Benzinga | Nov 2, 2021 05:29PM EDT

Kopin Clocks 14% Revenue Growth In Q3, Tops Consensus

* Kopin Corp (NASDAQ:KOPN) reported third-quarter FY21 revenue growth of 14% year-on-year to $10.9 million, beating the consensus of $10.3 million.

* Revenues from Defense Applications declined to $3.8 million, while Industrial Applications rose to $2.7 million.

* Net product revenues grew 1.6% Y/Y to $6.6 million. Research and development and other revenues expanded 42% Y/Y to $4.3 million.

* Non-GAAP EPS loss of $(0.02) beat the consensus loss of $(0.04).

* The company used $3.5 million in operating cash flow and held $31.8 million in cash and equivalents.

* "We had strong third-quarter results, with revenues increasing 14% year over year, reflecting growing demand across our key markets, including defense, industrial, and consumer," CEO Dr. John C.C. Fan said.

* Price Action: KOPN shares closed higher by 2.95% at $5.93 Tuesday.