Press release
Kopin Corporation Reports Financial Results for the Third Quarter 2023
Third quarter revenues of $10.6 million Fourth consecutive quarter of positive book-to-bill (2:1) and sets record order level Net Loss Attributable to Kopin
About this update from Kopin Corporation
[{"type":"text","content":"\nThird quarter revenues of $10.6 million\n\n\nFourth consecutive quarter of positive book-to-bill (2:1) and sets record order level\n\n\nNet Loss Attributable to Kopin was $2.5 million vs $6.1 million the previous year\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 third quarter ended September 30, 2023.\n\n\n\"The third quarter of 2023 was marked by positive momentum with follow-on orders and strong customer engagement and satisfaction,\" said Michael Murray, Kopin's Chief Executive Officer. “Our performance and outlook were supported by our fourth consecutive quarter of positive book to bill with a ratio of approximately two to one. During the third quarter, we achieved a new record level for orders received within the year since the divesture of the HBT business ten years ago.\n\n\n“Driving our strong book to bill ratio were two significant follow-on orders from strategic customers during the quarter, including a $12.8 million order for the Thermal Weapon Sight Program and a $3.4 million order for the F-35 Joint Strike Fighter Program. The increased size of these orders is a direct result of our intense focus on improved customer engagement, and the improvements in our manufacturing processes and equipment have allowed Kopin to maintain a high ratio of on-time and in-full deliveries.\n\n\n“We continue to take a disciplined approach to cost controls which has led to strategically reducing research & development (“R&D”) and certain selling, general and administration expenses. The benefit of our cost controls efforts has significantly improved our bottom line and we were close to achieving our cash breakeven goal for the quarter, excluding the impact of non-cash stock compensation expense and legal costs from ongoing litigation.\n\n\nMr. Murray concluded: \"Looking forward, we remain ahead of our goals on our strategic initiatives, which are the bedrock for significant and sustainable revenue and profitable growth. We have significantly increased our 2024 order cover with higher prices on several key programs and believe there are opportunities for additional follow-on orders within the quarter. As a result of our strong order book, we ...