Kopin Corporation reported total revenues of $13.3 million for the third quarter ended September 28, 2024, marking a 26% increase compared to $10.6 million in the prior year's third quarter. Product revenues surged by 98% year-over-year, with defense product revenues increasing by $5.4 million, or 109%.
The cost of product revenues as a percentage of net product revenues decreased to 76% in Q3 2024 from 99% in Q3 2023, attributed to a favorable product mix and improved quality. Research and Development (R&D) expenses decreased by 16% to $2.6 million, while internal R&D increased by $0.7 million due to NeuralDisplay™ advancements.
Kopin completed production qualification of its OLEDoS display for Collins Aerospace’s F-35 Lightning II Helmet Mounted Display System and received a $2 million follow-on order for the F-35 HMDS. The net loss for the quarter was ($3.5) million, or ($0.03) per share, compared to ($2.5) million, or ($0.02) per share, in Q3 2023. Management reaffirmed expectations for double-digit revenue growth for the full year 2024.
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