Westborough-based Kopin Corp. reported a sharp decline in revenue and earnings for its third quarter.
Year-over-year revenue fell from $8.2 million to $5 million due to declining sales in military application display products. The company lost $8.8 million or 14 cents per share, worse that a loss of $6.7 million or 11 cents per share in 2012.
“Kopin is transforming its business model from one that has been primarily commodity-based to one powered by providing innovative solutions for wearable devices,” said CEO John C.C. Fan. “This new business model is expected to generate substantially higher gross margins.”
To that end, Kopin said it increased its research and development spending from $4.7 million in 2012 to $5.6 million this year as it develops wearable and military technologies.
