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KOPN

Kopin Corporation

Kopin Corporation is classed by the SEC under Semiconductors & Related Devices (industry code 3674), based in Westborough, MA. In its latest annual figures on file, for the fiscal year ended 2025-12-27, it reported revenue of $2 million and a profit of $3 million (its filed statements).

Product business Semiconductors & Related Devices Westborough, MA filings since 1996 8 of 9 filed, 1 estimated
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3.9/10headline grade
vs its business-model standard
1.1/10past 3.8/10present 6.9/10future

Three tenses, nine metrics. Unseen metrics stay unseen; the grade never fakes a number. Proxy era: provisional values, marked. Weighed as a product business: prior from its industry code (SEC 3674, Semiconductors & Related Devices); the filing read can change it. All three tenses have at least two readings, so the archetype blend applies as printed.

The grade, in three tenses

Headline 3.9 out of ten, 8 of 9 metrics filed and 1 estimated: past 1.1 out of ten, present 3.8 out of ten, future 6.9 out of ten. The past asks what it actually did, the present what it is doing right now, the future what it is set up to do next.

The nine metrics

  • Surviving crises (past): 0.7 out of ten. 12 warning events since 2017; the latest 2026-03-27. 7th percentile among 99 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
  • Track record (past): 1.3 out of ten. -25.9% a year over 10 filed years; profitable in 1 of 10. 13th percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
  • Shareholder treatment (past): 1.5 out of ten. CrossAssetData estimate 1.5/10, confidence 35 of 100 (one part). 15th percentile among 94 sector filers. A CrossAssetData estimate, not a filed reading: one part, confidence 35 of 100; a filing that carries the missing parts replaces this estimate with the filed reading.
  • Financial health (present): 3.7 out of ten. ROE 4%: 4¢ of profit per shareholder dollar. Leverage 41%: owes 41¢ per asset dollar. 37th percentile among 95 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
  • Industry position (present): 5.0 out of ten. bottom 49% of 97 in its family; net margin 170.3%. 49th percentile among 97 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
  • Leadership (present): 2.1 out of ten. bottom 21% of 66 in its family for leadership; chief executive since 2022. 21st percentile among 66 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-09).
  • Room to expand (future): 6.2 out of ten. top 38% of 94 in its family for room to expand. 62nd percentile among 94 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
  • Growth drivers (future): 6.6 out of ten. top 34% of 93 in its family for growth drivers. 66th percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
  • Expectations vs reality (future): 8.9 out of ten. top 11% of 88 in its family for expectations against reality. 89th percentile among 88 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).

The filing record

Newest annual report: Form 10-K filed 2026-04-13 for the period ended 2025-12-27 (on EDGAR). Newest quarterly report: Form 10-Q filed 2026-08-11 for the period ended 2026-06-27 (on EDGAR). Newest results release: Form 8-K filed 2026-08-10 (on EDGAR). Newest filing: Form S-8, 2026-08-12. Filings on record since 1996. Read from EDGAR 2026-10-12.

How the company works

Read from its Form 10-K filed 2026-04-13.

The people

Michael Murray has been president and chief executive since September 6, 2022, and also chairs the board. An engineer by training, he came from Ultra, a British defense and security company he joined in 2020 and where he ran the Cyber business; before that he was a senior vice president and general manager at Blackridge Technology from 2017 to 2020, an executive vice president at Aceinna, and head of the Industrial Sensing business unit at Analog Devices. The filing names Dr. John C.C. Fan as its former chief executive; under his employment agreement Fan receives 40,000 dollars a year through 2033. [1, 2, 3, 4, 5, 6]

Erich Manz has been treasurer and chief financial officer since September 2025, after serving as chief financial officer of a business unit at Allegro MicroSystems from March 2023 to July 2025. He followed Richard Sneider, who retired from the post in 2025 and whose insider filings as chief financial officer on this site's record go back to 2006, the first year the SEC's insider data sets reach. Paul Baker has been chief operating officer for Kopin Government and Industrial and strategic business officer since January 2020; he has been at Kopin since March 2014, first as vice president of business development, after serving from 2007 to 2014 as executive vice president of business development and sales at ZINK Imaging. In December 2025 the company appointed Iwan Dodd senior vice president of business development. [7, 8, 9, 10, 11, 12]

The board has five members, four of them independent, and Jill Avery, a senior lecturer at Harvard Business School and a director since 2021, is the lead independent director. David Nieuwsma, a former US Air Force officer and a director since November 2023, worked at Collins Aerospace, one of the two customers the annual report names as significant, from 1991 to 2022, in roles that included president of Avionics Solutions. Margaret Seif, a director since May 2024, held senior posts at Analog Devices from 2006 to 2022, including chief people officer and chief legal officer. Paul V. Walsh, Jr., a director since September 2024 who also sits on the boards of Semtech and Wolfspeed, was chief financial officer of Allegro MicroSystems until he retired in February 2022. [13, 14, 15, 16, 17, 18, 19]

At the end of 2025 the company employed 145 full-time people in the United States, three of them with doctorates in materials science, electrical engineering or physics, and none covered by a collective bargaining agreement. Over the past twelve months it nearly doubled the resources its sales and business development group puts into winning new customers and programs. [20, 21]

How it operates

Kopin, incorporated in Delaware in 1984 and based in Westborough, Massachusetts, makes microdisplays, screens less than 2 inches on the diagonal, and the optics and electronics around them. It works in four display technologies: AMLCD (active-matrix liquid crystal displays, sold as CyberDisplay), LCOS (liquid crystal on silicon, a reflective display), OLED (organic light emitting diodes) and MicroLED, still in development. It also builds displays, lenses, electronics and housings into modules it calls ASOS, application specific optical solutions, and makes some complete headsets. These go into soldiers' thermal rifle sights, fixed and rotary wing pilot helmets, armored vehicle aiming systems, training and simulation headsets, industrial and medical headsets, and machines that inspect products in three dimensions. [22, 23, 24, 25, 26, 27]

Defense is the business. Sales of products to defense customers made up 74% of 2025 revenue, down from 82% the year before, and research and development contracts, mainly with the US government, another 12%. The annual report names two significant customers, both in defense: DRS Network & Imaging Systems took 62% of 2025 revenue, against 65% the year before, and Collins Aerospace 9%, against 11%. Kopin is a display supplier for the US Army's Family of Weapon Sights-Individual program and for the F-35 Joint Strike Fighter. Outside defense, the filing names HMDmd among the customers in its growing industrial and medical markets. [28, 29, 30, 17, 31]

Most revenue comes from selling the displays, optical parts and ASOS modules it makes, with customer-funded development contracts for US defense programs alongside. Those development contracts are usually fixed price and run for several years, in the hope of production orders once the design is done, and they can be cancelled at short notice; most defense product sales are fixed price too, so cost overruns fall on Kopin. Customers generally buy on short-term purchase orders that can be cancelled or rescheduled before shipment without significant penalty. Headset designs it once developed for industrial and consumer markets are now licensed out, under agreements that can bring royalties and purchase commitments. [32, 33, 34, 35, 36]

Kopin designs its displays and finishes them itself but relies on outside foundries for the silicon. For AMLCDs, a Taiwanese foundry fabricates the integrated circuits and the displays are completed in Westborough, where the company leases a 74,000 square foot plant with 10,000 square feet of clean rooms. LCOS displays start from wafers made at Taiwan foundries and are completed at Kopin Europe in Scotland. For OLED it designs the backplane, the circuit layer that drives the pixels, and hires foundries to deposit the light-emitting material: principally a Chinese foundry, which it is replacing with a European one for certain defense products, plus foundries in Korea and France, none under a long-term contract. Because defense customers buy small numbers of units, it cannot economically qualify several vendors for a component, and some of its suppliers are small companies with limited financial resources. [37, 38, 39, 40, 41, 42]

Nearly all revenue is booked in the United States: 37.1 million dollars, 94.5% of 2025 revenue by the company's own geographic tagging, with Asia Pacific at 1.2 million and Europe at 961 thousand. The company sorts sales by where it delivers, so a US customer whose Asian contract manufacturer takes delivery counts as international; on that basis international product sales were about 5% of product revenues in both years. Its customers for three-dimensional metrology machines are mostly in Asia, selling to Asia-based contract manufacturers, and international sales fell in 2025 mainly because Kopin Europe sold fewer products for those machines. [43, 44, 45, 46]

The specifics

Kopin's AMLCDs, sold as CyberDisplay, are made by a proprietary process that moves integrated circuits from silicon wafers onto glass, which the company credits with smaller size, denser pixels, lower power use and more brightness than conventional active-matrix LCDs. It received a patent for its MicroLED manufacturing process in September 2024, and is developing NeuralDisplay, a patent-pending design that builds sensing into the display's own subpixels so a headset can track the eye without several separate cameras. It holds about 200 patents and patent applications, and calls itself the only small domestic business offering five variants of microdisplay technology, a status that matters because a small business may get preferential treatment in US government contract awards. [25, 47, 48, 49, 50]

Its competitors in near-eye microdisplays, it says, are large Asian electronics companies: AUO, BOE Technology Group, Himax, LG Display, Samsung, Sharp and Sony. In defense its displays must win and keep qualification program by program, and it believes the Department of War is evaluating alternative display technologies for the F-35 and other programs. Regulation shapes the work: the Federal Acquisition Regulation governs its government contracts, the US government can end a contract for its own convenience, the International Traffic in Arms Regulations control exports of its defense products and technical data, and once a defense product is accepted Kopin cannot freely swap in a different material or component. [51, 52, 53, 54, 55, 56, 57]

Kopin was incorporated in 1984 and has often traded technology for stakes in younger companies: in 2019 it sold and licensed its Solos product line and Whisper Audio technology for a 20.0% stake in Solos's parent; in 2023 it licensed OLED technology to Lightning Silicon Technology for a 20.0% stake and a royalty on unit sales; and it holds about 10% of Lenovo New Vision. It owns Kopin Virginia, formerly NVIS, in Reston. In October 2025 Theon International, a maker of thermal imaging and night vision systems, paid 8.0 million dollars for 49% of Kopin Europe, the Scottish subsidiary that makes its LCOS displays, and bought 7.0 million dollars of convertible preferred stock in Kopin; because the decisions that matter most at Kopin Europe now need both companies' consent, it was taken out of Kopin's consolidated accounts. The company also raised 41 million dollars in 2025 in a private placement that defense companies including Ondas, Unusual Machines and Theon joined as strategic investors. [22, 58, 59, 60, 61, 62, 63, 64, 65, 66, 67]

A trade secrets lawsuit weighs on the balance sheet. In 2016 BlueRadios sued Kopin in federal court in Colorado over their contract to develop Golden-i, microdisplay products with built-in wireless technology, alleging breach of contract and misappropriation of trade secrets. In September 2025 the court awarded BlueRadios about 19.7 million dollars in damages but denied an injunction and prejudgment interest. Kopin appealed in October 2025 and posted a 23.0 million dollar bond, backed by 24.2 million dollars deposited with its bank and held as restricted cash; in June 2026 BlueRadios asked the Federal Circuit to affirm the judgment and to reverse the parts that denied it more damages and an injunction. Separately, the chief executive and chief financial officer concluded that internal control over financial reporting was not effective at the end of 2025: material weaknesses first reported a year earlier were not fully fixed, and another was found. [68, 69, 70, 71, 72, 73]

What drives growth, line by line

Revenue fell 22% in 2025, a fall the filing puts down to defense product sales. The loss from operations narrowed to 9.9 million dollars from 43.1 million, mostly because of the lawsuit: 2024 carried a 24.8 million dollar charge for the BlueRadios verdict, while 2025 released 5.1 million of it and legal fees fell by about 6.4 million. The year's net income of 2.6 million came from below the operating line, above all an 11.1 million dollar gain on taking Kopin Europe out of the consolidated accounts. Consumer sales all but vanished, at 9 thousand dollars, as the company turned its sales and marketing to defense, and other products brought in 78 thousand. [74, 75, 76, 77, 78, 43, 79]

Defense. The largest line by far: 29.4 million dollars, 74.9% of 2025 revenue, down 28.8% from 41.2 million. The filing puts the fall mainly on fewer shipments of its products for thermal weapon sights. It adds that several government shutdowns held back order intake and some program revenue, and that backlogs in the contracting pipeline pushed several expected orders into 2026. In the year it still won repeat orders for thermal weapon sight modules, training and simulation systems and pilot helmet head-up displays, including its first production order for MicroLED displays, qualified for a fielded combat jet program. [43, 80, 81, 82]

Research and Development. 4.6 million dollars, 11.7% of revenue, down 23.5% from 6.0 million, which the filing puts down to the timing of new programs starting and existing ones ending, within the normal ebb and flow of funded work. These contracts typically repay direct costs, overhead and sometimes a profit, and they brought in about 1.1 million dollars more than funded research spending in 2025, against 2.2 million in 2024. In the second half of 2025 the company won a 15.4 million dollar agreement from the Office of the Secretary of War, through the US Army Contracting Command under the Industrial Base Analysis and Sustainment program, to start domestic MicroLED production and develop very bright full-color MicroLED displays for soldiers' augmented reality systems. The filing does not say which revenue line that award feeds, but the company believes it and other new contracts mean higher funded research and development expenses in 2026 than in 2025. [43, 83, 84, 85]

Industrial. Displays for industrial uses, in headsets for manufacturing, distribution and public safety work and in three-dimensional metrology machines, rose to 3,025 thousand dollars from 2,200 thousand. The filing says new entrants have brought more price competition to this market; Kopin introduced lower-priced products in 2025 but expects the trend to continue, and is turning its product and selling efforts toward more attractive segments. [86, 45, 87]

Medical. Small but rising: 594 thousand dollars, 1.5% of revenue, up from 103 thousand. Its headset lets surgeons see their images while keeping a direct view of the patient instead of looking away at monitors, and the orders received in 2025 included follow-on orders for it. The filing names HMDmd, a medical device company in which Kopin holds warrants, as a customer; HMDmd paid Kopin 721,519 dollars in 2025, which the filing reports as related-party revenue. [43, 88, 89, 29, 90, 91]

License and Royalties. 410 thousand dollars, 1.0% of revenue, down 46.2% from 762 thousand, which the filing puts down to lower royalties under its license agreements for industrial wearable headsets. Kopin licenses its customers reference designs for wireless industrial headsets that integrate its displays, optics and electronics; its RealWear agreements, for one, pay royalties on future product sales. [43, 92, 93, 94]

Grant. 858 thousand dollars, 2.2% of revenue, and new in 2025. Government grants pay for research and development that improves the design of a product the company already sells, and are recognized as the qualifying costs are incurred; grant money received ahead of that work, 2,688,627 dollars at the end of 2025, waits on the balance sheet as deferred grant income. [43, 95, 96, 97]

Collaboration. 399 thousand dollars, 1.0% of revenue, also new: work under the license and collaboration agreement Kopin, Kopin Europe and Theon signed in October 2025 to develop military products together, among them the DarkWave module and subsystem and certain MicroLED and OLED displays. By the end of 2025 Theon had committed 1.0 million dollars of funding, of which about 0.4 million was recognized as collaboration revenue. [43, 98, 99]

What comes next, in the company's own words: at the end of 2025 it had 35 million dollars of orders on which work had not yet been done that it expects to recognize as revenue over the next 12 months, and 8.2 million more beyond that under government contracts that can be cancelled. It expects additional government funding to take MicroLED to domestic full-rate production in 2026 and beyond, expects operating cash flow to stay negative in 2026, and estimates it has enough liquidity to fund operations at least through the second quarter of 2027. After the year closed, in April 2026, it signed a joint development and license agreement with Fabric.AI to develop GPU to GPU connectivity technologies; Fabric.AI is obligated to fund up to 15 million dollars of development, and Kopin received convertible preferred stock designed to give it about 19.99% of Fabric.AI. [100, 101, 102, 103, 104, 105]

What the desk infers (inferred, not filed)

  • DRS Network & Imaging Systems, the customer behind 62% of revenue, is most likely buying Kopin's displays for the Army's Family of Weapon Sights-Individual thermal sights, so one Army program through one prime contractor likely carries most of the company's sales. Because: DRS took 62% of 2025 revenue and 65% of 2024 revenue; the only other customer the filing names as significant, Collins Aerospace, took 9%. [17] Displays for thermal weapon sights and avionic helmets have been a primary source of defense revenue for several years, and the two programs the filing names are the Family of Weapon Sights-Individual and the F-35. [106] When its Family of Weapon Sights-Individual products had quality problems in 2024, the filing describes shipments suspended to a single customer, in the singular. [106] Defense sales fell 28.8% in 2025, mainly on fewer thermal weapon sight shipments, in the same year DRS's share of revenue slipped from 65% to 62%. [43, 80, 17] Confidence 70 of 100. Wrong if: A filing that names another customer as the buyer of its Family of Weapon Sights-Individual displays, or shows DRS buying mainly for aircraft or vehicle programs.
  • The license and royalty line is, in effect, one licensee, RealWear, which in 2025 paid its royalties largely in its own shares, and Kopin wrote its RealWear holding down in the same year, so the line brought in little cash. Because: RealWear paid Kopin 409,881 dollars in 2025, which the filing reports as related-party revenue. [91] License and other revenues came to 409,899 dollars in 2025. [107] Kopin licensed intellectual property to RealWear and is to receive royalties on RealWear's future product sales. [94] In the fourth quarter of 2025 it received RealWear shares valued at about 0.4 million dollars as payment of royalties, and it recorded a 0.9 million dollar impairment on the RealWear holding for the year, leaving a stake of about 2.8% carried at 0.1 million. [108] Confidence 75 of 100. Wrong if: A filing showing that another licensee paid Kopin royalties in 2025, or that RealWear's 2025 payments were mainly cash for display modules.
  • The new grant income most likely comes from the Industrial Base Analysis and Sustainment award for domestic MicroLED production, administered through the Army Contracting Command, rather than from a new commercial source. Because: Grant income appears for the first time in 2025, at 858 thousand dollars. [43] A further 2,688,627 dollars of grant money received ahead of the work sat on the balance sheet at the end of 2025. [97, 96] In the second half of 2025 the company won a 15.4 million dollar agreement through the US Army Contracting Command under that program, for the first stages of domestic MicroLED production. [84] The Army Contracting Command accounted for 32% of gross receivables at the end of 2025, and none a year earlier. [109] The filing says its grants pay for research and development that improves the design of a product it already sells, and it already has a qualified MicroLED display with a first production order for a fielded combat jet program. [95, 82] Confidence 60 of 100. Wrong if: A filing that names a different grantor for the 2025 grant income, or that books the Industrial Base Analysis and Sustainment award as contract research revenue.
  • Kopin's way into European defense now runs through Theon: it shares control of its only European plant with a thermal imaging and night vision maker whose consent that plant's major decisions require. Because: Theon bought 49% of Kopin Europe in October 2025, and decisions on the activities that matter most there require the consent of both Kopin and Theon. [63, 66] Apart from its Westborough plant and a leased site in Reston, the only property the annual report lists is Kopin Europe's in Dalgety Bay, Scotland, with an office in Berlin. [39, 110] The company says the Theon relationship gives it the chance to enter the European NATO defense market, where it had little presence before. [64] It is expanding Kopin Europe to finish OLED and MicroLED displays and higher-level assemblies because European prime contractors and defense ministries want to source closer to home. [111] Theon also holds 7.0 million dollars of Kopin's convertible preferred stock and joined its private placement as a strategic investor. [63, 67] Confidence 70 of 100. Wrong if: A filing reporting European defense orders that Kopin won on its own, outside Kopin Europe and without Theon, or Kopin taking back sole control of Kopin Europe.

Sources

  1. Kopin Corporation, Form DEF 14A filed 2026-04-22: “Mr. Murray, age 52, has served as our President and Chief Executive Officer since September 6, 2022.”
  2. Kopin Corporation, Form DEF 14A filed 2026-04-22: “Mr. Murray joined Kopin in September 2022 from Ultra, a British Defense and Security company he joined in 2020, where he served as President of the Cyber business. Prior to joining Ultra, Mr. Murray worked at Blackridge Technology as a Senior Vice President and General Manager, IloT from 2017 to 2020. An engineer by training, Mr. Murray has always been associated with technology-focused companies.”
  3. Kopin Corporation, Form DEF 14A filed 2026-04-22: “Prior to Ultra Electronics, he worked at Aceinna Inc. as Executive Vice President and Analog Devices, where he led the Industrial Sensing business unit.”
  4. Kopin Corporation, Form DEF 14A filed 2026-04-22: “Mr. Murray currently serves as both our principal executive officer and Chairman of the Board”
  5. Kopin Corporation, Form 10-K filed 2026-04-13: “Under our former CEO’s (“Dr. Fan”) employment agreement, commencing in January 2023, Dr. Fan (or in the event of his death prior to completion of all installments to his surviving spouse, or if none to his estate) would receive $1,500,000 in twenty-four (24) equal monthly installments. As of December 28, 2024, the monthly installments have been paid. In addition, under Dr. Fan’s employment agreement he receives $40,000 per year through 2033.”
  6. Kopin Corporation, Form 10-K filed 2026-04-13: “Tenth Amended and Restated Employment Agreement between the Company and Dr. John C.C. Fan, dated as of December 31, 2020”
  7. Kopin Corporation, Form DEF 14A filed 2026-04-22: “Mr. Manz, age 57, has served as our Treasurer and Chief Financial Officer since September 2025. Previously, Mr. Manz served as the Business Unit Chief Financial Officer of Allegro MicroSystems (NYSE: ALGM) where he led the financial structure, support, and oversight for the product business group from March 2023 to July 2025.”
  8. Kopin Corporation, Form DEF 14A filed 2026-04-22: “Prior to his retirement as Chief Financial Officer of the Company on May 29, 2025, Mr. Sneider received a base wage increase from $356,700 to $366,700.”
  9. The record on this page: the officers and directors who file Forms 3, 4 and 5 (the SEC's insider data sets)
  10. Kopin Corporation, Form DEF 14A filed 2026-04-22: “Mr. Baker, age 63, has served as the Company’s Chief Operating Officer for Kopin Government and Industrial and Strategic Business Officer since January 2020.”
  11. Kopin Corporation, Form DEF 14A filed 2026-04-22: “Senior Vice President, Business Development from January 2017 to January 2019, and as Vice President, Business Development between March 2014 and December 2016. From 2007 to 2014, Mr. Baker served as Executive Vice President, Business Development & Sales at ZINK Imaging Co.”
  12. Kopin Corporation, Form DEF 14A filed 2026-04-22: “appointed Erich Manz as Chief Financial Officer of the Company on August 7, 2025 and Iwan Dodd as Senior Vice President of Business Development of the Company on December 2, 2025.”
  13. Kopin Corporation, Form DEF 14A filed 2026-04-22: “Our Board of Directors (the “Board”) currently consists of five (5) members: Michael Murray, Jill Avery, David Nieuwsma, Margaret Seif, and Paul V. Walsh, Jr.”
  14. Kopin Corporation, Form DEF 14A filed 2026-04-22: “In addition, the Board elected Ms. Avery to serve as Lead Independent director in fiscal year 2025. Our Board has determined that each of Jill J. Avery, David Nieuwsma, Margaret Seif and Paul V. Walsh, Jr. are independent”
  15. Kopin Corporation, Form DEF 14A filed 2026-04-22: “Dr. Avery has served as one of our directors since 2021. Dr. Avery is a Senior Lecturer of Business Administration and C. Roland Christensen Distinguished Management Educator in the marketing unit at Harvard Business School”
  16. Kopin Corporation, Form DEF 14A filed 2026-04-22: “Mr. Nieuwsma has served as one of our directors since November of 2023. A former US Air Force officer, he was employed with Collins Aerospace from 1991 to 2022. Mr. Nieuwsma led numerous lines of business at Collins Aerospace including roles as Executive Vice President, Information Management Solutions, President, Interior Solutions and President, Avionics Solutions.”
  17. Kopin Corporation, Form 10-K filed 2026-04-13: “Sales to significant customers for fiscal years 2025 and 2024, as a percentage of total revenues, are as follows: Revenue as a Percent of Total Revenue Fiscal Year 2025 2024 Customer DRS Network & Imaging Systems, LLC 62 % 65 % Collins Aerospace 9 % 11”
  18. Kopin Corporation, Form DEF 14A filed 2026-04-22: “Ms. Seif has served as one of our directors since May 2024. From 2006 to 2022 Ms. Seif held various positions including Chief People Officer and Chief Legal Officer at Analog Devices, Inc. (ADI)”
  19. Kopin Corporation, Form DEF 14A filed 2026-04-22: “Mr. Walsh has served as one of our directors since September 2024. He currently serves on the board of directors of Semtech Corporation (NASDAQ: SMTC), since April 2023, as Audit Committee Chair, and a member of the Nominating & Governance and Strategy & Technology Committees and Wolfspeed, Inc. (NYSE: WOLF), since May 2025, as Audit Committee Chair. Prior to retiring in February 2022, Mr. Walsh served as Chief Financial Officer, Senior Vice President and Treasurer, at Allegro MicroSystems, Inc.”
  20. Kopin Corporation, Form 10-K filed 2026-04-13: “As of December 27, 2025, our consolidated business employed 145 full-time employees in the U.S. Of these employees, 3 hold Ph.D. degrees in Material Science, Electrical Engineering or Physics. Our management and professional employees have significant prior experience in semiconductor materials, device transistor and display processing, optical design, manufacturing, and other related technologies. None of our employees are covered by a collective bargaining agreement.”
  21. Kopin Corporation, Form 10-K filed 2026-04-13: “we have also invested in our sales and business development group – nearly doubling the resources focused on acquisition of new customers and programs over the past 12 months.”
  22. Kopin Corporation, Form 10-K filed 2026-04-13: “Kopin Corporation, a Delaware corporation, incorporated in 1984, and is headquartered in Westborough, Massachusetts, is a leader of innovative microdisplay technologies and optical systems, catering to defense, enterprise, industrial, consumer, and medical sectors.”
  23. Kopin Corporation, Form 10-K filed 2026-04-13: “We define microdisplays as displays that have a diagonal measurement of less than 2 inches.”
  24. Kopin Corporation, Form 10-K filed 2026-04-13: “Our portfolio includes four types of miniature active-matrix liquid crystal displays (“AMLCDs”), liquid crystal on silicon (“LCOS”) displays, organic light emitting diode (“OLED”) displays, and emerging micro light emitting diode (“MicroLED”) displays, in addition to optics, electronics, and housings for subsystems which we call Application Specific Optical Solutions (“ASOS”).”
  25. Kopin Corporation, Form 10-K filed 2026-04-13: “Our AMLCDs, branded as CyberDisplay® products, utilize a proprietary process involving the transfer of integrated circuits from silicon wafers to glass. This process, detailed in corporate disclosures, enables greater miniaturization, higher pixel density, lower power consumption, and higher brightness compared to conventional active-matrix LCDs.”
  26. Kopin Corporation, Form 10-K filed 2026-04-13: “LCOS displays, manufactured by Kopin Europe Limited (“KEL”) in Scotland, are reflective and used in 3D optical inspection equipment, offering high-speed, high-density imaging capabilities.”
  27. Kopin Corporation, Form 10-K filed 2026-04-13: “Our products are used for defense applications (soldier thermal weapon rifle sights, avionic fixed and rotary wing pilot helmets, armored vehicle targeting systems, and training & simulation headsets); industrial and medical headsets; and 3D optical inspection systems.”
  28. Kopin Corporation, Form 10-K filed 2026-04-13: “The Company had product sales to defense customers for 2025 and 2024 of 74% and 82% of total revenues, respectively. The Company had revenue from funded research and development contracts for 2025 and 2024 of 12% and 12% of total revenues, respectively.”
  29. Kopin Corporation, Form 10-K filed 2026-04-13: “Industrial and medical markets are growing, with customers like HMDmD, expanding our customer base. Research and development revenues, primarily from U.S. Government contracts, accounted for 12% of total revenues in 2025 and 2024.”
  30. Kopin Corporation, Form 10-K filed 2026-04-13: “Our primary market is defense, with significant customers including Collins Aerospace and DRS Network & Imaging Systems LLC.”
  31. Kopin Corporation, Form 10-K filed 2026-04-13: “We are a display supplier for the U.S. Army’s Family of Weapon Sights-Individual and Joint Strike Fighter F-35 programs.”
  32. Kopin Corporation, Form 10-K filed 2026-04-13: “Revenue generation derives primarily from the sale of displays, optical components, and ASOS that we manufacture for defense, industrial, medical and training and simulation applications, alongside customer-funded development contracts for U.S. defense programs.”
  33. Kopin Corporation, Form 10-K filed 2026-04-13: “These programs are typically fixed price and span several years, aiming for production orders post-design completion and are cancellable at short notice.”
  34. Kopin Corporation, Form 10-K filed 2026-04-13: “Most of our defense sales are on a fixed-price basis, which could subject us to losses if there are cost overruns.”
  35. Kopin Corporation, Form 10-K filed 2026-04-13: “Our business is characterized by short-term purchase orders with shipment schedules within one year, and we generally permit orders to be cancelled or rescheduled before shipment without significant penalty.”
  36. Kopin Corporation, Form 10-K filed 2026-04-13: “Historically, we have invested in headset systems for emerging industrial and consumer markets, now licensed under agreements that may include royalties and purchase commitments.”
  37. Kopin Corporation, Form 10-K filed 2026-04-13: “AMLCDs involve initial fabrication at Taiwan foundries, with final assembly in Westborough, Massachusetts, using proprietary Wafer Engineering technology while our LCOS displays similarly start with silicon wafers fabricated at Taiwan foundries and are then completed at Kopin Europe Limited in Scotland. For OLED displays, we design the critical backplane and outsource the deposition process to various foundries, with final assembly ans test at Kopin facilities.”
  38. Kopin Corporation, Form 10-K filed 2026-04-13: “We depend principally on a Taiwanese foundry for the fabrication of integrated circuits for our AMLCD defense display products.”
  39. Kopin Corporation, Form 10-K filed 2026-04-13: “We lease our 74,000 square foot production facility in Westborough, Massachusetts, 10,000 square feet of which is contiguous environmentally controlled production clean rooms operated between Class 10 and Class 1,000 levels.”
  40. Kopin Corporation, Form 10-K filed 2026-04-13: “We are in the process of transitioning from using a Chinese deposition foundry to a European foundry for certain OLED products for defense applications. We depend principally on a Chinese foundry for the deposition process in creating our OLED displays, but we are in the process of having the deposition process performed by a European foundry.”
  41. Kopin Corporation, Form 10-K filed 2026-04-13: “We also use foundries in Korea and France and are evaluating other European foundries. We have no long-term contracts with the foundries we use and from time to time we have been put on allocation, which means the foundry will limit or delay the number of wafers they will process for us.”
  42. Kopin Corporation, Form 10-K filed 2026-04-13: “Some of these third-party contractors and suppliers are small companies with limited financial resources. In addition, our defense customers typically buy a small number of units, which prevents us from qualifying and buying components economically from multiple vendors.”
  43. The record on this page: revenue by line and by geography, as tagged in the annual report (the SEC's financial statement data sets)
  44. Kopin Corporation, Form 10-K filed 2026-04-13: “International product sales represented approximately 5% of product revenues for 2025 and 2024. We categorize our revenues as either domestic or international based upon the delivery destination of our product. For example, if the customer is located in Asia or if a U.S. customer has its Asian contract manufacturer order product from us and we deliver the product to Asia, we categorize both these sales as international.”
  45. Kopin Corporation, Form 10-K filed 2026-04-13: “Industrial applications revenues represent customers who purchase our display products for use in headsets used for manufacturing, distribution, public safety, 3D metrology equipment and other industrial applications. Our 3D metrology customers are primarily located in Asia, and they sell to Asia-based contract manufacturers who use the 3D metrology machines for quality control purposes.”
  46. Kopin Corporation, Form 10-K filed 2026-04-13: “Our international sales decreased in 2025 as compared to 2024 due mainly to a decrease in sales of our products for 3D metrology application by Kopin Europe Ltd.”
  47. Kopin Corporation, Form 10-K filed 2026-04-13: “We received a patent for our MicroLED manufacturing process in September 2024, which is expected to enhance production efficiency and reduce costs”
  48. Kopin Corporation, Form 10-K filed 2026-04-13: “NeuralDisplay™ architecture is a software-based development focused on integrating bi-directional sensing into the subpixel of either an OLED or MicroLED display. We believe this patent pending technology will reduce the size, weight, power consumption of consumer and defense AR solutions by reducing several cameras which are required for eye-tracking, gaze, and dynamic brightness and contrast controls.”
  49. Kopin Corporation, Form 10-K filed 2026-04-13: “We maintain a broad intellectual property portfolio, with approximately 200 patents and patent applications, covering microdisplays, optics, and related technologies”
  50. Kopin Corporation, Form 10-K filed 2026-04-13: “Furthermore, we believe we are the only small domestic business that offers five variants of microdisplay technologies which provide a vast array of technological options for customers’ application needs. A “small business” as defined in U.S. procurement may receive preferential treatment in awarding contracts.”
  51. Kopin Corporation, Form 10-K filed 2026-04-13: “we face competition from large Asian electronics companies such as AUO, BOE Technology Group, Himax, LG Display, Samsung, Sharp, and Sony in the near eye microdisplay sector.”
  52. Kopin Corporation, Form 10-K filed 2026-04-13: “Our ability to generate revenues and cash flow from sales to the U.S. military and our customers depends on our Display products remaining qualified in the F-35 Joint Strike Fighter, FWS and other U.S. defense programs, our customers continuing to serve as the suppliers for those programs, and on the U.S. Government/military funding these programs.”
  53. Kopin Corporation, Form 10-K filed 2026-04-13: “We believe the DoW is evaluating alternative display technologies for the F-35 Strike Fighter program and other defense programs, and we will need to develop and qualify any replacement display technologies.”
  54. Kopin Corporation, Form 10-K filed 2026-04-13: “The Federal Acquisition Regulation, which comprehensively regulates the formation, administration and performance of federal government contracts”
  55. Kopin Corporation, Form 10-K filed 2026-04-13: “The U.S. Government may terminate a contract with us or our customers either “for convenience” (for instance, due to a change in its perceived needs) or if we default due to our failure or the failure of a general or subcontractor to perform under the contract.”
  56. Kopin Corporation, Form 10-K filed 2026-04-13: “We are also subject to federal International Traffic in Arms Regulations (“ITAR”) laws which regulate the protection (cybersecurity) and export of technical data and export of products to other nations that may use such data or products for defense purposes.”
  57. Kopin Corporation, Form 10-K filed 2026-04-13: “Once the product for a defense application is accepted there are restrictions on our ability to substitute a different raw material or component for the one used in the qualification of the product.”
  58. Kopin Corporation, Form 10-K filed 2026-04-13: “On September 30, 2019, we entered into an Asset Purchase Agreement with Solos Technology Limited (“Solos Technology”), pursuant to which we sold and licensed certain assets of our Solos product line and Whisper Audio (“Whisper”) technology. As consideration for the transaction, we received 1,172,000 common shares representing a 20.0% equity stake in Solos Technology’s parent company, Solos Incorporation (“Solos Inc.”)”
  59. Kopin Corporation, Form 10-K filed 2026-04-13: “On January 5, 2023, the Company entered into a Technology License Agreement and an Asset Purchase Agreement (the “LST Agreements”) with Lightning Silicon Technology, Inc (“LST”). Pursuant to the LST Agreements, the Company issued a license to LST for certain technology associated with our Organic Light Emitting Technology”
  60. Kopin Corporation, Form 10-K filed 2026-04-13: “As consideration for the transaction, the Company received 18,000,000 common shares representing a 20.0% equity stake in LST. The Company will also receive a royalty based on unit sales of products that utilize the technology licensed.”
  61. Kopin Corporation, Form 10-K filed 2026-04-13: “We acquired an equity interest in Lenovo New Vision in the first quarter of 2018 for $1.0 million and the contribution of certain intellectual property. As of December 27, 2025, we have approximately 10% interest in this investment and the carrying value of our investment is $1.5 million.”
  62. Kopin Corporation, Form 10-K filed 2026-04-13: “As of December 27, 2025, we own 100% of the outstanding common stock of Kopin Virginia, Inc. (formerly NVIS, Inc), and e-MDT America Inc. (“eMDT”) and we consolidate each of their financial results within our consolidated financial statements.”
  63. Kopin Corporation, Form 10-K filed 2026-04-13: “On October 16, 2025, the Company completed a $15 million strategic investment with Theon International Plc. Under the terms of the Agreements, Theon acquired a 49% interest in Kopin’s subsidiary, Kopin Europe Ltd. for $8.0 million and the parties entered into a licensing and development agreement and funding agreements relating to the joint development of military products. In addition, Theon purchased $7.0 million worth of shares of Series A Convertible Preferred Stock”
  64. Kopin Corporation, Form DEF 14A filed 2026-04-22: “strategic investment agreement entered into between the Company and Theon International Plc (Euronext Amsterdam: THEON), a globally recognized developer and manufacturer of advanced thermal imaging and night vision systems for global defense and thermal imaging markets to accelerate global defense innovation. This relationship provides us with the opportunity to enter the European NATO defense market, which is expected to grow significantly due to geopolitical issues, where we had had little presence in the past.”
  65. Kopin Corporation, Form 10-K filed 2026-04-13: “As a result of this assessment, Kopin Europe was deconsolidated from our consolidated financial statements, and we recognized a gain on deconsolidation.”
  66. Kopin Corporation, Form 10-K filed 2026-04-13: “Decisions regarding those significant activities require the consent of both Kopin and Theon.”
  67. Kopin Corporation, Form 10-K filed 2026-04-13: “Further financing developments included several new partnerships with major defense contractors in the US such as Ondas and Unusual Machines, and in Europe including Theon International. These firms participated in Kopin’s recent $41M private placement fundraising activity and are strategic investors, with the desire to develop or co-develop defense solutions with Kopin.”
  68. Kopin Corporation, Form 10-K filed 2026-04-13: “On August 12, 2016, BlueRadios, Inc. (“BlueRadios”) filed a complaint in the U.S. District Court for the District of Colorado, alleging that the Company breached a contract between it and BlueRadios concerning the design, development and commercialization micro-display products with embedded wireless technology referred to as “Golden-i,” breached the covenant of good faith and fair dealing associated with that contract, breached its fiduciary duty to BlueRadios, and misappropriated trade secrets owned by BlueRadios”
  69. Kopin Corporation, Form 10-K filed 2026-04-13: “On September 5, 2025, a post-trial order was entered in the U.S. District Court for the District of Colorado in the matter of BlueRadios, Inc. v. Kopin Corporation, Inc. finding for the plaintiff, BlueRadios, Inc. and awarding approximately $19.7 million in damages but denying a permanent injunction and prejudgment interest.”
  70. Kopin Corporation, Form 10-K filed 2026-04-13: “On October 2, 2025, the Company posted a supersedeas bond for $23.0 million which consisted of the $19.7 million judgement, legal expenses, and interest that would accrue over the expected term of the appeal. To post the bond the Company entered into loan agreements (the “Agreements”) with its bank which provides the bank with a security interest in the $23.0 million plus $1.15 million in fees for a total of $24.2 million the Company deposited with the bank. This $24.2 million is classified as Restricted Cash.”
  71. Kopin Corporation, Form 10-K filed 2026-04-13: “On October 7, 2025, the Company filed an appeal of the $19.7 million judgement against the Company in connection with the BlueRadios litigation.”
  72. Kopin Corporation, Form 10-Q filed 2026-08-11: “On June 25, 2026, BlueRadios, Inc. filed its opening and response appellate brief in the Federal Circuit, requesting that the court affirm the September 2025 judgment against Kopin Corporation for trade secret misappropriation and reverse portions of the district court's decision that denied additional damages, injunctive relief, and unpaid retainer claims.”
  73. Kopin Corporation, Form 10-K filed 2026-04-13: “management determined that the material weaknesses in internal control over financial reporting previously identified in our 2024 Annual Report on Form 10-K had not been fully remediated and identified an additional material weakness in internal control over financial reporting. As a result, our Chief Executive Officer and Chief Financial Officer concluded that our internal controls over financial reporting were not effective as of December 27, 2025.”
  74. Kopin Corporation, Form 10-K filed 2026-04-13: “Financially, we reported a 22% revenue decrease in fiscal year 2025 compared to 2024, driven by defense product sales”
  75. The record on this page: the filed annual figures (EDGAR's company facts)
  76. Kopin Corporation, Form 10-K filed 2026-04-13: “In the second quarter of 2024, the Company had estimated and accrued $24.8 million in probable and reasonably estimable damages for this matter. As a result of the post-trial order, the Company reduced the accrual to $19.7 million and recognized a benefit of $5.1 million”
  77. Kopin Corporation, Form 10-K filed 2026-04-13: “SG&A for 2025 decreased compared to 2024 primarily due to a decrease of approximately $6.4 million in legal fees and $0.1 million in professional fees.”
  78. Kopin Corporation, Form 10-K filed 2026-04-13: “In 2025, we recorded $11.1 million gain on deconsolidation and $0.8 million of impairment losses on equity investments.”
  79. Kopin Corporation, Form 10-K filed 2026-04-13: “The decrease in Consumer applications in 2025 compared to 2024 was primarily due to our re-focusing the Company’s sales and marketing efforts on defense applications.”
  80. Kopin Corporation, Form 10-K filed 2026-04-13: “Revenues from product sales to defense customers decreased in 2025 compared to 2024, primarily due to a decrease in shipments of our products for thermal weapon sight applications.”
  81. Kopin Corporation, Form 10-K filed 2026-04-13: “Furthermore, order intake along with certain programmatic revenue recognition was hindered by several government shutdowns that imposed significant delays to our 2025 plan. Several expected orders and subsequent revenue recognition have been delayed into 2026 due to substantial backlogs within the contracting pipeline.”
  82. Kopin Corporation, Form 10-K filed 2026-04-13: “The Company received several recurring awards for thermal weapon sight modules, training and simulation systems and displays and display modules for military pilot helmet HUD (head-up display) systems, including Kopin’s first production order for MicroLED displays which has been qualified and will be deployed in a fielded combat jet program.”
  83. Kopin Corporation, Form 10-K filed 2026-04-13: “R&D revenues decreased in 2025 as compared to 2024 primarily due to the timing of both starts of new programs and completion of our existing programs. This variance falls within the normal ebb and flow of funded programs. These contracts typically reimburse us for direct costs and allocated overhead and selling, general and administrative costs and in some cases profit. In 2025 and 2024, our R&D revenues exceeded funded R&D expenses by approximately $1.1 million and $2.2 million, respectively.”
  84. Kopin Corporation, Form 10-K filed 2026-04-13: “During the second half of 2025 we were awarded a $15.4 million Other Transaction Agreement (“OTA”) from the Office of the Secretary of War (“OSW”) through the U.S. Army Contracting Command (“ACC”) under the Industrial Base Analysis and Sustainment (“IBAS”) program. This contract is for the first stages of enablement for domestic microLED production and development of ultra-bright, full-color MicroLED displays optimized for ground soldier augmented reality (“AR”) applications.”
  85. Kopin Corporation, Form 10-K filed 2026-04-13: “As a result of this contract and other contracts we have received, we believe funded research and development expenses will increase in fiscal year 2026 as compared to fiscal year 2025.”
  86. Kopin Corporation, Form 10-K filed 2026-04-13: “Defense $ 29,361 $ 41,249 Industrial 3,025 2,200 Consumer 9 24 Medical 594 103 Other product 78 — Net product revenues 33,067 43,576”
  87. Kopin Corporation, Form 10-K filed 2026-04-13: “The industrial applications market has seen new entrants over the last few years, which has led to increased price competition. We have introduced lower priced products in 2025 to compete with our competitors, but we expect this trend will continue and hence we are focusing our product and selling efforts on other more attractive market segments.”
  88. Kopin Corporation, Form 10-K filed 2026-04-13: “The headset provides surgeons with the physical convenience and comfort of maintaining direct view of the patient while being able to refer to the images provided by the headset as opposed to needing to look away at a separate monitor or monitors positioned at various locations in the operating suite.”
  89. Kopin Corporation, Form DEF 14A filed 2026-04-22: “In fiscal year 2025 we received orders of approximately $61 million. The orders we received in fiscal year 2025 are for eyepieces used in thermal weapon sights, displays used in fixed wing and rotary aircraft, training and simulation headsets, contracts for display and application specific optical solution design and development and follow on orders for our medical headset.”
  90. Kopin Corporation, Form 10-K filed 2026-04-13: “The Company has warrants to purchase shares of Preferred Stock of HMDmd.”
  91. Kopin Corporation, Form 10-K filed 2026-04-13: “During fiscal years 2025 and 2024, the Company had the following transactions with related parties: Schedule of Revenue with Related Parties 2025 2024 Revenue Purchases Revenue Purchases RealWear, Inc. $ 409,881 $ — $ 406,878 $ 10,550 HMDmd, Inc. 721,519 — 603,109”
  92. Kopin Corporation, Form 10-K filed 2026-04-13: “The decrease in license and royalty revenue in 2025 compared to 2024 is due to a decrease in royalties earned under IP license agreements for industrial wearable headsets.”
  93. Kopin Corporation, Form 10-K filed 2026-04-13: “The Company licenses to our customers wireless industrial headset reference designs, which integrate displays, optics, and electronics, enhancing productivity.”
  94. Kopin Corporation, Form 10-K filed 2026-04-13: “The Company and RealWear have entered into agreements where the Company have agreed to supply display modules to RealWear, and license certain intellectual property to RealWear. In conjunction with these agreements the Company received an equity interest in RealWear, one-time $1.5 million license fees, paid as of December 2019, and will receive royalties of future product sales.”
  95. Kopin Corporation, Form 10-K filed 2026-04-13: “These grants generally provide the Company with payments for certain types of expenditures in return for research and development activities. The Company recognizes the government grant as grant revenue in the consolidated statement of operations, as the grants relate to improving the design of an already existing product that the Company regularly sells to other customers.”
  96. Kopin Corporation, Form 10-K filed 2026-04-13: “Such amounts are recognized on a systematic basis in proportion with the related qualifying costs incurred, applying judgment to determine when grant conditions are met and when grant proceeds are no longer subject to clawback or performance uncertainty. Proceeds received before recognition of the related grant revenues are recorded as deferred grant income within Other current liabilities in the consolidated balance sheet.”
  97. Kopin Corporation, Form 10-K filed 2026-04-13: “Deferred grant income 2,688,627”
  98. Kopin Corporation, Form 10-K filed 2026-04-13: “The License and Collaboration Agreement between Kopin Corporation, Kopin Europe, and Theon, together with associated side letters, established a framework for joint development and commercialization of multiple product categories, including the DarkWave module, DarkWave subsystem, Theon End Product, certain MicroLED displays, and OLED displays.”
  99. Kopin Corporation, Form 10-K filed 2026-04-13: “As of December 31, 2025, total committed funding received by Kopin Corporation from Theon under the LCA was $1.0 million, of which approximately $0.4 million was recognized as Collaboration revenue in the consolidated statement of operations.”
  100. Kopin Corporation, Form 10-K filed 2026-04-13: “As of December 27, 2025, the aggregate amount of the transaction price allocated to remaining performance obligations was $35 million, which the Company expects to recognize revenue over the next 12 months. The remaining performance obligations expected to be recognized beyond 12 months of $8.2 million represent amounts to be earned under government contracts, which are subject to cancellation.”
  101. Kopin Corporation, Form 10-K filed 2026-04-13: “The Company expects to receive additional government funding to further the technology and establish domestic full-rate productions within 2026 and beyond.”
  102. Kopin Corporation, Form 10-K filed 2026-04-13: “have had negative cash flow from operating activities in fiscal years 2025 and 2024, and expect to have negative cash flow from operating activities in fiscal year 2026.”
  103. Kopin Corporation, Form 10-K filed 2026-04-13: “We estimate we will have sufficient liquidity to fund operations at least through the end of the second quarter of 2027.”
  104. Kopin Corporation, Form 10-Q filed 2026-08-11: “On April 27, 2026, the Company entered into a Joint Development & License Agreement (“JDLA”) with Fabric.AI, Inc. (formerly StableX Technologies, Inc.) (“Fabric AI”), under which the parties agreed to jointly develop and commercialize certain Graphics Processing Unit to Graphics Processing Unit “ GPU to GPU” connectivity technologies. Fabric.AI is obligated to fund up to $15 million of development activities through successful demonstration”
  105. Kopin Corporation, Form 10-Q filed 2026-08-11: “The agreement provides for joint ownership of Project Technology and includes the issuance of Convertible Preferred Stock to Kopin designed to give Kopin approximately 19.99% of Fabric.AI’s outstanding common stock.”
  106. Kopin Corporation, Form 10-K filed 2026-04-13: “The sale of our display products to the military for use in thermal weapon sights and avionic helmets has been a primary source of our defense revenues and cash flows over the last several years. We currently are included in the Family Weapon Sight (“FWS”) Individual program and the Joint Strike Fighter (F-35) jet fighter program. In 2024, we experienced quality issues with the products we supplied for the FWS-I program. These quality issues resulted in suspension of shipments to our customer at various times during 2024 as we made modifications to our production processes.”
  107. Kopin Corporation, Form 10-K filed 2026-04-13: “Collaboration arrangement income 398,911 — License and other revenues 409,899 762,082”
  108. Kopin Corporation, Form 10-K filed 2026-04-13: “The Company has an equity investment in RealWear Inc. In the fourth quarter of 2025, the Company received shares valued at approximately $0.4 million as payment of royalties. The Company reviewed the financial condition and observable market transactions and recorded an impairment charge of $0.9 million and $1.8 million within gain (loss) on investments during the years ended December 27, 2025 and December 28, 2024, respectively. As of December 27, 2025, the Company has an approximate 2.8% interest in this investment which has carrying value of $0.1 million.”
  109. Kopin Corporation, Form 10-K filed 2026-04-13: “Customer December 27, 2025 December 28, 2024 Army Contracting Command 32 % — DRS Network & Imaging Systems, LLC 41 % 69”
  110. Kopin Corporation, Form 10-K filed 2026-04-13: “Kopin Virginia, Inc., our subsidiary in Reston, Virginia, leases 6,100 square feet in Reston. KEL, leases 20,000 square feet in Dalgety Bay, 5,000 square feet of which is contiguous environmentally controlled production clean rooms operated between Class 10 and Class 10,000 levels. KEL also leases an office in Berlin, Germany.”
  111. Kopin Corporation, Form 10-K filed 2026-04-13: “Kopin Europe, Limited (“KEL”) is in the process of expanding its capabilities beyond the manufacture of FLCOS microdisplays and 3DAOI structure light systems to include the back-end manufacture and test of both OLED displays and MicroLED displays, as well as Higher-level assemblies which are modules of sub-systems that include a micro-display, optics, electronics and housing that we sell to prime contractors to include in their finished products. This capability within the territories of the EU, at KEL, has strong appeal for the European military establishment (both prime contractors and the various ministries of defense) who are looking to source their technology and products closer to home”

Where the revenue comes from

Product and service lines in fiscal 2025: Defense 75%, Research and Development 12%, Non ASC Six Zero Six Revenues 3%, Grant Income 2%, Grant 2%, Medical 2%. By geography: United States 95%, Asia Pacific 3%, Europe 2%, Other Americas under 1%. As tagged in its annual report (Form 10-K, filed 2026-04-13).

Who runs it

Murray, Michael Andrew (CEO); Sneider, Richard (Chief Financial Officer); Manz, Erich (Chief Financial Officer); Baker, Paul Christopher (Chief Operating Officer); Avery, Jill Janice (director); Nieuwsma, David J (director); Seif, Margaret K (director); Walsh, Paul V Jr (director). 8 officers and directors have filed their own trades in the last fifteen months, names and titles as filed with the SEC, through 2026-09-30.

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