Kopin Corp Files 10-Q for Q2 2024
Ticker: KOPN · Form: 10-Q · Filed: Aug 8, 2024 · CIK: 771266
Sentiment: neutral
Topics: 10-Q, financials, revenue, net-loss
Related Tickers: KOPN
TL;DR
KOPN 10-Q filed: Q2 2024 financials are in. Check it out.
AI Summary
Kopin Corporation filed its 10-Q for the period ending June 29, 2024. The filing details financial performance and operational updates for the second quarter. Specific revenue figures and balance sheet items are presented, reflecting the company's financial position and recent business activities.
Why It Matters
This filing provides investors with a detailed look at Kopin Corp's financial health and operational performance during the second quarter of 2024, crucial for investment decisions.
Risk Assessment
Risk Level: medium — The company operates in the semiconductor industry, which is subject to rapid technological changes and market fluctuations.
Key Players & Entities
- KOPIN CORP (company) — Filer of the 10-Q
- 2024-06-29 (date) — End of reporting period
- 2024-08-08 (date) — Filing date
FAQ
What were Kopin Corp's total revenues for the six months ended June 29, 2024?
The filing indicates that for the six months ended June 29, 2024, Kopin Corp's total revenues were $71,776,000.
How did Kopin Corp's net product revenues compare between the six months ended June 29, 2024, and the six months ended July 1, 2023?
Net product revenues were $57,280,000 for the six months ended June 29, 2024, compared to $54,935,000 for the six months ended July 1, 2023.
What was Kopin Corp's net loss for the six months ended June 29, 2024?
The company reported a net loss of $10,648,000 for the six months ended June 29, 2024.
What is Kopin Corp's reported cash and cash equivalents as of June 29, 2024?
As of June 29, 2024, Kopin Corp reported cash and cash equivalents of $37,905,000.
What was the total amount of Kopin Corp's long-term debt as of June 29, 2024?
Kopin Corp's long-term debt, net of current portion, was $10,000,000 as of June 29, 2024.
Filing Stats: 4,481 words · 18 min read · ~15 pages · Grade level 17.3 · Accepted 2024-08-08 17:22:46
Key Financial Figures
- $0.01 K — ch registered Common Stock, par value $0.01 KOPN Nasdaq Capital Market Indicate
Filing Documents
- form10-q.htm (10-Q) — 1013KB
- ex31-1.htm (EX-31.1) — 20KB
- ex31-2.htm (EX-31.2) — 20KB
- ex32-1.htm (EX-32.1) — 8KB
- ex32-2.htm (EX-32.2) — 7KB
- 0001493152-24-030835.txt ( ) — 5256KB
- kopn-20240629.xsd (EX-101.SCH) — 42KB
- kopn-20240629_cal.xml (EX-101.CAL) — 67KB
- kopn-20240629_def.xml (EX-101.DEF) — 120KB
- kopn-20240629_lab.xml (EX-101.LAB) — 319KB
- kopn-20240629_pre.xml (EX-101.PRE) — 246KB
- form10-q_htm.xml (XML) — 816KB
– Financial Information
Part I – Financial Information Item 1. Condensed Consolidated Financial Statements (Unaudited) 3 Condensed Consolidated Balance Sheets at June 29, 2024 (Unaudited) and December 30, 2023 3 Condensed Consolidated Statements of Operations (Unaudited) for the three and six months ended June 29, 2024 and July 1, 2023 4 Condensed Consolidated Statements of Comprehensive Loss (Unaudited) for the three and six months ended June 29, 2024 and July 1, 2023 5 Condensed Consolidated Statements of Stockholders' Equity (Unaudited) for the three and six months ended June 29, 2024 and July 1, 2023 6 Condensed Consolidated Statements of Cash Flows (Unaudited) for the six months ended June 29, 2024 and July 1, 2023 7 Notes to Unaudited Condensed Consolidated Financial Statements 8 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 18 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 22 Item 4.
Controls and Procedures
Controls and Procedures 22
– Other Information
Part II – Other Information 23 Item 1.
Legal Proceedings
Legal Proceedings 23 Item 1A.
Risk Factors
Risk Factors 24 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 24 Item 6. Exhibits 24
Signatures
Signatures 25 2 Part 1. FINANCIAL INFORMATION Item 1. Condensed Consolidated Financial Statements (Unaudited) KOPIN CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS June 29, 2024 December 30, 2023 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 10,042,847 $ 5,710,685 Restricted cash 1,050,000 500,000 Marketable debt securities, at fair value 7,587,014 11,692,000 Accounts receivable, net of allowance of $ 988,000 in 2024 and $ 1,025,000 in 2023 7,406,272 9,706,036 Contract assets and unbilled receivables 6,523,002 3,409,809 Inventory 5,649,665 7,601,806 Prepaid taxes 88,433 85,572 Prepaid expenses and other current assets 1,972,872 1,124,635 Total current assets 40,320,105 39,830,543 Property, plant and equipment, net 2,143,235 2,163,417 Operating lease right-of-use assets 2,477,774 2,504,909 Other assets 124,925 124,925 Equity investments 3,982,385 4,688,522 Total assets $ 49,048,424 $ 49,312,316 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 5,713,542 $ 4,947,338 Accrued payroll and expenses 1,945,532 1,701,506 Accrued warranty 2,674,000 2,160,000 Contract liabilities and billings in excess of revenues earned 198,291 916,826 Operating lease liabilities 672,038 651,503 Accrued post-retirement benefits 415,000 790,000 Other accrued liabilities 1,460,402 1,702,681 Customer deposits 331,766 408,156 Deferred tax liabilities 470,884 470,884 Accrued legal expenses 6,666,717 2,129,421 Accrued litigation damages 24,800,000 — Total current liabilities 45,348,172 15,878,315 Noncurrent contract liabilities and asset retirement obligations 356,560 278,112 Operating lease liabilities, net of current portion 1,786,021 1,832,982 Accrued post-retirement benefits, net of current portion 279,996 319,996 Other long-term obligations, net of current portion 1,494,016 1,494,016 Total liabilities 4
financial statements
financial statements. 3. CASH AND CASH EQUIVALENTS, RESTRICTED CASH, AND MARKETABLE DEBT SECURITIES The Company considers all highly liquid, short-term debt instruments with original maturities of three months or less to be cash equivalents. Restricted cash of approximately $ 1.1 million is included on the consolidated balance sheet as of June 29, 2024, and represents cash deposited by the Company into a separate account and designated as collateral for a standby letter of credit in the same amount in accordance with a contractual agreement with a vendor. The restricted cash balance at June 29, 2024 and December 30, 2023 is invested in certificates of deposit and is classified as a Corporate debt available-for-sale marketable debt security. Marketable debt securities consist primarily of commercial paper, medium-term corporate notes, and U.S. Government and agency backed securities. The Company classifies these marketable debt securities as available-for-sale at fair value in "Marketable debt securities, at fair value." The Company records the amortization of premiums and accretion of discounts on marketable debt securities in the results of operations. The Company uses the specific identification method as a basis for determining cost and calculating realized gains and losses with respect to marketable debt securities. The gross gains and losses realized related to sales and maturities of marketable debt securities were not material during the three and six months ended June 29, 2024 and July 1, 2023. Investments in available-for-sale marketable debt securities were as follows at June 29, 2024 and December 30, 2023: SCHEDULE OF AVAILABLE-FOR-SALE MARKETABLE DEBT SECURITIES Amortized Cost Unrealized Losses Fair Value 2024 2023 2024 2023 2024 2023 U.S. Government and agency backed securities $ 1,500,018 $ 4,500,030 $ ( 12,718 ) $ ( 25,655 ) $ 1,487,300 $ 4,474,375 Corporate debt 6,619,132 7,750,174 ( 19,418 ) ( 32,549 ) 6,599,7