Kopin posts $3.1M loss
Kopin Corp.
Kopin's smart eyewear for elite cyclists called Solos are among its wearable products.
Westborough-based Kopin, which is making a long transition to become a manufacturer of wearable technology, reported a $3.1M loss on Tuesday that beat analysts’ expectations but still prompted the company’s stock to drop in early trading.
The company’s second quarter report released Tuesday detailed a nearly 60 percent year-over-year decline in second quarter revenue to $4.36 million from $10.87 million. Sales of wearable products for the quarter fell to $1.8 million compared to $6 million for the same quarter of 2015, according to the company. This decline in revenue contributed to a net loss of $3.13 million in the second quarter, down from a profit of $781,000 for the previous year’s second quarter, or 5 cents per share.
While this beat analysts’ expectations of a 12-cent loss per share for the quarter, it still spurred a stock sell-off, with Kopin stock declining by more than 8 percent in early trading Tuesday.
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