Kopin reduces annual loss 15%, to delay reverse stock split
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Kopin Corp.'s Westborough headquarters
Westborough electronics manufacturer Kopin Corp. reported improved financials for 2019 while saying it would request a delay to a Nasdaq-mandated reverse stock split.
Kopin’s total revenues for 2019 were up 13% year-over-year to $8.7 million while the company cut research and development costs for the year 23% to $13.3 million and net loss was down 14.5% to $29.5 million. The fourth quarter was similarly successful for the company, with increased revenues and declining administrative costs.
In light of the changed cost structure and the current cash on hand, which the company reported is enough to carry it through 2020, the company announced it expects to request an extension on its shareholder approved reverse stock split to bring its stock price back into compliance with the Nasdaq’s minimum bid price listing rules.
On Tuesday morning, the Kopin stock was trading at 29 cents per share on the Nasdaq, down 9% since the market opened. By comparison, the S&P 500 was up 2%.
In terms of business areas, the company reported strong military revenues, while saying that it has more than 10 military programs in various stages of production or advanced development. The company also has seen increased growth in the public safety sector where augmented reality can be incorporated into a firefighters helmet, for example, leaving their hands free.
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