Kopin Corporation Reports Financial Results for the Third Quarter 2024

Business Wire11-12

Q3 2024 total revenue increased 26% to $13.3 million compared with $10.6 million in Q3 2023 Q3 2024 product revenues increased 98% compared to the same period in 2023 Q3 2024 Defense product revenues ...

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charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Kopin Corporation Reports Financial Results for the Third Quarter 2024</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nKopin Corporation Reports Financial Results for the Third Quarter 2024\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-12 20:30 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/kopin-corporation-reports-financial-results-123000771.html><strong>Business Wire</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Q3 2024 total revenue increased 26% to $13.3 million compared with $10.6 million in Q3 2023\nQ3 2024 product revenues increased 98% compared to the same period in 2023\nQ3 2024 Defense product revenues ...</p>\n\n<a href=\"https://finance.yahoo.com/news/kopin-corporation-reports-financial-results-123000771.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"KOPN","symbol_name":"高平电子","start_time":0,"source_url":"https://finance.yahoo.com/news/kopin-corporation-reports-financial-results-123000771.html","article_id":"2482706485","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/McQsCCT_aHDuDbf76DvCSA--~B/aD01MTI7dz0xMDI0O2FwcGlkPXl0YWNoeW9u/https://media.zenfs.com/en/business-wire.com/6f82d73107243b63bbae272d08d6328d"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2482706485","pubTimestamp":1731414600,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Q3 2024 total revenue increased 26% to $13.3 million compared with $10.6 million in Q3 2023. Q3 2024 product revenues increased 98% compared to the same period in 2023. Q3 2024 Defense product revenues increased 109% and Industrial product revenues increased 58% compared to the same period in 2023. Five new customers placed product development orders fueling opportunities for multi-million dollar per year production revenues. WESTBOROUGH, Mass., November 12, 2024----Kopin Corporation , a leading provider of application-specific optical systems and high performance microdisplays for defense, training, enterprise, industrial, consumer and medical products, today reported financial results for the third quarter ended September 28, 2024.\"Additional new products during the quarter included expanding our medical technology portfolio by introducing proprietary, high-resolution, fast spatial light modulators  into fluorescence super-resolution microscope systems for biomedical research. We par","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"KOPN":"高平电子","HUD":"Hudson Ltd.","BK4573":"虚拟现实","OLED":"Universal Display Corporation","BK4585":"ETF&股票定投概念","BK4518":"OLED概念","BK4141":"半导体产品"},"translate_title":"Kopin Corporation报告2024年第三季度财务业绩","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"HUD":1,"KOPN":1,"OLED":1},"content_text":"Q3 2024 total revenue increased 26% to $13.3 million compared with $10.6 million in Q3 2023\nQ3 2024 product revenues increased 98% compared to the same period in 2023\nQ3 2024 Defense product revenues increased 109% and Industrial product revenues increased 58% compared to the same period in 2023\nFive new customers placed product development orders fueling opportunities for multi-million dollar per year production revenues\n\nWESTBOROUGH, Mass., November 12, 2024--(BUSINESS WIRE)--Kopin Corporation (Nasdaq: KOPN), a leading provider of application-specific optical systems and high performance microdisplays for defense, training, enterprise, industrial, consumer and medical products, today reported financial results for the third quarter ended September 28, 2024.\nCommenting on the quarterly results, Michael Murray, Chairman and CEO, stated, \"We delivered $13.3 million in revenue for the third quarter, marking a 26% year-over-year increase. Our book-to-bill ratio for the year is ahead of schedule, with additional orders anticipated by year-end. Year-to-date revenue and our strong pipeline for new orders reinforces our confidence in achieving double-digit revenue growth for 2024 and reaffirms our intended strategy to focus on application-specific optical solutions, with a primary emphasis on the defense sector. Defense product revenues have surged by 109% year-over-year, fueled by new development projects and follow-on customer orders. Industrial revenues also grew by 58% year-over-year, with improving demand in the 3D automated optical inspection (3D AOI) market segment.\n\"We continue to experience strong growth driven by new defense customers and projects. Recently, we reached a significant milestone by completing the production qualification of our high-performance Organic Light Emitting Diode on Silicon (OLEDoS) display for Collins Aerospace’s F-35 Lightning II Helmet Mounted Display System (HMDS). Additionally, we received a $2 million follow-on production order for our high-brightness active-matrix liquid crystal display (AMLCD) from Collins Aerospace, further supporting the F-35 Lightning II HMDS. We have also secured contracts to advance our daytime-readable and nighttime augmented reality Head-Up Display (HUD) technologies, designed to enhance situational awareness, safety and lethality for soldiers. These projects position us well for ongoing growth in high-demand defense applications domestically and internationally.\n\"Additional new products during the quarter included expanding our medical technology portfolio by introducing proprietary, high-resolution, fast spatial light modulators (SLMs) into fluorescence super-resolution microscope systems for biomedical research. We partnered with Wilcox Industries, a leader in special operations warfighter solutions, on several new soldier products and demonstrated our progress on our innovative AI-enabled NeuralDisplay™ hardware and software architecture.\n\"Looking beyond 2024, we believe our order pipeline and additional opportunities not only represent multi-million-dollar annual production revenue potential but also improved gross margins, due to the additional value we have captured, a favorable end-market mix, continued production efficiencies realized through yield improvements and reduced material cost, as well as stabilizing our SG&A expenses. We believe all of these components reaffirm our focused path toward profitability and long-term revenue growth,\" concluded Murray.\nThird Quarter Financial Results\nTotal revenues for the third quarter ended September 28, 2024, were $13.3 million, compared to $10.6 million for the third quarter ended September 30, 2023, a 26% increase. Year-over-year product revenues increased 98%, with defense product revenues increasing by $5.4 million or 109% year over year, while industrial product revenues increased by $0.2 million year-over-year. Third quarter 2024 funded research and development revenues declined by $2.7 million or 54% as certain defense development programs were successfully completed and are now moving into low-rate initial production.\nCost of Product Revenues for the third quarter of 2024 was $8.3 million, or 76% of net product revenues, compared with $5.4 million, or 99% of net product revenues for the third quarter of 2023. The decrease in cost of product revenue as a percent of net product revenues for the three months ended September 28, 2024 as compared to the three months ended September 30, 2023, was due to a favorable product mix and improved quality.\nResearch and Development (R&D) expenses for the third quarter of 2024 were $2.6 million compared to $3.1 million for the third quarter of 2023, a decrease of 16% from the prior year. Customer-funded R&D expense declined $1.2 million in the third quarter of 2024 as compared to the third quarter of 2023, while internal R&D increased $0.7 million year over year. The decline in customer-funded R&D programs was due to decreased spending on specific U.S. defense programs and on programs previously in development that were completed and moved into early stage production. Internal R&D expense increased due to an increase in process improvements and NeuralDisplay™ advancements.\nSelling, General and Administration (SG&A) expenses were $5.2 million for the third quarter of 2024, compared to $4.8 million for the third quarter of 2023. The increase for the three months ended September 28, 2024, as compared to the three months ended September 30, 2023, was primarily due to an increase in legal fees of $0.4 million, partially offset by a decrease in public relations expense of $0.1 million.\nOther expense, net includes an approximate $1.1 million non-cash impairment of our equity investments.\nNet loss for the third quarter of 2024 was ($3.5) million, or ($0.03) per share, compared with ($2.5) million, or ($0.02) per share, for the third quarter of 2023.\nAll amounts above are estimates and readers should refer to our Form 10-Q for the quarter ended September 28, 2024, for final disposition as well as important risk factors.\nEarnings Call and Webcast\nKopin management will host the conference call, followed by a question and answer session.\nDate: Tuesday, November 12, 2024Time: 8:30 AM Eastern Time (5:30 AM Pacific Time)U.S. dial-in number: 800-343-5172International number: 203-518-9848Conference ID: KOPINWebcast: Q3 2024 Webcast Link\nThe Company will also provide a link at https://www.kopin.com/investors/ for those who wish to stream the call via webcast. Please call the conference telephone number 5-10 minutes prior to the start time.\nA telephonic replay of the conference call will also be available through November 19, 2024.\nToll-free replay number: 844-512-2921International replay number: 412-317-6671Replay passcode: 11157535\nAbout Kopin\nKopin Corporation is a leading developer and provider of innovative display, and application-specific optical solutions sold as critical components and subassemblies for defense, enterprise, professional and consumer products. Kopin’s portfolio includes microdisplays, display modules, eyepiece assemblies, image projection modules, and vehicle mounted and head-mounted display systems that incorporate ultra-small high-resolution Active Matrix Liquid Crystal displays (AMLCD), Ferroelectric Liquid Crystal on Silicon (FLCoS) displays, MicroLED displays (µLED) and Organic Light Emitting Diode (OLED) displays, a variety of optics, and low-power ASICs. For more information, please visit Kopin’s website at www.kopin.com. Kopin is a trademark of Kopin Corporation.\nFollow us on LinkedIn, X and Facebook.\nForward-Looking Statements\nStatements in this press release may be considered \"forward-looking statements\" within the meaning of Section 27A of the Securities Act of 1933, as amended (the \"Securities Act\"), and Section 21E of the Securities Exchange Act of 1934, as amended (the \"Exchange Act\"), which are subject to the safe harbor created by such sections. Words such as \"expects,\" \"believes,\" \"can,\" \"will,\" \"estimates,\" and variations of such words and similar expressions, and the negatives thereof, are intended to identify such forward-looking statements. We caution readers not to place undue reliance on any such \"forward-looking statements,\" which speak only as of the date made, and advise readers that these forward-looking statements are not guarantees of future performance and involve certain risks, uncertainties, estimates, and assumptions by us that are difficult to predict. These forward-looking statements may include statements with respect to our expectation of additional orders by year-end: our expectation of achieving double-digit revenue growth for 2024; our belief of improving demand in the 3D automated optical inspection (3Dd AOI) market segment; our belief that there is continued strong growth driven by new defense customers and projects; our belief that our order pipeline and additional opportunities not only represent multi-million-dollar annual production revenue potential but also promise improved gross margins; and our belief that all of these components reaffirm our focused path toward profitability and long-term, revenue growth. Various factors, some of which are beyond our control, could cause actual results to differ materially from those expressed in, or implied by, such forward-looking statements. All such forward-looking statements, whether written or oral, and whether made by us or on our behalf, are expressly qualified by these cautionary statements and any other cautionary statements that may accompany the forward-looking statements. In addition, we disclaim any obligation to update any forward-looking statements to reflect events or circumstances after the date of this press release, except as may otherwise be required by the federal securities laws. These forward-looking statements are only predictions, subject to risks and uncertainties, and actual results could differ materially from those discussed. Important factors that could affect performance and cause results to differ materially from management’s expectations are described in Part I, Item 1A. Risk Factors; Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations; and other parts of our Annual Report on Form 10-K for the fiscal year ended December 30, 2023, or as updated from time to time by our Securities and Exchange Commission filings.\n\n\n\nKopin Corporation\n\n\nCondensed Consolidated Balance Sheets\n\n\n(Unaudited)\n\n\n\n\n\n \n\n\n\nSeptember 28, 2024\n\nDecember 30, 2023\n\n\nASSETS\n\n\n\n\n\nCurrent assets:\n\n\n\n\n\nCash, restricted cash and marketable securities\n$\n37,292,836\n\n\n$\n17,902,685\n\n\n\nAccounts receivable, net\n\n9,233,935\n\n\n\n9,706,036\n\n\n\nContract assets and unbilled receivables\n\n8,274,538\n\n\n\n3,409,809\n\n\n\nInventory\n\n6,555,359\n\n\n\n7,601,806\n\n\n\nPrepaid and other current assets\n\n1,646,595\n\n\n\n1,210,207\n\n\n\n\n\n\n \n\n\nTotal current assets\n\n63,003,263\n\n\n\n39,830,543\n\n\n\n\n\n\n \n\n\nPlant and equipment, net\n\n2,016,452\n\n\n\n2,163,417\n\n\n\nOperating lease right-of-use assets\n\n2,305,433\n\n\n\n2,504,909\n\n\n\nOther assets\n\n124,925\n\n\n\n124,925\n\n\n\nEquity investments\n\n3,129,434\n\n\n\n4,688,522\n\n\n\n\n\n\n \n\n\n\n\n\n \n\n\nTotal assets\n$\n70,579,507\n\n\n$\n49,312,316\n\n\n\n\n\n\n \n\n\nLIABILITIES AND STOCKHOLDERS' EQUITY\n\n\n\n\n\nCurrent liabilities:\n\n\n\n\n\nAccounts payable\n$\n4,385,635\n\n\n$\n4,947,338\n\n\n\nAccrued expenses\n\n6,371,457\n\n\n\n5,564,187\n\n\n\nContract liabilities and billings in excess of revenue earned\n\n268,468\n\n\n\n916,826\n\n\n\nOperating lease liabilities\n\n653,546\n\n\n\n651,503\n\n\n\nAccrued post-retirement benefits\n\n227,500\n\n\n\n790,000\n\n\n\nCustomer deposits\n\n102,481\n\n\n\n408,156\n\n\n\nDeferred tax liabilities\n\n470,884\n\n\n\n470,884\n\n\n\nAccrued legal expenses\n\n6,666,717\n\n\n\n2,129,421\n\n\n\nAccrued litigation damages\n\n24,800,000\n\n\n\n-\n\n\n\n\n\n\n \n\n\nTotal current liabilities\n\n43,946,688\n\n\n\n15,878,315\n\n\n\n\n\n\n \n\n\nOther long term liabilities\n\n2,271,915\n\n\n\n2,092,124\n\n\n\nOperating lease liabilities, net of current portion\n\n1,634,390\n\n\n\n1,832,982\n\n\n\n\n\n\n \n\n\nTotal stockholders' equity\n\n22,726,514\n\n\n\n29,508,895\n\n\n\nTotal liabilities and stockholders' equity\n$\n70,579,507\n\n\n$\n49,312,316\n\n\n\n\n\n\n\nKopin Corporation\n\n\nCondensed Consolidated Statements of Operations\n\n\n(Unaudited)\n\n\n\n\n\n\n\n\n\n \n\n\n\nThree Months Ended\n\nNine Months Ended\n\n\n\nSeptember 28, 2024\n\nSeptember 30, 2023\n\nSeptember 28, 2024\n\nSeptember 30, 2023\n\n\nRevenues:\n\n\n\n\n\n\n\n\n\nNet product revenues\n$\n10,922,470\n\n\n$\n5,506,193\n\n\n$\n31,001,866\n\n\n$\n19,172,302\n\n\n\nResearch and development revenues\n\n2,268,072\n\n\n\n4,956,386\n\n\n\n4,338,366\n\n\n\n11,737,062\n\n\n\nOther revenues\n\n129,066\n\n\n\n135,918\n\n\n\n348,440\n\n\n\n907,180\n\n\n\n\n\n13,319,608\n\n\n\n10,598,497\n\n\n\n35,688,672\n\n\n\n31,816,544\n\n\n\nExpenses:\n\n\n\n\n\n\n\n\n\nCost of product revenues\n\n8,316,904\n\n\n\n5,437,953\n\n\n\n25,543,806\n\n\n\n17,759,117\n\n\n\nResearch and development\n\n2,596,649\n\n\n\n3,089,935\n\n\n\n6,537,065\n\n\n\n8,534,411\n\n\n\nSelling, general and administration\n\n5,206,880\n\n\n\n4,798,598\n\n\n\n19,706,613\n\n\n\n15,912,848\n\n\n\nLitigation damages\n\n-\n\n\n\n-\n\n\n\n24,800,000\n\n\n\n-\n\n\n\n\n\n16,120,433\n\n\n\n13,326,486\n\n\n\n76,587,484\n\n\n\n42,206,376\n\n\n\n\n\n\n\n\n\n\n \n\n\nLoss from operations\n\n(2,800,825\n)\n\n\n(2,727,989\n)\n\n\n(40,898,812\n)\n\n\n(10,389,832\n)\n\n\n\n\n\n\n\n\n\n \n\n\nOther (expense) income, net\n\n(534,517\n)\n\n\n316,676\n\n\n\n(906,743\n)\n\n\n(2,752,415\n)\n\n\n\n\n\n\n\n\n\n \n\n\nLoss before provision for income taxes\n\n(3,335,342\n)\n\n\n(2,411,313\n)\n\n\n(41,805,555\n)\n\n\n(13,142,247\n)\n\n\n\n\n\n\n\n\n\n \n\n\nTax provision\n\n(125,000\n)\n\n\n(39,000\n)\n\n\n(125,000\n)\n\n\n(117,000\n)\n\n\n\n\n\n\n\n\n\n \n\n\nNet loss\n\n(3,460,342\n)\n\n\n(2,450,313\n)\n\n\n(41,930,555\n)\n\n\n(13,259,247\n)\n\n\n\n\n\n\n\n\n\n \n\n\nNet loss per share:\n\n\n\n\n\n\n\n\n\nBasic and diluted\n$\n(0.03\n)\n\n$\n(0.02\n)\n\n$\n(0.34\n)\n\n$\n(0.12\n)\n\n\n\n\n\n\n\n\n\n \n\n\nWeighted average number of common shares outstanding:\n\n\n\n\n\n\n\n\n\nBasic and diluted\n\n124,318,056\n\n\n\n110,360,814\n\n\n\n121,944,597\n\n\n\n108,436,146\n\n\n\n\n\n\n\nKopin Corporation\n\n\nSupplemental Information\n\n\n(Unaudited)\n\n\n\n\n\n\n\n\n\n \n\n\n\nThree Months Ended\n\nNine Months Ended\n\n\n\n\n\n\n\n\n\n \n\n\n\nSeptember 28, 2024\n\nSeptember 30, 2023\n\nSeptember 28, 2024\n\nSeptember 30, 2023\n\n\nDisplay Revenues by Category (in millions)\n\n\n\n\n\n\n\n\n\nDefense\n$\n10.4\n\n\n$\n5.0\n\n\n$\n29.1\n\n\n$\n16.5\n\n\n\nIndustrial/Enterprise\n\n0.5\n\n\n\n0.3\n\n\n\n1.9\n\n\n\n2.1\n\n\n\nConsumer\n\n-\n\n\n\n0.2\n\n\n\n-\n\n\n\n0.6\n\n\n\nR&D\n\n2.3\n\n\n\n5.0\n\n\n\n4.3\n\n\n\n11.7\n\n\n\nLicense and Royalties\n\n0.1\n\n\n\n0.1\n\n\n\n0.4\n\n\n\n0.9\n\n\n\nTotal\n$\n13.3\n\n\n$\n10.6\n\n\n$\n35.7\n\n\n$\n31.8\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\n\n \n\n\nStock-Based Compensation Expense\n\n\n\n\n\n\n\n\n\nCost of product revenues\n$\n368,000\n\n\n$\n311,000\n\n\n$\n857,000\n\n\n$\n765,000\n\n\n\nResearch and development\n\n309,000\n\n\n\n214,000\n\n\n\n570,000\n\n\n\n553,000\n\n\n\nSelling, general and administrative\n\n536,000\n\n\n\n433,000\n\n\n\n1,197,000\n\n\n\n1,026,000\n\n\n\n\n$\n1,213,000\n\n\n$\n958,000\n\n\n$\n2,624,000\n\n\n$\n2,344,000\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\n\n \n\n\nOther Financial Information\n\n\n\n\n\n\n\n\n\nDepreciation and amortization\n$\n139,000\n\n\n$\n110,000\n\n\n$\n471,000\n\n\n$\n498,000\n\n\n\n\nView source version on businesswire.com: https://www.businesswire.com/news/home/20241112572018/en/\nContacts\nFor Investor Relations Kopin CorporationRichard Sneider, 508-870-5959Treasurer and Chief Financial Officerrsneider@kopin.com\nMZ Contact Brian M. Prenoveau, CFAMZ Group – MZ North AmericaKOPN@mzgroup.us +561 489 5315","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2482706485"}