Press release
Kopin Corporation Reports Financial Results for the Fourth Quarter and Full Year 2022
Full year 2022 revenues increased 3.8% compared to 2021 January 2023 capital raise solidified balance sheet for announced restructuring efforts WESTBOROUGH,
About this update from Kopin Corporation
[{"type":"text","content":"\n\nFull year 2022 revenues increased 3.8% compared to 2021\n\n\nJanuary 2023 capital raise solidified balance sheet for announced restructuring efforts\n\n\n WESTBOROUGH, Mass.--(BUSINESS WIRE)--\nKopin Corporation (“Kopin” or “the Company”) (Nasdaq: KOPN), a leading provider of high-resolution micro-displays and sub-systems for defense, enterprise and consumer augmented reality, virtual reality and mixed reality systems, today reported financial results for the fourth quarter and full year ended December 31, 2022.\n\n“2022 was an instrumental year in Kopin’s evolution to becoming a leading provider of specialized solutions combining advanced microdisplay and optics technologies,” said Michael Murray, Kopin’s CEO. “While we continued to develop leading edge technologies for the various markets we serve over the last few years, we believed that a fundamental shift was required for our business to prosper over the long term. Since I became CEO in September of 2022, we have taken several steps towards operational improvements. My immediate focus is on yield improvements, on time and in full deliveries as well as cost controls, leading to improved margins and cash flow.”\n\nMurray continued, “As we move into 2023, I see numerous long-term opportunities to drive revenue growth in our defense and industrial markets but we must establish operational excellence for this to be profitable growth. In addition to our operational improvements, we are focusing our business development efforts on offering our higher value added integrated optical display assemblies, which are critical to increasing the applications for AR/VR/MR, among other opportunities.”\n\n“Technology has always been at the heart of Kopin’s success and we will continue executing on our vision to provide our global customers with brilliance in innovation, design and performance paired with a renewed focus on operational excellence,” concluded Murray.\n\nFourth Quarter Financial Results\n\nTotal revenues for the fourth quarter ended December 31, 2022 were $12.2 million, compared to $13.2 million for the fourth quarter ended December 25, 2021, an 8% decrease. Year-over-year product revenues were essentially flat with defense product revenues increasing by $1.2 million or 19.6% year over year while industrial product revenues decreased approximately $1.1 million or 46%, year o...