Kopin Corp (NASDAQ: KOPN) reported Q1 EPS of ($0.15), $0.06 worse than the analyst estimate of ($0.09). Revenue for the quarter came in at $5.5 million versus the consensus estimate of $6.19 million.

“We began the year with a number of developments that we believe point to 2019 as a strong year for adoption of augmented reality (AR) by enterprises,” said Dr. John C.C. Fan, CEO of Kopin. “We recently received a significant follow-on purchase order for displays from the leading Tier One U.S. customer we discussed in our review of our 2018 fourth quarter results. In addition, other Kopin customers have announced design wins for industrial headsets deployed globally across various vertical markets, including aviation, consumer packaged goods, and autos. We believe Kopin is the largest provider of micro-displays sold into the enterprise market segment and the strength of this forecasted demand puts us on track to more than triple the number of micro-displays shipped this year to enterprise customers. At the same time, our military business is meeting key development milestones and all of our major programs performed in line with expectations: F-35 Fighter Jet program; FWS-I and FWS-CS; and the new armored vehicle program. Finally, the $150 million OLED fabrication facility being built by our partner BOE is on schedule. With OLED capacity coming on line in the second half of this year we look for the supply to stimulate demand for consumer AR/VR applications.”

Dr. Fan continued, “Operationally we have taken steps to improve our financial position. In addition to raising approximately $8.8 million of cash in an equity offering to strengthen our balance sheet, we are assessing the current status of the wearables market, and in response have narrowed our various product strategies. We have discussed previously that many of our technologies and product development programs have reached the harvest stage and as such we have consolidated certain activities and taken write-offs, even as we continue to actively explore different commercialization strategies for our technologies,” concluded Dr. Fan.

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