Kopin Corporation Reports Second Quarter 2024 Financial Results

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Kopin Corporation Reports Second Quarter 2024 Financial Results

Kopin Corporation (NASDAQ: KOPN), a leader in application-specific optical solutions and high-performance microdisplays for defense, enterprise, consumer, and medical products, has announced their financial results for the second quarter ended June 29, 2024.

Key Financial Metrics

Metric Q2 2024 Q2 2023 YoY Change Consensus Estimates (Q2 2024)
Total Revenue $12.3 million $10.5 million +18% $9.94 million
Earnings Per Share (EPS) ($0.05) ($0.07) N/A ($0.04)

Kopin Corporation achieved significant year-over-year growth, with total revenue increasing by 18% to $12.3 million, outperforming the consensus estimate of $9.94 million. Although the company reported a net loss of ($0.05) per share, it demonstrates an improvement from the ($0.07) per share loss in Q2 2023. These results leave room for optimism about the company's financial trajectory.

Segment Performance

Segment Q2 2024 Revenue YoY Change
Defense Product Revenues +106% +106%
Industrial Product Revenues -30% -30%
Total Product Revenues +84% +84%
R&D Revenues -70% -70%

Defense product revenues experienced notable growth, increasing by 106% year-over-year, providing a significant boost to the overall product revenues, which climbed by 84%. This upward trend was partly offset by a 30% decrease in industrial product revenues and a 70% decline in funded research and development (R&D) revenues. The results underscore Kopin's strategic focus on defense and their decreasing dependence on industrial segments.

Executive Commentary

Michael Murray, Chief Executive Officer, emphasized the company's robust performance in defense applications and the promising future tied to development orders from five new customers. He highlighted key projects, including the U.S. Army's Next Generation-Short Range Interceptor system, which is expected to significantly contribute to revenue starting in 2027. Murray reiterated Kopin's commitment to sustained growth, operational excellence, and strategic business development.

Forward Guidance

Kopin Corporation expects continued growth through the latter half of the fiscal year, driven by new customer acquisitions and project awards. They anticipate significant contributions from ongoing defense contracts and future development partnerships, setting the stage for long-term shareholder value.

Stock Price Movement

Following the earnings release, Kopin Corporation experienced an increase in stock price by 6.64%.

Readers are encouraged to refer to the full Form 10-Q for detailed information and final financial disclosures.

This summary captures the essential details and data provided in the earnings release while ensuring clarity and precision. For more in-depth analysis, stakeholders should review Kopin Corporation's official filings and further announcements.

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