Kopin Corp. reports strong quarter, year
Kopin Corp. of Westborough, which specializes in wearable technology, reported revenue growth of 39 percent in its 2014 fiscal year, which ended Dec. 27.
For the fourth quarter, revenue of $10.6 million nearly doubled from the fourth quarter of a year earlier, when revenue was $5.5 million.
Net loss for the fourth quarter of 2014 was $5.3 million, or $0.08 per share, compared with a net loss of $9.7 million, or $0.16 per share, for the same period of 2013, the company reported Tuesday. The fourth quarter of 2013 included noncash charges to write-down intangible assets of approximately $1.5 million and an equity investment of approximately $2.5 million, the statement said.
Total revenues for fiscal year 2014 were $31.8 million, compared with $22.9 million for the year in 2013.
“2014 was an important year for Kopin and we have made substantial progress since announcing our strategy to reinvent the company as the leading provider of technologies and solutions for the coming wearable world,” said John Fan, Kopin president and CEO. “And with a strong cash position and a debt-free balance sheet, we have the means to execute our strategy and maintain our level of investment in the growing wearable systems market as we head into 2015.”
Kopin is a developer of head-worn computing and display systems for military, industrial and consumer customers.
Fan also said the wearable industry seems to have shifted more toward enterprise applications. “At Kopin we have always believed that enterprise applications are the logical initial entry point for smart headsets and we have focused our Golden-i headsets for enterprise applications over the past five years.” The company’s Golden-i wireless headsets are operated by voice commands and head movements.
Kopin said in the statement: “Additionally, two years ago, we added our focus to consumer applications. … Along with developing smaller, more efficient optical engines, we have placed significant emphasis on voice, which we believe will become the new touch. We have made great progress in these key enabling technologies and we are confident that consumer smart headsets are very viable and are close to reality.”
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