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KOPN

Kopin Corporation

KOPN

Kopin Corporation • NASDAQ
$2.44 ▲ 2.95% (+0.07)
Market Cap $406.09 M
52w High $4.16
52w Low $0.71
Dividend Yield 0%
P/E -122
Volume 1.15M
Outstanding Shares 166.43M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $11.962B ▲ $-967.837M ▼ $4.081B ▲ 34.112% ▲ $0.02 ▲ $4.546B ▲
Q2-2025 $8.455M ▼ $6.845M ▲ $-5.167M ▼ -61.108% ▼ $-0.031 ▼ $-4.889M ▼
Q1-2025 $10.538M ▼ $6.817M ▲ $-3.114M ▼ -29.544% ▼ $-0.019 ▼ $-2.842M ▼
Q4-2024 $14.646M ▲ $6.236M ▼ $-1.947M ▲ -13.296% ▲ $-0.012 ▲ $-1.736M ▲
Q3-2024 $13.32M $7.804M $-3.46M -25.979% $-0.028 $-2.662M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $26.508M ▼ $61.216M ▲ $39.894M ▼ $21.322M ▲
Q2-2025 $26.787M ▼ $61.185M ▼ $45.145M ▲ $16.04M ▼
Q1-2025 $31.536M ▼ $65.036M ▼ $44.355M ▼ $20.681M ▼
Q4-2024 $35.58M ▼ $70.766M ▲ $47.484M ▼ $23.282M ▲
Q3-2024 $36.243M $70.58M $47.853M $22.727M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $4.081M ▲ $-110.433K ▲ $2.316M ▼ $-65.049K ▲ $2.139M ▼ $-217.046K ▲
Q2-2025 $-5.167M ▼ $-4.159M ▼ $13.281M ▲ $-89.657K ▼ $9.037M ▲ $-4.892M ▼
Q1-2025 $-3.114M ▼ $-3.414M ▼ $4.587M ▲ $0 ▼ $1.172M ▲ $-3.915M ▼
Q4-2024 $-1.947M ▲ $-1.586M ▲ $145.215K ▲ $1.076M ▼ $-370.473K ▼ $-2.08M ▲
Q3-2024 $-3.46M $-6.457M $-14.255M $25.197M $4.488M $-6.467M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Defense
Defense
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲
Industrial
Industrial
 $0 ▲$0 ▲$0 ▲$0 ▲
License and Royalties
License and Royalties
 $0 ▲$0 ▲$0 ▲$0 ▲
Medical
Medical
 $0 ▲$0 ▲$0 ▲$0 ▲
Research and Development
Research and Development
 $0 ▲$0 ▲$0 ▲$0 ▲
Consumer
Consumer
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Kopin’s income statement shows a small, niche business that has struggled to reach consistent profitability. Revenue has stayed fairly flat over the past several years, not really breaking out in either direction. Gross profit is positive but thin, which means the company doesn’t have a lot of room to absorb its operating costs. As a result, operating losses have been recurring and have recently widened again. Net income has been negative for multiple years, and earnings per share have trended more negative, suggesting that the core business is still in an investment and scale-up phase rather than a mature, profitable one.

Balance Sheet

Balance Sheet The balance sheet describes a company with a modest asset base, limited cash, and no financial debt, which reduces bankruptcy risk but also implies less funding flexibility from lenders. Cash on hand is not large relative to the ongoing losses, so the company’s runway depends on how well it can control costs, win new programs, and potentially access equity markets or strategic funding. Reported equity jumps sharply in the most recent year, likely reflecting accounting or capital structure changes rather than a sudden surge in underlying assets. Overall, the balance sheet is light and lean, typical of a specialized technology firm that relies more on intellectual property than on heavy physical assets.

Cash Flow

Cash Flow Cash flow has been consistently negative from operations, which means the business is not yet self-funding. Free cash flow has also been negative across the period, although capital spending appears very light, consistent with a design- and IP-focused model rather than a capital-intensive manufacturing operation. The pattern suggests that Kopin is still in a phase where it must fund development and day-to-day operations from its cash reserves and external capital, rather than from its own earnings. This creates execution risk: the company needs to convert its technology pipeline and contracts into stronger, steadier cash inflows over time.

Competitive Edge

Competitive Edge Kopin occupies a specialized position in the microdisplay and advanced optics market, with particular strength in defense and high-performance industrial uses. Its broad technology coverage—spanning LCD, LCoS, OLED, and MicroLED—gives it flexibility to offer tailored solutions instead of pushing a single display technology. Longstanding relationships with defense customers and status as an approved supplier for sensitive applications create meaningful barriers to entry for competitors, especially foreign ones. Its “fab-light” model lets it focus on design and system integration rather than building expensive factories. On the risk side, the company operates in a narrow niche, faces large and well-funded competitors, and is likely exposed to customer and program concentration, especially in defense, which can make revenues lumpy and highly dependent on winning and renewing key contracts.

Innovation and R&D

Innovation and R&D Innovation is the core of Kopin’s story. The company has a long track record in microdisplays and related components, and it has built a sizable patent portfolio around these technologies. Its newer work in high-brightness OLED, MicroLED, and integrated optical modules positions it at the forefront of advanced AR/VR and heads-up display systems. Technologies like ColorMax for better color performance and the emerging NeuralDisplay concept, which aims to embed intelligent eye-interaction directly into displays, show a push toward more integrated, AI-enhanced products. These efforts create clear upside potential if they move from prototypes and defense pilots into broader commercial adoption. The flip side is that these are still evolving markets with uncertain timing and competitive dynamics, so there is significant execution and commercialization risk attached to this innovation pipeline.

Summary

Kopin is a small, specialized technology company with strong engineering credentials and deep roots in microdisplay innovation, particularly for demanding defense and industrial uses. Its financial profile reflects a business still in transition: revenues are stable but not yet scaling quickly, margins are thin, and losses and negative cash flows have persisted. The balance sheet is simple and debt-free but not flush with cash, leaving only a limited cushion for prolonged underperformance. Strategically, the company’s combination of broad display technology coverage, intellectual property, and entrenched defense relationships provides a tangible competitive edge in its niche. Future value creation depends heavily on Kopin’s ability to turn its MicroLED, advanced OLED, and NeuralDisplay concepts into commercially meaningful, repeatable programs—ideally broadening the customer base beyond a few key defense and enterprise wins—while tightening cost control enough to move gradually toward sustainable profitability and self-funded growth.

NEWS

November 24, 2025 · 9:15 AM UTC

Kopin to Unveil Wireless Simulated Binoculars at I/ITSEC 2025

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November 17, 2025 · 9:03 AM UTC

Kopin to Participate in the 16th Annual Craig-Hallum Alpha Select Conference on November 18th, 2025

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November 12, 2025 · 8:00 AM UTC

Kopin Corporation Reports Financial Results for the Third Quarter 2025; $4.1 Million of Net Income, Decreased Liabilities and Improved Balance Sheet

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November 11, 2025 · 8:45 AM UTC

Kopin Corporation Schedules Third Quarter 2025 Earnings Call Wednesday, November 12, 2025 at 8:30am ET

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November 3, 2025 · 12:02 PM UTC

THEON announces Q3 2025 Trading Update and FY 2026 Revenue Target

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