Kopin Corp (KOPN) Reports In-Line Q1 EPS, Revenues Beat

Kopin Corp (NASDAQ: KOPN) reported Q1 EPS of ($0.02), in-line with the analyst estimate of ($0.02). Revenue for the quarter came in at $11.7 million versus the consensus estimate of $11.45 million.

"We are pleased with the strong start to the year, reflecting increasing demand from customers in multiple market segments,” said Dr. John C.C. Fan, Kopin’s CEO. “Revenues increased by approximately 48% in the first quarter of 2021 as compared to the first quarter of 2020, primarily driven by our defense production and funded development programs where we now have more than 10 programs in various stages of development. Several of these are scheduled to reach initial production ramp and revenues in the second half of this year and beyond. Our active pipeline of development programs includes using our advanced display products in armored vehicle targeting and training systems, rotary-wing aircraft helmets, automatic and semi-automatic rifle day scopes and targeting systems, among others. These programs are all using our microdisplays and are increasingly utilizing our sophisticated optics systems and ruggedized assemblies. We believe we are the sole source supplier to most of these programs.

“Our R&D activities have been increasing in the past several quarters, reflecting the significant opportunities we see in the augmented and virtual reality space. In particular, our customer-funded R&D revenues jumped more than 80% year-over-year, primarily because of the accelerating interest in our efforts developing the next generation of displays and display technologies.”

Dr. Fan continued, “We also want to address the global semiconductor chip shortage that has impacted so many industries. While we do use semiconductor materials in our products, fortunately we did not experience any meaningful impact from the shortage in the first quarter of 2021. The current environment is dynamic, however, and we are working closely with our suppliers and customers to manage this potential issue.

“In short, we are continuing to make strong progress in executing our strategy and it is showing in our performance. We are experiencing the strongest defense segment activities in Kopin's history and we expect to make a number of exciting announcements in the coming months. We believe that both AR and VR have gained tremendous traction in the past year and we expect this momentum to continue for some time, with Kopin positioned to capitalize on this opportunity,” concluded Dr. Fan.

For earnings history and earnings-related data on Kopin Corp (KOPN) click here.

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