KOPN

MKT CAP:$659M

Kopin Corporation

Market Cap

$659M

Technology·Hardware, Equipment & Parts·🇺🇸 United States·NASDAQ

Technology·Hardware,·🇺🇸·NASDAQ

Stock Price

$3.21+$0.72 (+28.92%)

Apr 22, 2026

Company Details

Kopin Corporation, together with its subsidiaries, invents, develops, manufactures, and sells microdisplays, subassemblies, head-mounted and hand-held systems, and related components for defense, enterprise, industrial, and consumer product...

CEO

Michael Murray

IPO Date

Apr 15, 1992

Website

www.kopin.com

Key Metrics TTM

Revenue

$39M

-21.9% YoY

Net Income

$3M

EPS (Diluted)

$0.01

Free Cash Flow

-$11M

Revenue / Share

$0.22

Gross Margin

29.2%

Operating Margin

-25.1%

Net Margin

6.6%

FCF Margin

-28.2%

P/S

16.8x

P/E

252.7x

Earnings Reports

FY 2025

Apr 13, 2026

NEW

$39M-21.9%EPS $0.01

Q4 2025

Apr 13, 2026

NEW

$8M-42.9%EPS $0.04

Q3 2025

Nov 12, 2025

$12M-10.2%EPS $0.02

Q2 2025

Aug 12, 2025

$8M-31.5%EPS -$0.03

Q1 2025

May 13, 2025

$11M+5.0%EPS -$0.02

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$12M	-$2M	-$6M
Q2 22	$12M	-$1M	-$5M
Q3 22	$12M	$4M	-$4M
Q4 22	$12M	-$7M	-$6M
Q1 23	$11M	$4M	-$3M
Q2 23	$10M	$2M	-$5M
Q3 23	$11M	$5M	-$3M
Q4 23	$9M	-$6M	-$7M
Q1 24	$10M	-$609.7K	-$33M
Q2 24	$12M	$2M	-$5M
Q3 24	$13M	$5M	-$3M
Q4 24	$15M	$4M	-$2M
Q1 25	$11M	$3M	-$4M
Q2 25	$8M	$1M	-$5M
Q3 25	$12M	$4M	-$566.9K
Q4 25	$8M	$4M	$82.1K

Valuation

Quarter	P/S	P/E
Q1 22	5.4x	—
Q2 22	2.6x	—
Q3 22	2.0x	—
Q4 22	3.4x	—
Q1 23	2.6x	—
Q2 23	5.1x	—
Q3 23	3.0x	—
Q4 23	7.0x	—
Q1 24	5.4x	—
Q2 24	2.4x	—
Q3 24	2.2x	—
Q4 24	4.0x	—
Q1 25	3.1x	—
Q2 25	5.4x	—
Q3 25	9.0x	—
Q4 25	9.9x	148.9x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 21	-$3M	-$4M
Q1 22	-$2M	-$3M
Q2 22	-$9M	-$9M
Q3 22	-$4M	-$4M
Q4 22	-$2M	-$2M
Q1 23	-$4M	-$4M
Q2 23	-$4M	-$4M
Q3 23	-$4M	-$4M
Q4 23	-$3M	-$4M
Q1 24	-$3M	-$3M
Q2 24	-$3M	-$3M
Q3 24	-$6M	-$6M
Q4 24	-$2M	-$2M
Q1 25	-$3M	-$4M
Q2 25	-$4M	-$5M
Q3 25	-$110.4K	-$217.0K

Capital Expenditures

Quarter	CapEx
Q3 21	$191.8K
Q1 22	$524.4K
Q2 22	$80.6K
Q3 22	$37.2K
Q4 22	$190.6K
Q1 23	$216.6K
Q2 23	$134.0K
Q3 23	$127.7K
Q4 23	$471.2K
Q1 24	$245.4K
Q2 24	$65.2K
Q3 24	$10.3K
Q4 24	$494.4K
Q1 25	$500.5K
Q2 25	$733.3K
Q3 25	$106.6K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	-16.8%	+36.4%
Q2 22	+2.0%	+9.5%
Q3 22	+18.4%	+13.9%
Q4 22	+11.9%	+42.3%
Q1 23	-7.1%	-23.1%
Q2 23	-12.2%	-12.0%
Q3 23	-9.6%	-15.4%
Q4 23	-29.6%	-16.5%
Q1 24	-6.7%	+214.1%
Q2 24	+17.9%	+16.3%
Q3 24	+25.7%	+21.0%
Q4 24	+70.8%	+9.7%
Q1 25	+5.0%	-66.1%
Q2 25	-31.5%	-21.8%
Q3 25	-10.2%	-22.3%
Q4 25	-42.9%	-50.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 21	$642.2K	5.9%
Q1 22	$656.1K	5.7%
Q2 22	$417.0K	3.5%
Q3 22	$297.5K	2.5%
Q4 22	-$102.9K	-0.8%
Q1 23	$194.2K	1.8%
Q2 23	$1M	11.4%
Q3 23	$958.3K	9.0%
Q4 23	$2M	17.9%
Q1 24	$734.9K	7.3%
Q2 24	$676.4K	5.5%
Q3 24	$1M	9.1%
Q4 24	$710.4K	4.9%
Q1 25	$774.4K	7.3%
Q2 25	$747.7K	8.8%
Q3 25	$1M	9.2%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q1 22	$5M	$442.0K	$4M	—
Q2 22	$5M	—	—	—
Q3 22	$3M	—	—	—
Q4 22	—	—	—	$5M
Q1 23	$2M	$151.1K	$4M	—
Q2 23	$3M	—	—	—
Q3 23	$3M	—	—	—
Q4 23	$2M	—	—	—
Q1 24	$2M	—	—	—
Q2 24	$2M	—	—	—
Q3 24	$3M	—	—	$5M
Q4 24	$3M	—	—	$3M
Q1 25	$2M	—	—	$5M
Q2 25	$2M	—	—	$5M
Q3 25	$3M	—	—	$2M
Q4 25	$4M	—	—	$5M

Revenue Segments

Quarter	Consumer	Defense	Industrial	License And Royalties	Research and Development	Other	Research And Development	Net Product Revenues	Other Revenues	Research And Development Revenues	License and Royalties	Medical
Q1 22	$220.0K	$5M	$2M	$163.0K	$5M	—	—	—	—	—	—	—
Q2 22	$284.0K	$7M	$2M	—	$3M	$99.0K	—	—	—	—	—	—
Q3 22	$676.0K	$6M	$2M	—	—	$100.0K	$3M	—	—	—	—	—
Q1 23	—	—	—	—	—	—	—	$8M	$207.0K	$3M	—	—
Q2 23	—	—	—	—	—	—	—	$6M	$564.2K	$4M	—	—
Q1 24	$25.0K	$8M	$768.0K	—	$900.0K	—	—	—	—	—	$107.0K	—
Q2 24	—	$10M	$615.0K	—	$1M	—	—	—	—	—	$112.0K	—
Q3 24	—	$10M	$489.0K	—	$2M	—	—	—	—	—	$129.0K	—
Q1 25	—	$8M	$392.0K	—	$1M	—	—	—	—	—	$72.0K	$359.0K
Q2 25	—	$6M	$1M	—	$908.0K	—	—	—	—	—	$49.0K	$213.0K
Q3 25	—	$10M	$749.0K	—	$1M	—	—	—	—	—	$69.0K	$1.0K

Revenue by Geography

Quarter	Asia Pacific	Europe	United States
Q1 22	$2M	$137.0K	$9M
Q2 22	$2M	$308.0K	$10M

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 21	$27M	$3M	$29M
Q1 22	$22M	$4M	$26M
Q2 22	$14M	$5M	$19M
Q3 22	$10M	$5M	$15M
Q4 22	$8M	$4M	$13M
Q1 23	$9M	$21M	$30M
Q2 23	$10M	$16M	$26M
Q3 23	$10M	$12M	$21M
Q4 23	$6M	$12M	$17M
Q1 24	$14M	$7M	$21M
Q2 24	$10M	$8M	$18M
Q3 24	$15M	$22M	$36M
Q4 24	$14M	$21M	$36M
Q1 25	$15M	$16M	$32M
Q2 25	$24M	$2M	$27M
Q3 25	$27M	$0	$27M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	90M	-0.4%	+8.8%
Q2 22	90M	+0.2%	+3.3%
Q3 22	94M	+3.6%	+5.3%
Q4 22	92M	-1.9%	+1.4%
Q1 23	105M	+14.5%	+16.6%
Q2 23	110M	+4.6%	+21.7%
Q3 23	110M	+0.4%	+18.0%
Q4 23	111M	+0.2%	+20.6%
Q1 24	120M	+8.6%	+14.4%
Q2 24	121M	+1.1%	+10.5%
Q3 24	124M	+2.4%	+12.6%
Q4 24	133M	+6.9%	+20.1%
Q1 25	166M	+25.0%	+38.3%
Q2 25	166M	+0.1%	+37.0%
Q3 25	169M	+1.9%	+36.3%
Q4 25	175M	+3.4%	+31.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$64.0K	181
Q2 22	$65.8K	181
Q3 22	$64.8K	181
Q4 22	$68.8K	177
Q1 23	$60.8K	177
Q2 23	$59.1K	177
Q3 23	$59.9K	177
Q4 23	$59.6K	144
Q1 24	$69.7K	144
Q2 24	$85.7K	144
Q3 24	$92.5K	144
Q4 24	$80.9K	181
Q1 25	$58.2K	181
Q2 25	$46.7K	181
Q3 25	$66.1K	181
Q4 25	$57.7K	145

Revenue / Employee