Kopin Revenue Falls For Q2
Westborough-based Kopin Corp., which is transitioning its business model to a focus on wearable technology, today reported a drop in revenue for its second quarter, along with a larger year-over-year loss.
For the quarter, which ended June 29, Kopin took in $6.1 million in revenue, but lost $7.8 million. However, for the first half of 2013, Kopin has been profitable, with net income of $13.8 million from January through June.
But Kopin strengthened its cash position – which is critical for companies in transition – by nearly $38 million to $130.4 million.
The company also said it spent about 60 percent of its second-quarter revenue - $3.7 million – on research and development, reflecting what it said was an increase in costs to develop the company’s wearable and military technologies.
Despite the results, John C.C. Fan, Kopin’s president and CEO, struck an optimistic tone and outlook for the company.
“Interest in our wearable computing technology solutions among current and prospective customers continues to grow,” he said. “During the second quarter, we advanced our ongoing discussions with customers and prospects in areas such as product definition and design, while on the technology front we continued development of our display, optical and noise cancellation technologies.
Fan said a “stream” of consumer electronics and mobile communications companies are exploring the wearable computing technology market, “further strengthening our belief in the significance of the market opportunity.”
He also cited “significant strides” in developing an Android version of the company’s software, which it anticipates will be available by the end of the year to complement Kopin’s Windows version.
WBJ Web Partners
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