Press release
Kopin Corporation Reports Financial Results for the First Quarter 2024
Q1 2024 product revenues increased 18% compared to the same period in 2023 Defense product revenues increased 28% partially offset by a 17% decrease in
About this update from Kopin Corporation
[{"type":"text","content":"\n\nQ1 2024 product revenues increased 18% compared to the same period in 2023\n\n\n\nDefense product revenues increased 28% partially offset by a 17% decrease in Industrial product revenues\n\n\n\n2.7:1 Positive book-to-bill for Q1, 2024\n\n\n\nExpect Double Digit Revenue Growth in 2024 over 2023\n\n\n\nReceived several new customer orders including a Naval Warfare Research Contract\n\n\n\nVerdict received in Blue Radios Litigation\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 March 30, 2024.\n\n\nCommenting on the quarterly results, Michael Murray, Chief Executive Officer, stated, “We continued to make strong progress on our strategy to reset the course and focus within Kopin. Sales of our products for defense applications continued to be strong, which has been our primary focus since we initiated our new strategies in 2023. We continue to believe that 2024 revenues will have double digit-growth as the first quarter marked the entrance of new customers and projects including a new development project with the Navy Air Warfare Center for research in advanced high frame rate lens-less display architectures. Also in the first quarter, Kopin received a $20.5M order for a new weapon sight configuration deliverable in 2024 and 2025. Furthermore, the company also received a $1.4M order for a specialized weapon sight.\n\n\n“Kopin continues to demonstrate very strong momentum in our book-to-bill rate which ended positively in the first quarter of 2024. We are fortunate to have many great long-standing customers who remain supportive of Kopin during this transformative time. Further, we are excited to see the benefits of these efforts as we see new designs and opportunities with our current and new customers increasing.\n\n\n“Our focus remains on quality and efficiency. Over the last year, we have instituted several organizational changes to clarify accountability, established measurable goals and metrics, and brought in new program management, business development, and qu...