Revenue Growth
Total revenues for Q1 2025 were $10.5 million, a 5% increase year-over-year from $10 million in Q1 2024.
Improved Cost Efficiency
Cost of product revenues decreased from $8.5 million (95% of net product revenues) in Q1 2024 to $7.6 million (83% of net product revenues) in Q1 2025, primarily due to improved manufacturing quality and less waste.
Reduced Legal Fees
SG&A expenses decreased from $7.2 million in Q1 2024 to $4.7 million in Q1 2025, primarily due to a $2.9 million decrease in legal fees.
New Contract Wins
In the first quarter of 2025, Kopin announced approximately $28 million of new contract wins and awards with a book-to-bill ratio better than 2.8:1.
Strong R&D Revenue Growth
Funded research and development revenues increased by 37% to $1.2 million from $900,000 in Q1 2024, driven by an increase in funding for U.S. defense programs.
Strategic Focus on Defense
Kopin is the sole source provider of micro displays for several Department of Defense programs and has a strategic focus on defense, with expected 2025 revenue between $52 million and $55 million.