Kopin Secures Initial DarkWAVE Order From Strategic Partner Theon International

Kopin Corporation (NASDAQ: KOPN), a leading provider of application-specific optical systems and high-performance microdisplays for defense and enterprise use, today announced a key milestone in bringing its DarkWAVE™ Module to market, with the first product order for the platform. Theon International (AMS: THEON), a global leader in night-vision and thermal imaging systems, and a strategic partner to Kopin, has placed a $1 million development order to bring the 960p DarkWAVE module to "production readiness" in 2026, marking the transition of the technology from prototype to product availability for international defense customers.

As a result of the above, Theon's DARK-I will be developed, based on KOPIN's DarkWAVE micro-display technology. DARK-I will be a next generation clip on, with Augmented Reality and Thermal Integration capabilities. DARK-I will have the ability to integrate with any model of already fielded Night Vision Goggles (NVGs), essentially converting those from traditional NVGs into Augmented Reality (AR) enabled systems, while also providing the option of providing thermal integration on top of AR. DARK-I will provide full-color symbology and full-motion digital interlace feeds, such as drone imagery, enabling soldiers with an enhanced vision of the battlefield without replacing existing night vision goggles using traditional image intensifier tubes.

With more than 2 million estimated night-vision goggles in use globally, DarkWAVE targets a large and immediate aftermarket opportunity. According to MarketsandMarkets, the global night vision (NVG) market is expected to grow at a CAGR of 8.5%, from $8.6 billion in 2025 to $12.9 billion by 2030.

Theon's $1 million order will bring Kopin's 960p OLED DarkWAVE module to design completion and accelerates production-readiness to deliver proprietary, ITAR-free product to Theon and global customers alike, which will subsequently lead to the development of DARK-I. The order provides an opportunity for both companies - for Theon it enables a very high-value add-on capability for their existing installed base of customers, and for Kopin it is a significant sales opportunity for an expanding global customer base.

This is Kopin's first meaningful development order and revenue potential from the international defense markets, which represents a significant opportunity for growth. Theon International does business globally with a wide range of government and defense-related organizations, including the United States, Southeast Asia, Europe and many other NATO countries worldwide.

Management Commentary
Michael Murray, Chief Executive Officer of Kopin, said: "DarkWAVE and DARK-I is just the first example of the mutually beneficial relationship between Kopin and Theon. Our two companies have complementary strengths that we can leverage to accelerate growth for both companies. Kopin brings its strong background in microdisplay technologies and products, along with sophisticated optical module integration with the microdisplays, while Theon brings both its strength in night vision and thermal optical systems and a strong marketing and sales footprint across the globe. I would fully expect to see additional opportunities for both companies ahead. This development order from Theon accelerates our schedule and brings a standard DarkWAVE product to international customers sooner. Because this system is ITAR-free, it opens new global markets, while deepening our collaboration with Theon.

"What makes DarkWAVE a unique product offering for Kopin is that it provides customers with an aftermarket add-on to existing night-vision goggles, thereby significantly upgrading their existing products in a cost-effective way. With more than 2 million estimated standard and enhanced NVGs in use worldwide and global defense budgets rising, the near-term sales potential into the installed addressable base is significant. DarkWAVE delivers full-color as well as full-motion video feeds-such as drone imagery-giving operators a meaningful increase in performance from legacy NVGs at a fraction of the cost. This milestone positions Kopin to move from prototype validation into potential future scale production opportunities."