Kopin stock leaps following $9.5M in Q3 revenue
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Kopin Corp.'s Westborough headquarters
Westborough’s Kopin Corp., a manufacturer of wearable technology, reported a 55% year-over-year increase in revenues for the third quarter while cutting losses.
Total revenues for the third quarter were $9.5 million, compared with $6.1 million for the third quarter of 2019, according to a release from Kopin distributed Tuesday. The company’s net loss for the quarter was $1 million, or $0.01 per share, compared with net loss of $6.6 million, or $0.08 per share, for the third quarter of 2019.\
The company’s CEO, Dr. John Fan, attributed the success to continued military contracts and streamlining the company’s cost structure. The growth among the defense contracts was driven by the company’s thermal weapon sight program and displays for the F-35 Fighter jet program, said Fan.
Fan spoke of the growing opportunities with augmented and virtual reality in the civilian sector as well, saying the company continues to invest in it’s next generation organic light emitting diode microdisplays.
“The long-awaited adoption of AR and VR systems is finally beginning to take hold. As expected, these systems are being adopted first in defense, followed by industrial/enterprise and consumer applications,” he said in a release. “Almost all of our defense programs in development are related to AR and VR applications.”
The company’s stock jumped 20% in trading on the Nasdaq on Tuesday following the third quarter announcement, finishing trading at $1.44 a share.
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