Kopin Corp (NASDAQ:KOPN) reported a fiscal first-quarter 2024 revenue decline of 7% year-on-year to $10.0 million, beating the analyst consensus estimate of $9.01 million.
Adjusted EPS loss of $(0.06) missed the analyst consensus estimate loss of $(0.05). Adjusted EPS excludes litigation damages of $24.80 million or $0.21 per share. The stock price gained after the print.
Defense product revenues increased 28%, partially offset by a 17% decrease in Industrial product revenues.
Product revenues increased by 18% Y/Y to $9.03 million, while funded R&D revenues fell 69% Y/Y as certain defense development programs were over.
The company held $21.8 million in cash and equivalents as of March 30.
Michael Murray, Chief Executive Officer, stated, "We continue to believe that 2024 revenues will have double digit-growth as the first quarter marked the entrance of new customers and projects, including a new development project with the Navy Air Warfare Center for research in advanced high frame rate lens-less display architectures. Also in the first quarter, Kopin received a $20.5M order for a new weapon sight configuration deliverable in 2024 and 2025. Furthermore, the company also received a $1.4M order for a specialized weapon sight."
Outlook: Kopin expects double-digit revenue growth in 2024 Y/Y against analyst consensus of $45.49 million.
Yesterday, the company disclosed winning a contract from a new Defense customer to support the integration of Kopin's organic light emitting diode (OLED) microdisplay with a power efficient low latency digital night vision sensor (PEDBNVIS), for use in next generation warfighter integrated visual acuity systems.
Price Action: KOPN shares traded higher by 3% at $0.7854 at the last check Tuesday.