Intel for microdisplays

Qualcomm for AR/VR and defense displays

• AMOLED Microdisplays: Ultra-small, high-resolution displays primarily used in augmented and virtual reality headsets, defense, industrial, and medical applications.
• Liquid Crystal on Silicon (LCoS) Microdisplays: High-resolution, power-efficient microdisplays suitable for AR/VR, thermal weapon sights, and other compact viewing systems.
• Microdisplay Modules & Subsystems: Integrated solutions that combine microdisplays with optics, backlights, and control electronics, simplifying development for customers.
• Spatial Light Modulators (SLMs): Specialized optical components used to manipulate the phase and/or amplitude of light for applications like 3D sensing, laser scanning, and microscopy.

Kopin Corporation (KOPN) primarily sells its advanced microdisplays and display subassemblies to other companies (Business-to-Business, B2B) that integrate these components into their end-products.

While Kopin's official SEC filings do not explicitly name individual customers, they do disclose significant revenue concentration from key programs. According to Kopin's Q3 2023 earnings call, sales of displays for the F-35 Joint Strike Fighter program and the Apache helicopter program together accounted for approximately 39% of their total revenue for the first nine months of 2023 (27% and 12%, respectively). These figures align closely with the "two customers" mentioned in their 2023 10-K filing who accounted for 29% and 12% of total revenue for the full year 2023.

Based on these disclosures, Kopin's major customers (or customers whose end-products are for these programs) are associated with the prime contractors for these significant defense programs:

• Lockheed Martin Corporation (Symbol: LMT) - Prime contractor for the F-35 Joint Strike Fighter program.
• The Boeing Company (Symbol: BA) - Prime contractor for the Apache helicopter program.

Kopin also supplies its products to various other Original Equipment Manufacturers (OEMs) for applications in industrial, medical, and commercial Augmented Reality/Virtual Reality (AR/VR) systems, though specific names for these customers are not publicly disclosed.

Michael Murray, Chairperson, CEO, President

Michael Murray was appointed CEO of Kopin in September 2022. An engineer by training with an MBA from MIT, he has consistently been associated with technology-focused companies. Before joining Kopin, he served as President of the Cyber business at Ultra Electronics Group, a British defense and security company. He also held leadership positions at Analog Devices, where his responsibilities included overall business strategy, product development, manufacturing, sales and marketing, and acquisitions. Murray has experience with both start-ups and larger corporations.

Erich Manz, Chief Financial Officer

Erich Manz was appointed Chief Financial Officer of Kopin, effective September 1, 2025, succeeding Rich Sneider upon his retirement. He brings over three decades of financial and accounting expertise, with a particular focus on sensing, analog power, and semiconductor technology markets. Most recently, Manz served as the Business Unit CFO at Allegro MicroSystems, where he was responsible for the financial structure, support, and oversight of the product business group. Prior to that, he spent more than 25 years at Serta, holding various positions including Reporting Manager and Corporate Controller. Manz holds a bachelor's degree in accounting from Bryant University.

Dr. John C. C. Fan, Founder & Chairman of the Board

Dr. John C. C. Fan founded Kopin Corporation in 1985 and served as its CEO from inception until September 2022. He now remains on Kopin's Board of Directors, having previously served as Chairman of the Board until May 2023. Dr. Fan holds over 80 U.S. patents related to transistor wafers for mobile phones, liquid crystal displays, and mobile consumer devices. His career began at MIT's Lincoln Laboratory, where he led the Electronic Materials Group. Dr. Fan has also co-founded and chaired several integrated circuit and advanced materials companies, three of which were successfully sold to large publicly-listed semiconductor corporations. He earned a Ph.D. in Applied Physics from Harvard University. After stepping down as CEO of Kopin, Dr. Fan co-founded Lightning Silicon, a company focused on developing and supplying advanced organic light emitting diode (OLED) microdisplays for consumer augmented reality (AR) and virtual reality (VR) markets.

Paul Baker, Chief Operating Officer

Paul Baker serves as the Chief Operating Officer for Kopin Corporation. He is also identified as the COO for Government & Industrial and Strategic Business Officer.

Bill Maffucci, Senior Vice President, Business Development & Strategy

Bill Maffucci holds the position of Senior Vice President, Business Development & Strategy at Kopin Corporation.

Kopin Corporation (KOPN) develops and provides microdisplays, optical modules, spatial light modulators, and complete systems for augmented reality (AR), virtual reality (VR), and mixed reality (MR) applications, primarily serving the defense, industrial, medical, and consumer markets. The addressable markets for Kopin's main products and services are substantial and projected for significant growth:

• Microdisplay Market: The global microdisplay market is projected to reach approximately $6 billion by 2028, growing from $2 billion in 2022. Another estimate indicates the global microdisplay market size is expected to grow from $1.65 billion in 2025 to $5.33 billion by 2030, at a compound annual growth rate (CAGR) of 26.4%.
• Augmented Reality (AR) Market: The global augmented reality market was valued at $93.67 billion in 2024 and is projected to grow to $1,716.37 billion by 2032, exhibiting a CAGR of 43.0%. The hardware segment is a significant component of this market, accounting for over 58% share in 2024. North America held the highest revenue share in the AR market, over 33% in 2024, with the U.S. maintaining a dominant position.
• Virtual Reality (VR) Market: The global virtual reality market was valued at $16.32 billion in 2024 and is projected to reach $123.06 billion by 2032, with a CAGR of 28.9%. Another source estimates the global VR market at $36.13 billion in 2024, with a projection to reach around $284.04 billion by 2034 at a CAGR of 22.90%. Hardware represented the major market share of 66% in 2024. North America dominated the VR market with a 35.53% share in 2024.
• Mixed Reality (MR) Market: The global mixed reality market was valued at $4.6 billion in 2023 and is projected to reach $456.8 billion by 2032, growing at a CAGR of 67%. Another report valued it at $2,162.38 million in 2024, estimated to reach $27,530.12 million by 2033, exhibiting a CAGR of 31.03%. The hardware component dominated this market, accounting for 73.6% of the revenue share in 2023 and 2024. North America was the largest regional market for mixed reality in 2023, holding over 37.6% of the market share in 2024.

Kopin Corporation (NASDAQ: KOPN) anticipates several key drivers for future revenue growth over the next 2-3 years, stemming from strategic realignments, market expansion, and technological advancements:

1. Strategic Focus on Defense Sector and High-Margin Products: Kopin has strategically shifted its business model to prioritize the defense sector, with a particular emphasis on high-margin products such as components for thermal weapon sights and applications in soldier, avionic, armored vehicle, and training & simulation defense systems. This strategic pivot has already resulted in significant product revenue growth and positions Kopin as a sole-source provider of microdisplays for several U.S. Department of Defense programs.
2. Expansion into European, Southeast Asian, and NATO Defense Markets: A significant driver is Kopin's strategic partnership and $15 million investment from Theon International. This collaboration is designed to provide immediate and substantial access to new markets in Europe, Southeast Asia, and with NATO allies, leveraging increased defense spending in these regions. The partnership is expected to enhance Kopin's revenue, market share, and technology development capabilities.
3. Advancements in MicroLED and AI-Enabled Display Technologies: Kopin is focusing on the development and commercialization of next-generation display technologies, including MicroLEDs and its AI-enabled OLEDoS NeuralDisplay™. These innovations are targeted at high-margin, AI-driven applications across various sectors, including simulation, training, and medical surgery. The company has already secured new orders for MicroLED displays for combat aircraft HUD upgrades, with the NeuralDisplay™ reaching a prototype milestone.
4. Growth in Funded Research and Development (R&D) Programs: An increase in funded research and development revenues, particularly from U.S. defense programs, is expected to fuel future growth. Kopin has noted an exponential increase in quote requests, bids, and R&D projects, significantly expanding its pipeline of qualified opportunities. This strong R&D pipeline suggests future product development that will translate into revenue.
5. Operational Efficiencies through Automation: Kopin is implementing automation in its production processes, such as the introduction of optical inspection. These initiatives are aimed at improving manufacturing quality, increasing throughput, and reducing costs. Enhanced operational efficiency and reduced waste are expected to contribute to improved profitability and support sustainable revenue expansion.

Share Issuance

• In September 2025, Kopin completed a private placement, issuing 19,545,950 shares of common stock at $2.10 per share.
• This private placement generated approximately $41.0 million in gross proceeds, with estimated net proceeds of $38.1 million.
• The proceeds are intended to advance the development of color MicroLED and Neuraldisplay™ Artificial Intelligence, commercialize microdisplay and optical solutions for First Person Visualization (FPV) for drones, and for general corporate purposes.

Inbound Investments

• In October 2025, Kopin closed a $15.0 million strategic investment agreement with THEON International Plc.
• THEON International also invested $8.0 million into Kopin's subsidiary, Kopin Europe Limited, in exchange for a 49% equity interest.
• The $38.1 million net proceeds from the September 2025 private placement included investments from strategic partners such as THEON International, Ondas Holdings Inc., and Unusual Machines, Inc.

Capital Expenditures

• Kopin is implementing an aggressive automation plan in 2025 to enhance quality, improve product margins, and enable 24/7 facility utilization.
• The first phase of optical inspection automation was live in Q2 2025, with a second phase planned by the end of 2025.
• This automation is projected to result in $1.0–$1.5 million in OpEx recovery in the second half of 2025 and approximately $1 million in OpEx reduction in 2026.