Precision Optics enters into main purchase agreement with aerospace customer
Main Purchase Agreement: Precision Optics has signed a Main Purchase Agreement with a leading aerospace company to expand production using its proprietary technology, with orders exceeding $3.1 million this year and a total backlog of $6.6 million.
Production Capacity and Commitments: To meet demand, Precision Optics doubled its clean room production capacity and expects to fulfill the current backlog within 12 months, while securing minimum purchase commitments of nearly $4 million annually through 2026.
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Precision Optics Unveils Partnership to Create Tailored High-End Borescope for Jet Engine Applications
Product Development Order: Precision Optics Corporation has received a $678,000 order to develop a next-generation borescope system for inspecting jet engines, designed to deliver high-definition performance and withstand extreme conditions.
Competitive Evaluation: The order was awarded after a rigorous evaluation process where Precision Optics was assessed against three other suppliers, highlighting the company's capabilities in optical design and engineering.
Market Positioning: CEO Joe Forkey emphasized that this achievement reflects the company's growing opportunities in the Defense and Aerospace sectors, showcasing their expertise and innovation in advanced optical instruments.
Company Background: Founded in 1982, Precision Optics specializes in micro-optics and imaging technologies for healthcare and defense/aerospace industries, providing comprehensive services from product concept to mass manufacturing.
Precision Optics Unveils Partnership for Developing Advanced Augmented Reality Sub-Systems for Fighter Pilots
Product Development Order: Precision Optics Corporation has received a $723,000 order to develop optical sub-assemblies for an advanced augmented reality (AR) system aimed at enhancing US Air Force fighter pilot training.
AR System Benefits: The AR system will allow pilots to train in-flight without the need for secondary aircraft, reducing costs and minimizing training-related accidents.
Market Growth Potential: The global aviation AR market, particularly for pilot training, is projected to grow at a compound annual growth rate (CAGR) of over 20% from 2023 to 2030, presenting a significant opportunity for Precision Optics.
Company Background: Founded in 1982, Precision Optics specializes in advanced optical technologies for the medical and defense/aerospace sectors, focusing on compact, high-performance optical systems.