Kopin Corp. lost $9.2M in Q2 due to slow military business ramp up
Photo | Google
Kopin Corp.'s Westborough headquarters
Westborough wearable computer technology manufacturer Kopin Corp. is expecting its 2018 revenues to miss the mark after reporting a $9.2-million loss in the second quarter.
The company has now lost $14.7 million halfway through the year, compared to a $15.2-million loss for the first six months of last year.
Second quarter revenues of almost $4.8 million were down from the nearly $5 million in the second quarter 2017, but full-year revenues were about $600,000 up from the $8.9 million reported in the first six months of 2017.
However, the company is expecting full-year revenues to be lower than expected between $30 million and $35 million rather than up to $40 million, which was previously forecasted.
The company said it received its first production orders for a weapons sights program. That first order will begin shipping in October, but the company said that will happen several months later than originally thought.
However, the program is expected to be a $100-million revenue opportunity for Kopin, CEO John Fan said in a statement.
Fan also found positives to take from the U.S. Department of Defense and defense contractor Lockheed Martin reaching an agreement for a new order of F-35 fighter jets, of which Kopin is the sole supplier of displays for pilots’ helmets.
That program is another potential $100-million long-term revenue opportunity for Kopin, Fan said.
WBJ Web Partners
Most Recent
Most Recent
0 Comments