Kopin Corp (KOPN) 2025 Q3 法說會逐字稿

Good morning everyone and welcome to the Kopin Corporation Third quarter 2025 earnings call.

各位早安，歡迎參加 Kopin 公司 2025 年第三季財報電話會議。

(Operator Instruction) I would like to turn the conference call over to Brian Prenoveau, Investor Relations for Kopin.

（操作員指示）我謹將電話會議轉交給 Kopin 的投資人關係負責人 Brian Prenoveau。

Thank you and good morning everyone. Before we get started, I'd like to remind everyone.

謝謝大家，大家早安。在正式開始之前，我想提醒大家一下。

That during today's call, taking place on November 12, 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. 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 10k and other documents filed with the Securities and Exchange Commission.

在今天（2025 年 11 月 12 日）舉行的電話會議上，我們將根據 1995 年《私人證券訴訟改革法案》的定義作出前瞻性聲明。這些聲明是基於公司目前的預期、預測、信念和估計，但存在許多風險和不確定性，可能導致實際結果與這些前瞻性聲明有重大差異。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、市場狀況以及我們在最新的 10-K 表格年度報告和其他提交給美國證券交易委員會的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. The company undertakes no obligation to update the forward-looking statements made during today's call.

雖然該公司認為這些聲明所依據的假設是合理的，但其中任何一項都可能被證明是不準確的，也不能保證結果能夠實現。本公司不承擔更新今天電話會議中所作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，也可能提及某些非公認會計原則或非GAAP指標，對此，您應參閱本公司向美國證券交易委員會提交的文件和新聞稿中的相應免責聲明和調節表。

Kopin Corporation's Chief Executive Officer, Michael Murray will begin today's call with an overview of Kopin progress within the company's strategy. Following Michael, Kopin's CFO Erich Manz will review the company's third quarter 2025 financial results. I would now like to turn the conference over to Michael Murray. Michael, please go ahead.

Kopin Corporation 執行長 Michael Murray 將在今天的電話會議上首先概述 Kopin 在公司策略方面取得的進展。在邁克爾之後，Kopin 的財務長埃里希·曼茨將審查該公司 2025 年第三季的財務業績。現在我將把會議交給邁克爾·莫瑞。邁克爾，請繼續。

Hey Brian, good morning to everyone and welcome to our third quarter earnings call. Firstly, thank you to all the men and women of our armed services and those of our allies for your service. We deeply appreciate it.

嗨，布萊恩，大家早上好，歡迎參加我們的第三季財報電話會議。首先，感謝我們武裝部隊以及盟軍所有男女官兵的付出。我們深表感謝。

It's been an exceptionally busy quarter at Kopin, and we believe some of the best and most exciting opportunities still lay ahead of us. We're happy to be joined by Erich Manz, our new CFO who officially started on September second.

Kopin 剛剛經歷了一個異常忙碌的季度，我們相信一些最好、最令人興奮的機會還在前方等著我們。我們很高興迎來新任財務長埃里希‧曼茨，他已於9月2日正式上任。

It's been a baptism by fire for Erich, but we're excited he's on board. Erich joins us from Allegro Microsystems, where he has spent the last 27 years in various financial and accounting and leadership roles.

對埃里希來說，這是一次嚴峻的考驗，但我們很高興他能加入我們。Erich 先前在 Allegro Microsystems 工作，在過去的 27 年裡擔任過各種財務、會計和領導職務。

We're excited to have Eric on board as we believe these are truly transformational times for Kopin. I'll let Eric provide more on his background prior to discussing Third quarter financials.

我們很高興 Eric 加入我們，因為我們相信這對 Kopin 來說是一個真正具有變革意義的時代。在討論第三季財務狀況之前，我先讓艾瑞克介紹一下他的背景。

Open is in a completely different position today than it was even recently as our second quarter 2025 earnings call.

Open 目前所處的位置與我們最近召開 2025 年第二季財報電話會議時的情況完全不同。

Since that time, we've entered into strategic partnerships with well-known, well respected and global organizations like Ondas Holdings, Unusual Machines, and our friends at THEON International.

自那時起，我們與 Ondas Holdings、Unusual Machines 等知名、受人尊敬的全球組織以及 THEON International 的朋友們建立了戰略合作夥伴關係。

We have won several new multi-million dollar research, development, and production awards and further solidified our balance sheet also.

我們贏得了多項價值數百萬美元的研發和生產獎項，並進一步鞏固了我們的資產負債表。

THEON International is a critical relationship for Kopin as they develop and manufacture in cutting edge night vision and thermal imaging systems for defense and security applications with a global footprint.

THEON International 對 Kopin 而言是至關重要的合作夥伴，因為他們開發和製造用於國防和安全應用的尖端夜視和熱成像系統，業務遍及全球。

Theon started its operations in 1997 and today occupies a leading role in the sector thanks to its international presence.

Theon 於 1997 年開始運營，如今憑藉其國際影響力，在該行業中佔據領先地位。

Theon's production of night vision and thermal imaging systems aligns perfectly with our micro display and optical technologies, and I was fortunate enough to be able to speak and introduce Kopin to their investor base in Greece last week.

Theon 生產的夜視和熱成像系統與我們的微型顯示器和光學技術完美契合，上週我有幸在希臘向他們的投資者介紹了 Kopin。

Increased defense budgets and the need for enhanced situational awareness in nighttime and daytime operations, border security, and counterterrorism missions are primary drivers of significant growth expectations, especially in Europe, Southeast Asia, and NATO countries alike.

國防預算的增加以及對夜間和白天行動、邊境安全和反恐任務中態勢感知能力的提高，是推動國防預算大幅成長的主要因素，尤其是在歐洲、東南亞和北約國家。

Governments worldwide are investing in modernization efforts and advanced night and daytime vision technologies.

世界各國政府都在投資現代化建設和先進的晝夜視覺技術。

Innovations such as thermal imaging, augmented reality, data overlays, digital night vision, and the use of high resolution sensors are improving performance, durability, and cost effectiveness, thus ex expanding applications, demand, and serviceable available markets. Kopin and THEON together can take advantage of those needs.

熱成像、擴增實境、數據疊加、數位夜視以及高解析度感測器的使用等創新技術正在提高性能、耐用性和成本效益，從而擴大應用範圍、需求和服務市場。Kopin 和 THEON 可以攜手滿足這些需求。

Turning to unusual Machines, who manufactures and sells drones and components via brands like Fat Shark, the leader in first-person viewer drone controls, ultra low latency video goggles for drone pilots as well.

轉向不尋常的機器公司，該公司透過 Fat Shark 等品牌製造和銷售無人機及其組件，Fat Shark 是第一人稱視角無人機控制領域的領導者，也為無人機飛行員提供超低延遲視訊眼鏡。

They also retail small acrobatic FPV drones and equipment directly to consumers through their curated Rotor Riot e-commerce store.

他們還透過其精心策劃的 Rotor Riot 電子商務商店直接向消費者零售小型特技 FPV 無人機和設備。

Through subsidiaries, American Robotics, Aerobotics, Aperio Motion, Ondas offers the Optimus system, the first US FAA certified small UAS for automated aerial security and data capture, the Iron drone radar, an autonomous counter UAS platform, and Aperio's advanced ground robotics and tethered UAV systems, supported by innovative navigation and communications technologies.

Ondas 透過其子公司 American Robotics、Aerobotics 和 Aperio Motion 提供 Optimus 系統（首個獲得美國 FAA 認證的小型無人機系統，用於自動化空中安全和數據採集）、Iron 無人機雷達（一個自主反無人機系統平台）以及 Aperio 的先進地面機器人和系留無人機系統，這些產品均由創新的導航和通訊技術支援。

Again, our micro display products and technologies are well aligned to pair with the growing drone UAV market, and their collective strategic investment into Kopin brings confidence in our ability to create value for them with them.

再次強調，我們的微型顯示產品和技術與不斷成長的無人機市場非常契合，他們對 Kopin 的集體策略投資也讓我們有信心與他們一起創造價值。

Just last week, it was reported that the US Army aims to buy at least 1 million drones in the next 2 or 3 years and could acquire anywhere from 5,000,000 drones to millions of them annually, compared to approximately 50,000 annually today.

就在上週，有報導稱美國陸軍計劃在未來兩到三年內採購至少 100 萬架無人機，並且每年可能會採購 500 萬架到數百萬架無人機，而目前每年的採購量約為 5 萬架。

It was estimated that Russia and Ukraine each build 4 million drones annually.

據估計，俄羅斯和烏克蘭每年分別生產 400 萬架無人機。

China can and will likely produce 8 million drones annually.

中國有能力而且很可能會每年生產800萬架無人機。

The ratio between drones and first-person viewers is roughly 4:1 as we understand it.

據我們了解，無人機與第一人稱視角觀眾的比例約為 4:1。

The first-person drone market is growing very quickly. This was a small niche market just a few years ago. As recently as last year, it was estimated to be a total market of under 300 million.

第一人稱視角無人機市場正在快速成長。幾年前，這還是一個很小眾的市場。就在去年，該市場的總規模估計不到3億美元。

By 2030, it's estimated that the first person drone market could be as much as 1.2 billion, representing an annual compound annual growth rate of around 31%.

據估計，到 2030 年，第一人稱無人機市場規模可能達到 12 億美元，年複合成長率約 31%。

Suffice to say, we believe we can begin meaningful acceleration growth over the next several years as the only manufacturer in the world of 4 different types of microdisplays that can provide sovereign sourced displays for the US and NATO defense requirements.

毋庸置疑，作為全球唯一一家能夠為美國和北約國防需求提供自主研發的顯示器的 4 種不同類型微型顯示器製造商，我們相信在未來幾年內，我們將開始實現有意義的加速成長。

Our technologies and desire to provide application specific optical solutions means we can meaningfully capture more orders and demand for some of the fastest growing industries in defense, and we are partnering with global players in these respective fields.

我們的技術以及提供特定應用光學解決方案的願望意味著我們可以有效地獲得更多訂單，滿足國防領域中一些成長最快的產業的需求，我們正在與這些領域的全球企業建立合作關係。

Through the US Department of Defense, we are excited about several opportunities to supply new or existing programs across the military.

我們很高興能透過美國國防部獲得多個機會，為軍隊的新項目或現有項目提供物資。

Our current opportunity pipeline of factored opportunities we are pursuing just surpassed $1 billion.

我們目前正在尋求的保理投資機會總額剛超過 10 億美元。

As we continue to supply the current thermal weapons sites, aviation heads up displays, and advancing our new aftermarket upgrade capabilities with our flight certified monochrome micro LED which we just announced, we are also dedicating more focus on armored vehicle applications as well, with the advancement of tank and armored vehicle programs as they are now becoming more clearly defined.

在我們繼續為現有熱成像武器站、航空抬頭顯示器提供產品，並利用我們剛剛發布的經飛行認證的單色微型 LED 推進新的售後升級能力的同時，我們也更加關注裝甲車輛應用，因為坦克和裝甲車輛項目現在變得更加明確。

The largest of these opportunities is clearly the extension of the IVA program, which is now referred to as Soldier-borne Mission Command or SBMC. This is the $22 billion army program that was recently taken over by ANRL.

這些機會中最大的顯然是擴展 IVA 計劃，該計劃現在被稱為士兵攜帶任務指揮或 SBMC。這是一個價值 220 億美元的陸軍項目，最近由美國海軍研究實驗室 (ANRL) 接管。

SBMC is an all-encompassing program that has software, hardware, and networking elements. As warfare evolves and increases in complexity, having tools that deliver the right information quickly and intuitively becomes increasingly urgent.

SBMC 是一個包含軟體、硬體和網路元素的綜合性程式。隨著戰爭的演變和複雜性的增加，擁有能夠快速、直觀地提供正確資訊的工具變得越來越迫切。

The US Army selected two prime contractors to provide early demonstrable hardware in 2026, followed by a second phase of demonstrations and production selection awards in 2027.

美國陸軍選定兩家主要承包商，於 2026 年提供早期可演示的硬件，隨後於 2027 年進行第二階段的演示和生產選擇獎勵。

Along with prime selections, we expect wins for critical technology acquisition areas as well, where Copen fits into to follow a similar path.

除了優質企業外，我們還期望在關鍵技術收購領域取得成功，Copen 也將走上類似的道路。

As a reminder, COPE was recently awarded a $15.4 million dollar color micro LED award through the industrial-based Analysis and Sustainment Act, which will allow for Kopin to design, develop, and manufacture a sovereign-built color micro LED developed by the army, for the army for applications like SBMC.

提醒一下，COPE 最近通過工業分析和維持法案獲得了 1540 萬美元的彩色微型 LED 獎項，這將允許 Kopin 設計、開發和製造由陸軍開發的自主彩色微型 LED，供陸軍用於 SBMC 等應用。

Daytime AR applications and several weapons site platforms offering CPE an additional $1 billion serviceable available market just for the United States alone.

僅在美國，白天 AR 應用和多個武器站平台就為 CPE 提供了 10 億美元的可用市場。

Furthermore, we have negotiated an $8 million research and development order for a similar product for Theon International and the European markets as part of our strategic investment as well.

此外，作為我們策略投資的一部分，我們也為 Theon International 和歐洲市場談判了一份價值 800 萬美元的類似產品研發訂單。

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 our confidence to hit our revenue and profitability goals in 20,207 and 2,020,208 are quite high.

鑑於我們許多現有項目的長期性以及 2025 年迄今為止贏得的合同，我們目前的項目儲備非常強勁，我們有信心在 2027 年和 2020 年實現我們的收入和盈利目標。

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

提醒大家，我們的一些項目在 2030 年之前都有國會預算要求，而且我們簽訂的幾個項目合約是無限期需求或無限量合約（IDIQ），這意味著我們未來的收入需求甚至比目前已訂購的還要高。

Increasing geopolitical tensions mean defense spending is unlikely to decrease, and the way wars are fought is evolving.

地緣政治緊張局勢加劇意味著國防開支不太可能減少，而且戰爭的進行方式也在不斷變化。

Soldiers in the field are tasked with needing more information sooner to assess level, threats, and how to make the best decisions for themselves and their teams.

前線士兵需要更快地獲取更多信息，以便評估局勢、威脅以及如何為自己和團隊做出最佳決策。

How our products and technologies can help to make soldiers and the soldiers of our allies safer, meaning more men and women in uniform will make it home. This is our ethos. This is what we focus on.

我們的產品和技術如何幫助保障士兵和盟軍士兵的安全，讓更多身穿制服的男女軍人平安回家。這就是我們的理念。這就是我們關注的重點。

Obviously, we have market tailwinds that can propel.

顯然，我們擁有能夠推動市場發展的順風。

Plus to significant growth over the next several years and maybe even decades. I'm also proud of how we positioned ourselves to take advantage of those trade winds and tailwinds.

此外，預計未來幾年甚至幾十年內將實現顯著成長。我也很自豪我們能夠佔據有利位置，充分利用這些信風和順風。

Kopin is almost completely transformed as a company from when I first started just three years ago.

Kopin公司與我三年前剛加入時相比，已經發生了翻天覆地的變化。

We have a clear and focused strategy, a new management team, and board of directors. Quality issues in our manufacturing facility have largely been fixed, and we have some of the highest quality scores in our history and very strong relationships with our current customers, and we are actively attracting new customers as well. Our website and logo have been updated and modernized.

我們擁有清晰明確的策略、新的管理團隊和董事會。我們製造工廠的品質問題已基本解決，我們獲得了公司歷史上最高的品質評分，與現有客戶建立了非常牢固的關係，並且我們也在積極吸引新客戶。我們的網站和標誌已經更新換代，更加現代化了。

Our capital structure today is in far better shape.

我們目前的資本結構狀況要好得多。

Than it was even just three months ago.

比三個月前還要糟糕。

We have the partnerships and capital to invest aggressively in our people, our technologies, and capabilities to significantly ramp growth and production capacity.

我們擁有合作夥伴關係和資金，可以大力投資我們的員工、技術和能力，從而顯著提高成長和生產能力。

Further, we've received a lower than expected final judgment in our legacy lawsuit in Colorado.

此外，我們在科羅拉多州的遺留訴訟中獲得了低於預期的最終判決結果。

Recently we post the cash bond required for a federal appeal of the case, which we continue to believe has the potential to further and significantly reduce that liability even more greatly once the case is heard.

最近，我們繳納了聯邦上訴所需的現金保證金，我們仍然相信，一旦案件開庭審理，這將有可能進一步大幅降低該債務。

There have been some trying times over the last few years, but I'm more excited about our outlook today than I ever have been since I joined.

過去幾年我們經歷了一些艱難時期，但我對我們今天的前景比我加入公司以來任何時候都更加充滿信心。

We're a completely different company today, and I would argue a far better and sustainable one that offers significant growth potential, and I believe we're on the cusp of big changes at Kopin in the not too distant future.

如今我們已是一家截然不同的公司，我認為我們是一家更好、更永續的公司，具有巨大的成長潛力，我相信在不久的將來，Kopin 將迎來重大變革。

Overall, I'm just incredibly proud of the team for navigating an environment with so much change over a short period of time. Indeed, they have executed on everything I've asked them to do.

總而言之，我為團隊感到無比自豪，他們能夠在短時間內應對如此多的變化。事實上，他們已經完成了我要求他們做的所有事情。

There have been a lot of distractions as well, but our team have kept focused on controlling what we can control without letting these distractions impact our company's mission, direction, and potential.

雖然也有很多幹擾因素，但我們的團隊始終專注於控制我們能夠控制的事情，不讓這些幹擾因素影響我們公司的使命、方向和潛力。

I'll now turn the call over to our CFO Erich Manz to review our results from the Third quarter in further detail. Eric.

現在我將把電話交給我們的財務長埃里希·曼茨，讓他更詳細地回顧一下我們第三季的表現。埃里克。

Michael, I want to begin by thanking Kopin's board of directors, Michael Murray, and members of our management team for the opportunity to step into this role at such a pivotal time and for their support in making these first weeks both productive and inspiring. In my short time here, it's been exciting to see how much progress is already underway, confirming the strength of Kopin's direction and the solid foundation in place for future growth.

邁克爾，首先我要感謝 Kopin 的董事會、邁克爾·默里以及我們的管理團隊成員，感謝他們給我這個機會，讓我在這樣一個關鍵時刻擔任這個角色，並感謝他們的支持，使這最初的幾週既富有成效又令人鼓舞。在我來這裡的這段時間裡，令人興奮的是，我們已經取得了巨大的進展，這證實了 Kopin 領導方向的正確性以及為未來發展奠定的堅實基礎。

It's clear that Kopin is advancing on multiple fronts, strategically, operationally and financially. And I'm excited to contribute to that continued success.

很明顯，Kopin 在策略、營運和財務等多個方面都取得了進展。我很榮幸能為這持續成功貢獻力量。

We've solidified and stabilized our balance sheet through strong backing of our strategic investors, providing the financial flexibility and stability to execute our growth plans with confidence.

在策略投資者的大力支持下，我們鞏固並穩定了資產負債表，從而提供了財務靈活性和穩定性，使我們能夠充滿信心地執行成長計劃。

At the same time, we're maintaining a disciplined focus on the P&L, driving top-line growth while continuing to strengthen our path towards profitability.

同時，我們始終保持對損益表的嚴格關注，在推動營收成長的同時，不斷加強我們獲利的道路。

Our new partnership in Europe expands our access to key markets and positions us with continued growth globally.

我們在歐洲建立的新合作夥伴關係擴大了我們進入關鍵市場的管道，並為我們在全球範圍內的持續成長奠定了基礎。

And with recent design wins from the US military, we're strengthening our domestic footprint and reinforcing Kopin's reputation as a trusted defense technology partner.

憑藉近期從美國軍方贏得的設計項目，我們正在加強國內業務，並鞏固 Kopin 作為值得信賴的國防技術合作夥伴的聲譽。

Looking ahead, I'm encouraged by the alignment across our teams and our focus on executing the financial and strategic priorities that will drive long-term value for our shareholders.

展望未來，我感到鼓舞的是，我們各個團隊目標一致，並且專注於執行財務和策略重點，這將為我們的股東創造長期價值。

With that, let's turn to our financial results for the quarter.

接下來，讓我們來看看本季的財務表現。

Total revenues from Q3 2025 were 12 million versus 13.3 million for the prior year.

2025 年第三季總營收為 1,200 萬美元，而去年同期為 1,330 萬美元。

Product revenues for the third quarter ended September 27, 2025 or 10.7 million compared to 10.9 million in the third quarter of 2024. The decrease was primarily due to a decrease in revenues from products used in pilot helmets and training and simulation, which was partially offset by an increase in sales from products used in thermal weapons sites.

截至 2025 年 9 月 27 日的第三季產品收入為 1,070 萬美元，而 2024 年第三季為 1,090 萬美元。下降的主要原因是飛行員頭盔、訓練和模擬產品的收入下降，但熱武器基地產品的銷售成長部分抵消了下降。

In the third quarter of 202,025, funded research and development revenues decreased to 1.2 million from 2.3 million in Q3 2024, primarily due to the timing of completed projects and a focus on programs moved to production.

202,025 年第三季度，研發經費收入從 2024 年第三季的 230 萬美元減少到 120 萬美元，主要原因是專案完成的時間安排以及將重點放在已投入生產的專案上。

Cost of product revenue for the third quarter of 2025 was $8.4 million or 79% of net product revenues, compared with $8.3 million or 76% of net product revenues for the third quarter of 2024.

2025 年第三季產品收入成本為 840 萬美元，佔淨產品收入的 79%，而 2024 年第三季為 830 萬美元，佔淨產品收入的 76%。

The increase was due to higher cost to manufacture training and simulation products, and 3D AOI products which are partially offset by improved efficiency in making products for thermal weapons sites.

成長的原因是訓練和模擬產品以及 3D AOI 產品的製造成本增加，但熱武器基地產品製造效率的提高部分抵消了這一增長。

R&D expenses for the third quarter of 2025 were $2.5 million a decrease of $0.1 million from the same quarter last year. The decrease is probably due to decreased spending on US defense programs and programs previously in development are transitioning into production.

2025 年第三季的研發費用為 250 萬美元，比去年同期減少了 10 萬美元。這一下降可能是由於美國國防項目支出減少，以及先前處於研發階段的項目正在轉入生產階段所致。

SG&A expenses were 1.6 million in the third quarter of 2025 compared to 5.2 million in the third quarter of 2024. SG&A decreased due to a decrease in accrued legal expenses, partially offset by an increase in non-cash stock compensation.

2025 年第三季銷售、一般及行政費用為 160 萬英鎊，而 2024 年第三季為 520 萬英鎊。銷售、一般及行政費用下降，主要原因是應計法律費用減少，但部分被非現金股票補償增加所抵銷。

Turning to the bottom line, net income for the third quarter of 2025 was 4.1 million, or $0.02 per share, compared with the net loss of 3.5 million or $0.03 per share for the third quarter of 2024.

再來看最終結果，2025 年第三季淨收入為 410 萬美元，即每股 0.02 美元，而 2024 年第三季淨虧損為 350 萬美元，即每股 0.03 美元。

It should be noted that Q3 2025 net income included a $5.1 million dollar add-back for reduction in litigation accruals.

需要注意的是，2025 年第三季淨收入包括 510 萬美元的訴訟準備金減少的加回。

Net cash use and operating activities was $7.7 million in the first nine months of 2025.

2025 年前九個月的淨現金使用和經營活動為 770 萬美元。

Our balance sheet and cash position is as strong as ever post Q3. We ended the third quarter with 26.5 million in cash, which is not significantly different than the prior quarter.

第三季結束後，我們的資產負債表和現金狀況依然強勁。第三季末，我們持有現金2650萬美元，與上一季相比沒有顯著差異。

However, subsequent to the quarter end, although we posted a $23 million bond for an appeal of a lawsuit, we were able to raise $41 million with several strategic and institutional investors and completed a $15 million transaction with an individual strategic investor, which significantly improved our overall cash position. As a result, at the end of Q3 with this funding in place, the company was able to remove any significant doubt regarding the ability to operate as a going concern.

然而，在季度末之後，儘管我們為上訴一起訴訟繳納了 2300 萬美元的保證金，但我們還是從幾位戰略和機構投資者那裡籌集了 4100 萬美元，並與一位個人戰略投資者完成了一筆 1500 萬美元的交易，這大大改善了我們的整體現金狀況。因此，在第三季末，隨著這筆資金到位，公司得以消除對持續經營能力的任何重大疑慮。

Listeners should review our Form 10Q for the quarter ended September 27, 2025 for any possible adjustments and additional disclosures.

聽眾可以查閱我們截至 2025 年 9 月 27 日的季度 10-Q 表格，以了解任何可能的調整和補充揭露。

And with that, I'll turn the call back over to Michael for closing remarks, and we'll take your questions.

接下來，我將把電話交還給邁克爾，請他作總結發言，我們來回答大家的問題。

Thanks very much, Erich.

非常感謝，埃里希。

Our products and technology can be applied to a variety of industries across the landscape. But we have chosen to focus on the areas we think will have the highest demand and growth opportunities and provide the clearest path to profitability. With our market leading strategic partners, we are in a great position to take advantage of their growth and accelerate our own. The geopolitical landscape and increasing tensions mean that more defense departments around the world are looking at their budgets and capabilities and assessing where they need to invest. Much of the time it's pointing towards better vision and data to get to soldiers to make better decisions and safer decisions. Coping can be a major solution to some of those challenges.

我們的產品和技術可應用於各行各業。但我們選擇專注於我們認為需求最高、成長機會最多、獲利路徑最清晰的領域。憑藉我們市場領先的策略合作夥伴，我們處於非常有利的地位，可以利用他們的成長並加速我們自身的成長。地緣政治格局和日益緊張的局勢意味著世界各地越來越多的國防部門正在審視其預算和能力，並評估需要在哪些方面進行投資。很多時候，它旨在為士兵提供更好的視覺和數據，以便他們做出更好、更安全的決策。應對能力可以成為解決其中一些挑戰的重要途徑。

We believe we are at an exciting inflection point for the company. There's no doubt that our future is continuously growing and becoming brighter every day.

我們相信公司正處於一個令人興奮的轉折點。毫無疑問，我們的未來正在不斷發展壯大，每一天都變得更加光明。

With that, operator will open up the call to any questions.

隨後，接線員將開放通話，接受任何問題。

(Operator Instruction) George Gianarikas, Canaccord Genuity.

（操作說明）George Gianarikas，Canaccord Genuity。

Hi, good morning, everyone. Thanks for taking my question and welcome, Eric.

大家早安。謝謝您回答我的問題，歡迎您，艾瑞克。

I'd like to start maybe on something you didn't talk about this time is neural display. Maybe any developments there, any progress you've made that product?

我想先談談你這次沒有提到的神經顯示方面的內容。你們的產品方面有進展嗎？

Thank you.

謝謝。

Morning, George. Yes, absolutely. So at A USA we demonstrated a first-person viewer, bi-directional human in the loop microdisplay, which we call neural display, that controlled a drone application.

早上好，喬治。是的，絕對的。因此，在 A USA，我們展示了第一人稱視角、雙向人機互動微顯示器（我們稱之為神經顯示器），它可以控制無人機應用程式。

With your eye. Imagine if you will, a soldier on the battlefield with a daytime huUD like our Davas solution or dark wave solution, being able to still fire their weapon while looking through a daytime or nighttime AR application and controlling a drone.

用你的眼睛。試想一下，一名士兵在戰場上佩戴著像我們的 Davas 解決方案或暗波解決方案這樣的白天 huud，能夠在白天或夜晚通過 AR 應用程序觀察並控制無人機的同時，仍然能夠開火。

And moving that drone just with their eyes and never taking their eyes off the battlefield.

他們僅憑眼神就能操控無人機，目光從未離開過戰場。

And that is a critical technology area for the United States government. Neural display is demonstrable, we will be investing in it over the course of the next few years, and we will have a roadmap that has neural display coming right behind our color micro LED development that we're embarking upon now.

而這對美國政府來說是一個至關重要的技術領域。神經顯示技術已經可以驗證，我們將在未來幾年對其進行投資，並且我們將製定一個路線圖，將神經顯示技術緊隨我們目前正在進行的彩色微型 LED 開發之後。

Thanks, George.

謝謝你，喬治。

And maybe just as a follow-up just some you know some blocking and tackling just as a follow-up in terms of just how we should think about your quarterly OpEx, particularly with Blue Radio's.

或許作為後續工作，我們需要就一些細節問題進行跟進，特別是關於我們應該如何考慮你們的季度營運支出，特別是與 Blue Radio 相關的問題。

Seemingly behind you, can you sort of help us understand what the spending should look like over the next several quarters?

既然你已經完成了手邊的工作，能否幫我們大致了解一下未來幾季的支出狀況？

Thank you.

謝謝。

Well, I don't think the spending is going to be much different than what we've seen. We know we have some headwinds there in the in the OpEx area, but we will be growing into that, that's the objective.

我認為支出狀況不會和我們之前看到的有太大不同。我們知道在營運支出方面存在一些不利因素，但我們會克服這些困難，這就是我們的目標。

(Operator Instruction) Jaeson Schmidt, Lake Street.

（操作員說明）Jaeson Schmidt，湖街。

Hey guys, thanks for taking my questions. Michael, it obviously sounds like you're seeing some really nice momentum and an expanding pipeline. I know you noted a pretty significant number as far as what is in that potential pipeline and acknowledging sort of these IDIQ contracts could make it a little difficult, but how should we think about sort of the kind of one or two year out pipeline or backlog, and can you help us kind of size some of these near term opportunities?

各位好，感謝你們回答我的問題。邁克爾，聽起來你那邊發展勢頭良好，業務通路也不斷拓展。我知道您提到了潛在項目數量相當可觀，而且考慮到這些 IDIQ 合約可能會使情況變得有些複雜，但我們應該如何看待未來一兩年的專案儲備或積壓訂單呢？您能否幫助我們評估一下近期的一些機會？

Sure, morning, Jaeson. So as we sit here today, OpEx has roughly 80% of the backlog required to hit our plan for 2026. We see visibility on our three major programs until 2027 to 2030. And those programs are our thermal weapons site programs, our aviation helmet programs, and, one other program, that is actually on the medical side. So those three programs you have very strong visibility, at least for the next two years, Jason. The the task for CPE right now is to build upon those programs, also intercept whatever the next generation programs will be. As an example in our aviation headworn application, as we have an LCD product, we have an OLED product, and a micro LED product, I can say that.

好的，早上好，傑森。截至目前，營運支出部門已完成 2026 年計畫所需積壓工作的約 80%。我們看到，到 2027 年至 2030 年，我們的三大主要項目都將取得顯著進展。這些項目包括我們的熱武器試驗場項目、航空頭盔項目，以及另一個實際上是醫療方面的項目。所以，至少在未來兩年內，這三個項目都將擁有非常高的關注度，傑森。CPE 目前的任務是在此基礎上繼續發展這些項目，並攔截下一代項目。以我們的航空頭戴式設備應用為例，我們有 LCD 產品、OLED 產品和微型 LED 產品，我可以這麼說。

So, we're building upon that foundation. We do think those programs have life until 2027 at least, but we're not resting on them alone. We need more programs like them that will continue for the next decade, and we think there are several like Soldier Born Mission Command. Like our darkwave product, like the Davas product, and several of the first person viewer products that we're developing right now, that will carry us through, I'd say the next two to three years of growth. So we're very confident in our backlog. We're also very confident in some of the new programs that we're working on. I hope that's helpful.

所以，我們正是在此基礎上繼續發展。我們認為這些項目至少可以持續到 2027 年，但我們不會只依賴它們。我們需要更多像這樣的項目，能夠持續到下一個十年，我們認為有好幾個項目都類似於「士兵生而任務指揮部」。就像我們的暗潮產品、Davas 產品以及我們目前正在開發的幾款第一人稱視角產品一樣，我認為它們將幫助我們度過接下來兩到三年的成長期。所以我們對我們的訂單儲備非常有信心。我們對正在開發的一些新項目也充滿信心。希望這能幫到你。

Yeah, that's really helpful. And then just as a follow-up, curious if you could update us on sort of the Copen one initiatives and automation and where those initiatives are and if kind of Q4 will be sort of the end of all those being implemented.

是的，這真的很有幫助。然後，作為後續問題，我很好奇您能否向我們介紹一下 Copen 一號計劃和自動化方面的進展，以及這些計劃目前處於什麼階段，第四季度是否會是所有這些計劃實施的終點。

Great question. I'm remiss in updating you. So, I would say is fully integrated at this point. Everyone is under the Kopin umbrella. So that's number one, and our HR team have done a fantastic job, with that transition as it is a cultural one.

問得好。我疏忽了，沒能及時向您報告情況。所以，我認為它目前已經完全整合了。大家都隸屬於 Kopin 集團。這是第一點，我們的人力資源團隊在這次文化轉型過程中做得非常好。

So that would be number one. Number two, just to touch on our, Fab Light model. I haven't briefed on that in several quarters, but as we embarked on a Fab Light strategy which is sourcing the best wafers and deposition technologies worldwide, and focusing on US DOD and NATO applications specifically, and that transition has been a great one, we're almost fully complete. And I expect to be complete by the end of this year. From an automation perspective, we have put in our first wave of automation back in June. It is now operational. It is working. We're seeing efficiencies and quality increases with that.

所以，那應該是第一點。第二點，簡單介紹一下我們的 Fab Light 型號。我已經好幾個季度沒有報告此事了，但是隨著我們開始實施 Fab Light 戰略，在全球範圍內採購最好的晶圓和沈積技術，並特別關注美國國防部和北約的應用，這一轉型非常成功，我們幾乎已經完全完成了。我預計今年底前就能完成。從自動化角度來看，我們早在六月就推出了第一波自動化方案。現已投入使用。它正在運行。我們看到效率和品質都因此有所提升。

The second phase does go in in December. This year, and we're hopeful that that will add OE savings as well throughout the course of next year and add throughput capability to the fab. So we're not planning on any material changes in headcount. It's the ability for us to have higher throughput of the fab for next year, and we're fairly confident that's going to go well.

第二階段將於12月開始。今年，我們希望這也能在整個明年期間節省營運成本，並提高晶圓廠的產能。因此，我們暫無計劃對員工人數進行任何實質調整。這將使我們能夠在明年實現更高的晶圓廠產能，我們對此相當有信心，相信會取得好結果。

Got you thanks a lot guys.

明白了，非常感謝各位。

Thanks Jaeson.

謝謝傑森。

(Operator Instruction) Glenn Mattson, Ladenburg Thalmann.

（操作說明）Glenn Mattson，Ladenburg Thalmann。

Yeah, hi, thanks for taking the questions. Congrats on the results. Could you just dive into the pilot, the head aviation, heads up display issue that came up this quarter? Just the one time timing thing, or, just a little background on that.

你好，謝謝你回答這些問題。恭喜取得好成績。您能否深入探討本季出現的飛行員、航空主管和抬頭顯示器的問題？只是關於時間安排的那一次，或者，簡單介紹一下背景。

I'm, not sure, Glenn, can you explain that a little bit more? There was no issue, yeah.

我不太確定，格倫，你能再解釋一下嗎？是的，沒有問題。

In the press release, I think it was you guys highlighted that the, pilot headsets was one of the, reasons why, military was down every year. So just curious about.

在新聞稿中，我認為你們重點提到了飛行員耳機是導致軍方每年停工的原因之一。只是好奇而已。

Yes.

是的。

I see the question, so, no, that was just a.

我看到了問題，所以，不，那隻是一個。

A manufacturing to demand push from this quarter to next, just a timing issue.

從本季到下季度，生產將帶動需求成長，只是時間安排上的問題。

Okay.

好的。

Yes and I'm not sure I I you kind of touched on the SG&A but it was down significantly sequentially. I know the lawsuit expenses came out can.

是的，我不確定我是否…你剛才提到了銷售、管理及行政費用，但它環比大幅下降。我知道訴訟費用已經產生了。

Is this the run rate or was there some one time items that caused it to be lower, this quarter and like so.

這是正常水平，還是由於某些一次性項目導致本季及以後的水平較低？

Yeah, no, thank you. No, the, that was not going to be the new run rate. The cost there from an SG&A perspective will go back to a more normalized trend. There were one-time events, the litigation, move of $5.1 million and we had other legal fee expenses. The accruals for those came down as well, fairly significantly.

不，謝謝。不，那不會是新的運行率。從銷售、一般及行政費用（SG&A）的角度來看，這部分成本將回歸正常水準。其中有一次性事件、訴訟、510萬美元的搬遷費用，以及其他法律費用支出。這些項目的應計項目也大幅下降。

One other thing on OE, I think this goes to potentially George's question, but from an appeal standpoint, we are not expecting a run rate like we've seen on legal expenses. This is a one-time, and I stress one-time expense which we're already incurring, which we expect to be around $500,000 of expense to appeal the judgment in Colorado. So we expect our SG&A to hold at a more normalized level throughout 2026, where you're kind of seeing it now, in that range, so I hope that provides better color.

關於 OE 還有一點，我認為這可能與喬治的問題有關，但從上訴的角度來看，我們預計不會像法律費用那樣出現高支出。這是一次性支出，我強調是一次性支出，我們已經承擔了這筆費用，預計在科羅拉多州提起上訴的費用約為 50 萬美元。因此，我們預計 2026 年全年銷售、管理及行政費用將保持在較為正常的水平，就像您現在看到的這個範圍一樣，所以我希望這能提供更好的資訊。

Yeah, thanks. And then, Michael, curious, I think this is the, well, maybe you've said it before, but just this, you, being medical being such a big, aspect of your kind of confidence for the next two years out, can you, is that HMDmd medical, partnership, or is there something else going on there that you could help explain?

嗯，謝謝。然後，邁克爾，我很好奇，我想說的是，嗯，也許你以前說過，但是，你作為一名醫生，對你未來兩年的信心來說是一個非常重要的方面，你能解釋一下，這是 HMDmd 的醫療合作關係，還是另有其他原因？

Yeah, so first things first, HMDmd is growing.

是的，首先，HMDmd正在發展壯大。

They are creating more of a pipeline of their own.

他們正在打造屬於自己的更完善的人才輸送管道。

It's now public knowledge that they have signed an agreement with Carl Zeiss, who I understand is one of the world's leaders in that specific field of advanced surgical vision systems, and we're also working with HMDmd on potential. Other products, in the medical market, which, we're not talking about just yet, but we do believe that there's more of a portfolio of medical products. And one of the other things just from a growth standpoint, Glenn, we do see, and I mentioned this in my prepared remarks, we do see increased inbound requests for armored vehicle weapon sites and armored vehicle, head mounted systems across the globe, and we're working on several projects, globally, in armored vehicle projects, which we're also excited to see have come back into focus.

現在眾所周知，他們已經與卡爾蔡司簽署了一項協議，據我了解，卡爾蔡司是先進外科視覺系統領域的全球領導者之一，我們也在與 HMDmd 就潛在合作進行磋商。醫療市場的其他產品，我們暫時還不談，但我們相信醫療產品組合會更豐富。從成長的角度來看，格倫，我們確實看到（我在準備好的發言稿中也提到過），全球範圍內對裝甲車輛武器站和裝甲車輛頭部安裝系統的需求有所增加，我們正在全球範圍內開展多個裝甲車輛項目，我們也很高興看到這些項目重新成為關注焦點。

Okay, great, thanks and congrats again.

好的，太好了，謝謝，再次恭喜你。

Thanks, Glenn.

謝謝你，格倫。

(Operator Instruction) Jonathan Siegmann, Stifel.

（操作員說明）Jonathan Siegmann，Stifel。

Hey, good morning. Thanks for taking my question.

嘿，早安。謝謝您回答我的問題。

Good Morning John.

約翰，早安。

So a lot of good news you announced in Europe. As investors, we're going to have a view of revenues that you disaggregate from Europe as well as I presume, a new equity, a minority interest line. Can you just maybe talk level set, how we should think about the pace of improvement, just what is the capacity in Europe or just anything about how the improvement there will develop would be great.

所以你在歐洲宣布了很多好消息。身為投資者，我們將看到從歐洲細分出來的收入，而且我猜想，還有新的股權，少數股東權益額度。您能否談談水平設定，我們應該如何看待改進的速度，歐洲的潛力如何，或者任何關於那裡的改進將如何發展的內容，都非常感謝。

Absolutely, it's exciting and great question, thanks John. We have zero revenue, roughly speaking, in Europe in defense today.

當然，這很令人興奮，也是個好問題，謝謝你，約翰。粗略地說，我們目前在歐洲的國防收入是零。

And we already have agreements for $8 million of development with Theon for a color micro LED for Europe, Southeast Asia, and NATO. 12, we expect orders for our dark wave strategy in Europe.

我們已經與Theon公司達成協議，投資800萬美元開發面向歐洲、東南亞和北約市場的彩色微型LED。此外，我們預計在歐洲將收到針對我們暗波策略的訂單。

We've been competing on several bids together with Dion.

我們和迪翁一起參與了多個專案的競標。

And we're hopeful for a research and development contract for Dark wave to be developed with Theon for their end markets which they enjoy a significant market share in Europe and specifically with NATO countries. So we think we're going to expand our European business exceptionally quickly in 2026. But the real revenue growth rate starts in 27 and 28, where you'll see tens of millions of revenue in 2027 and 2028 in Europe. So starting from zero will be in the single, high millions for next year of revenue from research and development and production, followed by tens of millions of revenue in 20,207 and 20,208.

我們希望與 Theon 簽訂 Dark wave 的研發合同，為他們的終端市場開發產品，他們在歐洲，尤其是在北約國家，擁有相當大的市場份額。因此，我們認為2026年我們的歐洲業務將以驚人的速度擴張。但真正的收入成長率從 2027 年和 2028 年開始，預計 2027 年和 2028 年歐洲的收入將達到數千萬美元。因此，從零開始，明年研發和生產的收入將達到數百萬美元，隨後在 2020 年和 20208 年的收入將達到數千萬美元。

That's great. That's great, and we'll see orders from Europe, or is that going to be, not needle movers in 2026?

那太棒了。那太好了，我們會看到來自歐洲的訂單，或者說，到 2026 年，歐洲的訂單不會成為推動業績成長的關鍵因素嗎？

We will definitely see orders from Europe potentially in Q4 of this year.

我們肯定會在今年第四季收到來自歐洲的訂單。

I have a high degree of confidence in that, yeah.

是的，我對這一點非常有信心。

Good luck with the rest of the year.

祝你今年剩下的日子一切順利。

Thanks, John. Appreciate it and welcome.

謝謝你，約翰。非常感謝，歡迎光臨。

(Operator Instruction) Christian Schwab, Craig Hallum.

（操作員說明）克里斯蒂安·施瓦布，克雷格·哈勒姆。

Great, thanks for taking my questions. Good morning.

太好了，謝謝你回答我的問題。早安.

I just wanted to follow-up on, the US Army, SBMC program.

我只是想了解美國陸軍的SBMC計畫的情況。

It wasn't crystal clear on what I heard. Sorry, but I think you talked about seeing a $1 billion opportunity, samm, with the US Army alone, is that program coupled with the new, expanded number of drone opportunities, or units that the US Army wants to procure on a yearly basis that seems significantly.

我聽到的內容不太清楚。抱歉，但我認為你剛才提到，僅美國陸軍就看到了 10 億美元的機會，薩姆，這個項目是否再加上美國陸軍每年想要採購的新增、擴大的無人機項目或單位數量，這看起來意義重大？

Bigger than than I guess we were previously thinking, can you expand upon, when material revenue from, both of those initiatives, would begin to hit? I know you kind of talked about the end of 26 maybe program awards and ramps and revenue in 27 and 28, but it's a substantial number. I'm just wondering, when we should be thinking that could move to revenue.

比我們之前預想的要大得多，您能否詳細說明一下，這兩項舉措何時才能開始產生實質的收入？我知道你大概談到了 26 年末的專案獎勵、27 年和 28 年的成長和收入，但這確實是一個相當大的數字。我只是想知道，我們應該什麼時候開始考慮將其轉化為收入。

Sure, so, let me take the first part. The pipeline of opportunities we have currently.

好的，那麼，讓我來回答第一部分。我們目前擁有的機會儲備。

40% of it roughly speaking, is soldier born ion command and programs around soldier born Mission command. I can't go into too much detail around that, but that would be the production, soldier born ion command opportunity level. It's about 40% of that billion dollars.

粗略地說，其中 40% 是士兵培養的指揮能力和圍繞士兵培養的任務指揮能力而製定的計劃。我不能透露太多細節，但那應該是生產、士兵出身的指揮機會等級。這大約佔那十億美元的40%。

The rest of the billion dollar Opportunity pipeline that we have is a combination of armored vehicle programs, advanced night vision goggle programs, as well as, thermal weapons site programs or next generation thermal weapons site programs. So that's the mix of that billion dollars. Of course there's medical in there too, but it's much smaller, so, I hope that gives you a sense of the scale of opportunities that we're looking at.

我們剩餘的十億美元機會項目包括裝甲車輛項目、先進夜視鏡項目以及熱成像武器基地項目或下一代熱成像武器基地項目。這就是這十億美元資金的組成。當然，其中也包括醫療領域，但規模要小得多，所以我希望這能讓您感受到我們所面臨的機會的規模。

With regard to Soldier Borne Mission Command specifically, remind folks, there are two prime contractors competing. One is Andaril Meta, the other is Rivet, which is a, Palantir-based, or not based but funded company. And below that, there were two selections for critical technology acquisition areas. Copen was one of those selections. To develop a sovereign-based color micro LED technology here in the United States, or, Programs like Soldier Born Mission Command, Next Generation thermal weapons sites and goggles, and that technology development is the $15.4 million dollar contract award that we've received already. We're expecting to receive further investment from the US Army to develop this technology, in 2026. I've already mentioned that would be in, several tens of thousands, or pardon me, several tens of millions of a dollar. Of investment in 2026 for production in 2027, and our goal is to have our device be designed into soldier born Mission command applications for production in 2027. But our goal and our task is to create a demonstrable color micro LED for that to happen. And yes, there is another competitor, as I've mentioned previously, that also received an award. They have not gone public, so we're not going to mention them, but that's how we get to production in Soldier Born Mission Command, and that production color micro LED is being designed by the army with Kopin for the army specifically in Soldier born Mission Command type applications. I hope that clarifies things for you.

具體來說，關於士兵載人任務指揮系統，提醒大家，目前有兩家主要承包商在競爭。一家是 Andaril Meta，另一家是 Rivet，它是一家以 Palantir 為基礎，或者說並非以 Palantir 為基礎但獲得其資助的公司。以下還有兩項關於關鍵技術取得領域的選擇。科彭是入選者之一。為了在美國本土開發基於主權技術的彩色微型 LED 技術，或用於士兵自主任務指揮、下一代熱武器站點和護目鏡等項目，這項技術開發是我們已經獲得的 1540 萬美元的合約獎勵。我們預計將於 2026 年獲得美國陸軍的進一步投資，以開發這項技術。我已經提到過，那將是數萬美元，或者更準確地說，數千萬美元。我們計劃在 2026 年進行投資，以便在 2027 年進行生產，我們的目標是讓我們的設備被設計成士兵攜帶的任務指揮應用，並在 2027 年投入生產。但我們的目標和任務是製造出可展示的彩色微型 LED，以實現這一目標。是的，正如我之前提到的，還有另一位競爭對手也獲得了獎項。他們還沒有公開宣布，所以我們就不提了，但這就是我們在士兵任務指揮中實現生產的方式，而這種生產彩色微型 LED 是由陸軍與 Kopin 合作，專門為陸軍在士兵任務指揮類型的應用中設計的。希望這能幫您解惑。

That's crystal clear.

這一點非常清楚。

Thank you, no other questions.

謝謝，沒有其他問題了。

And again, welcome Christian. I do want to take a point to welcome John at Stiefel and Christian at Craig Hallam. Welcome to our analyst team.

再次歡迎克里斯蒂安。我想藉此機會歡迎約翰加入 Stiefel，歡迎克里斯蒂安加入 Craig Hallam。歡迎加入我們的分析師團隊。

Thank you.

謝謝。

(Operator Instruction).

（操作說明）

You operator, I hope you all leave the call today with the impression that this is a new day, a new Kopin, and a new opportunity for the company. Whether the application is a thermal weapons site, a head-mounted display, or a high refresh display in armored vehicles, the goal is the same, to provide our allies and our troops the ability to see their adversary before they are seen. If we're able to do that, our troops will come home first and safely. Providing the same technology to surgeons worldwide will also save lives, and this is a responsibility that we take very seriously for those reasons. And we have partnered with tier one defense and medical contractors, and that's why we are the sole source provider of micro displays for several programs of record within the Department of Defense and worldwide leading medical device manufacturers as well. Again, thank you for your time today and thank you for your investment in Kopin. Have a great day.

各位操作員，我希望你們今天結束通話時都能感受到，今天是新的一天，Kopin 迎來了新的篇章，公司也迎來了新的機會。無論是熱成像武器站、頭戴式顯示器，還是裝甲車輛中的高刷新率顯示器，其目標都是一樣的，那就是讓我們的盟友和我們的部隊能夠在敵人發現他們之前發現他們。如果我們能夠做到這一點，我們的軍隊就能先安全回家。向世界各地的外科醫生提供同樣的技術也能挽救生命，正因如此，我們非常重視這項責任。我們與一級國防和醫療承包商建立了合作關係，因此我們成為國防部多個正式專案以及全球領先的醫療器材製造商的微型顯示器唯一供應商。再次感謝您今天抽出時間，也感謝您對 Kopin 的投資。祝你有美好的一天。

(Operator Instruction).

（操作說明）