sight, a helmet-mounted display or a high refresh rate display in armored vehicles, the goal is the same, to increase the effectiveness and safety of the soldier using it.

如今，國防部門和承包商尋求的不僅僅是能夠連接系統的簡單商品。他們希望獲得針對個人需求和產品而量身定制的特定應用解決方案。這正是 Kopin 具有明顯優勢的地方。客戶希望系統採用符合人體工學的設計，採用客製化光學元件，重量更輕，電池耗電量更少。無論應用是熱成像武器瞄準器、頭盔顯示器還是裝甲車中的高刷新率顯示器，目標都是相同的，即提高使用它的士兵的效率和安全性。

We take that responsibility seriously, and that's one of the reasons we have focused on partnering with Tier 1 defense contractors. And that's why we are the sole source provider of microdisplays for several programs of record within the Department of Defense as a key provider of technologies built right here in the United States and/or with our allies.

我們認真對待這項責任，這也是我們專注於與一級國防承包商合作的原因之一。這就是為什麼我們是國防部多個記錄項目的微型顯示器的唯一供應商，也是美國和/或我們的盟友共同開發的技術的主要供應商。

With these advantages in mind, we aim to get Kopin to at least $75 million of revenue in 2027. This is an ambitious goal based on 2024 revenue of $50 million and expected 2025 revenue of between $52 million and $55 million. We believe we can achieve this milestone with our existing products, our new technologies we are developing, production investments to increase throughput and expected project awards we have high confidence in winning.

考慮到這些優勢，我們的目標是到 2027 年讓 Kopin 的收入至少達到 7,500 萬美元。這是一個雄心勃勃的目標，基於 2024 年 5000 萬美元的收入和預計 2025 年 5200 萬至 5500 萬美元的收入。我們相信，憑藉我們現有的產品、正在開發的新技術、為提高產量而進行的生產投資以及我們非常有信心贏得的預期項目獎項，我們一定能夠實現這一里程碑。

Furthermore, we are working on several strategic developments with market-leading and domestic firms in each of the highest growth markets, which we believe will greatly accelerate our growth and market penetration. We're also focusing much of our resource on the largest of opportunities in each region with the largest clearly being the IVAS or SBMC program here in the United States and others like it.

此外，我們正在與每個最高成長市場的市場領導公司和國內公司合作進行多項策略發展，我們相信這將大大加速我們的成長和市場滲透。我們也將大部分資源集中在每個地區最大的機會上，其中最大的機會顯然是美國的 IVAS 或 SBMC 計劃以及其他類似的計劃。

Within the United States, this is a $22 billion Army program, and it's all encompassing from a standpoint of software, hardware and networking elements. As warfare evolves and increases in complexity, having tools that deliver the right information quickly and intuitively becomes much more urgent. This is not only evident in the United States, but other countries are also investing in similar technologies, which Kopin can support.

在美國，這是一項耗資 220 億美元的陸軍計劃，涵蓋了軟體、硬體和網路元素的方方面面。隨著戰爭的發展和複雜性的增加，擁有能夠快速直觀地提供正確資訊的工具變得更加緊迫。這不僅在美國很明顯，其他國家也在投資類似的技術，而Kopin可以提供支援。

Beyond providing a technological superior product, we need to be consistently a higher quality supplier. We have made tremendous strides in this area and department, and our customers recognize this tremendous improvement we've made. Our initial actions to improve, streamline and improve overall manufacturing were all part of our One Kopin strategy, which we reorganized our Kopin Virginia and Kopin Europe teams to unify our focus, our strengths and capabilities while reducing redundancies. We also formed new business development, program management and quality teams. With our fab-lite strategy, we brought online new OLED and microLED vendors to strengthen our source of supply for US.

除了提供技術先進的產品之外，我們還需要始終如一地成為更高品質的供應商。我們在這個領域和部門取得了巨大的進步，我們的客戶也認可我們所取得的巨大進步。我們最初採取的改進、精簡和提升整體製造能力的行動都是我們「一個 Kopin」策略的一部分，該策略重組了 Kopin 維吉尼亞團隊和 Kopin 歐洲團隊，以統一我們的重點、優勢和能力，同時減少冗餘。我們也組建了新的業務開發、專案管理和品質團隊。透過我們的輕晶圓廠策略，我們引進了新的 OLED 和 microLED 供應商，以加強我們在美國的供應來源。

DoD applications while keeping our consumer supply strategy intact. This manufacturing strategy was positively validated due to the recent geopolitical trade and tariff issues we've seen in the market as of late.

國防部應用程序，同時保持我們的消費者供應策略完好無損。由於我們最近在市場上看到的地緣政治貿易和關稅問題，這項製造策略得到了積極的驗證。

In 2025, to meet our growth and profitability goals, our top strategic initiative is the implementation of AI-assisted factory and process automation. Improving manufacturing efficiencies, increasing automation and reducing redundancies are critical areas of improvement for the company. We are making these improvements to increase our manufacturing capacity without significant headcount increases or decreases. Again, considering the recent tariff news and geopolitical tensions, it is important to note that our top three programs are built right here in the United States, and much of our active opportunity line will also be built here as well, whilst our NATO and European demands can be supported through our Scottish facility. This does not mean we are immune to tariffs, but we believe we remain better off than many companies and only have experienced minor tariff issues thus far.

2025年，為了實現我們的成長和獲利目標，我們的首要策略措施是實施人工智慧輔助工廠和流程自動化。提高製造效率、增強自動化程度和減少冗餘是公司改善的關鍵領域。我們進行這些改進是為了在不大幅增加或減少員工人數的情況下提高我們的製造能力。再次，考慮到最近的關稅新聞和地緣政治緊張局勢，值得注意的是，我們的三大項目都在美國建設，我們的許多現役機會線也將在這裡建設，而我們的北約和歐洲需求可以透過我們的蘇格蘭設施得到支持。這並不意味著我們不受關稅影響，但我們相信我們仍然比許多公司表現更好，迄今為止只遇到輕微的關稅問題。

In the first quarter of 2025, we announced approximately $28 million of new contract wins and awards, and our book-to-bill at the end of the first quarter was better than 2.8:1. Given the long-term nature of many of our existing programs and the contract wins so far in 2025, our current pipeline is very strong, and it continues to grow with the recent additions of new customers, new research and development projects and a broader application base, which is much, much healthier.

2025年第一季度，我們宣布了約2,800萬美元的新合約中標和授標，第一季末的訂單出貨比超過2.8:1。鑑於我們許多現有項目的長期性以及2025年迄今已獲得的合同，我們目前的項目儲備非常強勁，並且隨著近期新客戶、新研發項目的加入以及應用基礎的擴大，我們的項目儲備還在持續增長，目前情況更加健康。

As a reminder, several of our programs have congressional budget demands through 2030 and several of the program contracts we supply into are indefinite demand, indefinite quantity, or IDIQ, which allows for even greater revenue potential than we currently have on our order book.

提醒一下，我們的幾個項目都有到 2030 年的國會預算需求，我們供應的幾個項目合約都是不定期需求、不定期數量或 IDIQ，這使得我們的收入潛力比我們目前的訂單更大。

Now I am very excited, if not more excited about our future at Kopin today than when I first became CEO a few years ago. We have great people that are doing great work at the company. With the improvements in our operations and manufacturing, we are much, much better positioned today than we were even just last year to win new contracts with new customers that demand the highest quality, bespoke capabilities and long-term partnerships. We have clearly moved from merely being a supplier of microdisplays to a trusted partner to several of the world's leading defense firms. We are also now an integral semiconductor and optics technology partner on several defense programs that demand specific solutions worth hundreds of millions of dollars and are approaching even billions of dollars in total spend.

現在我非常興奮，甚至比幾年前我剛擔任執行長時對 Kopin 的未來更加興奮。我們公司有非常優秀的員工，他們正在做著出色的工作。隨著我們營運和製造的改進，我們現在比去年更有能力贏得需要最高品質、客製化能力和長期合作夥伴關係的新客戶的新合約。我們從單純的微型顯示器供應商轉變為多家世界領先國防公司可信賴的合作夥伴。我們現在也是多個國防項目不可或缺的半導體和光學技術合作夥伴，這些項目需要數億美元的特定解決方案，總支出甚至接近數十億美元。

Although unfortunate, increasing geopolitical tensions mean the world is not likely to become a safer place in the near term. But our products and our technologies can help make our soldiers and the soldiers of our allies safer, meaning more men and women in uniform will make it home. Furthermore, our CR3 medical headset is also entering into full production, which will help improve patient outcomes in the most difficult surgical practices as well.

儘管令人遺憾，但日益加劇的地緣政治緊張局勢意味著世界短期內不太可能變得更安全。但是我們的產品和技術可以幫助我們的士兵和盟友的士兵更加安全，這意味著更多的男女軍人將能夠回家。此外，我們的 CR3 醫療耳機也即將全面投入生產，這也將有助於改善最困難的手術中患者的治療效果。

We also continue to engage with select consumer companies who are interested in helping Kopin manufacture and mature specific areas of our technology which focus upon higher brightness and refresh rate displays and architectures than that of the current technologies in use today. Furthermore, our technology that advances our human-in-the-loop or NeuralDisplay platform, which we collectively believe will increase the adoption rates of current AR glasses due to its AI-enabled backplane architecture, which can also support OLED and microLED depositions is gaining tremendous traction.

我們也將繼續與有意幫助 Kopin 製造和完善我們特定技術領域的精選消費品公司合作，這些技術領域專注於比目前使用的技術具有更高亮度和刷新率的顯示器和架構。此外，我們推進人機互動或 NeuralDisplay 平台的技術正在獲得巨大的發展，我們一致認為，由於其支援 AI 的背板架構，該技術將提高當前 AR 眼鏡的採用率，並且還可以支援 OLED 和 microLED 沉積。

Now to summarize, the global market demand for Kopin and our current solutions has increased by hundreds of billions of dollars, and we are developing strategies to access and capture more of that market more quickly through partnerships, teaming agreements and other more strategic activities. Our fab-lite strategy brings continuity and flexibility of supply, advantageous cost structures and the ability to leverage technology-leading offerings to help us solve our customers' most difficult technology challenges.

現在總結一下，全球市場對 Kopin 和我們當前解決方案的需求已經增加了數千億美元，我們正在製定策略，透過合作夥伴關係、合作協議和其他更具戰略性的活動，更快地進入和佔領更多的市場。我們的輕晶圓廠策略帶來了供應的連續性和靈活性、有利的成本結構以及利用領先技術產品的能力，以幫助我們解決客戶最困難的技術挑戰。

Our focus on AI-assisted automation in our factory, process and business will enable Kopin to grow at a much quicker pace while keeping our OpEx at a more stable and less linear rate to increase production output, which will fuel greater profit margins on current and future products and services. Our One Kopin initiative has reduced costs and redundancies, improved alignment and focuses our energies on growth markets. Our team is truly passionate about what we do, and we've been able to retain and attract the best talent in the world to help us achieve our goals.

我們專注於工廠、流程和業務中的人工智慧輔助自動化，這將使 Kopin 能夠以更快的速度成長，同時保持我們的營運支出處於更穩定、更非線性的速度，以提高生產產量，從而提高當前和未來產品和服務的利潤率。我們的「One Kopin」計劃降低了成本和冗餘，改善了協調，並將我們的精力集中在成長市場上。我們的團隊對我們所做的事情充滿熱情，並且我們能夠留住和吸引世界上最優秀的人才來幫助我們實現我們的目標。

I'll now turn the call over to our CFO, Rich Sneider, to review our results from the first quarter in further detail. Over to you, Rich.

現在，我將把電話轉給我們的財務長 Rich Sneider，以更詳細地回顧我們第一季的業績。交給你了，Rich。

Rich, you might be on mute.

Rich，你可能靜音了。

Thank you, operator. And thank you, Michael. Turning to our financial results for the first quarter. Total revenues for Q1 2025 were $10.5 million versus $10 million for the prior year, a 5% increase year-over-year. Product revenues for the first quarter ended March 29, 2025, were $9.2 million compared to $9 million for the first quarter ended March 30, 2024, essentially flat.

謝謝您，接線生。謝謝你，麥可。談談我們第一季的財務表現。2025 年第一季總營收為 1,050 萬美元，而上年為 1,000 萬美元，較去年同期成長 5%。截至 2025 年 3 月 29 日的第一季產品收入為 920 萬美元，而截至 2024 年 3 月 30 日的第一季產品收入為 900 萬美元，基本持平。

In the first quarter of 2025, funded research and development revenues increased 37% to $1.2 million from $900,000 in Q1 of '24, primarily because of an increase in funding for US defense programs.

2025 年第一季度，資助的研發收入從 24 年第一季的 90 萬美元增加 37% 至 120 萬美元，這主要是因為美國國防計畫的資金增加。

Cost of product revenues for the first quarter of 2025 was $7.6 million or 83% of net product revenues compared with $8.5 million or 95% of net product revenues for the first quarter of '24. The decrease in product revenues -- cost of product revenues was primarily the result of improving manufacturing quality and less waste.

2025 年第一季的產品收入成本為 760 萬美元，佔淨產品收入的 83%，而 24 年第一季的產品收入成本為 850 萬美元，佔淨產品收入的 95%。產品收入－產品收入成本的減少主要是由於製造品質的提高和浪費的減少。

R&D expenses for the first quarter of 2025 were $2.1 million, an increase of $15,000 from a year ago. Customer-funded R&D decreased approximately $200,000, essentially offsetting the increase in internally funded R&D.

2025年第一季的研發費用為210萬美元，比去年同期增加1.5萬美元。客戶資助的研發費用減少了約 20 萬美元，基本上抵消了內部資助的研發費用的成長。

SG&A expenses were $4.7 million in the first quarter of 2025 compared to $7.2 million in the first quarter of '24. The decrease was primarily due to a decrease in legal fees of $2.9 million.

2025 年第一季的銷售、一般及行政費用為 470 萬美元，而 2024 年第一季為 720 萬美元。減少的主要原因是法律費用減少了 290 萬美元。

Turning to the bottom line. The net loss for the first quarter of 2025 was $3.1 million or $0.02 per share compared with net loss attributable to Kopin of $32.5 million or $0.27 per share for the first quarter of '24. Keep in mind, the first quarter of '24 includes the $24.8 million reserve for litigation damages. Net cash used in operating activities was $3.4 million in the first quarter, of which approximately half was the result of changes in working capital items.

回到底線。2025 年第一季的淨虧損為 310 萬美元，即每股 0.02 美元，而 24 年第一季歸屬於 Kopin 的淨虧損為 3,250 萬美元，即每股 0.27 美元。請記住，24 年第一季包括 2,480 萬美元的訴訟損害賠償儲備金。第一季經營活動所用淨現金為 340 萬美元，其中約一半是營運資本項目變動的結果。

Listeners should review our Form 10-Q for the quarter ended March 29, 2025, for additional disclosures.

聽眾應查看我們截至 2025 年 3 月 29 日的季度的 10-Q 表，以了解更多揭露資訊。

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

說完這些，我會把話題還給麥可。

Thanks, Rich. I'd like to take a moment to thank our employees at Kopin for their hard work and dedication. The improvements the team has made in a relatively short period of time is truly commendable. But we believe the growth trajectory is just beginning. As we continue to mature our advanced technologies like our color microLED portfolio and our NeuralDisplay architecture, coupled with our existing products, technologies and customers, we believe we are in a great position to support the defense, medical, industrial and consumer markets globally.

謝謝，里奇。我想花點時間感謝 Kopin 員工的辛勤工作和奉獻精神。團隊在相對較短的時間內取得的進步確實值得稱讚。但我們相信成長軌跡才剛開始。隨著我們不斷完善彩色 microLED 產品組合和 NeuralDisplay 架構等先進技術，再加上我們現有的產品、技術和客戶，我們相信我們有能力為全球國防、醫療、工業和消費市場提供支援。

And I believe the best years are yet to come. So with that, operator, we want to open up the call to questions.

我相信最好的年華還沒到來。接線員，我們想開始回答問題。

(Operator Instructions) Glenn Mattson, Ladenburg Thalmann.

（操作員指示）Glenn Mattson，Ladenburg Thalmann。

Michael, you talked a bit more than usual on the international opportunity. Maybe can you give a little more color and detail about just which regions or you can go as deep as the countries offer the most near-term potential and how long? What's your time frame thoughts on how to turn some of that pipeline into revenue?

邁克爾，你比平常更多地談論了國際機會。或許您能更詳細地介紹哪些地區，或者您能深入了解哪些國家在近期內最有潛力，以及潛力有多大？您對如何將部分管道轉化為收入有何時間規劃？

Sure. Thanks, Glenn. Currently, we see Europe as a critical area for our growth. As you know, we have a location in Scotland that we've just converted into the One Kopin strategy, where they're able to support defense applications and other applications throughout Europe and the UK. The amount of spending and opportunity that we're seeing in the UK.

當然。謝謝，格倫。目前，我們將歐洲視為我們成長的關鍵地區。如您所知，我們在蘇格蘭有一個辦事處，我們剛剛將其轉變為「一個 Kopin」戰略，在那裡他們能夠支援整個歐洲和英國的國防應用和其他應用。我們在英國看到的支出和機會的數量。

and Europe global on mass is quite large. So we're seeing near-term opportunities to convert to research and development contracts in Europe as well as some early-stage production opportunities in Europe as well. So Europe is, I'd say, our primary focus.

而且歐洲整體上規模也比較大。因此，我們看到了轉化為歐洲研發合約的近期機會以及歐洲的一些早期生產機會。所以我認為歐洲是我們的主要關注點。

Secondly, we see tremendous opportunities in Korea. I was just there meeting with several leading companies in defense in Korea and one of our partners there, and we see fairly significant opportunities in Korea as well. Japan, I would say, would be number three for us. But these are near-term opportunities where we can secure research and development contracts as well as some near-term production contracts, and we're looking forward to partnering with several firms in more of a flywheel strategy where we can partner with companies that are in local situ, meaning they have facilities there that we can work with them. We may even consider doing some joint venture work to capture some of this opportunity while it's there for us.

其次，我們看到韓國存在著巨大的機會。我剛剛在那裡會見了韓國幾家領先的國防公司以及我們的一位合作夥伴，我們也看到了韓國相當大的機會。我想說，日本對我們來說是第三大市場。但這些都是短期機會，我們可以獲得研發合同以及一些短期生產合同，我們期待與多家公司合作，採用飛輪策略，我們可以與當地的公司合作，這意味著他們在當地有設施，我們可以與他們合作。我們甚至可能考慮進行一些合資工作，以便在有機會時抓住一些機會。

So we're very engaged in it. We see the opportunity, and we're working very hard to capture it.

所以我們非常投入於此。我們看到了機遇，並且正在努力抓住它。

Very helpful. And then secondly, you mentioned some of the automation activities that you're putting into place. Gross margin on the product looks volatile a little bit. I imagine you're trying to kind of get that to a nice level and get it more consistent. Can you just give us a sense of when that stuff can kick in and maybe what level of gross margin we could expect when it all is in place?

非常有幫助。其次，您提到了正在實施的一些自動化活動。該產品的毛利率看起來有點不穩定。我想您正在嘗試將其提升到一個良好的水平並使其更加一致。您能否告訴我們這些措施何時可以開始發揮作用，以及當所有措施到位後我們可以預期的毛利率水準是多少？

Yes. Great question. So where we see the biggest value and benefit for our new automation is actually on inbound and outbound inspection. We've invested in new systems in both of those areas that are going to help our quality control be done more effectively, quickly and through greater rates. So we're looking forward to that coming online.

是的。好問題。因此，我們認為新自動化的最大價值和好處實際上在於入站和出站檢查。我們在這兩個領域都投資了新系統，這將有助於我們更有效、更快速、更有效率地完成品質控制。因此我們期待它的上線。

The last briefing I had, Glenn, that new camera-based system will be online in June, and we expect to see several significant points of gross margin or at least OpEx reduction through using that system. And we're going to retest the people into more valuable roles within the company. So -- but as you can imagine, inspecting lenses and polarizers and glass is very difficult for the human eye. So adding this level of automation is going to be much welcome news for us. So we see several points of gross margin that, that will improve.

格倫，我上次聽取的簡報中提到，新的基於攝影機的系統將於 6 月上線，我們預計透過使用該系統，毛利率將顯著提高幾個點，或至少營運成本將有所降低。我們將對員工進行重新測試，讓他們擔任公司內更有價值的職位。所以——但正如你所想像的，檢查鏡片、偏光鏡和玻璃對於人眼來說非常困難。因此，增加這種程度的自動化對我們來說將是一個非常受歡迎的消息。因此，我們看到毛利率的幾個點將會提高。

George Gianarikas, Canaccord Genuity.

喬治·賈納里卡斯（George Gianarikas），Canaccord Genuity。

A little bit of a housekeeping first. I just wanted to make sure I understood the guidance. So when you last report, you talked about revenue in the $52 million to $55 million range. And you just said talked about reiterating double-digit growth. I just want to make sure that we had that revenue number appropriately calibrated that you're thinking of for this year.

首先進行一些家務事。我只是想確保我理解了指導。所以，當您上次報告時，您談到了 5200 萬美元到 5500 萬美元之間的收入。您剛才談到重申兩位數的成長。我只是想確保我們對您今年考慮的收入數字進行了適當的校準。

Yes. We ended up taking our guidance down somewhat based on the geopolitical trade issues that we were seeing. We still expect to see double-digit growth in our view. So we're hopeful to increase our guidance over the course of the year, George, once a lot of this tariff uncertainty becomes more known and reasonable. So we believe there's more growth in 2025, and we're being conservative in the first half.

是的。根據我們所看到的地緣政治貿易問題，我們最終下調了我們的預期。我們仍然預計會出現兩位數的成長。因此，喬治，一旦許多關稅不確定性變得更加眾所周知和合理，我們希望在今年內提高我們的指導。因此，我們相信 2025 年會有更大的成長，我們對上半年持保守態度。

This is Sneider. Just to echo Michael's comments, as we've indicated, we have significant book of business. And it's -- we have the ability to execute on that book of business. Our customers will take product as we can make it, but we want to do it in an expeditious manner and a cost-effective manner. So between -- knowing when the automation is kicking in and where these tariffs are going to land, we're being somewhat, we think, judicious in this year's revenues.

這是斯奈德。只是為了回應邁克爾的評論，正如我們所指出的，我們有大量的業務。而且──我們有能力執行這份業務。我們的客戶會接受我們生產的產品，但我們希望以快速且經濟高效的方式完成。因此，在了解自動化何時開始以及這些關稅將在何處實施的情況下，我們認為，我們對今年的收入是比較明智的。

Okay. Maybe second question regarding neural link. Can you just talk about any progress in bringing that to commercialization?

好的。也許第二個問題與神經連結有關。您能談談將其商業化方面的進展嗎？

Sure. NeuralDisplay, we have --

當然。NeuralDisplay，我們有--

I'm thinking of (inaudible) not display.

我正在考慮（聽不清楚）不顯示。

Yes. I understand. I understand. It's interesting. NeuralDisplay, when you think about it, is a neural link.

是的。我明白。我明白。這很有趣。想想看，NeuralDisplay 就是一種神經連結。

It has a human-in-the-loop capability. We're not talking to those folks to be clear, but we do think that's the way the market is going, specifically in consumer, George, where you don't necessarily want to have hands on your technology, your technology should be able to adapt to you. And that's what we think the biggest AR/VR companies in the world are trying to accomplish, including the folks over at Neuralink. But our goal is to have a demonstrable NeuralDisplay in a headset very shortly, and we expect to have some press and potentially a road show with it very soon here, ideally in the next quarter.

它具有人在環能力。我們不會與這些人交談以明確這一點，但我們確實認為這是市場的發展方向，特別是在消費者領域，喬治，你不一定需要親手掌握你的技術，你的技術應該能夠適應你。我們認為這就是世界上最大的 AR/VR 公司正在努力實現的目標，包括 Neuralink 的公司。但我們的目標是很快在頭戴式耳機中實現可演示的 NeuralDisplay，並且我們期望很快在這裡進行一些新聞發布和路演，最好是在下個季度。

Jaeson Schmidt, Lake Street.

傑森‧施密特 (Jaeson Schmidt)，湖街。

Just given all the dynamics in the macro, just curious what you're seeing from a quoting activity and order pattern standpoint so far here in Q2?

考慮到宏觀上的所有動態，我只是好奇到目前為止，從第二季的報價活動和訂單模式的角度來看您看到了什麼？

Great question. It's start of the quarter to get orders placed. That has since freed up. So we're seeing good order flow now, Jaeson. But it definitely caused us some concern in Q1.

好問題。現在是本季開始接受訂單的時候了。從那時起，這一局面就逐漸恢復了。所以我們現在看到了良好的訂單流，Jaeson。但它確實在第一季引起了我們一些擔憂。

We weren't seeing the order flow and the timeliness of orders that we would have liked. But now that is definitely improved. We're seeing the orders that we thought we were going to see. We're tracking several new orders that will be released by the government very shortly here that are in the $10 million to $20 million type of range. So we're definitely seeing it free up in Q2, and we hope that, that's going to continue through Q3 once the budgets are ratified and expelled.

我們沒有看到我們所希望的訂單流和訂單及時性。但現在情況肯定有所改善。我們看到了我們以為會看到的訂單。我們正在追蹤政府即將發布的幾項新訂單，這些訂單的金額在 1000 萬美元到 2000 萬美元之間。因此，我們肯定會看到它在第二季度得到釋放，並且我們希望，一旦預算獲得批准和取消，這種情況將持續到第三季。

So we're hopeful that the second half will be even better than the first half.

因此我們希望下半年會比上半年更好。

Okay. No, that's really good to hear. And you're obviously seeing some nice traction with some new R&D awards. Can you just discuss what's driving this momentum and how we should think about these eventually translating into contract awards?

好的。不，聽到這個消息真是太好了。而且您顯然看到了一些新的研發獎帶來的良好進展。您能否討論一下推動這一勢頭的因素以及我們應該如何看待這些因素最終轉化為合約授予？

Great question. So many people, investors have asked me why we don't put the amount of the contract in our press releases when it comes to research and development, specifically with the Army, Navy or the government at large. And the reason is they've asked us not to. Most of the R&D contracts that we get are in the several million to million-dollar range, I can give ranges. And if we mention the Army or Navy or the branch of the military by name, just be confident in that we've had to check and validate those releases with those government agencies before we announce them.

好問題。很多人、投資者問我，為什麼在涉及研發時，我們不在新聞稿中公佈合約金額，特別是與陸軍、海軍或整個政府的合約金額。原因是他們要求我們不要這樣做。我們獲得的大多數研發合約的價值都在幾百萬到數百萬美元之間，我可以給出一個範圍。如果我們提到陸軍、海軍或某個軍種的名稱，請相信，我們在宣布之前已經與相關政府機構進行了核實和確認。

But we do not put the amount in the research and development awards.

但我們不會把這筆錢投入研發獎勵。

Even though the amount of the award might be modest, maybe $1 million to $2.5 million, it's the opportunity that unlocks, Jaeson. As an example, our off-the-visor award that we recently announced, it's a decent award, a few million dollars. However, what's important is what it could unlock. If this technology works and our design works, this is a design that is for the rest of the soldiers that are out there, an optical design that can come off of a helmet of any soldier that's using it. So very strategic and significant opportunities can be unlocked by these research and development awards.

儘管獎金數額不多，大概只有 100 萬美元到 250 萬美元，但對於 Jaeson 來說，這是一個解鎖機會的機會。舉個例子，我們最近宣布的脫帽獎是一個不錯的獎項，有幾百萬美元。然而，重要的是它能解鎖什麼。如果這項技術可行且我們的設計有效，那麼這種設計就適合其他士兵，這種光學設計可以從任何士兵的頭盔上移除。因此，這些研發獎項可以帶來極具戰略意義和重大的機會。

So even though the revenue might be modest, the opportunity that they create is very significant, specific when we start talking about the off-the-visor technology or a new microdisplay investment like we just announced some research that we're going to do on a color microLED for soldier-based systems, that can unlock a tremendous opportunity pipeline in the future. And what we're seeing right now in the industry is telling us that the applications that are out there, whether it be consumer, medical or military require a much brighter display for the same amount of power. And that just spells microLED to me, but it's got to be a color microLED. I'm going to be talking about it tomorrow at SID here in California, and we're investing heavily and focused in that area. But those small research and development contracts that really starts that funding vehicle and drives the technology forward, and they're very important for our future.

因此，儘管收入可能不多，但它們創造的機會非常重要，特別是當我們開始談論非面罩技術或新的微顯示器投資時，就像我們剛剛宣布的一些研究，我們將對基於士兵的系統進行彩色微型 LED 研究，這可以在未來開啟巨大的機會管道。我們目前在業界看到的情況告訴我們，無論是消費、醫療還是軍事領域的應用，都需要在相同功率下實現更亮的顯示器。對我來說，這就是 microLED，但它必須是彩色 microLED。我明天將在加州的 SID 上談論這個問題，我們正在大力投資並專注於該領域。但那些小型研發合約真正啟動了融資管道並推動了技術進步，對我們的未來非常重要。

And there are no further questions on the line at this time. I'll turn the program back to management for any additional or closing remarks.

目前我們還沒有其他問題。我將把節目交還給管理層，以便他們發表任何補充或結束語。

Wonderful. Thank you, operator. Again, we're tremendously excited about our future. I think 2025 is going to be another growth year for Kopin. We do expect that we're going to have a stronger second half than first half, not only for orders, but also for revenue and gross margin.

精彩的。謝謝您，接線生。再次，我們對我們的未來感到無比興奮。我認為 2025 年將是 Kopin 的另一個增長年。我們確實預期下半年的表現會比上半年更好，不僅是訂單量，還有收入和毛利率。

So we look forward to updating you as we progress this year. Thank you all for joining, and thank you for -- and thank you to the team at Kopin for delivering another great quarter. Thanks very much.

因此，我們期待向您通報今年的進展。感謝大家的加入，感謝你們——感謝 Kopin 團隊又創造了一個出色的季度。非常感謝。

This does conclude today's program. Thank you for your participation, and you may now disconnect.

今天的節目到此結束。感謝您的參與，您現在可以斷開連接。