Good morning, everyone and w elcome to the Kopin Corporation first quarter 2026 earnings conference call. During today's presentation, all parties will be in a listen-only mode. Following the presentation, the conference will be opened for questions. This conference is being recorded today, and the earnings press release accompanying this conference call was issued earlier today. 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. Potential risks include, but are not limited to, demand for our products, operating results of our subsidiaries, market conditions, and other factors discussed in our most recent annual report on Form 10-K and other documents filed with the Securities and Exchange Commission. Although the company believes that the assumptions underlying these statements are reasonable, any of them can be proven inaccurate, and there can be no assurances that the results will be realized. The company undertakes no obligation to update the forward-looking statements made during today's call. 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. I would now like to turn the conference over to Michael Murray. Michael, the floor is yours. Thank you very much, operator, and good morning to everyone, and welcome to our first quarter 2026 earnings call. 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. 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. 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. 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. First, let me start with the most consequential announcement we've 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. 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. Neural I/o is built on Kopin's proprietary MicroLED technology and our patented bi-directional NeuralDisplay architecture. What we've 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. 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. 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. To use the words of Matt Kimball, principal analyst at Moor Insights & Strategy, quote, "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. Moreover, this marks a completely new era in data transmission, bandwidth, and designing of electronic systems." End quote. Several recent articles estimate that the AI infrastructure optical transceiver market is expected to reach between $69 billion-$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. 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. Kopin will support the absolute and clear requirements of the United States government and Department of War for U.S. production of AI chips and chipsets. With our U.S.-based MicroLED production line we are installing as part of our Industrial Base Analysis and Sustainment Act award, or IBAS award, this custom-designed production line will support the Neural I/o family of chipsets for the United States Department of War and government customers. 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, 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. 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. 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. We will share more on the development roadmap and customer engagements as it advances in later calls. AI 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. While there are competitors attempting to develop their own solutions like Kopin's, most are startups 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. 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. 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. Our DarkWAVE module is the foundation of THEON's upcoming DARK-I 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. Because the system is ITAR-free, it opens up a new global market for both companies. 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. 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. Together, these awards bring our pilot helmet-mounted display order book above $10 million and underscore the strength of our display solutions across both U.S. 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. 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. This is the second MicroLED-focused U.S. Army award we've 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. 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, quote-unquote, "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. 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. 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. 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 U.S. prime to manufacture custom thermal imaging eyepieces and assemblies for a man-portable thermal weapon system. This award expands our growing backlog and reinforces Kopin's role as a trusted U.S.-based supplier of mission-critical vision systems for the warfighter. 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. 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 reflect 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're bringing to market. 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. 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. 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 U.S.-built OLED microdisplays, particularly for FPV systems like Sentinel, thermal weapon sights, and other soldier-borne mission-critical defense applications. 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. We will continue to use our European OLED deposition partner for NATO-aligned defense programs as well. The U.S. OLED capability is additive, designed specifically to support the U.S. 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. 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. It complements our existing U.S. manufacturing capabilities for AMLCD, FLCoS, MicroLED, and now OLED. Kopin remains the only company in the United States manufacturing four types of microdisplays, optics, and soon, photonics for the U.S. 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. 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. From an advanced technology perspective, our NeuralDisplay 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 NeuralDisplay platform leverages advanced processing, an AI-enabled backplane, and offers display optimization to enhance image quality, reduce power consumption, and improves all overall user experience across the markets we serve. 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 NeuralDisplay as a MicroLED device rather than an OLED device, which is the current demonstrable device as it stands today. 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. And one of the only manufacturers in the world capable of producing four types of micro displays, 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. 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 NeuralDisplay 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. These new activities speak to the disciplined productivity of our internal research and development spending as these new technologies are attracting new customers in 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. 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. Consequently, we reiterate our 2026 revenue guidance range of $52 million-$60 million, which we believe remains appropriate and conservative given the order momentum we're 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. I'll now turn the call over to our CFO, Erich Manz, to review our first quarter 2026 financial results in further detail. Erich? Thank you, Michael and g ood morning, everyone. 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're seeing our strategic investments begin to translate into tangible commercial momentum across both our core defense programs and our emerging opportunities in AI infrastructure. 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. 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. 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. The investments we've made, whether in MicroLED innovation, automation, bringing OLED manufacturing in-house, are not theoretical. They are directly aligned with identifiable demand signals from our customers and are designed to enhance throughput, improve cost efficiency, strengthen our control over both quality and delivery, and to minimize risk. 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. 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, was $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 AI, AR thermal clip-on partnership, which more than offset the decline in product revenues. Product revenues for the first quarter were $5.4 million as compared to $9.2 million in a 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. Non-product 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. 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. 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 ultra-bright, full-color MicroLED display optimized for ground soldier augmented reality applications, offset by increases in process improvements. 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. As of March 28, 2026, the company had cash and cash equivalents of $34 million. Total cash restricted in marketable securities of $59.5 million, inclusive of $25.3 million of restricted cash bonded against the BlueRadios litigation appeal. 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. 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, i t's technically reregistering shares from the PIPEs last fall. With that, I'll turn the call back over to Michael for closing remarks. Thank you, Erich. Before we open up for questions, I want to leave you with this. 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 NeuralDisplay platform into AI infrastructure through our collaboration with Fabric.AI. We grew our defense order book across the U.S. and Europe and entered into the high-growth FPV drone market. 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 U.S. OLED microdisplay manufacturing, and we did so while maintaining a strong balance sheet. What sets Kopin apart is very straightforward. We are the only company in the world manufacturing four types of microdisplays, the inventors of the bi-directional 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. 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. With that, operator, I'll open the call for some questions. Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. If you would like to ask a question, please press star and one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star and two if you'd like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. Ladies and gentlemen, we will wait for a moment while we poll for questions. We take the first question from the line of Jaeson Schmidt from Lake Street Capital Markets. Please go ahead. Hey, guys. Thanks for taking my questions. Michael, just a clarification on the guidance. I know you reiterated the full year outlook. Does that include the Fabric.AI order? It does. Yes. We're being very conservative on the forecast, Jaeson. We wanna 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. Gotcha. 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? Sure. So, I can't go into too much detail, a s 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. 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. Okay. That's helpful. Thanks a lot, guys. Thank you. We take the next question from the line of Jon Siegmann from Stifel. Please go ahead. Hey, good morning. Thanks for taking the question. Sure, Jon. Really appreciate all the great news, a lot of positive developments. Just to follow up on the guide, just to make sure we understand it correctly, is it seemed 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. 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? Thank you. No, I think we're being uber-conservative. We wanna make sure that we're able to achieve our forecast and overcome the forecast that we've given. I think there's a definite upside in the forecast that we've given, but nothing negative, w e 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 wanna make sure that we overcome the forecast that we put out this year. Okay. Appreciate that. 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 can expect this year in terms of total CapEx and any kind of timing for these investments? Great question. 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. The overall CapEx is far less than I would say most people think for this OLED deposition line. 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. Very efficient. Thank you for the time. Of course. Thank you. We take the next question from the line of Christian Schwab from Craig-Hallum Capital Group. Please go ahead. Great. On the, Michael, on the first-person view, the Sentinel First-Person View, t he opportunity there, you know, seems, in particular, quite massive here in the United States, I think. Yes. The government has already approved 1 million, I think these are the rough numbers, you know, 1 million drone units with, you know, roughly a third of them supposed to be first-person view in the next potential budget from the government. You know, takes that to 3 million with roughly the same type of percentage of units for first-person view. Given your strength there with [Dual Situational] A wareness, and the complexity of the goggles that were under the assumption that you made for that, kinda suggests that the price of something like that would probably approach roughly $1,000, you know, is that in the ballpark? Meaning that if you ship 40,000 of them, you know, 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? 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. 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 a third of those will be first-person view. 3 million in 2027, 2028 timeframe, a third of those will be first-person viewers. 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. We have three different ways that we can claim revenue in first-person view drones. For the audience, I think I was corrected by one of our teammates here in how I was thinking about drones. 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." 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. That provides Kopin with a very unique opportunity for growth. 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. So, very exciting times for us. Great. Thank you for the estimation point on that clarity. My second question, you know, comes back, you know, to MicroLEDs used 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, you know, have significantly greater scale. 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 c an you kind of walk us through, you know, the, your history of producing MicroLEDs for critical technology and, you know, 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 at, you know, working with a couple large, you know, U.S.-based semiconductor companies already engaged with you, your confidence in proving this out? Yes. I'll start with Kopin has MicroLEDs in production today, and t hey're very difficult, Christian, to manufacture. I think if you were to ask the companies that have either acquired startups or have tried to build MicroLEDs before that aren't focused on it or specializing in it, it is very difficult technology to make. As an example, in our 2K x 2K monochrome device, there are 16 million individual sub-pixels 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. 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. We know how to build this technology. We build it today. It is in production, flying in an aircraft today, and we invented the bi-directional microdisplay two years ago. In fact, we demonstrate it actively. We can demonstrate NeuralDisplay, which is a bi-directional display today. We demonstrate our MicroLED that has 1.8 million fL of brightness, which is about 6.8-ish million nits of brightness, which is basically the level of a laser. We produce that and demonstrate it today. 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. We're in a very good position to be early in this market, to lead this market. We have great relationships and funding now to deliver that technology very early. 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. The year after that, I think this chipset could be larger than our entire defense business. That's my personal opinion. 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 U.S. government. Great. Thanks for that clarity. I'll let somebody else ask some questions. Thanks. Thanks, Christian. Thank you. We take the next question from the line of Josh Sullivan from JonesTrading. Please go ahead. Good morning. Just to follow up on the commercial interconnect opportunity here. You know, what do you see as the big gating factors for large-scale adoption, or what are we going to see publicly over, you know, the next 12 to 18 months? You just gave out some guidance figures there or some target figures, I'll call them. But curious, you know, what we're going to see publicly kind of from a technology front that, you know, shows us that the market is indeed walking towards large-scale adoption. 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 startup companies that are out there. 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. 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. 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. 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. Got it. Then just given DoW's investment in your high-rate production line, how quickly does the defense and intelligence market move? You know, 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? You bet. 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. We are actively working with those funding agencies and funding lines as we sit here today. Just one last one, you know, on the retro fit opportunity. How do you? Yes. Am I clear on that? Then just, you know, how does that maybe play out? Great question. Either by luck or by intelligence, I'm not sure which one, Kopin's MicroLED product is programmable. One of the things that I started when I joined Kopin is software-defined everything. 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 a 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, you know, B300 or whatever it might be, and t hat programmability sets us apart as well. 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. 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. 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. Great. Thank you for the time. Great question. Thank you. Participants, if you wish to ask a question, please press star and one. We take the next question from the line of Austin Moeller from Canaccord Genuity. Please go ahead. Hi. Good morning. 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 U.S. domestic market, particularly for DoW or intelligence community data centers? Or are you also looking overseas to data centers in like Europe and the Middle East, where you could potentially enter those markets? Do you think you'd have favorable margins there? Great question. Yes, in the United States, I think Kopin is very unique in our focus. Going back to a question that I get asked all the time, why Fabric.AI? And Austin, Fabric.AI is there to focus on the hyperscaler markets and staff appropriately with the people that know that market and understand that market. 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, we're actively engaged in that market. 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, you know, the government wins twice in that case. 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 partnerships discussions with folks that are in that market and can support us in those areas. But we're not there yet. Okay. 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 U.S. 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? 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? If it's for the smaller drone sets, the individual strikers, as an example, what we're seeing is that the warfighter 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. In terms of the soldier worn, soldier borne 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 a third of those will be using, first-person viewers, that are either helmet-mounted or glass-mounted, on the face. Awesome. Thanks for the color. I'll pass it back. Thanks, Austin. Thank you. Ladies and gentlemen, as there are no further questions, I will now hand the conference over to Michael Murray for his closing comments. Wonderful, operator. Thank you very much. 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. Thank you all very much. Have a great day. Thank you. 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.