Press release
Kopin Corporation Reports Financial Results for the Fourth Quarter and Full Year 2024
Full year 2024 revenue of $50.3 million was a 24.6% increase compared to full year 2023; 4Q24 revenue increased 71% compared to 4Q23 Expects revenue between
About this update from Kopin Corporation
[{"type":"text","content":"\nFull year 2024 revenue of $50.3 million was a 24.6% increase compared to full year 2023; 4Q24 revenue increased 71% compared to 4Q23\n\nExpects revenue between $52 to $55 million in 2025\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 28, 2024.\n\nCompany Highlights\n\n\n2024 revenue increased 24.6% to $50.3 million compared to $40.4 million in 2023\n\n\n2024 product gross margin increased due to unit volume and fixed cost absorption\n\n\n2024 bookings were a record at $46 million\n\n\nExpect 2025 revenue between $52 to $55 million\n\n\nONE Kopin initiative was launched to reduce redundancies and direct resources to European and Southeast Asian defense opportunities\n\n\n“We experienced significant growth in 2024 which we believe affirms our strategic transformation and focus on defense industries and technologies,” said Michael Murray, Kopin's Chief Executive Officer. “Demand for microdisplays, optics and application-specific optical solutions continues to increase is the defense, medical and industrial markets.\n\n\"We start 2025 with a strong order book and a pipeline of revenue opportunities that should benefit the company over several years. Despite macroeconomic and geopolitical uncertainties, our recently announced orders provide us with confidence to deliver revenue between $52 to $55 million in 2025. To support this increased demand and our profitability goals, we have embarked on an aggressive and ambitious, companywide automation plan to increase capacity, throughput, and efficiencies in our Westborough facility to allow for higher throughput, greater accuracy and less human interaction which can cause molecular debris in our assemblies. We believe this increased automation will also increase our gross margins as we become more efficient while reducing quality defects throughout our process.”\n\nMr. Murray concluded: “Our ONE Kopin initiative has continued to improve manufacturing efficiencies, reduce redundancies and integrate markets to better serve European and Southeast Asian defense markets. As geo-political risks continue to remain elevated, we believe we are well position...