Business
Kopin Provides Business Update and Second Quarter of 2020 Operating Results
Q2 Product Revenues Increase 50% Year Over Year R&D and SG&A expenses Decline 41% Year over Year Breakthrough Developments with Dual-Stack OLED Micro
About this update from Kopin Corporation
[{"type":"text","content":"\n\nQ2 Product Revenues Increase 50% Year Over Year\n\n\nR&D and SG&A expenses Decline 41% Year over Year\n\n\nBreakthrough Developments with Dual-Stack OLED Micro Displays\n\n\nShipped First Production Order of OLED Backplane Wafers; Received Follow-on Order\n\n\n\n \n\n WESTBOROUGH, Mass.--(BUSINESS WIRE)--\nKopin Corporation (Nasdaq: KOPN), a leading developer and provider of high resolution micro displays, optical modules and display sub-assemblies, today provided an update on its business initiatives and financial results for the second quarter ended June 27, 2020.\n\n\n\"We are very pleased that strong demand for our products continued in the second quarter with our total product revenues growing by 50% year over year,” said Dr. John C.C. Fan, CEO of Kopin.\" Revenue growth was driven by shipments for current defense production programs along with funded development programs tied to longer term revenue opportunities. Our strong pipeline of defense development programs, which are in support of soldiers, fixed-wing and rotary aircraft and armored vehicles, continues to expand and is now the strongest in Kopin’s history. While some of these development programs may not contribute significantly to product revenue for the next year or two, or perhaps not all, we expect the strength in our defense revenues to continue.”\n\n\nDr. Fan continued, “From an operational standpoint, our ongoing initiatives to improve execution and manufacturing efficiencies are starting to show results, and we achieved further progress in reducing our cost structure. In the second quarter R&D and SG&A were lower by 41% versus the second quarter of 2019, with current internal R&D investments primarily focused on our Organic Light Emitting Diode (OLED) displays. We recently announced our latest achievement in the Lightning® 2.6K x 2.6K OLED display (2560 x 2560 resolution) based on our duo-stack, ColorMaxTM technology, which demonstrated breakthrough color fidelity (> 115% sRGB) combined with high efficiency (> 6 candela per ampere) and brightness (> 1000 nits). In addition to shipping our first production order of OLED backplane wafers in the quarter, we also received a follow-on order.\n\n\n“Our continued success would not be possible without the dedication of our employees. Kopin has remained open and operating during the COVID 19 lockdown due to the ...