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Kopin Corporation (KOPN) delivers cutting-edge optical solutions and wearable technologies for defense, simulation, and consumer markets. This dedicated news hub provides investors and industry professionals with timely updates on the company's technological advancements and strategic developments.
Access comprehensive coverage of Kopin's press releases, including product innovations, R&D milestones, and defense sector partnerships. Our curated collection features essential updates on microdisplay enhancements, spatial light modulation breakthroughs, and integrated wearable system deployments.
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Kopin (Nasdaq: KOPN), a developer of high-performance optical solutions, announced the resignation of board director Scott Anchin, effective May 31st. Anchin, who also served as head of the audit committee, has accepted a new employment agreement requiring him to step down from all outside board roles. Chairman James Brewington acknowledged Anchin's contributions, particularly in the appointment and transition of current CEO Michael Murray. To find a replacement, Kopin has enlisted Egon Zehnder, a global leadership advisory firm. This development aims to ensure a seamless transition and sustained leadership for the company.
Kopin reported its financial results for Q1 2024. Product revenues increased by 18% year-over-year, driven by a 28% rise in defense product revenues, mitigated by a 17% drop in industrial product revenues. The company expects double-digit revenue growth in 2024, buoyed by new contracts, including a $20.5M order for a new weapon sight configuration. However, total revenues decreased by 7% to $10M, impacted by a 69% decline in R&D revenues. Kopin faced a net loss of $32.5M, a significant increase from the $2.6M loss in Q1 2023, attributed to higher costs and a $24.8M litigation judgment.
Kopin (NASDAQ: KOPN) has secured a new contract from a Defense customer to integrate its OLED microdisplay with a low-latency digital night vision sensor (PEDBNVIS). This project aims to enhance the performance of next-generation night vision systems by eliminating the need for optical overlays, thus reducing size and power consumption. The goal is to create a fully digital night vision device capable of displaying various spectral and symbology information in a compact assembly. Bill Maffucci, Kopin’s SVP of Business Development, highlights that achieving program objectives will open significant high-volume production opportunities for Kopin's OLED displays.
Kopin (NASDAQ: KOPN) will host an earnings call on Tuesday, May 14, 2024, to discuss its financial results for the first quarter of 2024. The call will be held at 8:30 AM Eastern Time, with financial results being released prior to the call.
Kopin (NASDAQ: KOPN) appointed Greg Truman as Vice President, Business Development for Europe, Middle East, and Asian/Pacific markets to focus on international opportunities for optical solutions and microdisplay products. Truman's experience in microdisplays will aid in generating additional revenue streams across various applications.
Kopin (NASDAQ: KOPN) will showcase daytime and nighttime readable Head-Up Display (HUD) concepts at SOF Week in Tampa, Florida. The company aims to meet the demand for advanced head-mounted display solutions that provide clear visibility in all lighting conditions. Kopin's products capitalize on their technology portfolio and experience with Warfighter vision systems to offer solutions that enhance situational awareness for the Warfighter. The company is committed to providing high-performance display technologies for various applications, emphasizing their ability to meet the operational needs of the armed services.
Kopin (NASDAQ: KOPN) has secured a third production order for its OLED microdisplays for thermal imaging vision systems to be used by the Indian Armed Forces, expanding its customer base. The order consists of over 1,200 units to be delivered over six months, enhancing situational awareness and performance for end users. This move allows Kopin to tap into the Indian defense market, showcasing the quality and reliability of its products.
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