Kopin Corp Files Q3 2024 10-Q

TL;DR

**KOPN Q3 2024 10-Q filed. Financials out.**

AI Summary

Kopin Corporation filed a 10-Q for the period ending September 28, 2024. The filing details financial performance, including revenues and expenses, for the third quarter and year-to-date periods. Specific financial figures and operational details are provided within the report.

Why It Matters

This filing provides investors and analysts with the latest financial health and operational performance of Kopin Corporation, crucial for investment decisions.

Risk Assessment

Risk Level: medium — As a technology company in the semiconductor industry, Kopin faces inherent risks related to market demand, competition, and technological obsolescence.

Key Numbers

• 2024-09-28 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
• 2024-11-12 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)

Key Players & Entities

• KOPIN CORP (company) — Filer of the 10-Q report
• 2024-09-28 (date) — End of the reporting period
• 2024-11-12 (date) — Filing date of the report
• SEMICONDUCTORS & RELATED DEVICES (industry) — Kopin's Standard Industrial Classification

FAQ

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) — 1015KB
• 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
• 0001493152-24-044738.txt ( ) — 5375KB
• kopn-20240928.xsd (EX-101.SCH) — 42KB
• kopn-20240928_cal.xml (EX-101.CAL) — 68KB
• kopn-20240928_def.xml (EX-101.DEF) — 124KB
• kopn-20240928_lab.xml (EX-101.LAB) — 323KB
• kopn-20240928_pre.xml (EX-101.PRE) — 250KB
• form10-q_htm.xml (XML) — 870KB

– Financial Information

Part I – Financial Information Item 1. Condensed Consolidated Financial Statements (Unaudited) 3 Condensed Consolidated Balance Sheets at September 28, 2024 (Unaudited) and December 30, 2023 3 Condensed Consolidated Statements of Operations (Unaudited) for the three and nine months ended September 28, 2024 and September 30, 2023 4 Condensed Consolidated Statements of Comprehensive Loss (Unaudited) for the three and nine months ended September 28, 2024 and September 30, 2023 5 Condensed Consolidated Statements of Stockholders' Equity (Unaudited) for the three and nine months ended September 28, 2024 and September 30, 2023 6 Condensed Consolidated Statements of Cash Flows (Unaudited) for the nine months ended September 28, 2024 and September 30, 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 23 Item 4.

Controls and Procedures

Controls and Procedures 23

– Other Information

Part II – Other Information 24 Item 1.

Legal Proceedings

Legal Proceedings 24 Item 1A.

Risk Factors

Risk Factors 25 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 25 Item 6. Exhibits 25

Signatures

Signatures 26 2 Part 1. FINANCIAL INFORMATION Item 1. Condensed Consolidated Financial Statements (Unaudited) KOPIN CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS September 28, 2024 December 30, 2023 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 14,530,593 $ 5,710,685 Restricted cash 1,050,000 500,000 Marketable securities, at fair value 21,712,243 11,692,000 Accounts receivable, net of allowance of $ 1,015,000 in 2024 and $ 1,025,000 in 2023 9,233,935 9,706,036 Contract assets and unbilled receivables 8,274,538 3,409,809 Inventory 6,555,359 7,601,806 Prepaid taxes 84,885 85,572 Prepaid expenses and other current assets 1,561,710 1,124,635 Total current assets 63,003,263 39,830,543 Property, plant and equipment, net 2,016,452 2,163,417 Operating lease right-of-use assets 2,305,433 2,504,909 Other assets 124,925 124,925 Equity investments 3,129,434 4,688,522 Total assets $ 70,579,507 $ 49,312,316 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 4,385,635 $ 4,947,338 Accrued payroll and expenses 1,724,776 1,701,506 Accrued warranty 2,675,000 2,160,000 Contract liabilities and billings in excess of revenues earned 268,468 916,826 Operating lease liabilities 653,546 651,503 Accrued post-retirement benefits 227,500 790,000 Other accrued liabilities 1,971,681 1,702,681 Customer deposits 102,481 408,156 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 43,946,688 15,878,315 Noncurrent contract liabilities and asset retirement obligations 372,903 278,112 Operating lease liabilities, net of current portion 1,634,390 1,832,982 Accrued post-retirement benefits, net of current portion 279,996 319,996 Other long-term obligations, net of current portion 1,619,016 1,494,016 Total liabilities

financial statements

financial statements. 3. CASH AND CASH EQUIVALENTS, RESTRICTED CASH, AND MARKETABLE 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 September 28, 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 September 28, 2024 and December 30, 2023 is invested in certificates of deposit and money market funds. The restricted cash balance that is invested in certificates of deposit is classified as marketable securities. Marketable securities consist primarily of commercial paper, medium-term corporate notes, and U.S. Government and agency-backed securities. The Company classifies these marketable securities as available-for-sale at fair value in "Marketable securities, at fair value." The Company records the amortization of premiums and accretion of discounts on marketable 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 securities. The gross gains and losses realized related to sales and maturities of marketable securities were not material during the three and nine months ended September 28, 2024 and September 30, 2023. Investments in available-for-sale marketable securities were as follows at September 28, 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 $ 17,256,314 $ 4,500,030 $ ( 1,609 ) $ ( 25,655 ) $ 17,254,705 $ 4,474,375 Corporate debt 4,954,096 7

View Full Filing

View this 10-Q filing on SEC EDGAR