Q2 2024 Kopin Corp Earnings Call Transcript
Key Points
- Kopin Corp (KOPN) received over $55 million in orders for 2024 and beyond, including new customers from the US and Europe, indicating an expanding revenue and customer base.
- The company reported $12.3 million in revenue for Q2 2024, with defense applications showing a year-over-year growth of 106% to $10.4 million.
- Incoming inspection rates at top customers improved to 97%, positively impacting product gross margins.
- Kopin Corp (KOPN) has a strong opportunity pipeline valued at over $500 million, with $350 million in the defense market.
- The company is making progress on its strategic initiatives, including the development of advanced display technologies for defense and consumer applications.
- Funded research and development revenues decreased by $2.7 million in Q2 2024 compared to Q2 2023 due to the completion of several programs.
- SG&A expenses increased to $7.3 million in Q2 2024 from $6.5 million in Q2 2023, primarily due to higher legal fees.
- The net loss for Q2 2024 was $5.9 million, although this was an improvement from the $8.2 million loss in Q2 2023.
- The consumer segment is expected to remain minimal throughout the year, with limited revenue contribution.
- The geopolitical issues in China and Korea have negatively impacted the 3D AOI market, which remains de minimis for Kopin Corp (KOPN).
Good morning, everyone, and welcome to the Kopin Corporation second quarter 2024 earnings call. (Operator Instructions) Please note this event is being recorded.
At this time, I'd like to turn the conference call over to Brian Prenoveau, Investor Relations for Kopin. Please go ahead.
Thank you, Cindy. Good morning, everyone. Before we get started, I'd like to remind everyone that during today's call taking place on Thursday, August 8, 2024, we will be making forward-looking statements as defined in the Private Securities Litigation Reform Act 1995.
These statements are based on the company's current expectations, projections, beliefs and estimates and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those forward-looking statements.
Potential risks include, but are not limited to demand for our products, operating results of our subsidiaries, market conditions and other factors discussed in our most recent annual report on
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