Kopin finished 2020 strong to reduce losses by $25M
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Kopin Corp.'s Westborough headquarters
Westborough’s Kopin Corp., a manufacturer of wearable technology, ended the year strong with a 60% fourth quarter year-over-year increase in revenue, as the company cut its annual net losses from $29.5 million in 2019 to $4.4 million in 2020.
The fourth-quarter revenue came in at $13.9 million, compared with $8.7 million for the previous year’s fourth quarter, representing a 60% increase, according to a release from the company. Net income was also up for the quarter, at $1.3 million, or $0.02 per share, compared with a net loss of $7.3 million in the fourth quarter of 2019.
Business was strong across all sectors, according to the company, but particular growth was seen in defense products revenues, which increased 112% in the fourth quarter of 2020, on the back of the FWS-I thermal weapon sight program and displays for the F-35 Fighter jet program.
The fourth-quarter momentum helped carry the company to a strong overall year, with total revenue of $40.1 million, a 36% increase, compared to $29.5 million for 2019. The net loss from controlling interest for the fiscal year ended December 26, 2020 was $4.4 million or $0.05 per share, versus a net loss of $29.5 million or $0.37 per share for 2019.
During 2020, Kopin had 12 new patents granted and filed for four new applications, the company announced. Kopin has more than 200 patents and patents pending, almost all of which are related to wearable applications.
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