Kopin Corporation (“Kopin”) (NASDAQ:KOPN), a leading developer and provider of high-performance application-specific optical solutions consisting of high-resolution microdisplays, microdisplays subassemblies and related components for defense, enterprise, industrial, and consumer, today announced completion of its first quarter cost reduction plan inclusive of a reduction in force.
The Company estimates that based on the actions taken in the first quarter of 2023, including the partial spin out of Lightning Silicon Inc., and voluntary and involuntary terminations, will save approximately $5 million of cost, annually.
“Reductions in force are always a difficult decision and while we are in an enviable position of having a strong customer and technology base to grow from, we need to improve our operational efficiency and subsequently align our workforce in order to return to profitable growth, for the long-term,” said Michael Murray, CEO of Kopin. “My focus since joining the company is to delight and partner with our customers while improving our profitability by increasing yield rates, operational efficiencies, product quality, and cost-reduction programs. This difficult cost-cutting program brings us closer to our goal.”
