Press release
Kopin Corporation Reports Financial Results for the Fourth Quarter and Full Year 2023
Fourth quarter revenues of $8.6 million and 2023 revenues of $40.4 million Fifth consecutive quarter of positive book-to-bill Expects double digit revenue
About this update from Kopin Corporation
[{"type":"text","content":"\nFourth quarter revenues of $8.6 million and 2023 revenues of $40.4 million\n\n\nFifth consecutive quarter of positive book-to-bill\n\n\nExpects double digit revenue growth in 2024\n\n\n WESTBOROUGH, Mass.--(BUSINESS WIRE)--\nKopin Corporation (Nasdaq: KOPN), a leading provider of application-specific optical solutions for defense, enterprise, industrial, and consumer products, today reported financial results for the fourth quarter and full fiscal year ended December 30, 2023.\n\n\nCompany Highlights\n\n\n\nFifth consecutive quarter of positive book-to-bill with greater than $55 million of orders for 2024 as of January 2024\n\n\n\nPaused production in Westborough manufacturing facility in the fourth quarter of 2023 for additional automation and retooling in anticipation of greater 2024 demand, impacting fourth quarter 2023 revenue\n\n\n\nNew branding and website unveiled in January 2024\n\n\n\nExpect 2024 revenue growth of at least 20% compared to 2023\n\n\n\nContinued OLED fabrication transition to U.S. DoD approved facilities\n\n\n\nAnnounced Software Defined, AI enabled NeuralDisplay™ Architecture\n\n\n\n“2023 was a transitional year for Kopin, successfully evolving from a leading provider of microdisplay solutions to becoming an application-specific optical solutions provider,” said Michael Murray, Kopin's Chief Executive Officer. “This shift was underscored in the fourth quarter and into 2024 with additional partnerships and multiple new and follow-on orders, supported by strong new and existing customer engagement and satisfaction. Performance and outlook were supported by our fifth consecutive quarter of positive book to bill, marking a new record for orders.\n\n\n“We saw continued positive momentum with follow-on orders in the fourth quarter, including a $6.0 million follow-on order for a Thermal Weapon Sight Program. This follow-on order is a testament to our responsiveness and reliability in delivering weapon sights and targeting products in this fast-changing global environment, and the improvements in our manufacturing processes and equipment. Combined with a $20.5 million contract for new thermal weapon sight configuration and several other orders in the first quarter of 2024, the increase in demand would potentially triple our thermal weapon sight production volumes in fiscal year 2024, as compared to 2023.\n\n\n...