Benzinga | Aug 3, 2021 01:49PM EDT

Kopin Stock Falls On Q2 Earnings Miss Following Mixed Segment Results

* Kopin Corp (NASDAQ:KOPN) reported second-quarter FY21 revenue growth of 12% year-on-year to $9.9 million, missing the analyst consensus of $11.16 million.

* Cost of Product Revenues increased 25% to $6.0 million primarily due to lower manufacturing efficiencies driven by lower volumes of FWSi production.

* Revenues from Defense Applications declined 15.6% Y/Y to $3.8 million, Industrial Applications rose 85.7% to $2.6 million, and Consumer and Other Applications reduced 37.5% to $0.5 million.

* Research and Development revenue increased 58.8% Y/Y to $2.7 million, while License and Royalties revenue declined 25% to $0.3 million.

* Net product revenues grew 3.9% Y/Y to $6.93 million. Research and development and other revenues expanded 38.8% Y/Y to $2.98 million.

* Non-GAAP loss per share of $(0.04) missed the analyst consensus for a loss of $(0.02).

* The company used $5.4 million in operating cash flow during the quarter. It held $30.8 million in cash and equivalents as of June 26, 2021.

* Kopin continued to see growing demand for its products across its key business segments, including defense, enterprise, and consumer, CEO John C.C. Fan stated.

* Kopin developed a 35,000 nit HDR Green OLED Microdisplay. It collaborated with a Japanese Company for Color LED Microdisplay. Kopin also introduced the First All-Plastic Pancake Optics for VR and MR.

* Price action: KOPN shares traded lower by 17% at $5.51 on the last check Tuesday.