Shares of Kopin (NASDAQ:KOPN) have popped today, up by 14% as of 12:30 p.m. EST, after the company announced a development agreement for LED microdisplays. The company will partner with China's Jade Bird Display to develop the diminutive displays.
Kopin says that the companies have signed a multiyear agreement to develop superbright monochrome LED microdisplays. Under the agreement, Jade Bird Display will provide the LED wafers as well as hybrid bonding services on silicon backplane wafers designed and provided by Kopin. The end product will be a 1-inch microdisplay with a resolution of 2048 x 2048 pixels.
Jade Bird's CEO, Dr. Qiming Li, said that the products will be used for a variety of applications aimed at a wide range of product manufacturers.
Dr. John Fan, Kopin's CEO, issued a statement saying, "The LED microdisplay products from this partnership will complement our growing microdisplay portfolio and open new market opportunities."
No financial terms were disclosed, but Fan noted on the last earnings call that Kopin's funded development program revenue more than doubled last quarter. Most of the tech company's rising R&D costs are focused on advanced microdisplay development, Fan said.
"We expect these development programs will further build on our current production business in the coming years," he said last month. "We currently have over 10 different programs in various stages of development."