Kopin Corp., a Westborough-based developer of wearable technology, reported an 83 percent year-over-year growth in revenue as a result of strong military orders.
Revenue for the company’s first quarter, which ended March 8, was $8.6 million, compared to $4.7 million for the first quarter of 2014. This was primarily a result of an increase in sales of display products for military applications and an increase in development revenues for wearable products.
“Two tier-one customers are on target to launch wearable products this year for the enterprise headset market, and we are currently in the early stages of mass production to fill their orders,” John Fan, Kopin’s president and CEO, said in a statement. “At the same time we are making good progress with both current and potential partners to bring consumer-focused products to market.”
The company’s military products continue to attract the interest of “leading global companies” looking to partner with Kopin, he said.
“We saw continued interest from several companies creating products for the emerging wearable enterprise and consumer markets, which drove a significant increase in partner funded development revenue in the first quarter,” Fan said.
Research and development expenses for the first quarter of 2015 were $4.9 million compared with $5.1 million for the first quarter of 2014. Net loss for the first quarter of 2015 was $3.8 million, or 6 cents per share, compared with net loss of $9.1 million, or 15 centsper share, for the same period of 2014.
Cash used in operating activities for the first quarter of 2015 was $5.5 million. Kopin’s cash, equivalents and marketable securities was $87.1 million as of March 28, 2015. Kopin has no long-term debt.
