Business
Kopin Announces Very Solid Results for Third Quarter of 2020
- Total Third Quarter Revenue Increases 55% year-over-year - Net loss for Q3 2020 decreases to $0.01/share from $0.08/share for Q3 2019 - Develops
About this update from Kopin Corporation
[{"type":"text","content":"\n- Total Third Quarter Revenue Increases 55% year-over-year\n- Net loss for Q3 2020 decreases to $0.01/share from $0.08/share for Q3 2019\n- Develops Potentially World’s Brightest Color Duo-Stack OLED Microdisplay\n\n WESTBOROUGH, Mass.--(BUSINESS WIRE)--\nKopin® Corporation (Nasdaq: KOPN), a leading developer and manufacturer of high-resolution micro-displays and sub-systems for defense, enterprise and consumer augmented reality (AR), virtual reality (VR)and mixed reality systems, today provided an update on its business initiatives and financial results for the third quarter ended September 26, 2020.\n\n“Our momentum continued in the third quarter for revenue growth as well as technology development. Total third quarter 2020 revenues increased 55% year- over- year, our strongest year- over- year growth in 10 quarters. We also made further progress in streamlining our cost structure, even as we continue to invest aggressively in next-generation OLED microdisplays,” said Dr. John C.C. Fan, CEO of Kopin.\n\n“Our business was strong across multiple segments and was led by our defense product revenues which increased 140% in the third quarter of 2020 compared with the third quarter in 2019. This significant increase was driven by two production programs -- the display sub-assembly system for the FWS-I thermal weapon sight program and displays for the F-35 Fighter jet program. As announced in September, we were awarded a $22.9 million follow-on contract for the FWS-I program, with scheduled shipments through 3Q next year. We expect to build on this current defense production business in the coming years with the additional programs that we have in development. These programs include using our products in armored vehicle targeting systems, rotary-wing aircraft helmets, and both automatic and semi-automatic rifle day scopes and targeting systems, among others.\n\n“Near the end of Q3, we also observed exciting growth from our Enterprise customers who incorporate our high-resolution displays and modules into their AR products. One trend we are seeing is that the forced remote and socially distanced approach to work during the pandemic has accelerated the adoption by many enterprise organizations in the implementation and roll-out of AR devices to their workforces. We expect the enterprise and consumer markets for AR and VR will continu...