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Precision Optics Announces Receipt of $720,000 Follow-On Production Order from Top Tier Defense/Aerospace Customer for New Optical Application
GARDNER, Mass., April 18, 2024 (GLOBE NEWSWIRE) -- Precision Optics Corporation, Inc. (NASDAQ: POCI), a leading designer and manufacturer of advanced optical
About this update from Precision Optics Corporation, Inc.
[{"type":"text","content":"GARDNER, Mass., April 18, 2024 (GLOBE NEWSWIRE) -- Precision Optics Corporation, Inc. (NASDAQ: POCI), a leading designer and manufacturer of advanced optical instruments for the medical and defense industries, today announced it has received a $720,000 follow on production order from a top tier defense/aerospace company addressing a commercial application that leverages the Company's proprietary manufacturing technology developed for high precision micro-optics systems. The Company received an initial $680,000 production order as of September 2023, and $517,000 in follow on production orders in November and December 2023. With today’s announcement, total production orders for this leading-edge application now total more than $1.9 million. All orders currently received for this program are expected to be delivered by August 2024. “Precision Optics continues to be at the forefront of innovation, helping yet another of the world’s leading defense and aerospace companies develop next generation solutions,” commented Dr. Joe Forkey, CEO of Precision Optics. “The optical assembly we developed for this program met the high-performance requirements necessary to support our customer’s product, leading to multiple follow-on orders that will be delivered in the near-term. This program, coupled with others for which we have recently received manufacturing orders, gives us confidence that we will see strong sequential revenue growth throughout the remainder of fiscal year 2024. Importantly, based on customer discussions, we anticipate continuing order volumes for the next fiscal year and beyond. We believe our success here bodes well for our continued expansion efforts in the defense and aerospace market.” About Precision Optics CorporationFounded in 1982, Precision Optics is a vertically integrated optics company primarily focused on leveraging its proprietary micro-optics and imaging technologies to the healthcare and defense/aerospace industries by providing services ranging from new product concept through mass manufacture. Utilizing its leading-edge in-house design, prototype, regulatory and fabrication capabilities as well as its Lighthouse Imaging division's electronic imaging expertise and its Ross Optical division's high volume world-wide sourcing, inspecting and production resources, the Company designs and manufactures next-genera...