Business
Kopin Provides Business Update and First Quarter 2020 Operating Results
Q1 Revenues Increase 42%; R&D and SG&A Decline 49% Defense Product Revenues Increase 144% Company Receives Initial Order for 720P and 2K OLED Micro Display
About this update from Kopin Corporation
[{"type":"text","content":"\n\nQ1 Revenues Increase 42%; R&D and SG&A Decline 49%\n\n\nDefense Product Revenues Increase 144%\n\n\nCompany Receives Initial Order for 720P and 2K OLED Micro Display Backplane Wafers\n\n\n WESTBOROUGH, Mass.--(BUSINESS WIRE)--\nKopin Corporation (Nasdaq: KOPN), a leading provider of innovative wearable computing technologies and solutions, today provided an update on its business initiatives and reported financial results for the first quarter ended March 28, 2020.\n\n\n“We are pleased with the strong start to the year, reflecting ongoing demand from defense customers, continued success in streamlining our cost structure and most importantly, the dedication of our employees,” said Dr. John C.C. Fan, CEO of Kopin. “Revenues increased by approximately 42% in the first quarter of 2020, driven by both defense production and funded development programs. We continued to ship under the FWS-I and F-35 Joint Strike Fighter programs and we recently announced another follow-on order for the F-35 program, which includes shipments into 2021. We also saw continued progress on our defense development programs, where we have more than 10 programs in various stages of development. While some of these may not contribute significantly to product revenue for the next year or two, and perhaps not all will reach production after moving through development, this is by far the strongest defense program portfolio in Kopin's history. We also are partnering with various defense contractors on other opportunities and we expect to make a number of announcements in the coming months.”\n\n\nDr. Fan continued, “As a result of the strategic realignment program kicked off last year, we decreased R&D and SG&A costs by 49% in the first quarter of 2020. A significant driver in our success were steps to rationalize our R&D activities. Our current internal R&D investments are primarily focused on our Organic Light Emitting Diode (OLED) displays. At the Consumer Electronics Show in January 2020 we demonstrated the world’s first monochrome double-stack OLED which emits more than 20,000 nits. We also demonstrated our early samples of full color 2.6K OLED 1.3\" diagonal displays using double stacks. In addition, in the first quarter of 2020 we received our first production order for our OLED backplane wafers, which we expect to ship in the second quarter of 2020.\n\n...