March 12, 2019

Kopin Corp. lost $35M in 2018

Photo | Google
Kopin Corp.'s Westborough headquarters

Westborough wearable optical equipment manufacturer Kopin Corp. said it lost more than $35 million in 2018 as it saw revenues decline about 23 percent.

The company's $35.4-million loss was a downgrade from the $25.4 million it lost in 2017.

Part of the revenue decrease in the fourth quarter was due to the completion of a military program at a subsidiary, but CEO John Fan said the consumer market has not developed on the company's anticipated schedule.

According to the company's financials, the company's consumer electronics business saw $4.1 million in business compared to $4.4 million in 2017.

"Development of virtual reality (VR) applications continues to lag and we believe one of the catalysts to drive innovation is an increase in the supply of high-resolution organic light emitting diode (OLED) displays at lower cost," Fan said in a statement.

Military applications continue to lead the way for the company, but that part of the business declined as well in 2018 with $8.7 million in revenue compared to $13.4 million in 2017.

In 2019, the company expects its weapon-sight business to continue to carry that segment, in addition to an armored vehicle program the company expects to capitalize on over the year.

The company has ramped up shipments of displays into the Joint Strike Fighter F-35 program with an unnamed industry partner.

The company ended the year with significantly less cash than when it ended 2017 -- $37.2 million compared to $68.8 million.

That could change, as Kopin had 10 patents granted in the fourth quarter and filed for three others, giving it more than 300 patents and patents pending.

"We enter 2019 with strong military and industrial programs in place, while our development efforts will focus on commercializing our Lightning OLED products," Fain said. "We are excited about both the short- and long-term opportunities ahead for Kopin," said Fan.

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