Press release
Kopin Corporation Reports Financial Results for the Second Quarter 2023
Second quarter revenues of $10.5 million Third consecutive quarter of positive book-to-bill Second quarter net loss included $3.3 million of non-cash loss on
About this update from Kopin Corporation
[{"type":"text","content":"\n\nSecond quarter revenues of $10.5 million\n\n\n\nThird consecutive quarter of positive book-to-bill\n\n\n\nSecond quarter net loss included $3.3 million of non-cash loss on equity investments\n\n\n\nPartnered with MIT’s CSAIL Artificial Intelligence Development Lab\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 second quarter ended July 1, 2023.\n\n\n\"The second quarter of 2023 showed continued progress on our strategy to reset the course and focus within Kopin,\" said Michael Murray, Kopin's Chief Executive Officer. \"The dedication of our team, the improvements in our manufacturing processes and equipment have allowed Kopin to maintain a high ratio of on-time and in-full delivery. I’m proud to announce an additional benefit of greater customer satisfaction: our second quarter of 2023 saw our third consecutive quarter of positive book to bill ratio. In addition, with our recently announced $12.8 million follow-on order from a strategic customer, our third quarter bookings are off to a fantastic start. The increased size of this order is a direct result of our intense focus on improved customer engagement, quality, and timeliness.\n\n\n\"We continue to make progress on disciplined cost controls on the business. We strategically reduced research & development ('R&D') expenses and normalized selling, general and administration expenses ('SG&A') excluding higher than typical legal costs in the quarter due to trademarking, patenting, and an ongoing litigation. We are encouraged to see the benefits of these efforts as more revenues find their way to the bottom line. We remain slightly ahead of our goals on our strategic initiatives, which are the bedrock for significant and sustainable revenue and profitable growth in 2024.\n\n\nMr. Murray concluded: \"Looking ahead, we have significantly increased order cover, at improved gross margins due to price increases negotiated with several key customers. We continue to focus on driving new customer design activities to fuel our future prod...