Good morning, everyone, and thank you for joining the H.C. Wainwright twenty-sixth Annual Global Investment Conference. My name is Alejandro Borjas, and I'm an analyst on the investment banking team. We're very excited you all could join us for a productive day of one-on-one meetings, corporate presentations, and panels. For this session, we're thrilled to welcome the Kopin team.
Thank you very much. Thanks to the team for having us again this year. It's always been a pleasure to present here. So my name is Michael Murray. I'm the CEO of Kopin Corporation. I'll be your guide here today. Alongside me is Rich Sneider, our CFO, and I will be speaking about some forward-looking statements here. So we do have a safe harbor statement that I wanna make sure that we mention before this conversation. A little bit about Kopin. We're very unique in terms of our market position today. We're the only U.S.-owned and U.S.-funded microdisplay company at the moment. Our focus is predominantly on building and growing our microdisplay market and what we call an application-specific optical solution.
So I'm gonna go through both of those in a little bit more detail. A little bit more about the company. Right now, our market cap's sitting around $100 million. We have no debt on the balance sheet, and 150 employees. You can see that our employees are currently growing, and that's really a function of our backlog and also increased productions. So one of the interesting things about Kopin is we're one of the only companies in the world that build four different types of microdisplays. The only other companies in the world that make this level of technology is either Samsung, Sony, or LG, and Kopin.
In the U.S., we're very unique in that we're one of the only companies, I think the only company, that has a Micro LED product line, an OLED, or organic light-emitting diode, product line, as well as our proprietary AMLCD technology and our liquid crystal on silicon technology. Each of these microdisplays is unique in its own way, its own technical merits, and customers choose them based on what their application is, and therefore, our application-specific optical solutions are born with these technologies. I'm gonna go through a few of them in more detail and tell you why they're important for each application. When we think about consumer, medical, AR, VR, even some of the weapon sights that we currently are building, OLED is the choice for this application or these applications.
The reason why is the digital interface is very unique. They're ultra-low power. They're colorful. Their colors are very, very good, and their lifetime is also quite good, and cost-wise, they're least expensive of all the microdisplays that we currently have, with the exception of the AMLCD. For fixed-wing aircraft, right now, that application's really focused on micro LED. The reason why the fixed-wing aircraft want a micro LED technology is the level of brightness that it can achieve. Right now, I believe Kopin has the brightest OLED in the market. It's a monochrome, but we've reached 20,000 nits of brightness with our OLED. To give you an example of the brightness of a micro LED, that 20,000 nits of brightness for an OLED, we can reach anywhere between 850,000-1.8 million nits of brightness using our micro LED technology.
For things like waveguides, where you delete 80%-90% of the visible light, micro LEDs are very important for those types of applications because you delete 80%-90% of the visible light. This is why folks like Apple, Meta, and Google have been investing in micro LEDs for the last few years. We also have our AMLCD technology. That is the bulk of our current business, whether it be our application-specific business or our sales of straight displays. Right now, our rotary-wing aircraft all use our AMLCD technology, as well as our thermal weapon sights, but those are transitioning to OLED as well. Lastly, I'll talk about our ferroelectric liquid crystal on silicon. This is an interesting technology that is built out of our Dalgety Bay location in Scotland.
This technology was chosen by one of our partners, General Dynamics, for an armored vehicle program. The reason why it was chosen is its high refresh rate. So if you're a gamer or an automotive company, you wanna have a high refresh rate so that as you move forward in your application, you're not bogging down any sort of signal with your frequency rate of your display. I mentioned some of our locations already, but we're headquartered in Westborough, Massachusetts. We have a division in Reston, Virginia, and our Dalgety Bay, Scotland, location, where we build our FLCOS displays, as I mentioned earlier. So we talked about application-specific solutions. What do those mean? Essentially, what they are, are the LensCrafters of the world. So you go in, and you buy yourself some lenses.
You obviously need some mounts for those lenses, so that they fit your face. You also need to have some plastics to go along with them to hold them. That's what an application-specific solution is. We can take an entire design internally within Kopin with the microdisplay and build an entire system, and you see some of the products that we can build in this slide. That's an area where I think our customers really want us to go. When I joined the company just now, two years ago, many of our customers were saying: "We want you to do more, Kopin. Not just be a microdisplay provider to us, but take more of this application challenge that we have, because we're not optical companies. We're metal benders. We're weapon fighters.
We wanna make sure that we have the best optical solution, and we think you can do that for us. So that's what we are. We're a digital overlay on the real world or the analog world, and we've been in this business for several years. We have some significant technology, as well as some tremendous customers that we're going to talk about as well. In terms of our customer base, we have some of the best customers in the world, also the most demanding customers in the world. You cannot fail these folks in the field, and that's very important. Quality needs to be number one. When I took over the job two years ago, we had some quality issues. We've surpassed those.
We've gotten our quality up to, I think, a great level and a sustainable level, and now we're improving our performance, and that's really what's important, why companies like Wilcox, BlueHalo, the Navy, Lockheed Martin, are all choosing Kopin to build these systems, because it gives them advanced technical performance and technical advantage in the battlefield, so I'm gonna show a quick video of what's next. This is a technology, what we call the NeuralDisplay, and one of the interesting things that I learned when I visited many of our customers, whether it be in consumer or in defense, is that some of the things that are not working in the industry is how people use this technology.
I use the example, if you've ever woken up in the night, you go to the bathroom, you turn the light on, and it immediately makes you blink, and it makes your eyes sore. There's no difference between that application or when you're using something like the Apple Vision Pro. It's too bright. When you, the physical person, goes through any sort of emotion, your pupils will dilate at a certain rate, your pupils dilate at a certain rate, the microdisplay doesn't know that, so it's still presenting the same amount of brightness at that given time. So what we've created is a bidirectional display. It's an OLED display. It's a Quad Pixel. The Quad Pixel is red, green, and blue.
The fourth pixel, which is normally blue, for deep color blue, we've made a small little imager, and that imager is looking for white, gray, and black. Basically, your eye and your pupil size. And in this video that we're going to show you, this is an engineer by the name of Ben. We can actually see Ben is controlling the little ship. This is the game Asteroids, if you remember Asteroids, and or maybe it's just me, I'm that old. But Ben is controlling the ship with his eye. We're measuring his pupil as he's moving the ship around, and we can actually adjust dynamically the brightness and the contrast of the display. Now, why is that important? Essentially, this will solve three major issues with AR/VR glasses. Number one, nausea-inducing brightness and contrast issue.
Number two, size, weight, and power consumption of having six cameras just doing eye tracking in the Apple Vision Pro or in the Microsoft IVAS platform. This takes those cameras out of that system. Therefore, the cantilever weight, which is the third issue, that weight that you have on the front of your face, that the back of your neck will feel. So size, weight, power consumption are all improved by the NeuralDisplay technology. I'm pleased to report that we have it working. We have a microdisplay that works. We've also generated the AI capability to do this internally within Kopin with a very small but talented team of software engineers, and we continue to invest in that technology. And to my knowledge, we're the only company that has this level of capability today.
So we have a few end markets I want to talk about and some perturbations to those markets. Some headwinds in the market. Unfortunately, there is Israel. Unfortunately, there is the Ukraine. There is NATO spending that is growing, and that, those are tailwinds that the company is currently seeing. When we pivoted towards really focusing on the defense industry, we did so knowing that the consumer market just wasn't ready yet. The metaverse is coming. It will be here one day. However, what is here today is defense spending and medical spending, so that's where we're focused. Not predominantly, but that's where we're focusing most of the company. One of the most important things, if you take away from this presentation, is Kopin is sole sourced in these programs that are in production.
The F-35, we have two in-production microdisplays, being our AMLCD and our OLED, and we announced a follow-on order yesterday of $2 million, and we expect several more moving forward. We also have our micro LED technology in the F-35 as well, and another program on top of that, which we can't talk about. So we have our thermal weapon sight program. We've been receiving orders for our thermal weapon sight, and we have a new weapon sight that will be going into production shortly as well. We also have what we call our specialized weapon sight, or long-range sniper versions. We expect to receive some orders for those as well shortly. But just in these programs, we see $75 million of peak annual revenue moving forward until 2030.
The nice thing about defense, the DoD spending is going to be moving along for a number of years, and defense now is a growth industry again, as we heard with Lockheed Martin's forecast. We also have some long-term growth with the armored vehicle program that we've talked about. This is a $100 million contract for Kopin that started, and we are working on what's called a PPAP. That's an automotive quality program with General Dynamics, to bring that weapon sight to them for production. We also have some programs that were up for bid. We expect to receive orders on our new day HUD technology, as well as our night HUD technology. We call it Night Wave. I have it here.
This adds color as well as thermal imaging to night vision goggles that currently do not have it. Current NVG goggles, there's about a million of them in the marketplace today, but they don't have color, and they don't have thermal imaging. This adds that to them in the ATAK system and allows our warfighters to have that capability today, using the technology that they have today. We also have our medical device. That's our CR3. It is now in production. We do expect several things. One, a follow-on contract we're expecting, and two, a major announcement with a OEM in the marketplace that is, I think, one of the leaders in this market. Exciting times for medical.
This is an OLED in that device that comes from Kopin as well, and we designed, built the entire headset within Kopin. Consumer still wanting a micro-LED, still wanting a color micro-LED and NeuralDisplay . So we have been working in the consumer market. We do have a new contractor that started with us this month to develop our consumer base, as well as our consumer vendors, and a partnership with a number of companies, actually, one in Korea as well as one in China, for our consumer market specific to micro-LED and the NeuralDisplay . The market opportunity is massive for us. As being the only U.S.-owned company that builds micro displays, all four types, this is a tremendous tailwind that we have, which is the U.S. Department of Defense spending.
It's moving up into the $850 billion mark, and NATO is now spending at a much higher rate, as all the NATO countries are now have to spend 2% GDP to move into that area. And the biggest spend is in F-35s. It's in things like the Abrams tank, but it's also in weapons systems and advanced dismounted soldier systems, which all use micro displays. So we're in a very unique position and a great position to grow. Again, the global market, all growing, moving in the right direction, but aerospace and defense is leading the way. Medical is following very, very quickly and adopting a lot of this technology because it's lightweight, easy to use, and it solves the problem of the surgeon having to move their head.
So putting a lightweight micro display over top of that application in their eyes is a good thing to do, and we see tremendous opportunity in that marketplace. The company is now patenting our AI capability, as well as our NeuralDisplay architecture. We have several patents pending in the NeuralDisplay market, and we continue to grow our patent portfolio. In terms of our recent financial highlights, the first half of the year was great. We're expecting a much better second half, actually. We have tremendous bookings. We're sitting on a fairly significant amount of bookings for the year, up 36% year over year.
Our on time and full, as I mentioned before, that's our quality rating that I hold ourselves accountable to, up 99%, year over year and quarter over quarter, actually, up to 95%, and our opportunity pipeline has ballooned to 220 million of factored opportunities. When I say factored, that means that we've taken a really hard look at what the Pwin and the Pgo will be on those opportunities, and that's the number that we take. The actual number is much higher, but that's our factored amount of opportunities. So tremendous opportunity for the company. We're executing very well. Our customers are rewarding us with great contracts and, more importantly, new opportunities for the business, and we'll continue to grow our revenue. The leadership team is fairly established.
I think we've got a great group of folks, and we just added a new board member. Paul Walsh just joined us on the board, as well as Marnie Seif. But first, Paul came to us from. He is on the board of Semtech. Previously, he was the CFO of Allegro MicroSystems, as well as, if you remember him from Silicon Labs, and back in the day, he also worked at Analog Devices with Marnie and I. Marnie Seif joined the board. She was the former General Counsel of Analog Devices for many years, and she and I have done acquisitions like Hittite Microwave for $2.5 billion, and she also led the acquisitions of Maxim and Linear Technology. It's a great group of folks. So I'll leave you with this: an interesting opportunity, unique market position.
It's a new company, new growth, new story, new focus. We're executing well. We have a tremendous customer base and fantastic order base, and we continue to receive orders and expect to see another $20-$30 million of orders before the end of the year, which would be a record for the company. So, very exciting opportunity. I think we're on pace to have a great year. I think the second half's gonna be better than the first from a revenue perspective, as well as gross margin perspective. So, with that, I will answer any questions that I can. All good?
All right. Thank you, Michael.
Thank you very much.
Appreciate the presentation.
All right.
Thank you, everybody.
Take care.