Kopin Corporation Inc. (NASDAQ: KOPN) stock declined by 12.97% in the current market trading. Kopin Corporation is a prominent developer and distributor of cutting-edge wearable computing technology and essential components for use in defense, industrial, and consumer goods.
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KOPN stock, Financial Highlights
Kopin Corporation announced its second quarter 2021 financial results. The summary is stated below:
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- Net revenues for Q2 2021 were $9.9 million which is an increase of 8.8 million in the second quarter ended June 27, 2020, a year-over-year increase of 12%.
- Cost of Product Revenues was $6.0 million in the second quarter ended June 26, 2021, relative to $4.8 million in the second quarter 2020.
- In the second quarter of 2021, research and development costs were $3.9 million, up from $2.2 million in the second quarter of 2020, a 75 percent increase year over year. A rise in research and development expenses for the customer-funded defense programs, as well as internal OLED development initiatives, drove the increase.
- In the second quarter of 2021, selling, general, and administrative costs were calculated as $4.0 million, an increase from $2.9 million in the Q2 of 2020.
- The second quarter of 2021 saw a $3.8 million net loss attributable to Kopin Corporation, or $0.04 per share, relative to a $1.1 million net loss attributable to Kopin Corporation, or $0.01 per share, in the second quarter of 2020.
- For the second quarter ended June 26, 2021, total cash used in continuing operations was about $5.4 million.
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John C.C. Fan, CEO of KOPN stock stated,
A multi-year production deal with a prominent worldwide consumer electronics partner to produce a 1″-diagonal 2K x 2K full-color LED microdisplay was also just revealed. Superhigh-resolution full-color LED microdisplays with brightness reaching 100,000 nits can open up new and interesting microdisplay applications while also meeting the rigorous criteria of some AR and MR applications. The LED microdisplays developed as part of this partnership will broaden our microdisplay portfolio, making us the only company in the world to provide LCD, LCOS, OLED, and LED microdisplays on silicon.
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In brief, they’ll keep growing their existing company while also constantly innovating and improving their technology, laying the way for future development in AR/VR/MR applications. They think they are well positioned to take advantage of the current market conditions.