Kopin Corporation reported significant financial developments in its 10-Q filing for the quarter ending September 28, 2024. The company experienced a notable increase in total revenues, which rose to $13.3 million for the three months ended September 28, 2024, compared to $10.6 million for the same period in 2023. For the nine months, total revenues increased to $35.7 million from $31.8 million year-over-year. The growth in revenue was primarily driven by a substantial rise in the Defense segment, which generated $10.4 million in the latest quarter, up from $5.0 million in the prior year.

Despite the revenue growth, Kopin reported a net loss of $3.5 million for the three months ended September 28, 2024, compared to a loss of $2.5 million in the same quarter of 2023. For the nine-month period, the net loss escalated to $41.9 million, significantly higher than the $13.3 million loss reported in the previous year. This increase in net loss was largely attributed to accrued litigation damages related to a jury verdict, which amounted to approximately $5.1 million, with an additional recommendation for $19.7 million in disgorgement and exemplary damages.

The company's total current assets surged to $63.0 million as of September 28, 2024, up from $39.8 million at the end of 2023, while total liabilities also increased significantly to $47.9 million from $19.8 million. The increase in liabilities was primarily due to the litigation-related accruals. Total stockholders' equity decreased to $22.7 million from $29.5 million, reflecting the impact of the net losses.

Kopin's cash and cash equivalents, along with marketable securities, totaled $37.3 million as of September 28, 2024, a substantial increase from $17.9 million at the end of 2023. This increase was primarily driven by equity raises, including a significant sale of 37.6 million shares for gross proceeds of $27.0 million in September 2024.

The company is actively pursuing strategies to raise additional capital through public offerings, private placements, and collaborations, while also implementing cost-saving measures, which may include staff reductions. There remains substantial doubt about the company's ability to continue as a going concern unless the litigation damages are significantly reduced or eliminated.