Press release
Kopin Reports Continued Strong Performance for Third Quarter 2021
$10.9 million Revenues, a 14% increase year over year 9th Straight Quarter of Year over Year Growth FWS-I Shipments Ramping Strength in 3D AOI Markets
About this update from Kopin Corporation
[{"type":"text","content":"\n\n$10.9 million Revenues, a 14% increase year over year\n\n\n9th Straight Quarter of Year over Year Growth\n\n\nFWS-I Shipments Ramping\n\n\nStrength in 3D AOI Markets\n\n\nContinued Strong Growth in Customer-Funded R&D for AR/VR Microdisplays\n\n\nProgress in Technology Development and Commercialization of OLED\n\n\n WESTBOROUGH, Mass.--(BUSINESS WIRE)--\nKopin® Corporation (Nasdaq: KOPN), a leading provider of high-resolution microdisplays and subsystems 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 reported financial results for the third quarter ended September 25, 2021.\n\n“We had strong third quarter results, with revenues increasing 14% year over year, reflecting growing demand across our key markets, including defense, industrial and consumer,” said Dr. John C.C. Fan, CEO of Kopin. “This quarter was our 9th straight quarter of year-on-year growth. Revenues were again driven largely by our defense production programs and our customer-funded development programs. In particular, our third quarter customer-funded R&D revenue increased approximately 60% year over year, primarily driven by accelerating interest in our next generation of displays and our design and manufacturing expertise in rugged 'higher-level-assemblies' which are sub-systems that include our displays, optics, electronics and ruggedized housings.”\n\n“On our second quarter results of operations call on August 3, 2021, we announced that we reduced shipments of our product for the FWS-I thermal weapon sight program while we worked with our customer to develop better processes for increased production rates. I am pleased to report that the process enhancements have been successfully implemented and we expect to have our highest shipping rate of products for the FWS-I program in the fourth quarter of 2021. As a reminder, the FWS-I thermal sight system uses a high-precision video 'see-through' AR optical module using our CyberDisplay® LCDs and our custom-designed Pancake® optics.”\n\nDr. Fan continued, “Other successes in the third quarter also included the receipt of a previously reported $1.1 million order to provide eyepieces for the Joint Effects Targeting System (JETS), one of the two low rate initial production programs we reported ...