Kopin Corporation
- Open
- 4.39
- Day high
- 4.52
- Day low
- 4.33
- Prev close
- 4.48
- Volume
- 1.8M
- Mkt cap
- $779M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 11.4
- P/S
- 19.8
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$1.8M over the last 3 months (0 open-market buys, 6 sales)
- 🏛Institutions accumulating (13F)
Kopin Corporation (KOPN) is a Technology company listed on NASDAQ. The stock is up 195% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 6 sales (SEC Form 4).
Kopin Corporation (KOPN) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 5 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
KOPN earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 12, 2026 | $-0.01 | $-0.02 | -100.0% | $11M | +6.4% |
| Mar 27, 2026 | $-0.01 | $-0.01 | -50.0% | $8M | -23.3% |
| Nov 12, 2025 | $-0.01 | $0.02 | +300.0% | $12M | -8.5% |
| Aug 12, 2025 | $-0.01 | $-0.03 | -125.1% | $8M | -43.9% |
| Apr 17, 2025 | $-0.01 | $-0.01 | +0.0% | $11M | -18.4% |
| Mar 27, 2025 | $-0.02 | $-0.01 | +26.7% | $15M | +18.0% |
| Aug 8, 2024 | $-0.04 | $-0.05 | -25.0% | $12M | +24.1% |
| Mar 14, 2024 | $-0.03 | $-0.06 | -100.0% | $9M | -5.0% |
| Nov 9, 2023 | $-0.01 | $-0.02 | -75.0% | $11M | +17.4% |
| Aug 10, 2023 | $-0.02 | $-0.07 | -200.0% | $10M | +1.7% |
| May 11, 2023 | $-0.02 | $-0.03 | -33.3% | $11M | +9.9% |
| Mar 14, 2023 | $-0.07 | $-0.07 | +0.0% | $12M | +9.0% |
KOPN insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 12, 2026 | SEIF MARGARET Kdirector | Grant | 64,500 | — |
| Jun 12, 2026 | NIEUWSMA DAVID Jdirector | Grant | 64,500 | — |
| Jun 12, 2026 | Walsh Paul V Jrdirector | Grant | 64,500 | — |
| Jun 12, 2026 | Avery Jill Janicedirector | Grant | 64,500 | — |
| May 8, 2026 | Baker Paul Christopherofficer: Chief Operating Officer | Sell | 58,939 | $4.90 |
| May 6, 2026 | Baker Paul Christopherofficer: Chief Operating Officer | Sell | 1,041 | $4.90 |
| Apr 29, 2026 | Baker Paul Christopherofficer: Chief Operating Officer | Sell | 116,860 | $3.95 |
| Apr 21, 2026 | Murray Michael Andrewdirector, officer: CEO | Sell | 96,800 | $3.01 |
| Apr 16, 2026 | Murray Michael Andrewdirector, officer: CEO | Sell | 63,200 | $3.01 |
| Apr 15, 2026 | Murray Michael Andrewdirector, officer: CEO | Sell | 187,920 | $2.80 |
| Mar 30, 2026 | Murray Michael Andrewdirector, officer: CEO | Sell | 5,413 | $2.25 |
| Mar 27, 2026 | Murray Michael Andrewdirector, officer: CEO | Sell | 33,334 | $2.32 |
| Jan 8, 2026 | Baker Paul Christopherofficer: Chief Operating Officer | Grant | 72,000 | — |
| Jan 8, 2026 | Murray Michael Andrewdirector, officer: CEO | Grant | 583,658 | — |
| Jan 8, 2026 | Murray Michael Andrewdirector, officer: CEO | Grant | 724,638 | $3.21 |
Source: KOPN SEC Form 4 filings, latest Jun 12, 2026. For informational purposes only — not investment advice.
See the full KOPN insider & 13F page →Kopin Corporation company profile
Overview
Kopin Corporation (NASDAQ:KOPN) is a Massachusetts-based technology company founded in 1984 that specializes in developing and manufacturing advanced microdisplay technologies and related optical systems. The company went public in 1992 and has evolved from its early focus on gallium arsenide semiconductors to become a leading provider of miniaturized display solutions for defense, industrial, and emerging consumer applications. Kopin operates globally with facilities in the United States, Asia-Pacific, and Europe, serving customers who require high-performance visual systems in demanding environments.
Business
Kopin operates in the specialized microdisplay industry, which involves creating extremely small, high-resolution screens and optical systems used in head-mounted displays, augmented reality devices, and precision optical equipment. The company's core technologies center around miniaturized display solutions that are significantly smaller than conventional screens yet deliver high image quality and performance. The company's primary products include active-matrix liquid crystal displays (AMLCD), which are tiny LCD screens that provide sharp, bright images for various applications. These displays are often smaller than a postage stamp but can deliver resolution comparable to much larger screens. Kopin also produces liquid crystal on silicon (LCOS) displays, which function as spatial light modulators - devices that can precisely control light patterns for applications like 3D optical inspection and advanced imaging systems. Additionally, the company manufactures organic light emitting diode (OLED) displays, which are self-illuminating screens that don't require backlighting, making them ideal for compact applications. Kopin is also developing next-generation microLED technology, which promises even better performance and efficiency. Beyond the displays themselves, the company produces supporting components including application-specific integrated circuits (ASICs), optical lenses, backlights, and complete headset systems. Kopin's business is organized around three main market segments: 1. Defense applications (approximately 80% of product revenue): This includes soldier-worn systems, avionic displays for military aircraft like the F-35 Lightning II, armored vehicle displays, and military training simulators. These products must meet stringent military specifications for durability, performance, and security. 2. Industrial applications (approximately 15% of product revenue): This encompasses 3D automated optical inspection systems used in manufacturing, medical headsets for surgical applications, and public safety equipment for first responders. 3. Consumer applications (approximately 5% of product revenue): This emerging segment includes augmented reality and virtual reality headsets, though this remains a smaller portion of the business currently.
Revenue model
Kopin generates revenue through two primary channels: product sales and funded research and development contracts. Product sales, which represent approximately 85-90% of total revenue, involve manufacturing and selling microdisplays, optical components, and complete headset systems directly to customers. The company's paying customers include major defense contractors like Lockheed Martin and Boeing, industrial equipment manufacturers, and emerging AR/VR device makers. The company also earns revenue through funded research and development agreements, typically with government agencies or large corporations who pay Kopin to develop specific technologies or solutions. These contracts, representing about 10-15% of revenue, often lead to future product sales opportunities and help offset internal R&D costs. Several factors influence Kopin's profitability margins. Positive margin drivers include the company's focus on high-value, specialized applications where customers prioritize performance over cost, particularly in defense markets where reliability and meeting strict specifications command premium pricing. The company's intellectual property portfolio of over 200 patents provides some pricing power, and ongoing automation initiatives are expected to improve manufacturing efficiency and reduce labor costs. Negative margin pressures come from the highly specialized, low-volume nature of many products, which limits economies of scale. Supply chain disruptions and component shortages have historically impacted costs and delivery schedules. The company faces competitive pressure from larger display manufacturers, and the cyclical nature of defense spending can create revenue volatility. Additionally, the significant R&D investment required to stay competitive in rapidly evolving display technologies represents a substantial ongoing cost burden. The company has been implementing a "fab-light" strategy, partnering with external manufacturers for some production to reduce capital requirements while maintaining control over critical technologies and customer relationships. This approach aims to improve asset utilization and reduce fixed manufacturing costs.
Competitive moat
Kopin's competitive moat is moderate but specialized, built primarily around its deep technical expertise in microdisplay technologies and strong relationships within the defense industry. The company's most significant competitive advantage lies in its specialized knowledge of creating high-performance displays for demanding applications, particularly military and aerospace systems where reliability, durability, and meeting strict specifications are paramount. The defense market provides some natural barriers to entry due to lengthy qualification processes, security clearance requirements, and the high cost of failure in mission-critical applications. Once Kopin's displays are integrated into major defense programs like the F-35 fighter jet helmet system, switching costs for customers become substantial, creating some customer stickiness. The company's intellectual property portfolio of over 200 patents provides additional protection, though the rapid pace of technological change in displays limits the duration of any single patent's competitive advantage. However, Kopin's moat faces several challenges. The company operates in a technology-intensive industry where larger competitors like Sony, Samsung, and other major display manufacturers have significantly greater resources for R&D investment. These larger players could potentially enter Kopin's specialized niches if the markets become sufficiently attractive. The company's relatively small scale limits its ability to achieve the cost advantages that come with high-volume manufacturing. The emerging consumer AR/VR market represents both an opportunity and a threat - while it could provide significant growth, it also attracts well-funded technology giants who could develop competing solutions. Additionally, the defense industry's consolidation trend means Kopin increasingly faces customers with greater bargaining power. Overall, while Kopin has carved out a defensible niche in specialized microdisplay applications, its moat is primarily based on technical expertise and customer relationships rather than structural competitive advantages, making continued innovation and execution critical for maintaining its market position.
Risks & safety
Kopin presents a moderate to concerning margin of safety profile with mixed financial health indicators that require careful monitoring. • Cash and Liquidity: $15.3 million in cash and short-term investments as of Q1 2025, with a current ratio of 1.40, indicating adequate short-term liquidity but limited financial cushion • Cash Burn: Significant negative free cash flow of -$3.9 million in Q1 2025 alone, with full-year 2024 free cash flow of -$15.0 million, indicating substantial ongoing cash consumption • Debt Level: Very low debt-to-equity ratio of 0.03, meaning minimal debt burden and low solvency risk from leverage • Profitability: Persistent losses with net income of -$3.1 million in Q1 2025 and -$43.9 million for full year 2024, though operational improvements are being implemented • Valuation Metrics: Trading at extremely low price-to-book ratio of 0.008, suggesting potential asset value, but negative earnings make P/E ratios meaningless • Other Considerations: Revenue growth trajectory is positive (25% growth in 2024), but the company's small scale and cash burn rate create execution risk, particularly if defense spending cycles turn negative or key customer programs face delays
Recent development
Over the past few years, Kopin has undergone significant strategic transformation focused on operational efficiency and technology advancement. The company implemented its "One Kopin" strategy in 2024, reorganizing global teams to improve coordination between its facilities in Virginia, Massachusetts, and Europe while eliminating redundancies and improving operational efficiency. A key strategic pivot has been the adoption of a "fab-light" manufacturing model, where Kopin partners with external OLED and microLED fabrication vendors rather than maintaining all production in-house. This approach reduces capital requirements while allowing the company to focus on its core competencies in design, integration, and customer relationships. The strategy also provides supply chain diversification and access to advanced manufacturing capabilities. Technology development has centered around the company's breakthrough Neural Display technology, which integrates sensors and AI-powered software directly into display systems. This technology aims to enable eye-tracking, health monitoring, and enhanced user interfaces in head-mounted systems. The company expects to demonstrate this technology publicly in 2025, potentially opening new market opportunities in both defense and consumer applications. The company has also made significant investments in manufacturing automation and quality improvement, implementing AI-assisted factory processes and camera-based inspection systems. These initiatives have improved quality rates from 63% to 94% on-time-in-full delivery and are expected to further enhance gross margins. Market expansion efforts have focused heavily on international opportunities, particularly in Europe, Korea, and Japan, where increased defense spending and geopolitical tensions are driving demand for advanced military systems. The company has expanded its European sales team and is pursuing strategic partnerships to access these growing markets. In terms of product development, Kopin has advanced its microLED display portfolio and secured qualification for major defense programs including the F-35 Lightning II Helmet Mounted Display System, positioning the company for significant revenue growth as these programs ramp production.
KOPN company profile · for informational purposes only — not investment advice.
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