Kopin reports 42% revenue gain, lower net losses in first quarter
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Kopin Corp.'s Westborough headquarters
Westborough’s Kopin Corporation, a manufacturer of wearable technology, reported a 42% year-over-year increase in revenues for the first quarter.
Total revenues for the first quarter were $7.9 million with defense contract revenues increasing 144%. The company’s net loss for the quarter was $3.6 million, or $0.04 per share, compared with net loss of $11.3 million, or $0.15 per share, for the first quarter of 2019.
The company’s CEO, Dr. John C.C. Fan, attributed the company’s success amid the coronavirus pandemic to continued military contract operations and dedication of its employees.
“Our success this quarter would not have been possible without the dedication of our employees,” said Fan, in the earnings report. “Some of our employees do work remotely, but that was not an option for our production employees. The attendance of this group has been very good, and they have kept a very positive frame of mind in these difficult times.”
Kopin was one of three Central Massachusetts public companies to receive federal bailout loans from the Paycheck Protection Program, which gave the Westborough manufacturer a $2.1-million loan through the U.S. Small Business Administration.
But the company’s success, following a year of ongoing struggles, was also attributed to a strategic realignment program begun this year. Fan credited that program with the company decreasing research and development and administrative costs by 49% in the first quarter.
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