Kopin Corp (KOPN) 2026 Q1 法說會逐字稿

Good morning, everyone, and welcome to the Kopin Corporation first-quarter 2026 earnings conference call. (Operator Instructions) This conference is being recorded today, and the earnings press release accompanying this conference call was issued earlier today.

各位早安，歡迎參加 Kopin Corporation 2026 會計年度第一季財報電話會議。(接線員指示) 本次會議將於今日錄音，且隨本次電話會議發布的財報新聞稿已於今日稍早發布。

Before we get started, I'd like to remind everyone that during today's call, 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 cause actual results to differ materially from those forward-looking statements.

在我們開始之前，我想提醒各位，在今天的電話會議中，我們將發表《1995 年私人證券訴訟改革法案》所定義的前瞻性陳述。這些陳述係基於公司目前的預期、預測、信念與估計，並受多項風險與不確定性影響，可能導致實際結果與這些前瞻性陳述存在重大差異。

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：對我們產品的需求、子公司的營運結果、市場狀況，以及我們最近一期 Form 10-K 年度報告與其他向美國證券交易委員會（SEC）提交之文件中所討論的其他因素。

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.

儘管公司相信這些陳述所依據的假設屬合理，但其中任何假設都可能被證明不正確，且無法保證相關結果一定能實現。公司不承擔更新今日電話會議中所作前瞻性陳述的任何義務。

Kopin Corporation's Chief Executive Officer, Michael Murray, will begin today's call with an overview of Kopin's strategic progress and business developments during the first quarter and the period that has followed. Following Michael, Kopin's CFO, Erich Manz, will review the company's first-quarter 2026 financial results.

Kopin Corporation 執行長 Michael Murray 將以概述 Kopin 在第一季及其後期間的策略進展與業務發展作為今日電話會議的開場。在 Michael 之後，Kopin 財務長 Erich Manz 將回顧公司 2026 會計年度第一季的財務結果。

I would now like to turn the conference over to Michael Murray. Michael, the floor is yours.

現在我想將電話會議交給 Michael Murray。Michael，請開始。

Thank you very much, operator, and good morning to everyone, and welcome to our first-quarter 2026 earnings call.

非常感謝，接線員。各位早安，歡迎參加我們 2026 會計年度第一季財報電話會議。

The first quarter and subsequent weeks marks one of the most exciting stretches in Kopin's history. We continue to grow our defense order book across the United States and Europe. We also advanced our MicroLED technology platforms and announced a strategic collaboration with Fabric.AI that we believe meaningfully expands the long-term opportunity set and sustainable acceleration of revenue growth for Kopin.

第一季以及隨後幾週，標誌著 Kopin 歷史上最令人振奮的時期之一。我們持續在美國與歐洲擴大國防訂單儲備。我們也推進了 MicroLED 技術平台，並宣布與 Fabric.AI 展開策略合作；我們相信此舉將顯著擴大 Kopin 的長期機會集合，並可持續加速營收成長。

Today, I'll walk you through three areas. First, the Fabric.AI collaboration and the launch of our jointly developed Neural I/o optical interconnect technology for AI infrastructure.

今天我將帶各位了解三個面向。第一，Fabric.AI 的合作，以及我們共同開發並推出用於 AI 基礎設施的 Neural I/o 光學互連技術。

Second, our continued momentum across all global defense markets, including new orders our entry into first-person viewer drone technologies and the major thermal imaging follow-on contract awarded subsequent to quarter end.

第二，我們在全球各國防市場的持續動能，包括新訂單、我們切入第一人稱視角（FPV）無人機技術，以及在季末之後獲授予的重要熱成像後續合約。

And third, our strategic investments, including bringing OLED microdisplay manufacturing in-house at our Westborough headquarter facility here in the United States and how we're positioning the defense business for the long-term exponential and sustainable revenue growth at higher profit margins.

第三，我們的策略性投資，包括在美國西伯勒（Westborough）總部廠區將 OLED 微顯示器製造導入自製，以及我們如何為國防業務進行布局，以在更高毛利率下實現長期的指數型且可持續的營收成長。

First, let me start with the most consequential announcement we have made this year. Recently, we announced a strategic collaboration with Fabric.AI, an AI infrastructure development company, building the advanced core capabilities for AI factories that power large-scale artificial intelligence workloads.

首先，讓我從我們今年最具關鍵性的公告談起。近期，我們宣布與 AI 基礎設施開發公司 Fabric.AI 展開策略合作；該公司正在打造 AI 工廠的先進核心能力，以支援大規模人工智慧工作負載。

Together, Kopin and Fabric.AI are joining development of a new product family we call Neural I/o that is designed to dramatically increase bandwidth speeds, decrease power consumption and importantly, lower overall operational costs of currently operating data centers and new data centers alike.

Kopin 與 Fabric.AI 將共同開發一個我們稱為 Neural I/o 的新產品系列，旨在大幅提升頻寬速度、降低功耗，並且重要的是，降低現有資料中心與新建資料中心的整體營運成本。

Neural I/o is built on Kopin's proprietary MicroLED technology and our patented bidirectional neural display architecture. What we have done is repurpose programmable MicroLED pixels as ultra-high-speed optical transceivers, devices that move data at extremely high bandwidth using photons of light instead of electrons traveling through copper wires. This matters for one simple reason.

Neural I/o 建構於 Kopin 專有的 MicroLED 技術以及我們已取得專利的雙向神經顯示架構之上。我們所做的是將可程式化的 MicroLED 像素重新用途化為超高速光學收發器——這類裝置以光子而非在銅線中傳輸的電子，於極高頻寬下搬移資料。這之所以重要，原因很簡單。

Today, data center equipment and GPUs relies on dense copper interconnections to talk to each other. And those copper interconnections are now the binding constraint on AI data center performance and power consumption. AI factories are running into the limits of what copper can do, both in terms of bandwidth and in terms of the energy required to push data and cool the systems.

目前，資料中心設備與 GPU 彼此溝通仰賴高密度的銅互連。而這些銅互連如今已成為 AI 資料中心效能與功耗的主要瓶頸。AI 工廠正觸及銅線能力的極限——無論是在頻寬方面，或是在推送資料與冷卻系統所需的能耗方面。

Neural I/o is designed to break through those limits. By using each MicroLED pixel as a high-speed optical transmitter, we are designing chip-to-chip, board-to-board and rack-to-rack communications that target the same functional outcome as copper while consuming a fraction of the power.

Neural I/o 的設計目標就是突破這些限制。透過將每個 MicroLED 像素作為高速光學發射器，我們正在設計晶片對晶片、板對板以及機架對機架的通訊，在達成與銅線相同功能結果的同時，僅消耗其一小部分的電力。

To use the words of Matt Kimball, principal analyst at Moor Insights and Strategy, well, the ability to enable connectivity that delivers the full throughput of an accelerator without taxing the power budget has been a persistent challenge in the industry. And Kopin and Fabric.AI's Neural I/o built on MicroLED technology presents a unique and compelling value proposition.

引用 Moor Insights and Strategy 首席分析師 Matt Kimball 的話：在不增加電力預算負擔的情況下，實現能提供加速器完整吞吐量的連線能力，一直是產業中的持續性挑戰。而 Kopin 與 Fabric.AI 基於 MicroLED 技術打造的 Neural I/o，提出了獨特且具吸引力的價值主張。

Moreover, this marks a completely new era in data transmission, bandwidth and designing of electronic systems. Several recent articles estimate that the AI infrastructure optical transceiver market is expected to reach between $69 billion to $90 billion by 2030. Of that total spending, the United States Department of Defense and Government Systems is the second largest consumer of this technology behind the traditional hyperscaler markets.

此外，這標誌著資料傳輸、頻寬以及電子系統設計的一個全新時代。多篇近期文章估計，AI 基礎設施光學收發器市場預計到 2030 年將達到 690 億至 900 億美元。在這些總支出中，美國國防部與政府系統是僅次於傳統超大規模雲端業者（hyperscaler）市場的第二大消費者。

This is why Kopin and Fabric.AI decided to focus on each of these individual markets separately. This relationship was forged with a clear intent of relentless focus on addressing this massive market in the right ways with the right people to promote exponential and profitable growth with the proper resources required.

這也是 Kopin 與 Fabric.AI 決定分別聚焦於上述各個獨立市場的原因。這段合作關係的建立，具有明確意圖：以不懈的專注，透過合適的人才與所需資源，以正確方式切入這個龐大市場，推動指數型且具獲利性的成長。

Kopin will support the absolute and clear requirements of the United States Government and Department of War for US production of AI chips and chipsets. With our US-based MicroLED production line, we are installing as part of our Industrial Base Analysis and Sustainment Act Award, or IBAS award, this custom design production line will support the Neural I/o family of chipsets for the United States Department of War and government customers.

Kopin 將支援美國政府與戰爭部（Department of War）對於 AI 晶片與晶片組必須在美國生產的明確且嚴格要求。憑藉我們位於美國的 MicroLED 生產線——該產線正作為我們獲得《工業基礎分析與維持法案》獎項（Industrial Base Analysis and Sustainment Act Award，或 IBAS award）的一部分進行建置——此一客製化設計的生產線將支援 Neural I/o 晶片組系列，供應美國戰爭部與政府客戶。

Fabric.AI chipsets and our new color MicroLED products for programs like soldier-borne mission command and many others will also be produced on this production line, and I will expand on that more later. Under our agreement with Fabric.AI and in addition to the $15 million initial purchase order to fund the demonstrable chipset, which we expect to be completed by the end of 2026, Kopin owns 19.9% of Fabric.AI and Kopin is their exclusive manufacturer of Neural I/o chipsets.

Fabric.AI 的晶片組，以及我們用於士兵攜行任務指揮等計畫與其他多項計畫的新型彩色 MicroLED 產品，也將在此生產線上製造；我稍後會再進一步說明。依據我們與 Fabric.AI 的協議，除用於資助可展示晶片組的 1,500 萬美元初始採購訂單（我們預期將於 2026 年底前完成）之外，Kopin 持有 Fabric.AI 19.9% 的股權，且 Kopin 為其 Neural I/o 晶片組的獨家製造商。

The collaboration combines our deep expertise in MicroLED materials, process development, yield optimization and manufacturing with Fabric.AI's system-level design and go-to-market focus on hyperscaler AI infrastructure. We believe this is a true technology partnership. Kopin brings the enabling hardware. And together, we are building an infrastructure layer that AI data centers will require to scale for years to come.

此合作結合了我們在 MicroLED 材料、製程開發、良率最佳化與製造方面的深厚專業，以及 Fabric.AI 在系統層級設計與面向超大規模雲端業者 AI 基礎設施的市場推進（go-to-market）聚焦。我們相信這是一項真正的技術夥伴關係。Kopin 提供關鍵使能硬體。而我們將共同打造 AI 資料中心在未來多年擴展所需的基礎設施層。

In addition to our 19.9% equity stake in Fabric.AI, Kopin's shareholders have direct exposure to the upside of this opportunity beyond the manufacturing economics. Fabric.AI has raised the required capital to fund this development and staff the business appropriately as Kopin completes the Neural I/o prototypes.

除了持有 Fabric.AI 19.9% 的股權之外，Kopin 股東也能在製造經濟效益之外，直接參與此機會所帶來的上行潛力。在 Kopin 完成 Neural I/o 原型之際，Fabric.AI 已募集到所需資金，以支應此項開發並適當配置人力。

We will share more on the development road map and customer engagements as it advances in later calls.

隨著進展推進，我們將在後續的電話會議中分享更多關於開發路線圖與客戶洽談情況的資訊。

Infrastructure is being deployed at an unprecedented pace and the bottlenecks created by traditional copper interconnects are precisely the kind of problem our technology is well suited to solving. We believe this collaboration dramatically expands Kopin's market opportunity and positions us as a strategic enabler in the next wave of AI acceleration, and it fits very well within our core skill sets and capabilities leading MicroLED development and manufacturing here in the United States.

基礎設施正以前所未有的速度部署，而傳統銅互連所造成的瓶頸，正是我們技術非常適合解決的問題類型。我們相信，這項合作將大幅擴大 Kopin 的市場機會，並使我們在下一波 AI 加速浪潮中成為關鍵的策略性使能者；同時也非常契合我們在美國本土領先的 MicroLED 開發與製造核心技能與能力。

While there are competitors attempting to develop their own solutions like Kopin, most are start-ups and have never produced this technology previously. Others are established firms in the copper or fiber optic transceiver markets, which have not produced this technology previously either which provides Kopin a significant market advantage from a timing, yield and quality perspective since we are actively producing this technology today.

雖然有競爭對手正嘗試像 Kopin 一樣開發自有解決方案，但多數為新創公司，且過去從未生產過此項技術。另一些則是銅材或光纖收發器市場的既有公司，同樣也未曾生產過此項技術；因此，從時程、良率與品質的角度來看，Kopin 具備顯著的市場優勢，因為我們今天就已在積極量產這項技術。

Now turning to defense. Our first quarter and the period since reflects continued strong order momentum across our core programs and meaningful expansion into new ones. Let me walk through the highlights chronologically.

接著談國防業務。我們第一季以及迄今的表現，反映出核心專案持續強勁的訂單動能，並且在新專案上有顯著擴張。我將按時間順序帶大家回顧重點。

In January, our strategic partnership with Theon International produced its first order on DarkWAVE platform, a $1 million development order to bring the 960p OLED DarkWAVE module to production readiness. This is a significant opportunity and milestone because DarkWAVE enables users of traditional monochrome night vision goggles to upgrade them as a retrofit with full color, augmented reality, enabled symbology and full motion digital interface and interlacing feeds, including drone imagery.

1 月，我們與 Theon International 的策略合作夥伴關係在 DarkWAVE 平台上取得首筆訂單：一筆 100 萬美元的開發訂單，用於將 960p OLED DarkWAVE 模組推進至具備量產準備狀態。這是一個重要的機會與里程碑，因為 DarkWAVE 讓傳統單色夜視鏡使用者可透過改裝升級，具備全彩、擴增實境（AR）支援的符號顯示、以及全動態數位介面與交錯式訊號輸入（包含無人機影像）。

Our DarkWAVE module is the foundation of Theon's upcoming DARK-I eye product. With more than 2 million estimated NVGs in use globally and a global NVG market projected to grow from $8.6 billion in 2025 to $12.9 billion in 2030, DarkWAVE targets a very large aftermarket opportunity. And because the system is ITAR-free, it opens up a new global market for both companies.

我們的 DarkWAVE 模組是 Theon 即將推出的 DARK-I 眼部產品之基礎。全球估計有超過 200 萬具夜視鏡（NVG）正在使用，且全球 NVG 市場預計將從 2025 年的 86 億美元成長至 2030 年的 129 億美元，DarkWAVE 鎖定的是非常龐大的售後市場機會。此外，由於該系統不受 ITAR 管制，將為兩家公司開啟新的全球市場。

In February, we announced two new European helmet-mounted display orders. First, a $2 million microdisplay production order from a Tier 1 European defense contractor for a rotary-wing helmet-mounted display system; and second, a $3.6 million purchase order from an advanced avionic helmet-mounted display system to be integrated into a rotary-wing military aircraft from yet another European defense customer.

2 月，我們宣布取得兩筆新的歐洲頭盔顯示器訂單。第一筆為來自歐洲一級（Tier 1）國防承包商、用於旋翼機頭盔顯示系統的 200 萬美元微顯示器量產訂單；第二筆為 360 萬美元採購訂單，來自另一家歐洲國防客戶，其先進航電頭盔顯示系統將整合至旋翼軍用航空器。

Together, these awards bring our pilot helmet-mounted display order book above $10 million and underscore the strength of our display solutions across both US and European defense aviation. Indeed, our European business plan and focus is starting to provide new customers and applications, which will only increase our order book, provide more global business independence and stability while increasing our European facility absorption rates.

合計而言，這些獎項使我們飛行員頭盔顯示器的訂單簿超過 1,000 萬美元，並凸顯我們的顯示解決方案在美國與歐洲國防航空領域的強勁實力。事實上，我們的歐洲業務計畫與聚焦方向正開始帶來新客戶與新應用，這將進一步增加訂單簿、提升全球業務的獨立性與穩定性，同時提高我們歐洲廠區的產能吸收率。

In March, we were awarded a Phase 1 SBIR contract from the United States government to advance new full color yet smaller format MicroLED display technology, purpose designed for soldier-borne and weapon sight applications.

3 月，我們獲得美國政府 SBIR 第一階段合約，用以推進新型全彩且更小尺寸規格的 MicroLED 顯示技術，並針對士兵攜行與武器瞄具應用進行專門設計。

This is the second MicroLED-focused US Army award we received in the past six months, and it builds directly on the existing $15.4 million IBAS contract awarded in September of 2025, which is focused on developing domestic production capabilities for our MicroLED displays. The MicroLED architecture under development is engineered to deliver the brightness, ruggedness and power efficiency required for next-generation weapon sights, helmet-mounted visual information systems and other precise targeting devices, the kind of capability that scales across multiple defense programs.

這是我們在過去六個月內獲得的第二項以 MicroLED 為重點的美國陸軍獎項，並且直接建立在 2025 年 9 月授予的既有 1,540 萬美元 IBAS 合約之上；該合約聚焦於為我們的 MicroLED 顯示器建立國內生產能力。正在開發中的 MicroLED 架構旨在提供下一代武器瞄具、頭盔式視覺資訊系統及其他精準瞄準裝置所需的亮度、耐用性與功耗效率，這類能力可擴展至多個國防專案。

In April, we announced our entry into the first-person viewer drone market with the launch of our Sentinel FPV product. Drone pilots need high-resolution headsets connected to the cameras on the drones to control it as if they were in the pilot seat of the drone. We received an initial $3.2 million order with potential delivery of up to 40,000 goggles by the end of 2028.

4 月，我們推出 Sentinel FPV 產品，宣布進軍第一人稱視角（FPV）無人機市場。無人機飛手需要與無人機攝影機連接的高解析度頭戴式裝置，以便像坐在無人機駕駛座上一樣操控。我們取得一筆初始 320 萬美元訂單，並有機會在 2028 年底前交付最多 40,000 副護目鏡。

What makes Sentinel unique is something we call Dual Situational Awareness or Dual SA. Like traditional FPV goggles that fully block out the operator's peripheral view, Sentinel is engineered to deliver high-definition drone imagery while preserving the user's peripheral awareness of their surroundings. No other FPV goggle on the market provides this level of hands-free integration awareness.

Sentinel 的獨特之處在於我們稱之為「雙重態勢感知」（Dual Situational Awareness，或 Dual SA）的功能。不同於傳統 FPV 護目鏡會完全遮蔽操作者的周邊視野，Sentinel 的設計是在提供高畫質無人機影像的同時，保留使用者對周遭環境的周邊感知。目前市面上沒有任何 FPV 護目鏡能提供這種等級的免手持整合式態勢感知。

In field trials, drone pilots love the demonstrated dramatic improvements in survivability, mission effectiveness, pilot dexterity and safety that Sentinel provides. We believe this technology has potential to redefine what a tactical FPV system looks like. and we're actively engaged with additional drone and FPV companies to integrate Sentinel into their platforms.

在實地測試中，無人機飛手非常喜愛 Sentinel 所展現的顯著提升，包括生存性、任務效能、操控靈活度與安全性。我們相信這項技術有潛力重新定義戰術 FPV 系統的樣貌；我們也正積極與更多無人機與 FPV 公司合作，將 Sentinel 整合至其平台。

Further, this technology is built in the United States, which is mandated by the FTC and the Department of War. Also, subsequent to quarter end, we announced a $21.5 million follow-on production contract from a major US prime to manufacture custom thermal-imaging eyepieces and assemblies for a manportable thermal weapon system.

此外，這項技術是在美國製造，這是 FTC 與戰爭部（Department of War）所要求的。另外，在季末之後，我們宣布獲得來自一家美國主要主承包商的 2,150 萬美元後續量產合約，用於製造客製化熱成像目鏡與組件，供一款可攜式熱成像武器系統使用。

This award expands our growing backlog and reinforces Kopin's role as a trusted US-based supplier of mission-critical vision systems for the war fighter. With more than 400,000 mission-critical solutions delivered across multiple generations of defense programs, this contract is a strong vote of confidence in our manufacturing capability and our ability to deliver American-made technology that performs in the harshest of environments.

此項獎項擴大了我們持續成長的在手訂單（backlog），並強化 Kopin 作為值得信賴的美國本土供應商角色，為作戰人員提供任務關鍵的視覺系統。我們已在多代國防專案中交付超過 400,000 套任務關鍵解決方案；此合約是對我們製造能力以及在最嚴苛環境下交付美國製造技術之能力的強力肯定。

Taken together, the orders we've announced over the last several months, DarkWAVE with Theon, the European HMD awards, the SBIR for Soldier-Borne MicroLED, Sentinel FPV and the $21 million thermal-imaging follow-on award reflects both the durability of recurring order rates of our existing defense business and the confidence of our government, North American, and new European prime contractor customers have in the new product lines we are bringing to market.

綜合來看，我們在過去數月宣布的訂單——與 Theon 的 DarkWAVE、歐洲 HMD 獎項、士兵攜行 MicroLED 的 SBIR、Sentinel FPV，以及 2,100 萬美元的熱成像後續獎項——反映出兩點：一是我們既有國防業務的經常性訂單率具備韌性；二是政府、北美以及新的歐洲主承包商客戶，對我們推向市場的新產品線抱持信心。

As a reminder, many of our defense programs have congressional budget demands through 2030 and several of our contracts are sole sourced indefinite demand and indefinite delivery or IDIQ, which provides additional upside flexibility above what is currently on order, recurring revenue and forecastability and sustainability for several years.

提醒一下，我們許多國防專案在 2030 年前都有國會預算需求；且我們的多項合約為單一來源的「不定需求、不定交付」（IDIQ），這使得在目前已下訂的基礎上仍具備額外的上行彈性，並帶來經常性收入、可預測性與未來數年的可持續性。

Now I want to spend a few minutes in the third area, as I mentioned at the top of the call on our strategic investments and what they tell you about how we are deploying our cash. After quarter end, we announced the purchase of a state-of-the-art OLED Deposition System and related equipment to establish full-scale OLED microdisplay production at our Westborough headquartered facility.

接下來我想花幾分鐘談第三個領域：如同我在電話會議一開始提到的，我們的策略性投資，以及這些投資如何反映我們部署現金的方式。在季末之後，我們宣布購置最先進的 OLED 蒸鍍系統及相關設備，以在我們位於 Westborough 的總部廠區建立全規模 OLED 微顯示器量產能力。

For the past several years, Kopin has operated under a fabless OLED production model, leveraging external partners. The reason we are bringing this capability in-house now is straightforward. We are experiencing a substantial quantifiable and qualified surge in customer demand for fully US-built OLED microdisplays, particularly for FPV systems like Sentinel, thermal weapon sights and other soldier-borne mission-critical defense applications.

過去幾年，Kopin 採用無晶圓廠（fabless）的 OLED 生產模式，借助外部合作夥伴。我們現在將此能力內製的原因很直接。我們正經歷客戶對「完全美國製造」OLED 微顯示器的需求大幅、可量化且已被確認的激增，特別是用於像 Sentinel 這類 FPV 系統、熱成像武器瞄具，以及其他士兵攜行的任務關鍵國防應用。

Bringing OLED manufacturing capability in-house gives us greater speed, flexibility and cost efficiency to respond to that demand. We will continue to leverage our established Asian manufacturing partners for consumer and medical applications that do not have a domestic production requirement, and we will continue to use our European OLED deposition partner for NATO-aligned defense programs as well.

將 OLED 製造能力內製，能讓我們以更快速度、更高彈性與更佳成本效率回應該需求。對於不具國內生產要求的消費性與醫療應用，我們將持續運用既有的亞洲製造合作夥伴；同時，對於與 NATO 對齊的國防專案，我們也將繼續使用歐洲的 OLED 蒸鍍合作夥伴。

The US OLED capability is additive, specifically to support the US defense market. I want to be very clear about the message this investment is intended to send, which is that we are comfortable with our cash position and our facility footprint to deliver this increased demand.

美國的 OLED 能力是增量配置，特別用於支援美國國防市場。我想非常清楚地說明，這項投資要傳達的訊息是：我們對自身的現金部位與廠區規模有信心，足以交付這波增加的需求。

The capital we raised in 2025 was raised with this level of growth and investment in mind. The OLED deposition decision is exactly the kind of investment that strengthens our defense business going forward. It expands sovereign supply chain options for our defense customers. It improves our control over quality, lead times and pricing, and it complements our existing US manufacturing capabilities for AMLCD, FLCoS, MicroLED, and now OLED.

我們在 2025 年募集的資金，就是以這樣的成長與投資規模為前提。OLED 蒸鍍的決策，正是能在未來強化我們國防業務的投資類型。它擴大了國防客戶在主權供應鏈上的選項。它提升我們對品質、交期與定價的掌控，並與我們既有的美國製造能力相互補強，涵蓋 AMLCD、FLCoS、MicroLED，而現在也包括 OLED。

Kopin remains the only company in the United States manufacturing four types of microdisplays, optics and soon photonics for the US defense customers who are increasingly demanding and in some cases, must, by law, purchase from trusted domestic producers for critical components. Clearly, Kopin is answering that call.

Kopin 仍是美國唯一一家可製造四種類型微顯示器、光學元件，且不久也將提供光子技術的公司；面對日益提高要求的美國國防客戶，其中部分客戶在法律規定下必須向可信賴的國內製造商採購關鍵零組件。顯然，Kopin 正在回應這項需求。

Turning to the operations side. Our investments in automation continue to deliver meaningful improvements in throughput, quality, consistency and cost efficiencies. Both phases of our optical automation program are now operational, and we expect these investments to deliver about $1 million in annual operating expense savings and add to overall production capacity as they reach full utilization.

接著談營運面。我們在自動化方面的投資持續在產能吞吐量、品質、一致性與成本效率上帶來顯著改善。我們光學自動化計畫的兩個階段目前皆已投入運作，我們預期這些投資在達到完全稼動後，將可帶來約100萬美元的年度營運費用節省，並提升整體產能。

From an advanced technology perspective, our neural display technology continues to advance, and as noted earlier, has now extended beyond defense and industrial display applications into AI infrastructure through our collaboration with Fabric.AI and our Neural I/o initiatives. The neural display platform leverages advanced processing and AI-enabled backplane and offers display optimization to enhance image quality, reduce power consumption and improves overall user experience across the markets we serve.

從先進技術的角度來看，我們的神經顯示（neural display）技術持續推進；如先前所述，透過與 Fabric.AI 的合作以及我們的 Neural I/o 計畫，該技術現已從國防與工業顯示應用延伸至 AI 基礎設施領域。神經顯示平台運用先進處理能力與 AI 使能背板，並提供顯示最佳化，以提升影像品質、降低耗電，並改善我們所服務市場的整體使用者體驗。

This display technology has several of the largest consumer companies interested in it for AI-enabled smart glasses. And we are now working to create a partnership to deliver neural display as a MicroLED device rather than an OLED device, which is the current demonstrable device as it stands today.

這項顯示技術已引起數家最大型消費性公司對 AI 使能智慧眼鏡的興趣。我們目前也正著手建立合作夥伴關係，將神經顯示以 MicroLED 裝置而非 OLED 裝置的形式提供；目前可展示的裝置仍為 OLED。

Furthermore, as I mentioned earlier, Neural I/o transceiver is not just a single-chip strategy. It will be a family of devices focused on application-specific solutions within the AI GPU, CPU and memory architecture of an existing data center and new data centers alike. These new chipsets will be developed with several of the largest semiconductor and AI infrastructure companies in the world, several of whom are actively engaged with Kopin to work on these solutions.

此外，如我先前提到，Neural I/o 收發器並非僅是一種單晶片策略。它將是一系列裝置，聚焦於既有資料中心與新建資料中心之 AI GPU、CPU 與記憶體架構中的特定應用解決方案。這些新晶片組將與全球數家最大型的半導體與 AI 基礎設施公司共同開發，其中有數家已與 Kopin 積極合作推進這些解決方案。

And one of the only manufacturers in the world capable of producing four types of microdisplays and now AI interconnection chipset solutions within the United States, Kopin maintains a unique competitive advantage that enables us to deliver the right technology for the customer-specific application in defense, industrial, medical and now AI infrastructure applications.

作為全球少數能在美國境內同時生產四種類型微顯示器，並且如今也能提供 AI 互連晶片組解決方案的製造商之一，Kopin 維持獨特的競爭優勢，使我們能針對國防、工業、醫療以及如今的 AI 基礎設施應用，為客戶特定需求提供合適的技術。

So to summarize, the first quarter of 2026, together with the events we've announced subsequent to quarter end, represent a meaningful inflection point for Kopin. We extend our MicroLED and neural display platforms into AI infrastructure through our Fabric.AI collaboration. We have launched several new products and received initial orders with DarkWAVE to bring full color to the enormous monochrome night vision goggle market and with Sentinel FPV for the massively expanding global drone goggle market as well.

總結而言，2026 年第一季以及我們在季末後所宣布的事件，代表 Kopin 的一個重要轉折點。我們透過與 Fabric.AI 的合作，將 MicroLED 與神經顯示平台延伸至 AI 基礎設施。我們已推出多項新產品並取得初始訂單：包括與 DarkWAVE 合作，為龐大的單色夜視鏡市場帶來全彩；以及 Sentinel FPV，切入快速擴張的全球無人機護目鏡市場。

These new activities speak to the disciplined productivity of our internal research and development spending as these new technologies are attracting new customers and new market segments for Kopin. These new platforms enable Kopin to sell these products to multiple customers globally and are not just a custom product for just a single customer, making our forward-looking recurring revenue more balanced and forecastable.

這些新動向展現了我們內部研發支出的紀律與生產力，因為這些新技術正為 Kopin 吸引新客戶與新市場區隔。這些新平台使 Kopin 能將產品銷售給全球多家客戶，而非僅為單一客戶量身打造的客製化產品，讓我們前瞻性的經常性收入更為均衡且更可預測。

Within the quarter, we grew our defense backlog with a $21.5 million thermal-imaging follow-on order, a $3.2 million initial Sentinel FPV order, over $5 million of new European HMD awards, a Phase 1 SBIR for soldier-borne MicroLEDs and the first DarkWAVE order from Theon. We invested in our strategic priorities by committing to bringing full-scale OLED microdisplay manufacturing in-house in Westborough, and we did all of this while maintaining a strong balance sheet.

在本季內，我們透過以下項目擴大國防訂單積壓：2,150 萬美元的熱影像後續訂單、320 萬美元的 Sentinel FPV 初始訂單、超過 500 萬美元的歐洲 HMD 新案、用於士兵攜行 MicroLED 的第一階段 SBIR，以及來自 Theon 的首筆 DarkWAVE 訂單。我們透過承諾在 Westborough 將全規模 OLED 微顯示器製造內製化來投資於策略優先事項，同時維持強健的資產負債表。

Consequently, we reiterate our 2026 revenue guidance range of $52 million to $60 million, which we believe remains appropriate and conservative given the order momentum we are seeing across both our existing defense business and our newer growth programs. As more programs and awards are converted into shippable orders and as our newer programs ramp, we expect to provide further updates throughout the year.

因此，我們重申 2026 年營收指引區間為 5,200 萬至 6,000 萬美元；鑑於我們在既有國防業務與較新的成長計畫上所看到的訂單動能，我們認為此區間仍屬適當且保守。隨著更多計畫與獎項轉化為可出貨訂單，以及新計畫逐步放量，我們預期將在全年持續提供進一步更新。

I'll now turn the call over to our CFO, Erich Manz, to review our first quarter 2026 financial results in further detail. Erich?

接下來我把電話會議交給我們的財務長 Erich Manz，請他更詳細地說明 2026 年第一季的財務結果。Erich？

Thank you, Michael, and good morning, everyone.

謝謝你，Michael，各位早安。

As Michael, outlined in the first quarter subsequent events represent a meaningful shift in Kopin's trajectory. From my perspective as CFO, what is particularly compelling is how clearly we are seeing our strategic investments begin to translate into tangible commercial momentum across both our core defense programs and our emerging opportunities in AI infrastructure.

如 Michael 所概述，第一季季後事件代表 Kopin 發展軌跡的一個重大轉變。以財務長的角度來看，特別令人振奮的是，我們清楚看到策略性投資開始轉化為具體的商業動能，涵蓋我們的核心國防計畫以及 AI 基礎設施的新興機會。

The combination of expanding defense orders, entry into new product categories like Sentinel FPV and the strategic collaboration with Fabric.AI gives us increasing confidence that we are building a more durable, diversified and scalable revenue base.

國防訂單擴大、進入如 Sentinel FPV 等新產品類別，以及與 Fabric.AI 的策略合作，使我們更有信心正在建立更具韌性、更多元且可擴展的營收基礎。

Just as importantly, we are doing so while maintaining a disciplined approach to capital deployment and a strong balance sheet. An important financial implication of this momentum is how it positions us to better utilize our existing manufacturing footprint. As volumes increase across multiple programs, we expect to more effectively absorb fixed costs with our facilities that have historically weighed on our cost structures.

同樣重要的是，我們在維持資本配置紀律與強健資產負債表的同時推進這些工作。此一動能在財務上的重要意涵之一，是它讓我們能更好地利用既有製造據點。隨著多項計畫的出貨量提升，我們預期能更有效地以產能吸收固定成本；過去這些固定成本曾對我們的成本結構造成壓力。

In other words, improved factory utilization and a broader mix of production programs should translate into better overhead absorption, margin expansion and a more efficient operating model over time.

換言之，工廠稼動率提升與更廣泛的生產計畫組合，應可隨時間推進帶來更佳的製造費用吸收、毛利率擴張，以及更有效率的營運模式。

The investments we've made, whether in MicroLED innovation, automation, bringing OLED manufacturing in-house are not theoretical. They are directly aligned with identified demand signals from our customers and are designed to enhance throughput, improve cost efficiency, strengthen our control over both quality and delivery and minimize risk.

我們所做的投資——無論是 MicroLED 創新、自動化，或將 OLED 製造內製化——都不是理論推演。它們直接對應客戶已辨識的需求訊號，並旨在提升吞吐量、改善成本效率、強化我們對品質與交期的掌控，並將風險降至最低。

In short, we believe the progress you are seeing is new, not just incremental. It reflects a fundamental step forward in the company's growth profile, cost structure and operating leverage.

簡言之，我們認為你們所看到的進展是全新的，而不僅是小幅增量。這反映公司在成長輪廓、成本結構與營運槓桿方面邁出關鍵一步。

With that context, I'll now walk through the first quarter 2026 financial results in more detail. Total revenue for the first quarter ended March 28, 2026, were $10.6 million as compared to $10.5 million for the first quarter ended March 29, 2025. The slight year-over-year increase reflects new award and collaboration revenue contributions from the company's $15.4 million government MicroLED award and strategic AR/thermal clip-on partnership, which more than offset the decline in product revenues.

在此背景下，我將更詳細說明 2026 年第一季的財務結果。截至 2026 年 3 月 28 日止第一季總營收為 1,060 萬美元，相較於截至 2025 年 3 月 29 日止第一季的 1,050 萬美元。年增幅度不大，主要反映公司 1,540 萬美元政府 MicroLED 專案獎項及策略性 AR/熱成像外掛式（clip-on）合作所帶來的新獎項與合作收入貢獻，足以抵銷產品營收下滑。

Product revenues for the first quarter were $5.4 million as compared to $9.2 million in the year ago period. The year-over-year decrease was primarily due to lower period shipments of products for thermal weapon sight applications and liquid crystal displays.

第一季產品營收為 540 萬美元，較去年同期的 920 萬美元下降。年減主要因熱武器瞄具應用產品與液晶顯示器的當期出貨量較低。

Nonproduct revenues were $5.1 million in the first quarter of 2026 as compared to $1.3 million in the first quarter of 2025. The increase was primarily driven by award revenue recognized in connection with the company's government award for the development of ultra bright full color MicroLED displays optimized for ground soldier augmented reality applications, together with collaboration revenue from a strategic partnership to develop a next-generation clip-on with augmented reality and thermal integration capabilities.

2026 年第一季非產品營收為 510 萬美元，較 2025 年第一季的 130 萬美元增加。增加主要來自與公司政府獎項相關的獎項收入認列——該獎項用於開發針對地面士兵擴增實境應用最佳化的超高亮度全彩 MicroLED 顯示器——以及與策略合作夥伴共同開發具備擴增實境與熱成像整合能力之下一代外掛式裝置所帶來的合作收入。

Cost of product revenues for the first quarter of 2026 were $5.6 million or 103% of net product revenues as compared to $7.6 million or 83% of net product revenues for the first quarter of 2025. The increase as a percentage of net product revenues was primarily attributable to reduced production efficiency on a lower revenue base.

2026 年第一季產品營收成本為 560 萬美元，占淨產品營收的 103%；相較之下，2025 年第一季為 760 萬美元，占淨產品營收的 83%。占比上升主要歸因於在較低營收基礎下，生產效率下降。

Research and development expenses for the first quarter of 2026 were $4.9 million as compared to $2.1 million for the first quarter of 2025. The R&D expense increase was primarily due to the aforementioned government award for the development of ultrabright full-color MicroLED display optimized for ground soldier augmented reality applications, offset by increases in process improvements.

2026 年第一季研發費用為 490 萬美元，較 2025 年第一季的 210 萬美元增加。研發費用增加主要由前述政府獎項所致——用於開發針對地面士兵擴增實境應用最佳化的超高亮度全彩 MicroLED 顯示器——並由製程改善增加所部分抵銷。

Selling, general and administrative expenses were $6 million for the first quarter of 2026 as compared to $4.7 million in the first quarter of 2025. The increase was primarily due to increases in professional fees and accrued performance-based compensation.

銷售、一般及行政費用於 2026 年第一季為 600 萬美元，較 2025 年第一季的 470 萬美元增加。增加主要由專業費用上升及應計績效型薪酬增加所致。

As of March 28, 2026, the customer had -- the company had cash and cash equivalents of $34 million, total cash, restricted and marketable securities of $59.5 million, inclusive of $25.3 million of restricted cash bonded against the BlueRadios litigation appeal.

截至2026年3月28日，客戶——公司持有現金及約當現金3,400萬美元，現金、受限制現金及有價證券合計5,950萬美元，其中包含2,530萬美元的受限制現金，係以保證金形式用於BlueRadios訴訟上訴。

Following the deconsolidation of Kopin Europe in October of 2025, the company's reported cash position is wholly domestic and the company's analysis supports that its current liquidity is sufficient to fund operations through at least the end of the second quarter of 2027 and beyond.

在2025年10月對Kopin Europe進行去合併後，公司所揭露的現金部位完全位於國內；公司的分析亦支持目前流動性足以支應營運至少至2027年第二季末及之後。

On a final note, there will be another filing of more administrative nature today unrelated to earnings. This is to move from an S-1 registration to a Form S-3 registration. To be clear to the investors, there is no offering with this. It's technically reregistering shares from the PIPE last fall.

最後補充一點，今天還會有另一份較偏行政性質、與財報無關的申報文件。這是要從S-1註冊轉為Form S-3註冊。為了讓投資人清楚，這不涉及任何發行。技術上是將去年秋季PIPE的股份重新註冊。

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

接下來，我把電話交回給Michael做結語。

Thank you, Erich. Before we open up for questions, I want to leave you with this.

謝謝你，Erich。在我們開放提問之前，我想先留給各位這段話。

Our progress in 2026 year to date represents a meaningful step forward in Kopin's strategic evolution, the second phase of our transformation plan. We extended our core MicroLED and neural display platform into AI infrastructure through our collaboration with Fabric.AI. We grew our defense order book across the US and Europe and entered into the high-growth FPV drone market.

我們在2026年迄今的進展，代表Kopin策略演進的重要一步，也就是我們轉型計畫的第二階段。我們透過與Fabric.AI的合作，將核心MicroLED與神經顯示平台延伸至AI基礎設施。我們在美國與歐洲擴大國防訂單儲備，並切入高成長的FPV無人機市場。

We grew our defense order book and clearly have differentiated products like Sentinel FPV. We invested behind our defense business with a major commitment to US OLED microdisplay manufacturing, and we did so while maintaining a strong balance sheet.

我們擴大了國防訂單儲備，且明顯擁有如Sentinel FPV等具差異化的產品。我們在維持強健資產負債表的同時，對國防業務加大投資，並以重大承諾投入美國OLED微顯示器製造。

What sets Kopin apart is very straightforward. We are the only company in the world manufacturing four types of microdisplays, the inventors of the bidirectional AI-enabled microdisplay, and we are the sole source provider on several Department of War programs of record that have many years of sustained production ahead of us, and our technology platform is now being deployed across some of the fastest-growing market segments in defense and soon AI infrastructure.

Kopin的差異化非常直接明確。我們是全球唯一同時製造四種類型微顯示器的公司、雙向AI賦能微顯示器的發明者；我們也是多項戰爭部（Department of War）正式列案計畫（programs of record）的唯一來源供應商，這些計畫未來仍有多年可持續的量產；而我們的技術平台如今正部署於國防領域中一些成長最快的市場區隔，並且很快也將進入AI基礎設施。

We believe 2026 is the year this company begins to demonstrate the full potential of everything we have built, and we are just getting started.

我們相信2026年將是公司開始展現我們所打造一切之完整潛力的一年，而我們才正要開始。

And with that, operator, I'll open the call for some questions.

那麼，接線員，我們開放一些問題。

(Operator Instructions) Jaeson Schmidt, Lake Street Capital Markets.

(接線員指示) Jaeson Schmidt，Lake Street Capital Markets。

Michael, just a clarification on the guidance. I know you reiterated the full year outlook. Does that include the Fabric.AI order?

Michael，我想釐清一下指引。我知道你重申了全年展望。那是否包含Fabric.AI的訂單？

It does. Yes. We're being very conservative on the forecast, Jaeson. We want to make sure that we're able to support the current order book as well as the new AI infrastructure chipset. So that's a very conservative forecast for this year.

包含。是的。Jaeson，我們在預測上非常保守。我們希望確保能支援目前的訂單儲備以及新的AI基礎設施晶片組。因此今年的預測非常保守。

Got you. And then just as a follow-up, going off your comments on the surge in OLED demand. Just curious if you could update us what you're seeing from the F-35 pilot helmet segment.

了解。接著追問一下，延續你對OLED需求激增的評論。想請你更新一下，你們在F-35飛行員頭盔這個區塊看到的情況如何？

Sure. So I can't go into too much detail. As folks are aware, Kopin has a customer in a fixed wing application that we've been supporting with our LCD technology. Our LCD business this year is increasing somewhat marginally. However, our OLED development, we expect to be in low rate initial production by the end of this year, maybe into Q or the first half of next year in OLED specifically, Jaeson.

當然。我不能透露太多細節。如各位所知，Kopin在固定翼應用上有一位客戶，我們一直以LCD技術支援該客戶。我們今年的LCD業務會小幅成長。不過在OLED開發方面，我們預期在今年底進入低率初期量產（LRIP），也可能落在今年第四季或明年上半年，特別是OLED這部分，Jaeson。

So we're expecting to see new OLED orders for that platform, I'd say, by the end of this year. The forecast that we've seen is larger than expected, and I can't go into too much more detail than that.

因此我們預期大概在今年底會看到該平台新的OLED訂單。我們看到的預測規模比預期更大，但我無法再透露更多細節。

Jon Siegmann, Stifel.

Jon Siegmann，Stifel。

Really appreciate all the great news, a lot of positive developments. Just a follow-up on the guide, just to make sure we understand it correctly. It seem like all the defense developments really covered what you had in mind when you previously spoke to us and then Fabric.AI seemed incremental to it.

非常感謝這些好消息，很多正向進展。我想就指引再追問一下，確保我們理解正確。看起來所有國防方面的進展大致涵蓋了你先前與我們談到的內容，而Fabric.AI似乎是在此之上的增量。

Just is there any -- are you anticipating any delays this year on anything that you previously expected? Or just any kind of negative things that's now embedded in the guide?

想請問是否有任何——你是否預期今年在先前預期的事項上會有任何延遲？或是指引中是否已內含任何負面因素？

No, I think we're being uber conservative. We want to make sure that we're able to achieve our forecast and overcome the forecast that we've given. And I think there's definite upside in the forecast that we've given. But nothing negative.

沒有，我認為我們是極度保守。我們希望確保能達成我們的預測，並且超越我們給出的預測。我認為我們給出的預測確實有明顯上行空間。但沒有任何負面因素。

We don't see any pullbacks. I think we're probably a little gun-shy from the government shutdowns in Q3 and Q4 of last year. So we want to make sure that we overcome the forecast that we put out this year.

我們沒有看到任何縮減。我想我們可能因為去年第三季與第四季政府關門而有點戒慎恐懼。所以我們希望確保今年能超越我們所提出的預測。

Okay. Appreciate that. And then on the CapEx, excited to see you deploying some of that your comments, you're confident that you have the capacity to support that. Can you talk a little bit about just what we're going to expect this year in terms of total CapEx and any kind of timing for these investments?

好的。謝謝說明。接著談資本支出（CapEx），很高興看到你們開始部署；依你剛才的評論，你們對支援產能很有信心。你能否談談今年預期的總CapEx大概是多少，以及這些投資的時程？

Great question. So the OLED deposition line that we're going to install in Westborough has the benefit of being able to use the back-end processing machinery that we already have or will be installing as part of our IBAS award.

好問題。我們將在Westborough安裝的OLED蒸鍍產線，其優勢在於可使用我們既有的後段製程設備，或是將隨IBAS獎項而安裝的後段製程設備。

So the overall CapEx is far less than I would say most people think for this OLED deposition line. But we think the CapEx that we're going to spend this year is roughly around $5 million over the course of the year and about the same roughly for next year.

因此，這條OLED蒸鍍產線的整體CapEx遠低於我想大多數人所認為的水準。但我們認為今年全年CapEx支出約在500萬美元左右，明年大致也差不多。

Christian Schwab, Craig-Hallum Capital Group.

Christian Schwab，Craig-Hallum Capital Group。

Great. On the -- Michael, on the first-person view, the Sentinel first-person view, the opportunity there seems, in particular, quite massive here in the United States. I think the government has already approved 1 million -- I think these are the rough numbers, 1 million drone units with roughly one-third of them supposed to be first-person view in the next potential budget from the government takes that to $3 million with roughly the same type of percentage of units for first-person view.

很好。Michael，關於第一人稱視角（FPV），也就是Sentinel第一人稱視角，在美國的機會看起來特別龐大。我認為政府已經核准了100萬——我想這些是大概數字——100萬架無人機，其中約三分之一預計在下一個潛在政府預算中為第一人稱視角；而該預算可能把總量提高到300萬架，第一人稱視角的比例大致相同。

So given your strength there with peripheral awareness and the complexity of the goggles that were under the assumption that you made for that kind of suggests that the price of something like that would probably approach roughly $1,000.

因此，考量你們在周邊態勢感知方面的優勢，以及護目鏡的複雜度，依你們的假設，這類產品的價格看起來可能接近約1,000美元。

Is that in the ballpark, meaning that if you ship 40,000 of them, the order you have in hand with the drone dominance awards already approved is a massive tailwind for the company? Am I thinking about that correctly?

這個價格區間合理嗎？也就是說，如果你們出貨4萬套，你們手上這筆訂單，加上已核准的無人機制霸（drone dominance）獎項，對公司而言將是巨大的順風助力？我這樣理解對嗎？

Indeed, you are. Christian, I would have not spent the money to put in an OLED deposition line if we didn't see tremendous demand from very real customers that we vetted and are participating in these conversations with the Department of War.

確實如此。Christian，如果我們沒有看到來自非常真實、我們已審核過的客戶之龐大需求，而且也正在與戰爭部（Department of War）參與這些對話，我就不會投入資金建置OLED蒸鍍產線。

And I think your assumptions are correct. The numbers that we're seeing as congressional line items of record are 1 million drones in the budget this year and one-third of those will be first-person view, 3 million in 2027, '28 time frame, one-third of those will be first-person viewers.

我認為你的假設是正確的。我們目前看到、以國會預算明細（line items）列示的數字是：今年預算中有100萬架無人機，其中三分之一將是第一人稱視角（FPV）；在2027、2028年左右的時間框架，將是300萬架，其中三分之一將是第一人稱視角（FPV）。

And out of the drone dominance competition, we can confidently say that we're in several of them with our Sentinel product, either selling displays or selling a display with an optic or selling a full Sentinel device. So we have three different ways that we can claim revenue in first-person view drones.

而在無人機制霸（drone dominance）競賽中，我們可以有把握地說，我們的Sentinel產品已參與其中好幾個項目：不是銷售顯示器，就是銷售搭配光學元件的顯示器，或是銷售完整的Sentinel裝置。因此，在第一人稱視角（FPV）無人機方面，我們有三種不同方式可以認列營收。

But for the audience, I think I was corrected by one of our teammates here and how I was thinking about drones. And the words are very sharp, so I apologize for that. But the words are this Drones are the new bullets and first-person viewers are the gun.

不過就聽眾而言，我想我在看待無人機這件事上，被我們這裡的一位隊友糾正了。而那句話非常犀利，所以我為此道歉。但那句話是：無人機是新的子彈，而第一人稱視角（FPV）顯示器就是槍。

And that stuck with me, and that shaped my thinking around the volume potential here in the United States for first-person viewer goggles for the displays and optics that are required with them and the fact that they have to be, by law, built here in the United States and they cannot use Chinese materials, even glass or OLED materials itself. So that provides Kopin with a very unique opportunity for growth.

這句話讓我印象深刻，也形塑了我對美國第一人稱視角（FPV）護目鏡在量的潛力的看法——包括其所需的顯示器與光學元件——以及它們必須依法在美國本土製造，且不能使用中國材料，甚至連玻璃或OLED材料本身都不行。因此，這為Kopin提供了一個非常獨特的成長機會。

And our customers that know now that we have our own OLED deposition machine coming and will be operational around this time next year, producing panels for them are very excited that Kopin will be in this market and definitely driving efficiencies and price and full integrated application-specific solutions for them.

而我們的客戶現在知道，我們自有的OLED蒸鍍設備即將到位，並將在明年此時左右投入運作、為他們生產面板；他們對Kopin能進入這個市場感到非常興奮，並且相信我們將確實推動效率提升、價格優化，以及為他們提供完整整合、應用特定（application-specific）的解決方案。

So very exciting times for us.

所以對我們來說，這是非常令人振奮的時刻。

Thank you for the explanation point on that clarity. My second question comes back to MicroLEDs use for short-range data center links to replace copper. Obviously, massive efficiency and higher speeds than copper, cooling needs, energy costs, et cetera, et cetera. Some of the competitors who are also engaging in this technology have significantly greater scale.

謝謝你針對這點所做的補充說明，讓脈絡更清楚。我的第二個問題回到MicroLED用於短距離資料中心連結、以取代銅線。顯然，相較於銅線，它具備大幅更高的效率與更快的速度，並可改善散熱需求、能源成本等等。一些同樣投入這項技術的競爭對手，其規模明顯更大。

Can you kind of walk us through -- I think you kind of hinted at it with quality, yield and technology and expertise of manufacturing. But can you kind of walk us through your history of producing MicroLEDs for critical technology and very complex cases that they're used currently in the defense industry that gives you confidence that you'll be able to ramp this successfully and kind of show -- I think you hinted that working with a couple of large US-based semiconductor companies already engaged with you, your confidence of proving this out.

你能否帶我們梳理一下——我想你已經在品質、良率、技術與製造專業上稍微提到——但你能否談談你們過去在關鍵技術、以及目前在國防產業中用於非常複雜情境的MicroLED量產經驗，為何能讓你有信心可以成功擴產（ramp）？並且也請談談——我想你暗示過已經與幾家大型美國半導體公司合作——你對於把這件事驗證落地（prove this out）的信心來源。

Yes. So I'll start with Kopin has MicroLEDs in production today. And they're very difficult, Christian, to manufacture. I think if you were to ask the companies that have either acquired start-ups or have tried to build MicroLEDs before that aren't focused on it or specializing in it. It is very difficult technology to make.

是的。我先從Kopin目前已在量產MicroLED開始說起。Christian，MicroLED非常難製造。我想如果你去問那些收購新創、或曾嘗試做MicroLED、但並非專注或專精於此的公司，他們都會說這是一項非常難做的技術。

As an example, in our 2K x 2K monochrome device, there are 16 million individual subpixels that we have to get perfect to be able to deliver that device. That is a tremendous amount of engineering and capability. And to be able to manufacture that at scale is something that Kopin has worked very diligently on for years.

舉例來說，在我們的2K x 2K單色元件中，有1,600萬個獨立子像素必須做到完美，才能交付該元件。這需要極其龐大的工程投入與能力。而要能規模化製造，Kopin多年來一直非常努力地在這方面耕耘。

And I think our competitors are figuring out that it's not just throwing a bunch of LEDs onto a backplane. It is very difficult technology to build. And they're struggling with it, and we see them struggling with it. Many of them have approached Kopin to help. So we know how to build this technology.

我認為我們的競爭對手正在意識到，這不只是把一堆LED丟到背板（backplane）上而已。這是一項非常難打造的技術。他們正為此苦戰，而我們也看得到他們的掙扎。其中很多家都曾找上Kopin尋求協助。所以我們知道如何打造這項技術。

We build it today. It is in production, flying in an aircraft today. And we invented the bidirectional microdisplay two years ago. In fact, we demonstrated it actively. We can demonstrate neural display, which is a bidirectional display today. We demonstrate our MicroLED that has 1.8 million foot-lamberts of brightness, which is about 6.8-ish million nits of brightness, which is basically the level of a laser, and we produce that and demonstrate it today.

我們今天就正在做。它已在量產，並且目前已搭載在飛機上執行任務。而我們在兩年前發明了雙向微顯示器（bidirectional microdisplay）。事實上，我們已主動展示過。我們今天就能展示神經顯示（neural display），也就是一種雙向顯示。我們也展示亮度達180萬英尺朗伯（foot-lamberts）的MicroLED，約等於約680萬尼特（nits）的亮度，基本上接近雷射等級；而我們今天就能生產並展示它。

So we have all the pieces. And more importantly, the Department of War is funding Kopin to build a high-rate MicroLED production line right here in the United States, and that production line will be capable of millions of units. So we're in a very good position to be early in this market. to lead this market.

所以我們具備所有拼圖。更重要的是，美國戰爭部（Department of War）正在資助Kopin在美國本土建置一條高產能（high-rate）的MicroLED生產線，而該產線將具備數百萬顆/台的產能。因此，我們在這個市場具備非常有利的位置，能夠早期切入並領先這個市場。

And we have great relationships and funding now to deliver that technology very early. And I think it's going to be a huge revenue driver for us this year of at least $15 million. Next year, at least $25 million is what we're seeing right now, potentially up to $50 million of revenue. And the year after that, I think this chipset could be larger than our entire defense business.

而且我們現在擁有很好的合作關係與資金支持，能非常早期地交付這項技術。我認為這將成為我們今年的一個重大營收驅動因素，至少1,500萬美元。明年至少2,500萬美元是我們目前看到的水準，營收潛力甚至可達5,000萬美元。再下一年，我認為這套晶片組（chipset）的規模可能會大於我們整個國防業務。

That's my personal opinion. So very large opportunity set for us where we have a unique skill set to deliver it, and we're here in the United States focused on the number two consumer of AI infrastructure, which is the Department of War and the US government.

這是我個人的看法。因此，對我們而言這是一個非常龐大的機會集合：我們具備獨特的技能組可以交付，而且我們在美國本土，聚焦於AI基礎設施的第二大消費者——也就是戰爭部與美國政府。

Josh Sullivan, JonesTrading.

Josh Sullivan，JonesTrading。

Just a follow-up on the commercial interconnect opportunity here. What do you see as the big gating factors for large-scale adoption? Or what are we going to see publicly over the next 12 to 18 months? You just gave out some guidance figures there or some target figures, I'll call them. But curious what we're going to see publicly kind of from the technology front that shows us that the market is indeed walking towards large-scale adoption?

我想就這裡的商用互連（interconnect）機會再追問一下。你認為大規模採用的主要瓶頸因素是什麼？或者在接下來12到18個月，我們會在公開資訊上看到什麼？你剛才給了一些指引數字或目標數字（我姑且這麼稱呼）。但我很好奇，從技術面來看，我們接下來會在公開層面看到哪些進展，能讓我們確認市場確實正走向大規模採用？

Great question, Josh, and welcome to the call and the team. Firstly, you're seeing significant investment from the largest GPU manufacturers in the world. I think it's fair to say NVIDIA has spent over $6 billion in this optical interconnect space over the last few months. We're seeing other GPU, CPU memory companies invest in the same into many start-up companies that are out there.

很好的問題，Josh，也歡迎加入這通電話與團隊。首先，你會看到全球最大的GPU製造商正在進行大量投資。我想可以合理地說，NVIDIA在過去幾個月於光學互連領域的投入已超過60億美元。我們也看到其他GPU、CPU與記憶體公司，對許多新創公司進行同樣方向的投資。

And M&A is prevalent right now in this space. I think what we're going to see is demonstrable systems this year, at least from Kopin and Fabric.AI that will demonstrate the capability of moving photons faster, quicker, cheaper at lower power consumption and lower overall costs than that of copper or fiber optics.

而且目前這個領域的併購（M&A）非常普遍。我認為我們今年會看到可展示的系統（demonstrable systems），至少Kopin與Fabric.AI會展示能以更快、更便宜、耗電更低、整體成本更低的方式傳輸光子（photons），相較於銅線或光纖。

And for us, more specifically, where we fit isn't everywhere. It's very much focused on chip-to-chip board-to-board and rack to rack. That's where MicroLEDs, I think, will find their home because of our ability to transmit data over certain lengths.

而對我們而言，更具體地說，我們的切入點並非無所不在。我們非常聚焦在晶片對晶片（chip-to-chip）、板對板（board-to-board）以及機架對機架（rack-to-rack）。我認為MicroLED會在這些場景找到最適合的位置，因為我們能在特定距離範圍內傳輸資料。

So I think you're going to see the market start to segment between those areas of chip-to-chip, board-to-board and rack-to-rack. I think the differentiating factor is rack-to-rack and then rack to external racks or floors where fiber optics are going to be used more predominantly.

所以我認為你會看到市場開始在晶片對晶片、板對板與機架對機架等領域進行分眾與區隔。我認為差異化的關鍵在於機架對機架，以及機架到外部機架或跨樓層的連結；在那裡，光纖將更為主流地被採用。

And then from a copper interconnect perspective, I think that market is going to start to shrink very rapidly as these new technologies get adopted next year and certainly into 2028.

接著從銅互連的角度來看，我認為隨著這些新技術在明年開始被採用、並且一路延伸到2028年，該市場將會非常快速地萎縮。

Got it. And then just given DOWs investment in your high rate production line, how quickly does the defense and intelligence market move and are there any funding line items that we can point to in the budget or elsewhere that might show that we're seeing some advancement as well?

了解。接著，考量到 DOW 對你們高良率量產線的投資，國防與情報市場的推進速度有多快？另外，在預算或其他地方是否有任何資金科目（funding line items）可供我們指認，顯示我們也正看到一些進展？

You bet. So right now, Kopin is actively working with multiple four-letter agencies to align funding. As an example, NIST has a BAA funding line with multiple billions of dollars listed on it. Also, the CHIPS Act also has many billions of dollars available for AI infrastructure available. And we are actively working with those funding agencies and funding lines as we sit here today.

當然。目前，Kopin 正積極與多個四字母機構合作，以對齊資金配置。舉例來說，NIST 有一條 BAA 的資金線，列有數十億美元的額度。此外，《CHIPS 法案》也提供數十億美元可用於 AI 基礎設施。而我們此刻也正積極與這些資助機構及其資金線合作。

And then just one last one on the retrofit opportunity. How do you -- am I clear on that? And then just how does that maybe play out?

最後再問一個關於改裝（retrofit）機會的問題。我對那部分的理解是否正確？以及它可能會如何發展？

Great question. So either by luck or by intelligence, I'm not sure which one, Kopin's MicroLED product is programmable. So one of the things that I started when I joined Kopin is software-defined everything.

問得很好。不確定是運氣還是技術使然，Kopin 的 MicroLED 產品是可程式化的。因此，我加入 Kopin 後開始推動的一件事，就是「一切皆由軟體定義」（software-defined everything）。

And if we're able to use a programmable MicroLED to interface to the brownfield, meaning already existing AI infrastructure, meaning an H100 or an older CPU as an example, and we're able to interface to those CPUs or GPU boards either in a board-to-board configuration as an example or rack-to-rack configuration, we can program our chip to talk to the brownfield, the existing equipment and then our receiver side will be talking through programmability to the new chip, potentially an H200 or B300 or whatever it might be, and that programmability sets us apart as well.

如果我們能使用可程式化的 MicroLED 來介接棕地（brownfield），也就是既有的 AI 基礎設施，例如 H100 或較舊的 CPU，並且能以例如板對板（board-to-board）或機櫃對機櫃（rack-to-rack）的方式介接到這些 CPU 或 GPU 板卡，我們就能把晶片程式化，讓它與棕地、既有設備溝通；接著在接收端，我們也會透過可程式化與新晶片溝通，可能是 H200、B300 或其他型號，而這種可程式化能力也讓我們與眾不同。

And we're doing so because a lot of the customers that we talk to do not want to rip and replace their entire system. A, it works; B, it's very difficult to change; and C, it's already paid for. So we want to be very flexible, but we can always move to more of an ASIC platform to remove the cost of programmability, but I don't think that's the right thing to do right now.

我們之所以這麼做，是因為我們接觸的許多客戶不想把整套系統拆掉重換。A，它能用；B，變更非常困難；C，已經付過錢了。所以我們希望非常有彈性；當然，我們也可以轉向更偏 ASIC 的平台來移除可程式化所帶來的成本，但我認為現在這麼做並不正確。

I think getting programmable MicroLEDs called Neural I/o to our customers and in our customers' hands will further the adoption rate and allow that adoption rate to increase more exponentially if it's programmable.

我認為把名為 Neural I/o 的可程式化 MicroLED 交到客戶、讓客戶實際使用，將能進一步提升採用率；如果具備可程式化能力，採用率也能更呈指數型加速成長。

(Operator Instructions) Austin Moeller, Canaccord Genuity.

(接線員指示) Austin Moeller，Canaccord Genuity。

So just my first question here. If we think about the market opportunity for Neural I/o optical transceivers and data centers, do you expect to yield the highest margins within the US domestic market, particularly for DOW or intelligence community data centers?

我先問第一個問題。如果我們思考 Neural I/o 光收發器與資料中心的市場機會，你是否預期在美國國內市場能取得最高毛利率，特別是針對 DOW 或情報社群的資料中心？

Or are you also looking overseas to data centers in like Europe and the Middle East where you could potentially enter those markets? And do you think you'd have favorable margins there?

或者你們也在看海外，例如歐洲與中東的資料中心，可能進入那些市場？你認為在那裡也能有不錯的毛利率嗎？

Great question. So yes, in the United States, I think Kopin is very unique in our focus. And going back to a question that I get asked all the time, why Fabric.AI? And Austin, Fabric is there to focus on the hyperscaler markets and staff appropriately with the people that know that market and understand that market.

問得很好。是的，在美國，我認為 Kopin 的聚焦非常獨特。回到一個我經常被問到的問題：為什麼是 Fabric.AI？Austin，Fabric 的存在是為了聚焦超大規模雲端（hyperscaler）市場，並以熟悉且理解該市場的人才來適當配置團隊。

While Kopin understands the defense, Department of War and the government market specific to four-letter agencies, et cetera, we know how to talk to those folks. We sell to those folks today, and we're actively engaged in that market. And I think we're a very unique supplier in this case since the Department of War is paying for this production line in the first place, they get the benefit of not only paying for that production line, but as we utilize it with Neural I/o, it brings down our costs and increases our absorption rate of that production line for our color MicroLED program, which the government wins twice in that case.

而 Kopin 則理解國防、戰爭部（Department of War）以及政府市場，特別是四字母機構等；我們知道如何與那些人溝通。我們今天就已經在賣給那些客戶，也正積極投入該市場。我認為在這個案例中我們是非常獨特的供應商，因為戰爭部一開始就為這條產線買單；他們不僅因為支付了產線而受益，當我們用 Neural I/o 來利用這條產線時，也會降低我們的成本並提高這條產線對我們彩色 MicroLED 計畫的吸收率（absorption rate），因此政府在這種情況下等於贏兩次。

So yes, I think there's better margins in the United States government and defense industry for this technology. In terms of European and Southeast Asia and NATO, quite frankly, we haven't reached a partnership yet. We're not engaged in those conversations yet, and we are working to have some partnership discussions with folks that are in that market and can support us in those areas, but we're not there yet.

所以是的，我認為在美國政府與國防產業，這項技術的毛利率會更好。至於歐洲、東南亞與 NATO，坦白說，我們尚未建立合作夥伴關係。我們也還沒有參與那些對話；我們正在努力與在當地市場、能在那些區域支援我們的人進行一些合作洽談，但目前還沒到那一步。

Okay. And if I shift over to talk about Sentinel FPV, -- if we think about the opportunity within like drone dominance, the $54.6 billion for drone autonomous working group and then US domestic headsets for like commercial drone applications, are there any drones that the headsets would not be compatible with like fiber optic drones versus ones that are wireless and use computer vision?

了解。如果我轉到 Sentinel FPV 來談——若我們思考在「無人機主導」之下的機會，例如無人機自主工作小組的 546 億美元，以及美國國內用於商用無人機應用的頭戴式裝置，是否有任何無人機會與這些頭戴式裝置不相容？例如光纖無人機，對比無線且使用電腦視覺的機型？

If it has a camera on it and is controlled, we can use Sentinel FPV. The question becomes is, do you need to use a headset versus a panel? And if it's for the smaller drone sets, the individual strikers, as an example, what we're seeing is that the war fighter wants to be able to have that first-person viewer on their helmet and be able to remove it or at least look through it and have that dual situational awareness that we talked about and the ability to flip up that headset so they can fight.

只要它有相機且可被控制，我們就能使用 Sentinel FPV。問題在於，你是否需要使用頭戴式裝置而不是面板。如果是較小型的無人機群，例如單兵突擊機型，我們看到的是：戰鬥人員希望能在頭盔上配戴第一人稱視角顯示器，並能移除它，或至少能透過它觀看，具備我們談到的雙重態勢感知能力，並且能把頭戴式裝置掀起來，讓他們能投入作戰。

So in terms of the soldier-worn, soldier-born type of system, I think we have a great product in Sentinel, and it would be used for the vast majority of those drones. The specific to the 1 million to 3 million drones, we think one-third of those will be using first-person viewers that are either helmet-mounted or glass mounted on the face.

因此，就士兵穿戴、士兵攜行（soldier-worn, soldier-born）這類系統而言，我認為 Sentinel 是很棒的產品，且可用於絕大多數這些無人機。針對那 100 萬到 300 萬架無人機的部分，我們認為其中三分之一會使用第一人稱視角顯示器，形式可能是頭盔式安裝或安裝在臉部的護目鏡上。

Ladies and gentlemen, as there are no further questions, I will now hand the conference over to Michael Murray for his closing comments.

各位女士先生，由於沒有進一步提問，我現在把會議交回 Michael Murray 作結語。

Wonderful, operator. Thank you very much, and thank you to everyone joining us today. We appreciate your continued support and look forward to updating you on our progress in the months to come. If you have any further questions, please feel free to reach out to our IR firm, MZ Group, who would be happy to answer them and/or set a call with management for a follow-up.

太好了，接線員。非常感謝，也感謝今天加入我們的各位。我們感謝各位持續的支持，並期待在未來幾個月向各位更新我們的進展。若您還有任何問題，歡迎隨時聯繫我們的投資人關係（IR）公司 MZ Group；他們很樂意回答，並／或安排與管理團隊的後續通話。

Thank you all very much. Have a great day.

非常感謝各位。祝各位有美好的一天。

Ladies and gentlemen, this does conclude today's teleconference. Thank you for your participation. You may now disconnect your lines at this time, and have a wonderful day.

各位女士先生，今天的電話會議到此結束。感謝各位的參與。您現在可以掛斷電話線，祝各位有美好的一天。