Precision Optics Announces Receipt of $680,000 Production Order from Top Tier Defense/Aerospace Customer for New Optical Application

Precision Optics Corporation, Inc. (NASDAQ: POCI), a leading designer and manufacturer of advanced optical instruments for the medical and defense/aerospace industries, announced $680,000 of initial production orders from a top tier defense/aerospace company addressing a new commercial application leveraging the Company’s manufacturing IP developed for high precision micro-optics technology. This becomes the third commercialized defense/aerospace program for Precision Optics and builds upon the momentum the company has achieved within the medical device market.

Precision Optics initially engaged with the customer at the end of calendar 2022 to help advance a new optical assembly that is higher on the value chain than other previously developed defense/aerospace projects. Precision Optics delivered initial prototypes in early calendar 2023, and following successful evaluation by the customer, was awarded contracts totaling $680,000 to transition manufacturing documentation and process to full production qualification and to deliver initial production quantities. The initial production order is expected to be delivered during fiscal 2024 and creates the opportunity for future follow-on production orders.

“We are extremely pleased to have successfully advanced our prototypes to commercial production for this top tier defense/aerospace customer,” commented Dr. Joe Forkey, CEO of Precision Optics. “We believe the long-term opportunity for this program and others like it extends far beyond this initial commercial production order and further highlights the opportunities we believe are available for Precision Optics in the aerospace and defense market. Our unique capabilities to seamlessly work with customers from the engineering and design stage all the way to commercial production for proprietary high precision micro-optics was key in having won this contract.”

“With three commercialized programs in the defense/aerospace market, it is clear that our approach to this market coupled with the technical differentiation we have gained from experience with medical devices is effective and is gaining traction. We look forward to building on these recent wins to expand our addressable market, and further pursue the many opportunities we believe are available to us within defense and aerospace.”