Kopin Q1 Top-Line Misses Due To Supply Chain Crisis Which Are Likely To Persist

Kopin Corp KOPN reported a flattish first-quarter FY22 revenue year-on-year of $11.6 million, missing the consensus of $12.03 million.
Revenues from Defense Applications declined 4% Y/Y to $4.8 million, while Industrial/Enterprise Applications decreased 25% Y/Y to $1.5 million.
Product revenues declined 14% Y/Y to $6.51 million, while R&D revenues grew 37.8% Y/Y to $4.91 million.
EPS loss of $(0.02) topped the consensus loss of $(0.03).
The company held $26.3 million in cash and equivalents.
"We are off to a good start for fiscal year 2022. While revenues in the first quarter of 2022 were essentially flat with the first quarter of last year as we experienced some production disruption in the last few weeks of the quarter owing to certain materials shortages caused by the global supply chain issues, demand for our products remains strong," CEO Dr. John C.C. Fan said. "Although we expect intermittent supply chain disruptions for some of our materials, based on discussions with our vendors and other actions we have taken, we continue to expect to meet our financial growth goals for the year."
Price Action: KOPN shares closed higher by 1.88% at $1.63 on Monday.

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