Kopin Corporation (NASDAQ:KOPN), a semiconductor and related devices manufacturer with a market capitalization of $184.1 million, has announced the appointment of BDO USA, P.C. as its new independent registered public accounting firm for the fiscal year ending December 28, 2024. According to InvestingPro data, the company currently trades at its Fair Value despite facing profitability challenges, with a weak gross profit margin of 9.8%.
The company's previous auditor, RSM US LLP, was dismissed by the Board of Directors on the same date, immediately prior to BDO's engagement. The dismissal was confirmed to be unrelated to any disagreements on matters of accounting principles or practices, financial statement disclosure, or auditing scope or procedure.
RSM's reports on Kopin's consolidated financial statements for the fiscal years ending December 30, 2023, and December 31, 2022, did not contain any adverse opinion or disclaimer and were not qualified or modified in terms of uncertainty, audit scope, or accounting principles. There were no disagreements or "reportable events" as defined by regulation during the fiscal years or the interim period through the dismissal date.
In other recent news, Kopin Corporation reported a strong third quarter in 2024, with a significant 26% year-over-year increase in revenue to $13.3 million. This growth was primarily driven by a 109% surge in defense product revenues. However, the company reported a net loss of $3.5 million for the quarter, an increase from the previous year's $2.5 million, due to heightened legal fees and other expenses.
Kopin's CEO, Michael Murray, announced a projected $75 million in orders for the year, which could set a record in the company's 40-year history. Despite these promising developments, the company's book-to-bill ratio for Q3 was slightly below 1, indicating potential challenges in order fulfillment.
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