Business
Kopin Corporation Reports Very Solid Results for Fourth Quarter and Full Year 2020
- Q4 Revenues Grow 60% year-over- year - Full Year Revenue Grows 36% - Net Income $1.3M in Q4 Compared to Net Loss of $7.2M for Q4 2019 - Funded R&D Revenues
About this update from Kopin Corporation
[{"type":"text","content":"\n - Q4 Revenues Grow 60% year-over- year\n\n- Full Year Revenue Grows 36%\n\n- Net Income $1.3M in Q4 Compared to Net Loss of $7.2M for Q4 2019\n\n- Funded R&D Revenues in Q4 increases 56%, primarily on MicroLEDs for AR\n\n- Shipped First Production order of 720p color MicroOLEDs\n\n WESTBOROUGH, Mass.--(BUSINESS WIRE)--\nKopin® Corporation (Nasdaq: KOPN), a leading developer and manufacturer of high-resolution micro-displays and sub-systems for defense, enterprise and consumer augmented reality (AR), virtual reality (VR)and mixed reality (MR) systems, today provided an update on its business initiatives and financial results for the fourth quarter and full fiscal year ended December 26, 2020.\n\n“We are delighted to have finished 2020 with very strong results in both our top and bottom lines, with revenue growth of 36% year-over-year and increased efficiency in our operations. Our fourth quarter 2020 revenue growth was particularly strong, growing 60% from a year ago, our strongest quarterly year-over-year growth since the fourth quarter of 2017. We also made great progress in streamlining our cost structure along with increasing our product yields and production efficiencies, resulting in a net income of $1.3 million for the fourth quarter of 2020. We are very proud of this achievement, and though we acknowledge it was due to the convergence of many favorable factors, it is undeniable that we are on the right track with momentum continuing into the current year,” said Dr. John C. C. Fan, CEO of Kopin.\n\n“Our business was strong across multiple segments and was again led by our defense product revenues which increased 112% in the fourth quarter of 2020 compared with the fourth quarter of 2019. This significant increase was driven by our two production programs -- the display sub-assembly system for the FWS-I thermal weapon sight program and displays for the F-35 Fighter jet program. As announced in September 2020, we were awarded a $22.9 million follow-on contract for the FWS-I program, with shipments scheduled through the third quarter of 2021. We expect these two production programs will continue to generate strong revenue in the coming years. We are also on track to transition three more products, out of a dozen programs currently in development, to initial low-rate production, with revenues expected to begin ramping in th...