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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Kopin Corporation | NASDAQ:KOPN | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.011 | 1.37% | 0.8125 | 0.7888 | 0.9113 | 0.845 | 0.7915 | 0.80 | 650,240 | 05:00:14 |
Kopin Corporation (“Kopin” or “the Company”) (Nasdaq: KOPN), a leading developer and provider of high-performance application-specific optical solutions consisting of high-resolution microdisplays, microdisplays subassemblies and related components for defense, enterprise, industrial, and consumer products, today reported financial results for the first quarter ended April 1, 2023.
“The first quarter of 2023 has demonstrated positive initial returns on our strategy to reset the course and focus within Kopin,” said Michael Murray, Kopin’s CEO. “The improvements in our financial results are largely due to a renewed emphasis on quality, efficiency and focus. We have instituted several organizational changes to clarify accountability, established goals and metrics which are measured, and brought in new members of the team in areas including new program management, business development and quality. This has allowed us to reduce material usage and improve production rates. These improvements also allowed us to build products more efficiently and to take a reduction in work force during the quarter. The combination of these efforts is evidenced in our improving gross margins. Furthermore, we are being more judicious with our internal research and development expenditures.
“Additionally, Kopin continues to demonstrate positive momentum in our book-to-bill rate which ended positively for the first quarter of 2023 and is looking to be positive for the second quarter of 2023. We are fortunate to have great customers who continue to support Kopin in this transformative time. We are excited to see the benefits of these efforts as we see new designs and opportunities with our current and new customers increasing. We believe we are slightly ahead of our strategic initiatives and goals of cash flow breakeven by year end which are the bedrock for significant and sustainable revenue and profitable growth in 2024.”
Mr. Murray concluded: “Looking ahead, international and domestic defense affairs are becoming more dynamic and coupled with the increase in commercial and industrial redesign activities, which are being driven by the need for advanced augmentation and visualization of the analog and digital environments, we believe Kopin is well positioned to deliver innovations that enable the market and return value to our customers, society, and our internal and external stakeholders.”
First Quarter Financial Results
Total revenues for the first quarter ended April 1, 2023, were $10.8 million, compared to $11.6 million for the first quarter ended March 26, 2022, a 7% decrease. Year-over-year product revenues increased 17.6% with defense product revenues increasing by $1.7 million or 35% year over year while industrial product revenues decreased $0.6 million or 39%, year over year. First quarter 2023 funded research and development revenues declined by $2.0 million or 41% as certain defense development programs moved into production.
Cost of Product Revenues for the first quarter of 2023 was $6.6 million, or 87% of net product revenues, compared with $7.8 million, or 120% of net product revenues, for the first quarter of 2022. The reduction in cost of product revenues was result of lower material for warranty issues, as well as of the usage of material that was previously written off.
Research and Development (R&D) expenses for the first quarter of 2023 were $2.3 million compared to $5.4 million for the first quarter of 2022, a 57% decrease year over year. The decrease in R&D expense is attributable to some customer funded programs transitioning to production and a decline in certain display development activities that were completed.
Selling, General and Administration (SG&A) expenses were $4.6 million for the first quarter of 2023, compared to $4.5 million for the first quarter of 2022. The increase was primarily due to increased professional fees, which were partially offset by lower cash and stock-based compensation and benefits.
Net Loss Attributable to Kopin Corporation for the first quarter of 2023 was $2.6 million, or $0.03 per share, compared with Net Loss Attributable to Kopin Corporation of $1.4 million, or $0.02 per share, for the first quarter of 2022.
All amounts above are estimates and readers should refer to our Form 10-Q for the quarter ended April 1, 2023, for final disposition as well as important risk factors.
Earnings Call and Webcast
Kopin Corporation management will host the conference call, followed by a question and answer session.
Date: Thursday, May 11, 2023 Time: 8:30 AM Eastern Time (5:30 AM Pacific Time) U.S. dial-in number: 844-825-9789 International number: 412-317-5180 Webcast: Q1 2023 Webcast Link
The Company will also provide a link at https://www.kopin.com/investor-overview/ for those who wish to stream the call via webcast. Please call the conference telephone number 5-10 minutes prior to the start time.
A telephonic replay of the conference call will also be available through May 18, 2023.
Toll-free replay number: 844-512-2921 International replay number: 412-317-6671 Replay passcode: 10178363
About Kopin
Kopin Corporation is a leading developer and provider of high-performance application-specific optical solutions consisting of high-resolution microdisplays, microdisplays subassemblies and related components for defense, enterprise, industrial, and consumer products. Our products are used for soldier, avionic, armored vehicle, and training & simulation defense applications; industrial, public safety and medical headsets; 3D optical inspection systems; and consumer augmented reality (“AR”) and virtual reality (“VR”) wearable headsets systems. For more information, please visit Kopin’s website at www.kopin.com.
Kopin is a trademark of Kopin Corporation.
Forward-Looking Statements
Statements in this press release may be considered “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which are subject to the safe harbor created by such sections. Words such as “expects,” “believes,” “can,” “will,” “estimates,” and variations of such words and similar expressions, and the negatives thereof, are intended to identify such forward-looking statements. We caution readers not to place undue reliance on any such “forward-looking statements,” which speak only as of the date made, and advise readers that these forward-looking statements are not guarantees of future performance and involve certain risks, uncertainties, estimates, and assumptions by us that are difficult to predict. These forward-looking statements include statements with respect to our expectation of a positive book to bill rate in the second quarter of 2023; our belief we are seeing increasing new design and opportunities with current and new customers; our belief we are slightly ahead of our strategic initiatives and goals of cash flow breakeven by year end; and our belief that with international affairs becoming more dynamic and that we are well -positioned to deliver innovations that enable the market and return value to our customers, society, and our internal and external stakeholders . Various factors, some of which are beyond our control, could cause actual results to differ materially from those expressed in, or implied by, such forward-looking statements. All such forward-looking statements, whether written or oral, and whether made by us or on our behalf, are expressly qualified by these cautionary statements and any other cautionary statements that may accompany the forward-looking statements. In addition, we disclaim any obligation to update any forward-looking statements to reflect events or circumstances after the date of this press release, except as may otherwise be required by the federal securities laws. These forward-looking statements are only predictions, subject to risks and uncertainties, and actual results could differ materially from those discussed. Important factors that could affect performance and cause results to differ materially from management’s expectations are described in our Annual Report on Form 10-K, or as updated from time to time our Securities and Exchange Commission filings.
_________________________
1 Operating expenses defined as Research & Development and Selling, General and Administration expenses
Kopin Corporation Condensed Consolidated Balance Sheets (Unaudited) April 1, 2023 December 31, 2022 ASSETS Current assets: Cash and marketable securities$
29,610,196
$
12,647,656
Accounts receivable, net
5,612,935
6,537,891
Inventory
6,817,754
6,426,400
Contract assets and unbilled receivables
3,043,076
4,068,364
Prepaid and other current assets
1,711,949
1,180,362
Total current assets
46,795,910
30,860,673
Plant and equipment, net
1,826,093
1,831,641
Operating lease right-of-use assets
3,005,772
3,168,520
Equity investments
7,727,789
7,721,206
Other assets
169,132
170,132
Total assets
$
59,524,696
$
43,752,172
LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable
$
3,836,280
$
5,438,980
Accrued expenses
5,853,442
6,817,485
Customer deposits
87,283
-
Deferred tax liabilities
466,246
482,739
Contract liabilities and billings in excess of revenue earned
718,544
930,500
Operating lease liabilities
790,567
786,928
Total current liabilities
11,752,362
14,456,632
Other long term liabilities
2,496,613
2,728,042
Operating lease liabilities, net of current portion
2,378,248
2,576,883
Total Kopin Corporation stockholders' equity
42,897,473
24,163,297
Noncontrolling interest
-
(172,682
)
Total stockholders' equity
42,897,473
23,990,615
Total liabilities and stockholders' equity
$
59,524,696
$
43,752,172
Kopin Corporation
Condensed Consolidated Statements of Operations (Unaudited) Three Months Ended April 1, 2023 March 26, 2022 Revenues: Net product revenues$
7,654,716
$
6,507,528
Research and development
2,896,451
4,908,033
Other revenues
207,024
162,861
10,758,191
11,578,422
Expenses: Cost of product revenues
6,624,101
7,782,879
Research and development
2,312,217
5,408,613
Selling, general and administration
4,648,130
4,464,548
13,584,448
17,656,040
Loss from operations
(2,826,257
)
(6,077,618
)
Other income, net
236,702
4,740,954
Loss before provision for income taxes and net loss from noncontrolling interest
(2,589,555
)
(1,336,664
)
Tax provision
(39,000
)
(36,000
)
Net loss
(2,628,555
)
(1,372,664
)
Net loss attributable to noncontrolling interest
-
23
Net loss attributable to Kopin Corporation
$
(2,628,555
)
$
(1,372,641
)
Net loss per share: Basic and diluted$
(0.03
)
$
(0.02
)
Weighted average number of common shares outstanding: Basic and diluted
105,036,382
90,121,226
Kopin Corporation
Supplemental Information (Unaudited) Three Months Ended April 1, 2023 March 26, 2022 Display Revenues by Category (in millions) Defense$
6.4
$
4.8
Industrial/Enterprise
1.0
1.5
Consumer
0.3
0.2
R&D
2.9
4.9
License and Royalties
0.2
0.2
Total$
10.8
$
11.6
Stock-Based Compensation Expense Cost of product revenues$
26,000
$
67,000
Research and development
17,000
147,000
Selling, general and administrative
151,000
442,000
$
194,000
$
656,000
Other Financial Information Depreciation and amortization$
225,000
$
268,000
View source version on businesswire.com: https://www.businesswire.com/news/home/20230511005243/en/
For Investor Relations Kopin Corporation Richard Sneider Treasurer and Chief Financial Officer rsneider@kopin.com
MZ Contact Brian M. Prenoveau, CFA MZ Group – MZ North America KOPN@mzgroup.us +561 489 5315
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