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Total Revenues summation 8% year-over-year
Defense Revenues Increase 68% year-over-year
WESTBOROUGH, Mass., November 02, 2022--(BUSINESS WIRE)--Kopin Corporation (Nasdaq: KOPN) contiguous announced a correction to its property merchandise issued connected November 1, 2022, announcing the Company's unaudited fiscal results for the 3rd 4th ended September 24, 2022.
The Company revised its Accounting Standards Codification Topic 606 (ASC 606) implicit clip gross designation related to defence contracts which resulted successful a alteration of astir $1.6 cardinal of revenue.
The revised gross results is arsenic follows:
Total revenues for the 3 and 9 months ended September 24, 2022 were $11,729,380 and $35,216,834, respectively. These correspond an 8% twelvemonth implicit twelvemonth summation for the 3 months ended September 24, 2022.
Revenues from the merchantability of defence products were $5,851,425 and $17,695,160 for the 3 and 9 months ended September 24, 2022, respectively. This represents a 68% twelvemonth implicit twelvemonth summation for the 3 months ended September 24, 2022.
Net Loss Attributable to Kopin Corporation for the 3rd 4th of 2022 was $6.1 million, oregon $0.07 per share, compared with Net Loss Attributable to Kopin Corporation of $2.1 million, oregon $0.02 per share, for the 3rd 4th of 2021.
The updated merchandise reads:
KOPIN REPORTS RESULTS FOR THIRD QUARTER 2022
Total Revenues summation 8% year-over-year
Defense Revenues Increase 68% year-over-year
Kopin Corporation (Nasdaq: KOPN), a starring supplier of high-resolution micro-displays and sub-systems for defense, endeavor and user augmented reality, virtual world and mixed world systems, contiguous provided an update connected its concern initiatives and reported fiscal results for the 3rd 4th ended September 24, 2022.
"We had a bully 4th with revenues up 8% implicit the 3rd 4th of past year, driven by maturation successful our defence and user businesses," said Michael Murray, Kopin’s CEO. "While we proceed to thrust maturation successful these markets, my contiguous absorption is connected output improvements, connected time/in afloat deliveries arsenic good arsenic outgo controls, starring to improved margins and currency flow."
Murray continued, "As we determination into 2023 I spot galore opportunities to thrust revenues, opening with accelerating maturation from our defence and concern businesses, wherever we already person a coagulated bid book. We volition besides leverage our unsocial quality to connection analyzable integrated optical show assemblies, which are captious to expanding the applications for AR/VR/MR, among different opportunities."
"Technology has ever been astatine the bosom of Kopin’s occurrence and we volition proceed executing connected our imaginativeness to supply our planetary customers with brilliance successful innovation, plan and show paired with a renewed absorption connected operational excellence," concluded Murray.
Third Quarter Financial Results
Total revenues for the 3rd 4th ended September 24, 2022 were $11.7 million, compared to $10.9 cardinal for the 3rd 4th ended September 25, 2021, an 8% year-over-year increase.
Cost of Product Revenues for the 3rd 4th of 2022 was $8.0 million, oregon 97% of nett merchandise revenues, compared with $5.1 million, oregon 78% of nett merchandise revenues, for the 3rd 4th of 2021. The higher outgo of merchandise revenues arsenic a percent of nett merchandise revenues was partially owed to a $1 cardinal warranty complaint owed to a supply-chain related prime contented from a vendor.
Research and Development (R&D) expenses for the 3rd 4th of 2022 were $3.4 cardinal compared to $3.8 cardinal for the 3rd 4th of 2021, an 8% alteration twelvemonth implicit year. The alteration successful R&D disbursal arsenic compared to the anterior twelvemonth was arsenic divided betwixt interior R&D and lawsuit funded R&D activities.
Selling, General and Administration (SG&A) expenses were $4.3 cardinal for the 3rd 4th of 2022, compared to $4.0 cardinal for the 3rd 4th of 2021. The summation was chiefly owed to an summation successful compensation and nonrecreational fees, which were partially offset by little stock-based compensation.
Other income and disbursal included a non-cash impairment complaint of $2.0 cardinal related to an concern whose concern is being affected by COVID related issues.
Net Loss Attributable to Kopin Corporation for the 3rd 4th of 2022 was $6.1 million, oregon $0.07 per share, compared with Net Loss Attributable to Kopin Corporation of $2.1 million, oregon $0.02 per share, for the 3rd 4th of 2021.
Net Cash Used successful Operating Activities for the 9 months ended September 24, 2022, was astir $15.6 million. Kopin’s currency and equivalents and marketable securities were astir $15.0 cardinal astatine September 24, 2022 arsenic compared to $29.3 cardinal astatine December 25, 2021.
In July 2022, we sold 675,000 shares of communal banal done our existing At-The-Market equity programme (ATM), which we had entered into successful March 2021, for gross proceeds of $900,000 earlier deducting broker expenses of little than $100,000. We person not sold shares nether the ATM Program since July.
About Kopin
Kopin Corporation is simply a starring developer and supplier of innovative wearable technologies and captious components for integration into wearable computing systems for defense, concern and user products. Kopin’s exertion portfolio includes ultra-small displays, optics, and low-power ASICs. For much information, delight sojourn Kopin’s website astatine www.kopin.com.
Kopin is simply a trademark of Kopin Corporation.
Forward-Looking Statements
Statements successful this property merchandise whitethorn beryllium considered "forward-looking statements" wrong the meaning of Section 27A of the Securities Act of 1933, arsenic amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, arsenic amended (the "Exchange Act"), which are taxable to the harmless harbor created by specified sections. Words specified arsenic "expects," "believes," "can," "will," "estimates," and variations of specified words and akin expressions, and the negatives thereof, are intended to place specified forward-looking statements. We caution readers not to spot undue reliance connected immoderate specified "forward-looking statements," which talk lone arsenic of the day made, and counsel readers that these forward-looking statements are not guarantees of aboriginal show and impact definite risks, uncertainties, estimates, and assumptions by america that are hard to predict. These forward-looking statements see statements with respect to our galore opportunities to thrust revenues successful 2023; specified arsenic accelerating maturation from our defence and concern businesses; our maturation successful the defence and user markets; and our intent to leverage our unsocial quality to connection analyzable integrated optical show assemblies. Various factors, immoderate of which are beyond our control, could origin existent results to disagree materially from those expressed in, oregon implied by, specified forward-looking statements. All specified forward-looking statements, whether written oregon oral, and whether made by america oregon connected our behalf, are expressly qualified by these cautionary statements and immoderate different cautionary statements that whitethorn travel the forward-looking statements. In addition, we disclaim immoderate work to update immoderate forward-looking statements to bespeak events oregon circumstances aft the day of this property release, but arsenic whitethorn different beryllium required by the national securities laws. These forward-looking statements are lone predictions, taxable to risks and uncertainties, and existent results could disagree materially from those discussed. Important factors that could impact show and origin results to disagree materially from management’s expectations are described successful Part I, Item 1A. Risk Factors; Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations; and different parts of our Annual Report connected Form 10-K for the fiscal twelvemonth ended December 25, 2021, oregon arsenic updated from clip to clip our Securities and Exchange Commission filings.
Kopin Corporation | ||||||||||||
Supplemental Information | ||||||||||||
(Unaudited) | ||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
September 24, 2022 | September 25, 2021 | September 24, 2022 | September 25, 2021 | |||||||||
Display Revenues by Category (in millions) | ||||||||||||
Defense | $ | 5.8 | $ | 3.5 | $ | 17.7 | $ | 12.3 | ||||
Industrial/Enterprise | 1.7 | 2.7 | 4.9 | 7.4 | ||||||||
Consumer | 0.7 | 0.4 | 1.2 | 1.3 | ||||||||
R&D | 3.4 | 4.1 | 11.1 | 10.4 | ||||||||
License and Royalties | 0.1 | 0.2 | 0.3 | 1.1 | ||||||||
Total | $ | 11.7 | $ | 10.9 | $ | 35.2 | $ | 32.5 | ||||
Stock-Based Compensation Expense | ||||||||||||
Cost of merchandise revenues | $ | 42,000 | $ | 38,000 | $ | 120,000 | $ | 207,000 | ||||
Research and development | $ | 112,000 | 180,000 | 368,000 | 395,000 | |||||||
Selling, wide and administrative | $ | 144,000 | 424,000 | 883,000 | 3,165,000 | |||||||
$ | 298,000 | $ | 642,000 | $ | 1,371,000 | $ | 3,767,000 | |||||
Other Financial Information | ||||||||||||
Depreciation and amortization | $ | 130,000 | $ | 154,000 | $ | 665,000 | $ | 566,000 | ||||
Kopin Corporation | ||||||||||||||||
Condensed Consolidated Statements of Operations | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 24, 2022 | September 25, 2021 | September 24, 2022 | September 25, 2021 | |||||||||||||
Revenues: | ||||||||||||||||
Net merchandise revenues | $ | 8,254,686 | $ | 6,591,852 | $ | 23,765,872 | $ | 21,089,515 | ||||||||
Research and improvement and different revenues | 3,474,693 | 4,295,321 | 11,450,961 | 11,379,282 | ||||||||||||
11,729,379 | 10,887,173 | 35,216,833 | 32,468,797 | |||||||||||||
Expenses: | ||||||||||||||||
Cost of merchandise revenues | 7,987,154 | 5,145,175 | 23,676,283 | 17,586,389 | ||||||||||||
Research and development | 3,441,405 | 3,751,729 | 13,995,393 | 11,055,282 | ||||||||||||
Selling, wide and administration | 4,320,117 | 4,035,998 | 13,112,133 | 13,982,682 | ||||||||||||
15,748,676 | 12,932,902 | 50,783,809 | 42,624,353 | |||||||||||||
Loss from operations | (4,019,297 | ) | (2,045,729 | ) | (15,566,976 | ) | (10,155,556 | ) | ||||||||
Other (expense) income, net | (2,093,877 | ) | (50,954 | ) | 2,505,949 | 89,267 | ||||||||||
Loss earlier proviso for income taxes and nett (income) nonaccomplishment from noncontrolling interest | (6,113,174 | ) | (2,096,683 | ) | (13,061,027 | ) | (10,066,289 | ) | ||||||||
Tax provision | (36,000 | ) | (32,000 | ) | (108,000 | ) | (97,000 | ) | ||||||||
Net loss | (6,149,174 | ) | (2,128,683 | ) | (13,169,027 | ) | (10,163,289 | ) | ||||||||
Net (income) nonaccomplishment attributable to noncontrolling interest | - | (107 | ) | 280 | 39,394 | |||||||||||
Net nonaccomplishment attributable to Kopin Corporation | $ | (6,149,174 | ) | $ | (2,128,790 | ) | $ | (13,168,747 | ) | $ | (10,123,895 | ) | ||||
Net nonaccomplishment per share: | ||||||||||||||||
Basic and diluted | $ | (0.07 | ) | $ | (0.02 | ) | $ | (0.14 | ) | $ | (0.11 | ) | ||||
Weighted mean fig of communal shares outstanding: | ||||||||||||||||
Basic and diluted | 93,516,231 | 90,517,330 | 91,317,288 | 88,903,658 | ||||||||||||
Kopin Corporation | ||||||||
Condensed Consolidated Balance Sheets | ||||||||
(Unaudited) | ||||||||
September 24, 2022 | December 25, 2021 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and marketable securities | $ | 15,003,009 | $ | 29,295,466 | ||||
Accounts receivable, net | 8,531,835 | 12,113,070 | ||||||
Inventory | 6,660,810 | 6,581,139 | ||||||
Contract assets and unbilled receivables | 4,605,889 | 2,299,392 | ||||||
Prepaid and different existent assets | 1,726,225 | 1,918,678 | ||||||
Total existent assets | 36,527,768 | 52,207,745 | ||||||
Plant and equipment, net | 1,627,468 | 1,888,963 | ||||||
Operating lease right-of-use assets | 3,540,073 | 3,828,066 | ||||||
Other assets | 170,932 | 170,932 | ||||||
Equity investments | 7,612,065 | 4,912,022 | ||||||
Total assets | $ | 49,478,306 | $ | 63,007,728 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 4,936,931 | $ | 5,483,970 | ||||
Accrued expenses | 7,521,147 | 4,133,379 | ||||||
Contract liabilities and billings successful excess of gross earned | 1,097,919 | 4,063,031 | ||||||
Operating lease liabilities | 761,734 | 701,204 | ||||||
Customer deposits | 378,201 | 2,638,103 | ||||||
Deferred taxation liabilities | 424,433 | 513,417 | ||||||
Total existent liabilities | 15,120,365 | 17,533,104 | ||||||
Other agelong word liabilities | 1,395,603 | 2,739,531 | ||||||
Operating lease liabilities, nett of existent portion | 2,753,885 | 3,108,236 | ||||||
Total Kopin Corporation stockholders' equity | 30,381,067 | 39,799,191 | ||||||
Noncontrolling interest | (172,614 | ) | (172,334 | ) | ||||
Total stockholders' equity | 30,208,453 | 39,626,857 | ||||||
Total liabilities and stockholders' equity | $ | 49,478,306 | $ | 63,007,728 | ||||
View root mentation connected businesswire.com: https://www.businesswire.com/news/home/20221101005503/en/
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