Press release
Kopin Corporation Reports Financial Results for the Third Quarter 2024
Q3 2024 total revenue increased 26% to $13.3 million compared with $10.6 million in Q3 2023 Q3 2024 product revenues increased 98% compared to the same
About this update from Kopin Corporation
[{"type":"text","content":"\n\nQ3 2024 total revenue increased 26% to $13.3 million compared with $10.6 million in Q3 2023\n\n\n\nQ3 2024 product revenues increased 98% compared to the same period in 2023\n\n\n\nQ3 2024 Defense product revenues increased 109% and Industrial product revenues increased 58% compared to the same period in 2023\n\n\n\nFive new customers placed product 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 systems and high performance microdisplays for defense, training, enterprise, industrial, consumer and medical products, today reported financial results for the third quarter ended September 28, 2024.\n\n\nCommenting on the quarterly results, Michael Murray, Chairman and CEO, stated, “We delivered $13.3 million in revenue for the third quarter, marking a 26% year-over-year increase. Our book-to-bill ratio for the year is ahead of schedule, with additional orders anticipated by year-end. Year-to-date revenue and our strong pipeline for new orders reinforces our confidence in achieving double-digit revenue growth for 2024 and reaffirms our intended strategy to focus on application-specific optical solutions, with a primary emphasis on the defense sector. Defense product revenues have surged by 109% year-over-year, fueled by new development projects and follow-on customer orders. Industrial revenues also grew by 58% year-over-year, with improving demand in the 3D automated optical inspection (3D AOI) market segment.\n\n\n“We continue to experience strong growth driven by new defense customers and projects. Recently, we reached a significant milestone by completing the production qualification of our high-performance Organic Light Emitting Diode on Silicon (OLEDoS) display for Collins Aerospace’s F-35 Lightning II Helmet Mounted Display System (HMDS). Additionally, we received a $2 million follow-on production order for our high-brightness active-matrix liquid crystal display (AMLCD) from Collins Aerospace, further supporting the F-35 Lightning II HMDS. We have also secured contracts to advance our daytime-readable and nighttime augmented reality Head-Up Display (HUD) technologies, designed to enhance situational awareness, safety and lethality for soldiers. T...