Kopin(US:KOPN)2024-08-08 11:30Financial Performance - Q2 2024 total revenues were $12.3 million, an 18% increase from $10.5 million in Q2 2023[6] - Product revenues increased 84% year-over-year, with defense product revenues rising by $5.4 million or 106%[6] - Net product revenues for the three months ended June 29, 2024, were $11,054,030, a 83.5% increase compared to $6,011,393 for the same period last year[13] - Total revenues for the six months ended June 29, 2024, reached $22,369,064, up 5.4% from $21,218,047 in the prior year[13] - The company reported a net loss of $5,921,998 for the three months ended June 29, 2024, compared to a net loss of $8,180,379 for the same period last year, representing a 27.5% improvement[13] - Basic net loss per share improved to $(0.05) for the three months ended June 29, 2024, compared to $(0.07) for the same period last year[13] Expenses - R&D expenses decreased by 41% to $1.8 million from $3.1 million in Q2 2023, with customer-funded R&D declining by $1.5 million[8] - SG&A expenses increased to $7.3 million from $6.5 million, primarily due to a rise in legal fees[9] - Research and development revenues decreased to $1,170,329 for the three months ended June 29, 2024, from $3,884,225 in the same period last year, a decline of 69.9%[13] Assets and Liabilities - Total current assets increased to $40,320,105 as of June 29, 2024, compared to $39,830,543 at the end of December 30, 2023[14] - Cash, restricted cash, and marketable securities rose to $18,679,861 as of June 29, 2024, up from $17,902,685 at the end of the previous year[14] - Total current liabilities surged to $45,348,172 as of June 29, 2024, compared to $15,878,315 at the end of December 30, 2023, indicating a significant increase[14] - The company recorded litigation damages of $24,800,000 as a current liability, which was not present in the previous reporting period[14] - Total stockholders' equity decreased to $(216,341) as of June 29, 2024, from $29,508,895 at the end of December 30, 2023, reflecting a substantial decline[14] Growth Opportunities - Five new customer development orders were secured, indicating potential multi-million dollar annual production revenue opportunities[2] - The U.S. Army's Next Generation-Short Range Interceptor (NG-SRI) system development contract could yield tens of millions in revenue at peak production starting in 2027[3] - Kopin is focusing on expanding into new international markets and leveraging a strong order book for future growth[5] - The company is advancing its AI-enabled NeuralDisplay™ technology and collaborating with firms like Wilcox Industries on new products[4] Cost Management - Cost of product revenues decreased to 79% of net product revenues, improving gross margins by approximately $1.3 million[7]