Kopin Corporation (NASDAQ: KOPN ) reported first-quarter earnings on Tuesday before the market open. Here’s a rundown of the report .
Kopin shares are advancing steadily. Why is KOPN stock advancing?Q1 Highlights
Kopin reported a loss of 2 cents per share, missing the consensus estimate of a 1 cent-loss. In addition, it reported revenue of $10.55 million, beating the consensus estimate of $10.24 million.
Product revenue totaled $5.4 million in the quarter, down from $9.2 million in the prior-year period due primarily to lower shipments for thermal weapon sight applications and liquid crystal displays.
Non-product revenue increased to $5.1 million from $1.3 million year-over-year, driven primarily by award revenue tied to the company's government contract for ultra-bright, full-color MicroLED displays for ground soldier augmented reality applications, as well as collaboration revenue from a strategic partnership focused on next-generation clip-on systems with augmented reality and thermal integration capabilities.
Research and development expenses increased to $4.9 million from $2.1 million year-over-year, driven mainly by higher funded R&D costs related to the company's government MicroLED award.
CEO Michael Murray highlighted the company's recently announced collaboration with Fabric.AI, which includes a $15 million initial development order and a 19.9% equity ownership stake.
Murray said the partnership is focused on developing Neural I/o optical interconnect technology designed to replace dense copper wiring between GPUs and high-performance processors in AI data centers.
The company also highlighted multiple defense-related awards and contracts, including more than $5 million in new European helmet-mounted display orders during the quarter, a $1 million DarkWAVE development order from Theon and a new Phase I SBIR award.
As of March 28, the company had cash and cash equivalents of $34.1 million.
Kopin Shares Edge Higher
KOPN Price Action: At the time of publication, Kopin shares are edging up 0.55% at $5.38, according to data from Benzinga Pro .
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