Kopin Corporation (NASDAQ:KOPN) Q2 2022 Earnings Conference Call August 2, 2022 8:30 AM ET

Corporate Participants

John Fan - Chief Executive Officer

Richard Sneider - Treasurer and Chief Financial Officer

Conference Call Participants

Glenn Mattson – Ladenburg Thalmann

Kevin Dede – H.C. Wainwright & Co.

Operator

Welcome to Kopin's Second Quarter 2022 Earnings Conference Call. [Operator Instructions].

I would now like to turn the conference over to Rich Sneider, Chief Financial Officer. Please go ahead.

Richard Sneider

Thank you, Operator. Welcome, everyone and thank you for joining us this morning.

John will begin today's call with a discussion of our progress in executing our strategy. And then I will go through the second quarter of 2022 results at a high level. John will conclude our prepared remarks, and we'll be happy to take your questions. I'd like to remind everyone that during today's call taking place on Tuesday, August 2, 2022, we'll 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 for 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. The company undertakes no obligation to update the forward-looking statements made during today's call. And with that, I will turn the call over to John.

John Fan

Thank you, Rich. Good morning. And thank you all for joining us to discuss our second quarter 2022 operating results.

We are very pleased with the results of the second quarter, our 2022. Total revenues were up 20% year-over-year, driven by about 30% growth of our product revenues. In addition, our customer funded research and development revenues remain strong, which we will view as a indicator of our future growth opportunities as we expect most of these development programs, which are efficient to production in time.

Our revenue from defense products were particularly strong, growing 87% year-over-year in the second quarter. During the second quarter of 2022, we've now additional orders for the spatial F35 pilots helmets and in imaging systems for armored vehicles. In July, we announced a production order for our brilliant high brightness color displays for helicopter pilot helmets.