Press release
Kopin Corporation Reports Financial Results for the First Quarter 2023
Q1 2023 product revenues increased 17.6% compared to the same period in 2022 Product gross margin increased to 13.5% compared to (19.6%) for the same period
About this update from Kopin Corporation
[{"type":"text","content":"\n\nQ1 2023 product revenues increased 17.6% compared to the same period in 2022\n\n\n\nProduct gross margin increased to 13.5% compared to (19.6%) for the same period in 2022\n\n\n\nOperating Expense1 reduced 29.5% compared to the same period in 2022\n\n\n\nPositive book-to-bill for Q1\n\n\n\n WESTBOROUGH, Mass.--(BUSINESS WIRE)--\nKopin 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 April 1, 2023.\n\n\n“The first quarter of 2023 has demonstrated positive initial returns on our strategy to reset the course and focus within Kopin,” said Michael Murray, Kopin’s CEO. “The improvements in our financial results are largely due to a renewed emphasis on quality, efficiency and focus. We have instituted several organizational changes to clarify accountability, established goals and metrics which are measured, and brought in new members of the team in areas including new program management, business development and quality. This has allowed us to reduce material usage and improve production rates. These improvements also allowed us to build products more efficiently and to take a reduction in work force during the quarter. The combination of these efforts is evidenced in our improving gross margins. Furthermore, we are being more judicious with our internal research and development expenditures.\n\n\n“Additionally, Kopin continues to demonstrate positive momentum in our book-to-bill rate which ended positively for the first quarter of 2023 and is looking to be positive for the second quarter of 2023. We are fortunate to have great customers who continue to support Kopin in this transformative time. We are excited to see the benefits of these efforts as we see new designs and opportunities with our current and new customers increasing. We believe we are slightly ahead of our strategic initiatives and goals of cash flow breakeven by year end which are the bedrock for significant and sustainable revenue and profitable growth in 2024.”\n\n\nMr. Murray concluded: “Looking ahead, international and domestic defense affairs are becom...