- Kopin Corp KOPN reported a first-quarter FY23 revenue decline of 7% year-on-year to $10.8 million, beating the consensus of $9.8 million.
- Revenues from Defense Applications grew by 35% Y/Y to $6.4 million, while Industrial Applications decreased by 39% Y/Y to $1.0 million.
- Product revenues increased by 17.6% Y/Y to $7.7 million, while R&D revenues fell 41% Y/Y to $2.9 million.
- EPS loss of $(0.03) is in line with the consensus.
- The company held $29.6 million in cash and equivalents.
- CEO Michael Murray said, "We believe we are slightly ahead of our strategic initiatives and goals of cash flow breakeven by year-end, which are the bedrock for significant and sustainable revenue and profitable growth in 2024."
- Price Action: KOPN shares traded higher by 6% at $1.06 on the last check Thursday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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