Benzinga | May 4, 2021 04:08PM EDT

Kopin Reports Mixed Q1 Earnings

* Kopin Corp (NASDAQ: KOPN) reported first-quarter FY21 revenue growth of 48% year-on-year to $11.7 million, beating analyst consensus of $11.45 million.

* Defense production and funded development programs drove the revenue growth, CEO Dr. John C.C. Fan said.

* Defense revenue rose 42.9% to $5 million; Industrial/Enterprise revenue declined 9.1% to $2 million; Consumer revenue increased 150% to $0.5 million; Research and development (R&D) revenue rose 80% to $3.6 million, reflecting the significant opportunities in the augmented and virtual reality space. License and Royalties revenue was $0.6 million.

* The gross margin expanded 1,000 basis points to 15%.

* Non-GAAP net loss declined 48.6% to $1.8 million, and Non-GAAP loss per share of $0.02 was at par with analyst consensus.

* The company used $0.1 million in operating cash flow, and it held $35.6 million in cash and equivalents.

* Price action: KOPN shares closed higher by 1.78% at $7.99 on Tuesday.