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Mar 30, 2024
Kopin Q1 2024 Earnings Report
Reported a net loss due to increased legal fees and a judgment in the BlueRadios litigation, despite growth in defense product revenues.
Key Takeaways
Kopin Corporation reported a decrease in total revenues for Q1 2024, primarily due to a decline in funded research and development revenues, while defense product revenues increased. The company faced a significant net loss due to a legal judgment.
Total revenues decreased by 7% year-over-year to $10.0 million.
Defense product revenues increased by 28% year-over-year.
Net loss attributed to Kopin Corporation was ($32.5) million, or ($0.27) per share.
The company received a $20.5M order for a new weapon sight configuration and a $1.4M order for a specialized weapon sight.
Kopin
Kopin
Kopin Revenue by Segment
Revenue by Segment
Defense Revenue
CapyFin.comIndustrial/Enterprise Revenue
CapyFin.comR&D Revenue
CapyFin.comLicense and Royalties Revenue
CapyFin.com Forward Guidance
Kopin anticipates double-digit revenue growth in 2024 and aims for cash flow breakeven by year-end, with sustainable revenue and profitable growth.
Positive Outlook
- 2024 revenues will have double digit-growth
- New designs and opportunities with our current and new customers is increasing
- Kopin is well positioned to deliver to our soldiers and allies the defense systems they need
- Innovations that enable the market
- Return value to our customers, society, and internal and external stakeholders
Challenges Ahead
- Possibility that the company may not be able to continue as a going concern if the recommended disgorgement and exemplary damages in our lawsuit with BlueRadios is not reduced in the final order
- If we do not appeal any final decision by the court
- Aggressive tensions are increasing around the world
- Defense affairs are becoming more dynamic
- Disappointed in the outcome and do not believe the findings were justified by the facts regarding Blue Radios litigation
Revenue & Expenses
Visualization of income flow from segment revenue to net income