WESTBOROUGH, Mass.--(BUSINESS WIRE)--
Kopin® Corporation (Nasdaq:KOPN), a leading provider of application-specific optical solutions for defense, enterprise, industrial, and consumer products, today provided an update on its restructuring activities.
“On January 5, 2023, we announced a restructuring, which included the partial spinout of our OLED development unit and a reduction in force,” said Michael Murray, Kopin’s Chief Executive Officer. “This week, we informed our employees that to accelerate application understanding, drive efficiencies and increase focus, we have reorganized the Company. We are confident these changes, along with the steps taken in the prior quarter, will lead to improved functional expertise, focus, and leadership.”
“One of the key changes is separating business and program capture from program management. This will ensure focus on filling our pipeline with opportunities that align with our strategic plan, whilst we deliver to our customers ‘on time and in full,’ which is critical for profitability. To this end, we have been performing program reviews with our customers, and in some cases slowing deliveries to ensure we are delivering the highest quality products. In addition, in select situations, we are negotiating potential exits from non-profitable endeavors, if they cannot be rectified. These actions had some impact on revenue in the fourth quarter of fiscal 2022 and we expect revenue for the fourth quarter will be approximately $11.0 to 11.5 million. In addition, we anticipate these actions will lead to less revenue in the first quarter of fiscal 2023 and for the remainder of fiscal year 2023.
“Although these decisions are difficult and impactful, they are critical to align with our renewed focus on quality, on time delivery and operational excellence while driving towards our goals of long term, sustainable and profitable growth,” concluded Mr. Murray.
About Kopin
Kopin Corporation is a leading developer and provider of innovative application-specific optical solutions for integration into defense, enterprise, industrial, and consumer products. Kopin's technology portfolio includes ultra-small microdisplays (AMLCD, OLED, FLCOS and MicroLED displays) and optics. For more information, please visit Kopin's website at .
Forward-Looking Statements
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