|Over a week ago|
Kopin 14M share Spot Secondary priced at $1.00 » 09:0901/2501/25/23
The deal priced below…
The deal priced below last closing price of $1.22. Stifel is acting as sole book running manager for the offering.
Fly Intel: After-Hours Movers » 18:1101/2401/24/23
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Check out this evening's…
Kopin announces common stock, warrants offering, no amount given » 16:0501/2401/24/23
Kopin Corporation announced that it intends to offer shares of its common stock and pre-funded warrants for sale in an underwritten public offering. Kopin intends to use the net proceeds from the offering for working capital and general corporate purposes. Stifel is acting as sole book running manager in connection with the public offering.
Kopin provides restructuring update » 09:1301/1901/19/23
Kopin Corporation provided an update on its restructuring activities. "On January 5, 2023, we announced a restructuring, which included the partial spinout of our OLED development unit and a reduction in force," said Michael Murray, Kopin's Chief Executive Officer. "This week, we informed our employees that to accelerate application understanding, drive efficiencies and increase focus, we have reorganized the Company. We are confident these changes, along with the steps taken in the prior quarter, will lead to improved functional expertise, focus, and leadership. One of the key changes is separating business and program capture from program management. This will ensure focus on filling our pipeline with opportunities that align with our strategic plan, whilst we deliver to our customers 'on time and in full,' which is critical for profitability. To this end, we have been performing program reviews with our customers, and in some cases slowing deliveries to ensure we are delivering the highest quality products. In addition, in select situations, we are negotiating potential exits from non-profitable endeavors, if they cannot be rectified. These actions had some impact on revenue in the fourth quarter of fiscal 2022 and we expect revenue for the fourth quarter will be approximately $11.0 to 11.5 million. In addition, we anticipate these actions will lead to less revenue in the first quarter of fiscal 2023 and for the remainder of fiscal year 2023. Although these decisions are difficult and impactful, they are critical to align with our renewed focus on quality, on time delivery and operational excellence while driving towards our goals of long term, sustainable and profitable growth," concluded Mr. Murray.
Kopin enters pact with Lightning Silicon Technology, to reduce workforce » 09:1201/0501/05/23
Kopin announced it has…
Kopin announced it has entered in a technology license agreement with Lightning Silicon Technology, a California company. Lightning Silicon is a company formed by John C.C. Fan, Kopin's chairman of board, and former CEO, to develop and supply advanced organic light emitting diode, or OLED, microdisplays for the consumer augmented reality, or AR, and virtual reality, or VR, markets. Under the terms of the agreement Lightning Silicon will receive a license to certain Kopin intellectual property to develop, manufacture and sell OLED technologies for use in the consumer market. Kopin will receive an equity interest in Lightning Silicon and royalties from the sale of products related to the licenses. Kopin retains the ability and rights to develop, manufacture and sell OLED displays and complete optical solutions that include microdisplays to its core base in the defense and enterprise markets, as well as value added Consumer applications. We believe Kopin is the only provider that can offer fully integrated optical solutions with OLED, LCD, LCOS and micro-LED microdisplay technology, enabling it to provide the right technology for the application. "This Agreement is part of our plan to restore profitability to Kopin by focusing our resources on new and existing defense, industrial and consumer applications which are in line with our strategic plan," said Mr. Michael Murray, Kopin's CEO. "The agreement allows Kopin to reduce personnel, development and operational costs associated with OLED development, while continuing to both serve our core markets with all microdisplay technologies and participate in the consumer market upside, as it matures. In addition to the employees moving to Lightning Silicon, we also reduced headcount in our other product lines due in part to our operational improvement strategies providing increased efficiencies. As a result of the transactions above Kopin's annualized payroll expense, excluding severance and similar benefits, are expected to decrease by approximately 25% since December 31, 2022," said Murray.
|Over a quarter ago|
Kopin reports Q3 EPS (5c), consensus (4c) » 08:0611/0111/01/22
Reports Q3 revenue…
Reports Q3 revenue $13.4M, consensus $.
Kopin receives $3M production otder » 08:3409/2909/29/22
Kopin announced it has…
Kopin announced it has received an initial $3M production order for a new weapon sight module. The order calls for deliveries in 2023.
Kopin appoints Michael Murray as new CEO » 08:3609/0709/07/22
Kopin announced Mr.…
Kopin announced Mr. Michael Murray has succeeded Dr. John C. C. Fan as CEO, effective September 6. Dr. Fan has held the role of CEO, along with Chairman, since he founded the Company in 1985. Mr. Murray will also join Kopin's Board of Directors.
Kopin reports Q2 EPS (6c) , consensus (3c) » 08:3808/0208/02/22
Reports Q2 revenue…
Reports Q2 revenue $11.9M, consensus $12.56M. "We had a good second quarter with overall revenues up 20% over the second quarter of last year, which were driven by the strong 30% year-over-year growth of product revenue," said Dr. John C.C. Fan, Kopin's CEO. "We achieved this growth while at the same time managing through the intermittent supply chain disruptions for some of our materials. We believe the supply issues are getting better, though they are not over." "Our defense business was very strong in the second quarter of 2022 with 87% year-over-year product revenue growth. In the second quarter of 2022, we announced another order of our displays for F-35 helmets and a follow-on development order for imaging systems used in armored vehicles. After quarter end we announced a new $3.8 million production order for our Brillian high-brightness color displays for helicopter pilot helmets. Each of these three programs use different Kopin microdisplays technologies. We are proud to point out that we are the sole-source microdisplay supplier to the three programs. In addition, we continue to see strong growth potential in defense markets due to the turbulence in Europe and geopolitical tensions. The growth in the defense business was partially offset by lower revenues in Industrial/Enterprise business, which declined 38% year over year in the second quarter of 2022 primarily driven by lower product sales for wearable headsets. During the second quarter we also announced a new Korean 3D automated optical inspection customer for our spatial light modulators . With this win we are now supplying our high speed, high performance SLMs to three leading Korean 3D AOI equipment manufacturers, in addition to other key manufacturers in China, Japan and Germany," said Dr. Fan.
Kopin gets $1M production order from Nexstar » 08:3506/2106/21/22
Kopin announced that its…
Kopin announced that its wholly owned subsidiary, Forth Dimension Displays Limited , has secured a $1M production order from Nexstar Technology , headquartered in Gyeonggi Province, South Korea. The order is to provide Spatial Light Modulators for Nexstar's new Nexman GENIO series of 3D Automated Optical Inspection and 3D Solder Paste Inspection equipment.