Kopin(US:KOPN)2024-11-12 13:00Revenue Growth - Q3 2024 total revenue increased 26% to $13.3 million compared to $10.6 million in Q3 2023[1] - Q3 2024 product revenues increased 98% year-over-year, with defense product revenues up 109% and industrial product revenues up 58%[1][4] - Net product revenues for the three months ended September 30, 2024, increased to $10.92 million from $5.51 million in the same period last year, representing a 98.5% growth[14] - Total revenues for the nine months ended September 28, 2024, reached $35.69 million, up from $31.82 million for the same period in 2023, reflecting a 12.0% increase[14] - Total display revenues for the three months ended September 28, 2024, were $13.3 million, compared to $10.6 million in the prior year, an increase of 25.5%[15] - Display revenues from the defense category for the three months ended September 28, 2024, were $10.4 million, up from $5.0 million in the same period last year, a growth of 108.0%[15] Expenses - Cost of product revenues for Q3 2024 was $8.3 million, or 76% of net product revenues, down from 99% in Q3 2023[5] - Selling, General and Administration (SG&A) expenses increased to $5.2 million from $4.8 million in Q3 2023, primarily due to higher legal fees[7] - Research and Development (R&D) expenses decreased by 16% to $2.6 million compared to $3.1 million in Q3 2023[6] - The cost of product revenues for the three months ended September 30, 2024, rose to $8.32 million, compared to $5.44 million in the prior year, an increase of 53.1%[14] - Selling, general, and administrative expenses for the nine months ended September 28, 2024, increased to $19.71 million from $15.91 million in the same period last year, a rise of 23.0%[14] - Litigation damages recorded for the nine months ended September 28, 2024, amounted to $24.8 million, with no such expenses reported in the prior year[14] Net Loss - Net loss for Q3 2024 was ($3.5) million, or ($0.03) per share, compared to a net loss of ($2.5) million, or ($0.02) per share in Q3 2023[8] - The net loss for the three months ended September 30, 2024, was $3.46 million, compared to a net loss of $2.45 million in the same period last year, representing a 41.2% increase in losses[14] - Basic and diluted net loss per share for the three months ended September 30, 2024, was $(0.03), compared to $(0.02) in the prior year[14] Research and Development - Funded research and development revenues declined by $2.7 million or 54% due to the completion of certain defense development programs[4] - Research and development revenues decreased to $2.27 million for the three months ended September 30, 2024, compared to $4.96 million in the prior year, a decline of 54.3%[14] - New products introduced include high-resolution spatial light modulators for biomedical research and advancements in AI-enabled NeuralDisplay™ technology[3] Future Outlook - The company expects to achieve double-digit revenue growth for 2024, supported by a strong order pipeline and new development projects[2][3] Current Assets - Total current assets increased to $63.0 million as of September 28, 2024, compared to $39.8 million at the end of 2023[13]