Kopin Corp.'s Q1 revenue increases 28%
Photo | Kopin Corp.
Kopin Corp. will begin selling its SOLOS smartglasses for $499.
Wearable technology manufacturer Kopin Corp. increased its first quarter revenue by 28 percent on the back of its F-35 fighter jet pilot helmet program, but still had a net loss of $4.7 million.
The Westborough company reported its first-quarter earnings Tuesday, which included revenues of $5.6 million, which the company largely attributed to its military sales.
Kopin singled out its F-35 fighter jet program, where Kopin is the exclusive supplier of displays for pilot helmets.
The company noted its weapon sights programs for the military, and shipments of 5,000 eyepieces is slated to begin in August.
An armored vehicle program won last quarter was just expanded to include the development of additional eyepiece scopes, which increases the value of the program from $40 million to $80 million, CEO John Fan said in a statement.
Another product line, the Brillian LCD microdisplay, has been well received by the military for aviation applications, Fan said.
According to the earnings report, $2.3 million of the quarter’s revenue came from military applications, while $1.8 came from industrial applications.
On the consumer side, the company will begin Wednesday the shipping of its SOLOS smartglasses for sports and consumer fitness, which retail for $499.
The $4.7-million loss is, however, an improvement over last year’s first quarter, when the company lost nearly $8 million on revenues of $4.3 million.
The company does have other projects in the works with mote than 300 patents pending.
Kopin had $61 million in cash and equivalents at the end of the quarter and used just $6.1 million of that cash in the first quarter.
The year’s revenues are expected to be between $35 million and $40 million, according to CFO Richard Sneider.
“Similar to last year, our revenues will trend substantially to the second half of the year, and our goal is to achieve break even on profitability by the end of 2019,” Sneider said.
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