- Kopin Corp (NASDAQ:KOPN) reported a first-quarter FY23 revenue decline of 7% year-on-year to $10.8 million, beating the consensus of $9.8 million.
- Revenues from Defense Applications grew by 35% Y/Y to $6.4 million, while Industrial Applications decreased by 39% Y/Y to $1.0 million.
- Product revenues increased by 17.6% Y/Y to $7.7 million, while R&D revenues fell 41% Y/Y to $2.9 million.
- EPS loss of $(0.03) is in line with the consensus.
- The company held $29.6 million in cash and equivalents.
- CEO Michael Murray said, “We believe we are slightly ahead of our strategic initiatives and goals of cash flow breakeven by year-end, which are the bedrock for significant and sustainable revenue and profitable growth in 2024.”
- Price Action: KOPN shares traded higher by 6% at $1.06 on the last check Thursday.
What’s Going On With Array Technologies Stock?
BMO Capital analyst Ameet Thakkar initiated coverage on Array Technologies with a Market Perform rating and announced a price target of $16 on the stock last Friday. Array Technologies announced its new Hail Response System on Wednesday. The Hail Response System is a set of software features designed to autonomously protect solar assets from hail damage by leveraging advanced weather prediction algorithms to preemptively stow solar trackers approximately 30 minutes before a predicted hail event.
