Kopin Corporation (NASDAQ:KOPN) Q2 2023 Earnings Call Transcript August 10, 2023 4:30 PM ET

Company Participants

Michael Murray - CEO

Rich Sneider - CFO

Conference Call Participants

Matt Sheerin - Stifel

Glenn Mattson - Ladenburg Thalmann

Kevin Dede - H.C. Wainwright

Operator

Good afternoon, everyone, and welcome to the Kopin Corporation Second Quarter 2023 Earnings Call. Please note that this event is being recorded.

At this time, I'd like to turn the conference call over to Clint Kalinin [ph], Investor Relations for Kopin. Please go ahead.

Unidentified Company Representative

Good afternoon, everyone. Before we get started, I'd like to remind everyone that during today's call taking place on Thursday, August 11, 2023, we will be making forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These statements are based on the company's current expectations, projections, beliefs, and estimates and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those forward-looking statements.

Potential risks include but are not limited to, demand for our products, operating results of our subsidiaries, market conditions, and other factors discussed in our most recent annual report on Form 10-K and other documents filed with the Securities and Exchange Commission. Although the company believes that the assumptions underlying these statements are reasonable, any of them can be proven inaccurate and there could be no assurances that the results will be realized.

The company undertakes no obligation to update the forward-looking statements made during today's call. In addition, references may be made to certain non-Generally Accepted Accounting Principles or non-GAAP measures for which you should refer to the appropriate disclaimers and reconciliation in the company's SEC filings and press releases.

Kopin Corporation's Chief Executive Officer, Michael Murray will begin today's call with an overview of Kopin's progress within the company's strategy. Following Michael, Kopin's CFO, Rich Sneider will review the company's first quarter results.

I would now like to turn the conference call over to Michael Murray.

Michael Murray

Thank you, Quinn. Good afternoon to everyone and welcome to our second quarter earnings call. I'm proud to announce we turned in $10.5 million in revenue for the quarter, which is also our third consecutive positive book-to-bill quarter. And with our recent announcement of an approximate $12.8 million order, our third quarter book-to-bill is off to a very good start.

I do want to highlight that beyond revenue, we were successful in our disciplined operations and managing the factors that were within our control, and within our transformation plan. I would also like to briefly discuss two areas in the P&L, the first of which is elevated legal costs, a portion of which is associated with our new patents and trademark development, but mostly due to litigation, which began in 2016. Details of the litigation are discussed in our recent 10-Ks and 10-Qs. But in summary, we are scheduled for trial in the first quarter of 2024, and we remain confident in our position.