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Business Wire
13-05-2025
- Business
- Business Wire
Kopin Corporation Reports Financial Results for the First Quarter 2025
WESTBOROUGH, Mass.--(BUSINESS WIRE)--Kopin Corporation ('Kopin' or 'the Company') (Nasdaq: KOPN), a leading developer and provider of high-performance application-specific optical solutions consisting of high-resolution microdisplays, microdisplays subassemblies and related components for defense, enterprise, industrial, and consumer products, today reported financial results for the first quarter ended March 29, 2025. Commenting on the quarterly results, Michael Murray, Chief Executive Officer, stated, 'The first quarter of 2025 was marked by strong order flow as we continue to supply top tier defense contractors. One of the larger orders in the quarter was for thermal weapons sights, a multi-year, full-scale production program that showcases our expertise in high resolution microdisplays and optics. Additionally, we received several orders to supply microdisplays for pilot Helmet Mounted Display Systems. The Company was awarded several new, exciting and innovative research and development contracts focusing on reducing size, weight, power consumption of current AR/XR solutions with more advanced display technologies, like Color MicroLED displays for soldier vision. 'Our strong order flow continues to demonstrate the need and desire for application specific optical solutions whether in defense, industrial or medical applications. We strive to work with top-tier customers to design new and innovative ways to get the clearest and most accurate micro display solutions for their specific needs." Mr. Murray concluded: 'Our ONE Kopin initiative has continued to improve manufacturing efficiencies, reduce redundancies and integrate markets to better serve European and Southeast Asian defense markets. In 2025 we are embarking on an aggressive automation plan which we believe will enhance our quality, improve product margins and allow us to leverage our facilities on a 24/7 basis without the need to add full manufacturing shifts." First Quarter Financial Results Total revenues for the first quarter ended March 29, 2025, were $10.5 million, compared to $10.0 million for the first quarter ended March 29, 2024, a 5% increase. Year-over-year product revenues increased 2%, with defense product revenues increasing by $0.2 million or 2.8% year over year primarily due to an increase in revenues from products used in thermal weapon sights and in pilot helmets. First quarter 2025 funded research and development revenues increased to $1.2 million a 37% increase primarily due to increases in funding for U.S. defense programs. Cost of Product Revenues for the first quarter of 2025 were $7.6 million, or 83% of net product revenues, compared with $8.5 million, or 95% of net product revenues for the first quarter of 2024. The decrease in cost of product revenue as a percent of net product revenues for the three months ended March 29, 2025 as compared to the three months ended March 30, 2024 was due to increased efficiencies and improved yields. Research and Development (R&D) expenses for the first quarter of 2025 were $2.1 million compared to $2.1 million for the first quarter of 2024, essentially flat. Customer-funded R&D expense declined approximately $0.2 million in the first quarter of 2025 as compared to the first quarter of 2024, while internal R&D increased $0.2 million year over year. Selling, General and Administration (SG&A) expenses were $4.7 million for the first quarter of 2025, compared to $7.2 million for the first quarter of 2024. The decrease for the three months ended March 29, 2025, as compared to the three months ended March 30, 2024, was primarily due to a decrease in legal fees of $2.9 million. Net Loss Attributed to Kopin Corporation for the first quarter of 2025 was ($3.1) million, or ($0.02) per share, compared with ($32.5) million, or ($0.27) per share, for the first quarter of 2024. The first quarter of 2024 included a $24.8 million reserve for litigation damages. All amounts above are estimates and readers should refer to our Form 10-Q for the quarter ended March 29, 2025, for final disposition as well as important risk factors. Earnings Call and Webcast Kopin Corporation management will host the conference call, followed by a question and answer session. Date: Tuesday, May 13, 2025 Time: 5:00 PM Eastern Time (2:00 PM Pacific Time) U.S. dial-in number: 800-445-7795 International number: 785-424-1699 Conference ID: KOPIN Webcast: 1Q25 Webcast Link The Company will also provide a link at Kopin Investor Relations for those who wish to stream the call via webcast. Please call the conference telephone number 5-10 minutes prior to the start time. A telephonic replay of the conference call will also be available through May 20, 2025. Toll-free replay number: 844-512-2921 International replay number: 412-317-6671 Replay passcode: 11159136 About Kopin Kopin Corporation is a leading developer and provider of innovative display and optical technologies sold as critical components and subassemblies for defense, industrial and consumer products. Kopin's technology portfolio includes ultra-small Active-Matrix Liquid Crystal displays (AMLCD), Liquid Crystal on Silicon (LCOS) displays and Organic Light Emitting Diode (OLED) displays, a variety of optics, and low-power ASICs. For more information, please visit Kopin's website at Kopin is a trademark of Kopin Corporation. Forward-Looking Statements Statements 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 projected increase in demand for our thermal weapons displays; and our belief that there are opportunities for additional follow-on orders and several new customer development orders which we expect to receive soon. 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, including without limitation our ability to produce thermal weapons displays in adequate quantities to meet projected demand, the outcome of any litigation and other factors beyond our control. 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 28, 2024, or as updated from time to time our Securities and Exchange Commission filings. Kopin Corporation Condensed Consolidated Statements of Operations (Unaudited) Three Months Ended March 29, 2025 March 30, 2024 Revenues: Net product revenues $ 9,229,885 $ 9,025,366 Research and development revenues 1,236,667 899,965 Other revenues 71,940 107,310 10,538,492 10,032,641 Expenses: Cost of product revenues 7,629,467 8,541,574 Research and development 2,115,921 2,100,753 Selling, general and administration 4,701,061 7,231,865 Litigation damages - 24,800,000 14,446,449 42,674,192 Loss from operations (3,907,957 ) (32,641,551 ) Other income, net 846,424 93,336 Loss before provision for income taxes (3,061,533 ) (32,548,215 ) Tax provision (52,000 ) - Net loss $ (3,113,533 ) $ (32,548,215 ) Net loss per share: Basic $ (0.02 ) $ (0.27 ) Diluted $ (0.02 ) $ (0.27 ) Weighted average number of common shares outstanding: Basic 166,118,010 120,114,985 Diluted 166,118,010 120,114,985 Expand Kopin Corporation Condensed Consolidated Balance Sheets (Unaudited) March 29, 2025 December 28, 2024 ASSETS Current assets: Cash, restricted cash and marketable securities $ 32,586,250 $ 36,629,778 Accounts receivable, net 7,190,410 11,850,654 Inventory 6,059,123 6,134,096 Contract assets and unbilled receivables 9,347,871 7,074,020 Prepaid and other current assets 1,935,609 1,153,852 Total current assets 57,119,263 62,842,400 Plant and equipment, net 2,382,508 2,099,708 Operating lease right-of-use assets 1,950,150 2,134,898 Equity investments 3,460,669 3,564,938 Other assets 123,822 123,822 Total assets $ 65,036,412 $ 70,765,766 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 3,430,031 $ 5,941,470 Accrued expenses 2,795,692 3,095,414 Accrued Compensation 40,000 40,000 Deferred tax liabilities 415,957 414,118 Contract liabilities and billings in excess of revenue earned 24,439 87,752 Operating lease liabilities 614,359 639,642 Accrued warranty 2,434,000 2,557,000 Accrued legal expenses 6,389,756 6,367,900 Accrued litigation damages 24,800,000 24,800,000 Total current liabilities 40,944,234 43,943,296 Other long term liabilities 2,088,454 2,060,932 Operating lease liabilities, net of current portion 1,322,730 1,479,976 Total stockholders' equity 20,680,994 23,281,562 Total liabilities and stockholders' equity $ 65,036,412 $ 70,765,766 Expand
Yahoo
13-05-2025
- Business
- Yahoo
Kopin Corporation Reports Financial Results for the First Quarter 2025
Approximately $28 million of orders received in 1Q25 translates to 2.8:1 Book to bill for Q1 2025 Q1 2025 product revenues increased 2% compared to the same period in 2024 Funded research revenues increased 37% in Q1 2025 2.8:1 Positive book-to-bill for Q1 2025 Reaffirms expectations of Double-Digit Revenue Growth in 2025 over 2024 WESTBOROUGH, Mass., May 13, 2025--(BUSINESS WIRE)--Kopin Corporation ("Kopin" or "the Company") (Nasdaq: KOPN), a leading developer and provider of high-performance application-specific optical solutions consisting of high-resolution microdisplays, microdisplays subassemblies and related components for defense, enterprise, industrial, and consumer products, today reported financial results for the first quarter ended March 29, 2025. Commenting on the quarterly results, Michael Murray, Chief Executive Officer, stated, "The first quarter of 2025 was marked by strong order flow as we continue to supply top tier defense contractors. One of the larger orders in the quarter was for thermal weapons sights, a multi-year, full-scale production program that showcases our expertise in high resolution microdisplays and optics. Additionally, we received several orders to supply microdisplays for pilot Helmet Mounted Display Systems. The Company was awarded several new, exciting and innovative research and development contracts focusing on reducing size, weight, power consumption of current AR/XR solutions with more advanced display technologies, like Color MicroLED displays for soldier vision. "Our strong order flow continues to demonstrate the need and desire for application specific optical solutions whether in defense, industrial or medical applications. We strive to work with top-tier customers to design new and innovative ways to get the clearest and most accurate micro display solutions for their specific needs." Mr. Murray concluded: "Our ONE Kopin initiative has continued to improve manufacturing efficiencies, reduce redundancies and integrate markets to better serve European and Southeast Asian defense markets. In 2025 we are embarking on an aggressive automation plan which we believe will enhance our quality, improve product margins and allow us to leverage our facilities on a 24/7 basis without the need to add full manufacturing shifts." First Quarter Financial Results Total revenues for the first quarter ended March 29, 2025, were $10.5 million, compared to $10.0 million for the first quarter ended March 29, 2024, a 5% increase. Year-over-year product revenues increased 2%, with defense product revenues increasing by $0.2 million or 2.8% year over year primarily due to an increase in revenues from products used in thermal weapon sights and in pilot helmets. First quarter 2025 funded research and development revenues increased to $1.2 million a 37% increase primarily due to increases in funding for U.S. defense programs. Cost of Product Revenues for the first quarter of 2025 were $7.6 million, or 83% of net product revenues, compared with $8.5 million, or 95% of net product revenues for the first quarter of 2024. The decrease in cost of product revenue as a percent of net product revenues for the three months ended March 29, 2025 as compared to the three months ended March 30, 2024 was due to increased efficiencies and improved yields. Research and Development (R&D) expenses for the first quarter of 2025 were $2.1 million compared to $2.1 million for the first quarter of 2024, essentially flat. Customer-funded R&D expense declined approximately $0.2 million in the first quarter of 2025 as compared to the first quarter of 2024, while internal R&D increased $0.2 million year over year. Selling, General and Administration (SG&A) expenses were $4.7 million for the first quarter of 2025, compared to $7.2 million for the first quarter of 2024. The decrease for the three months ended March 29, 2025, as compared to the three months ended March 30, 2024, was primarily due to a decrease in legal fees of $2.9 million. Net Loss Attributed to Kopin Corporation for the first quarter of 2025 was ($3.1) million, or ($0.02) per share, compared with ($32.5) million, or ($0.27) per share, for the first quarter of 2024. The first quarter of 2024 included a $24.8 million reserve for litigation damages. All amounts above are estimates and readers should refer to our Form 10-Q for the quarter ended March 29, 2025, for final disposition as well as important risk factors. Earnings Call and Webcast Kopin Corporation management will host the conference call, followed by a question and answer session. Date: Tuesday, May 13, 2025Time: 5:00 PM Eastern Time (2:00 PM Pacific Time)U.S. dial-in number: 800-445-7795International number: 785-424-1699Conference ID: KOPINWebcast: 1Q25 Webcast Link The Company will also provide a link at Kopin Investor Relations for those who wish to stream the call via webcast. Please call the conference telephone number 5-10 minutes prior to the start time. A telephonic replay of the conference call will also be available through May 20, 2025. Toll-free replay number: 844-512-2921International replay number: 412-317-6671Replay passcode: 11159136 About Kopin Kopin Corporation is a leading developer and provider of innovative display and optical technologies sold as critical components and subassemblies for defense, industrial and consumer products. Kopin's technology portfolio includes ultra-small Active-Matrix Liquid Crystal displays (AMLCD), Liquid Crystal on Silicon (LCOS) displays and Organic Light Emitting Diode (OLED) displays, a variety of optics, and low-power ASICs. For more information, please visit Kopin's website at Kopin is a trademark of Kopin Corporation. Forward-Looking Statements Statements 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 projected increase in demand for our thermal weapons displays; and our belief that there are opportunities for additional follow-on orders and several new customer development orders which we expect to receive soon. 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, including without limitation our ability to produce thermal weapons displays in adequate quantities to meet projected demand, the outcome of any litigation and other factors beyond our control. 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 28, 2024, or as updated from time to time our Securities and Exchange Commission filings. Kopin Corporation Supplemental Information (Unaudited) Three Months Ended March 29, 2025 March 30, 2024 Display Revenues by Category (in millions) Defense $ 8.4 $ 8.2 Industrial/Enterprise 0.4 0.8 Medical 0.4 - R&D 1.2 0.9 License and Royalties 0.1 0.1 Total $ 10.5 $ 10.0 Stock-Based Compensation Expense Cost of product revenues $ 139,000 $ 221,000 Research and development 118,000 144,000 Selling, general and administrative 517,000 370,000 $ 774,000 $ 735,000 Other Financial Information Depreciation and amortization $ 220,000 $ 195,000 Kopin Corporation Condensed Consolidated Statements of Operations (Unaudited) Three Months Ended March 29, 2025 March 30, 2024 Revenues: Net product revenues $ 9,229,885 $ 9,025,366 Research and development revenues 1,236,667 899,965 Other revenues 71,940 107,310 10,538,492 10,032,641 Expenses: Cost of product revenues 7,629,467 8,541,574 Research and development 2,115,921 2,100,753 Selling, general and administration 4,701,061 7,231,865 Litigation damages - 24,800,000 14,446,449 42,674,192 Loss from operations (3,907,957 ) (32,641,551 ) Other income, net 846,424 93,336 Loss before provision for income taxes (3,061,533 ) (32,548,215 ) Tax provision (52,000 ) - Net loss $ (3,113,533 ) $ (32,548,215 ) Net loss per share: Basic $ (0.02 ) $ (0.27 ) Diluted $ (0.02 ) $ (0.27 ) Weighted average number of common shares outstanding: Basic 166,118,010 120,114,985 Diluted 166,118,010 120,114,985 Kopin Corporation Condensed Consolidated Balance Sheets (Unaudited) March 29, 2025 December 28, 2024 ASSETS Current assets: Cash, restricted cash and marketable securities $ 32,586,250 $ 36,629,778 Accounts receivable, net 7,190,410 11,850,654 Inventory 6,059,123 6,134,096 Contract assets and unbilled receivables 9,347,871 7,074,020 Prepaid and other current assets 1,935,609 1,153,852 Total current assets 57,119,263 62,842,400 Plant and equipment, net 2,382,508 2,099,708 Operating lease right-of-use assets 1,950,150 2,134,898 Equity investments 3,460,669 3,564,938 Other assets 123,822 123,822 Total assets $ 65,036,412 $ 70,765,766 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 3,430,031 $ 5,941,470 Accrued expenses 2,795,692 3,095,414 Accrued Compensation 40,000 40,000 Deferred tax liabilities 415,957 414,118 Contract liabilities and billings in excess of revenue earned 24,439 87,752 Operating lease liabilities 614,359 639,642 Accrued warranty 2,434,000 2,557,000 Accrued legal expenses 6,389,756 6,367,900 Accrued litigation damages 24,800,000 24,800,000 Total current liabilities 40,944,234 43,943,296 Other long term liabilities 2,088,454 2,060,932 Operating lease liabilities, net of current portion 1,322,730 1,479,976 Total stockholders' equity 20,680,994 23,281,562 Total liabilities and stockholders' equity $ 65,036,412 $ 70,765,766 View source version on Contacts For Investor Relations Kopin CorporationRichard Sneider Treasurer and Chief Financial Officerrsneider@ MZ Contact Brian M. Prenoveau, CFAMZ Group – MZ North AmericaKOPN@ +561 489 5315 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
