Kopin reports Q3 EPS (2c), two estimates (3c)

Reports Q3 revenue $10.6M, consensus $10.0M. “The third quarter of 2023 was marked by positive momentum with follow-on orders and strong customer engagement and satisfaction,” said Michael Murray, Kopin’s CEO. “Our performance and outlook were supported by our fourth consecutive quarter of positive book to bill with a ratio of approximately two to one. During the third quarter, we achieved a new record level for orders received within the year since the divesture of the HBT business ten years ago. Driving our strong book to bill ratio were two significant follow-on orders from strategic customers during the quarter, including a $12.8 million order for the Thermal Weapon Sight Program and a $3.4 million order for the F-35 Joint Strike Fighter Program. The increased size of these orders is a direct result of our intense focus on improved customer engagement, and the improvements in our manufacturing processes and equipment have allowed Kopin to maintain a high ratio of on-time and in-full deliveries. We continue to take a disciplined approach to cost controls which has led to strategically reducing research & development and certain selling, general and administration expenses. The benefit of our cost controls efforts has significantly improved our bottom line and we were close to achieving our cash breakeven goal for the quarter, excluding the impact of non-cash stock compensation expense and legal costs from ongoing litigation.”