Press release
Kopin Corporation Reports Financial Results for the Second Quarter 2024
Q2 2024 product revenues increased 84% compared to the same period in 2023 Defense product revenues increased 106% partially offset by a 30% decrease in
About this update from Kopin Corporation
[{"type":"text","content":"\n\nQ2 2024 product revenues increased 84% compared to the same period in 2023\n\n\n\nDefense product revenues increased 106% partially offset by a 30% decrease in Industrial product revenues\n\n\n\n5 new customers placed development orders fueling opportunities for multi-million dollar per year production revenues\n\n\n\n WESTBOROUGH, Mass.--(BUSINESS WIRE)--\nKopin Corporation (Nasdaq: KOPN), a leading provider of application-specific optical solutions and high-performance microdisplays for defense, enterprise, consumer, and medical products, today reported financial results for the second quarter ended June 29, 2024.\n\n\nCommenting on the quarterly results, Michael Murray, Chief Executive Officer, stated, “The second quarter was highlighted by continued sales momentum of our products for defense applications, delivering year over year growth of 106% and five new customer development orders which provide significant multi-million dollar per year production revenue opportunities in the future. This progress has validated our strategy that we began last year to reset the course within Kopin to focus on defense products. Additionally, as we continue our output ramp on our thermal weapon sight contracts, our sustained focus on operational excellence resulted in enhanced margins for this critical product line and the company.\n\n\n“As we move into the second half of the year, we expect continued growth from new customers and projects, which during the second quarter included the development award for the U.S. Army’s Next Generation-Short Range Interceptor (NG-SRI) system, which is expected to replace the Stinger Missile. We were selected to design, develop, and produce the targeting eye piece for the program, won by Lockheed Martin. The program is expected to move into full rate production in 2027, which we estimate could provide Kopin with tens of millions in revenue, in peak annual production.\n\n\n“Kopin was also selected for several new Phase One development contracts including with the U.S. Army to research optical approaches for Visual Augmentation Systems to improve performance, and lessen cognitive dissonance and nausea. We also received a development contract with the U.S. Navy to research and produce a means to reduce the size and weight of the optics needed in advanced sensor systems. In addition to these research and d...