Precision Optics Announces Receipt of $1.26 Million Follow On Production Order from Large Defense Company

GARDNER, Mass., April 25, 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 the receipt of a follow-on production order totaling approximately $1.25 million from a major U.S. defense contractor, to meet continued demand for a highly complex optical assembly developed by Precision Optics. Approximately half of the order is expected to be delivered in the next 6 months, with the remainder to be delivered over the following 6 to 12 months.

Precision Optics has supplied this complex assembly to this customer since 2018. The customer is experiencing increased internal demand for this product and, in response, expects to provide Precision Optics with continuous orders in the years to come, limiting the periodic gaps in production that have previously occurred.

“We are excited to have received yet another sizeable follow-on production order from this leading U.S. defense contractor,” commented Dr. Joe Forkey, CEO of Precision Optics. "This order comes immediately on the heels of us completing a 15-month production order for the same unique assembly, allowing our team to maintain a high level of continuity with the program and realize manufacturing efficiencies. We look forward to a continued strong relationship with this customer for years to come.”

“Precision Optics continues to innovate in micro-optics, providing components and assemblies for a range of defense applications, with optical lenses as small as 0.37 mm. When size and weight are critical to mission success, Precision Optics’ engineering and U.S.-based manufacturing can meet challenging program requirements. As a proven supply chain partner to the Department of Defense, POC was previously the recipient of the Federal Government’s prestigious Small Business Subcontractor of the Year award for outstanding quality and performance.”

Dr. Forkey continued, “Due to our unique capabilities, we are increasingly being approached by aerospace and defense companies to address their highly sophisticated applications which require extremely small size and weight. I am pleased with the traction we have gained in the past few years to expand this key market segment for us and believe it will be a key growth driver for us in the future.”