KOPIN (KOPN) Company Report

Kopin Corporation reported net income of $4.1 million and $0.02 earnings per share for the third quarter ended September 27, 2025.
Total revenues for the third quarter of 2025 were $12.0 million, a decrease from $13.3 million in the prior year period.
The company maintained a solid balance sheet with $26 million in cash as of September 27, 2025, and completed a $41 million private placement subsequent to quarter end.
Erich Manz started as Chief Financial Officer, effective September 2, 2025.

Nov 12, 2025, 7:01 PM

8-K

Kopin Corporation Reports Q3 2025 Financial Results and Strategic Developments

KOPN

Earnings

New Projects/Investments

Legal Proceedings

Kopin Corporation reported Q3 2025 total revenues of $12 million and a net income of $4.1 million, or $0.02 per share, which included a $5.1 million add-back for reduction in litigation accruals. This compares to a net loss of $3.5 million, or -$0.03 per share, in Q3 2024.
Subsequent to quarter-end, the company significantly improved its cash position by raising $41 million from strategic and institutional investors and completing a $15 million transaction with an individual strategic investor, following the posting of a $23 million bond for a lawsuit appeal.
Strategic developments include new partnerships with Theon International and Unusual Machines, and a $15.4 million color micro-LED award from the U.S. Army, contributing to an opportunity pipeline that has surpassed $1 billion.
The company has 80% of the backlog required for its 2026 plan and projects European revenue to grow from single high millions in 2026 to tens of millions in 2027 and 2028.

Nov 12, 2025, 1:30 PM

Transcript

Kopin Corporation Reports Q3 2025 Results, Announces Strategic Partnerships and CFO Appointment

KOPN

Earnings

CFO Change

New Projects/Investments

Kopin reported Q3 2025 total revenues of $12 million and a net income of $4.1 million, or $0.02 per share, which included a $5.1 million reduction in litigation accruals.
The company announced strategic partnerships with Ondas Holdings, Unusual Machines, and Theon International, and secured new awards including a $15.4 million color micro-LED award and an $8 million research and development order for Theon International.
Post-Q3, Kopin's balance sheet was significantly strengthened by raising $41 million from strategic and institutional investors and a $15 million transaction with an individual strategic investor, despite posting a $23 million bond for a lawsuit appeal.
The company's opportunity pipeline surpassed $1 billion, with roughly 40% attributed to the Soldier-Borne Mission Command (SBMC) program.
Erich Manz was appointed as the new CFO on September 2, 2025.

Nov 12, 2025, 1:30 PM

Transcript

Kopin Corporation Reports Q3 2025 Financial Results and Strategic Updates

KOPN

Earnings

CFO Change

New Projects/Investments

Kopin Corporation reported Q3 2025 total revenues of $12 million and a net income of $4.1 million, or $0.02 per share, which included a $5.1 million add-back for reduction in litigation accruals.
Erich Manz was appointed CFO on September 2, 2025. Post-Q3, the company strengthened its balance sheet by raising $41 million from strategic and institutional investors and an additional $15 million from an individual strategic investor, despite posting a $23 million bond for a lawsuit appeal.
Kopin's current opportunity pipeline has surpassed $1 billion, with approximately 40% tied to the Soldier-Borne Mission Command (SBMC) program. Key awards include a $15.4 million color micro-LED contract for the U.S. Army and an $8 million research and development order for Theon International for European markets.
The company has secured 80% of the backlog needed for its 2026 plan and anticipates European revenue to grow to tens of millions in 2027 and 2028.

Nov 12, 2025, 1:30 PM

Transcript

Kopin Corporation Reports Third Quarter 2025 Financial Results

KOPN

Earnings

CFO Change

New Projects/Investments

Kopin Corporation reported a net income of $4.1 million and $0.02 earnings per share for the third quarter ended September 27, 2025, compared to a net loss of ($3.5) million and ($0.03) per share in the prior year period. Total revenues for the quarter were $12.0 million.
The company's balance sheet improved with $26 million in cash as of September 27, 2025, and a $41 million private placement of $41 million was completed subsequent to quarter end. Total current liabilities decreased from $43,943,296 on December 28, 2024, to $36,272,437 on September 27, 2025, partly due to a decrease in accrued legal expenses and litigation damages.
Kopin established strategic partnerships with Theon Sensors, Ondas Holdings, and Unusual Machines to gain access to international markets and expand U.S. defense applications.
The company also secured a transformative color MicroLED development order with the U.S. Army.
Erich Manz started as Chief Financial Officer, effective September 2, 2025.

Nov 12, 2025, 1:00 PM

Press Release

THEON Reports Q3 2025 Trading Update and Sets FY 2026 Revenue Target

KOPN

Guidance Update

Revenue Acceleration/Inflection

M&A

THEON increased its FY 2025 revenue guidance to €435-445 million and, for the first time, presented a FY 2026 revenue target in the range of €570-590 million.
For the first nine months of 2025, the company reported revenue of €279.3 million, a 25.5% increase compared to 9m 2024, and order intake of €232.7 million, representing a 92.3% increase over the same period.
Key strategic activities include the acquisition of 100% of Kappa Optronics GmbH for an Enterprise Value of €75 million, a $15 million investment in Kopin Corporation, and securing a new €300 million senior facility agreement in October 2025.
THEON also signed a multi-year framework agreement with a European NATO member state for the supply of night vision goggles and thermal clip-ons, with an aggregate value of more than €300 million, primarily expected to be executed in the 2026-2028 period.

Nov 3, 2025, 5:02 PM

Press Release

Kopin Corporation Completes $15 Million Strategic Investment from Theon International Plc

KOPN

M&A

Convertible Preferred Issuance

New Projects/Investments

On October 16, 2025, Kopin Corporation completed a $15 million strategic investment from Theon International Plc.
The investment included Theon acquiring a 49% interest in Kopin’s subsidiary, Kopin Europe Ltd., for $8.0 million and purchasing $7.0 million worth of Series A Convertible Preferred Stock of Kopin.
The Series A Convertible Preferred Stock is convertible into common stock at an initial fixed conversion price of $3.00 per share and carries an annual dividend of 4%, payable in cash and stock. Kopin can force conversion if its common stock trades at $5.50 per share or higher for 10 Trading Days within a 30 consecutive Trading Day period.
Kopin and Theon are also contemplating an additional $8 million non-recurring engineering (NRE) agreement for co-developing a military-grade display.

Oct 16, 2025, 8:31 PM

8-K

Kopin's Partnership with THEON Advances U.S. Defense Presence and AR Innovation

KOPN

Product Launch

New Projects/Investments

THEON's new night vision tactical display system features Kopin Corporation’s advanced DarkWAVE™ module, highlighting their collaborative efforts to deliver augmented reality solutions for defense applications.
A previously disclosed strategic investment agreement between Kopin and THEON received Direct Foreign Investment (DFI) approval on October 16, 2025.
This approval will accelerate the establishment of a new AR-focused manufacturing and R&D hub in Reston, Virginia, aimed at bringing production directly to U.S. partners.

Oct 16, 2025, 4:18 PM

Press Release

Kopin Secures MicroLED Display Orders for Combat Aircraft HUD Upgrade

KOPN

New Projects/Investments

Product Launch

Kopin Corporation has secured $3.2 million in new program orders for MicroLED displays.
These displays are intended for the upgrade of Heads-Up Displays (HUDs) in combat aircraft, representing Kopin's first production order for this technology in this market.
Kopin's MicroLED displays offer advanced features including up to 1 million foot lambert (fL) brightness, a dimming range exceeding 30,000:1, and up to five times greater power efficiency compared to competing microdisplay technologies.
Deliveries for these displays are scheduled for the second half of 2026.

Oct 14, 2025, 12:30 PM

Press Release

Kopin Corporation Secures Loan for Appeal Bond

KOPN

Legal Proceedings

Debt Issuance

Kopin Corporation filed an appeal of a $19.7 million judgment and posted a $23 million bond.
To facilitate this, the company entered into loan agreements with Rockland Trust Company on October 2, 2025.
These agreements establish a non-revolving Line of Credit with a Maximum Commitment of $24,050,000, secured by cash collateral.
The Line of Credit is available until July 1, 2026, and includes an annual fee of 2% of the USBank Letter of Credit's face amount.