Kopin Clocks 8% Revenue Decline In Q4 Amid Weaker Defense, Industrial Segment Results; Updates On AR, VR, MR Opportunities
Benzinga
2023-03-14
Kopin Corp (NASDAQ:KOPN) reported a fourth-quarter FY22 revenue decline of 8% year-on-year to $12.18 million, beating the consensus of $11.18 million.
Revenues from Defense Applications grew by 19.6% Y/Y to $ 7.1 million, while Industrial Applications decreased by 46% Y/Y to $1.2 million.
Product revenues declined 1.6% Y/Y to $8.7 million, while R&D revenues fell 24.1% Y/Y to $3.3 million.
EPS loss of $(0.07) missed the consensus loss of $(0.03).
The company held $12.6 million in cash and equivalents.
Michael Murray, Kopin's CEO, said, "As we move into 2023, I see numerous long-term opportunities to drive revenue growth in our defense and industrial markets, but we must establish operational excellence for this to be profitable growth. In addition to our operational improvements, we are focusing our business development efforts on offering our higher value-added integrated optical display assemblies, which are critical to increasing the applications for AR/VR/MR, among other opportunities."
Price Action: KOPN shares traded lower by 2.83% at $1.06 premarket on the last check Tuesday.