The following is a summary of the Kopin Corporation (KOPN) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Kopin Corporation reported Q1 2024 total revenues of $10 million, marking a 7% decrease year-over-year.

• The company saw a rise in product revenues to $9 million, a result of a $1.8 million YoY increase in defense product revenues.

• The cost of product revenues accounted for 95% of product revenues in Q1 2024, increasing from 87% in Q1 2023.

• Kopin recorded a net loss of $32.5 million or $0.27 per share, influenced by a $2.6 million hike in legal fees due to BlueRadios litigation.

• The company anticipates that Q2 will witness the end of heavy litigation expenses, forecasting a normalization of SG&A expenses to lower levels onward.

Business Progress:

• Kopin Corporation achieved its sixth consecutive positive book-to-bill quarter with an order backlog over $55 million for 2024.

• The company's customer base expanded with new contracts including a high-resolution microdisplay for the Navy, and advanced simulated binoculars for BlueHalo LLC.

• Key initiatives include the development of an OLED display with embedded sensors and AI, the partnership with MICLEDI Microdisplays, and commencement of the One Kopin initiative to enhance internal efficiency

• New business angles include exploring opportunities in European and Asian markets and potential monetization of portfolio companies' shares.

• The company expects to triple weapon sights shipment volume in 2024 and is evolving the display comfort for AR/VR systems.

• With a significant enhancement in the on-time in-full rate and the stabilization of their fab facility, prospects are better for their display technology, OLED capability, and augmented reality products.

More details: Kopin IR

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