Kopin (KOPN)
Market Price (9/27/2026): $4.985 | Market Cap: $938.3 MilSector: Information Technology | Industry: Electronic Components
Kopin (KOPN)
Market Price (9/27/2026): $4.985Market Cap: $938.3 MilSector: Information TechnologyIndustry: Electronic Components
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Megatrend and thematic driversMegatrends include Immersive Computing & Advanced Displays, and Defense & Industrial Wearables. Themes include Micro-displays, Augmented & Virtual Reality Components, Show more. | Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 14% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -15 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -41% Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 118x Stock price has recently run up significantly6M Rtn6 month market price return is 175%, 12M Rtn12 month market price return is 119% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -22%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -5.6% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -36%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -50% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 113% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.1% High stock price volatilityVol 12M is 102% Key risksKOPN key risks include [1] a history of persistent net losses that creates going concern uncertainty, Show more. |
| Megatrend and thematic driversMegatrends include Immersive Computing & Advanced Displays, and Defense & Industrial Wearables. Themes include Micro-displays, Augmented & Virtual Reality Components, Show more. |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 14% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -15 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -41% |
| Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 118x |
| Stock price has recently run up significantly6M Rtn6 month market price return is 175%, 12M Rtn12 month market price return is 119% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -22%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -5.6% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -36%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -50% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 113% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.1% |
| High stock price volatilityVol 12M is 102% |
| Key risksKOPN key risks include [1] a history of persistent net losses that creates going concern uncertainty, Show more. |
Qualitative Assessment
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Updated on 9/21/2026
Kopin (KOPN) stock has lost about 15% since 5/31/2026 because of the following key factors:
1. Kopin reported mixed financial results for its fiscal Q2 2026 (ended June 27, 2026), announced on August 10, 2026. While the company achieved break-even earnings per share (EPS) of $0.00, surpassing analysts' expectations of a loss of $0.01 per share, its total revenues of $12.7 million missed the Zacks consensus estimate by 7.32%. This revenue performance was largely driven by a 433% increase in non-product revenues from government grants and collaborations, overshadowing a modest 2% year-over-year growth in product revenues to $7.6 million.
2. The company experienced increased operating expenses and continued operational losses during the period. Research and development (R&D) expenses surged by 133% year-over-year to $4.5 million in fiscal Q2 2026. Although Kopin narrowed its loss from operations to $3.5 million from $5.5 million in fiscal Q2 2025, the persistence of operating losses, despite overall revenue growth fueled by non-product streams, likely raised investor caution about the company's near-term path to sustainable profitability.
Show more
Kopin (KOPN) stock has lost about 15% since 5/31/2026 because of the following key factors:
1. Kopin reported mixed financial results for its fiscal Q2 2026 (ended June 27, 2026), announced on August 10, 2026. While the company achieved break-even earnings per share (EPS) of $0.00, surpassing analysts' expectations of a loss of $0.01 per share, its total revenues of $12.7 million missed the Zacks consensus estimate by 7.32%. This revenue performance was largely driven by a 433% increase in non-product revenues from government grants and collaborations, overshadowing a modest 2% year-over-year growth in product revenues to $7.6 million.
2. The company experienced increased operating expenses and continued operational losses during the period. Research and development (R&D) expenses surged by 133% year-over-year to $4.5 million in fiscal Q2 2026. Although Kopin narrowed its loss from operations to $3.5 million from $5.5 million in fiscal Q2 2025, the persistence of operating losses, despite overall revenue growth fueled by non-product streams, likely raised investor caution about the company's near-term path to sustainable profitability.
Show more
Updated on 9/21/2026
Kopin (KOPN) stock has lost about 15% since 5/31/2026 because of the following key factors:
1. Kopin reported mixed financial results for its fiscal Q2 2026 (ended June 27, 2026), announced on August 10, 2026. While the company achieved break-even earnings per share (EPS) of $0.00, surpassing analysts' expectations of a loss of $0.01 per share, its total revenues of $12.7 million missed the Zacks consensus estimate by 7.32%. This revenue performance was largely driven by a 433% increase in non-product revenues from government grants and collaborations, overshadowing a modest 2% year-over-year growth in product revenues to $7.6 million.
2. The company experienced increased operating expenses and continued operational losses during the period. Research and development (R&D) expenses surged by 133% year-over-year to $4.5 million in fiscal Q2 2026. Although Kopin narrowed its loss from operations to $3.5 million from $5.5 million in fiscal Q2 2025, the persistence of operating losses, despite overall revenue growth fueled by non-product streams, likely raised investor caution about the company's near-term path to sustainable profitability.
3. Divergent analyst sentiment and valuation concerns contributed to stock volatility. While Kopin received several "Moderate Buy" ratings and optimistic price targets from analysts (e.g., Oppenheimer initiated coverage with an "Outperform" rating and a $7.00 price target on September 17, 2026), some analyses during the period suggested the stock appeared overvalued. A September 18, 2026, Seeking Alpha analysis maintained a "speculative HOLD" rating, citing unproven commercialization for key initiatives and persistent operating losses, which underscored a lack of uniform conviction on the company's immediate growth prospects and valuation. The stock's high beta of 3.57 also indicates significant volatility, amplifying price movements.
Show less
Kopin (KOPN) stock has lost about 15% since 5/31/2026 because of the following key factors:
1. Kopin reported mixed financial results for its fiscal Q2 2026 (ended June 27, 2026), announced on August 10, 2026. While the company achieved break-even earnings per share (EPS) of $0.00, surpassing analysts' expectations of a loss of $0.01 per share, its total revenues of $12.7 million missed the Zacks consensus estimate by 7.32%. This revenue performance was largely driven by a 433% increase in non-product revenues from government grants and collaborations, overshadowing a modest 2% year-over-year growth in product revenues to $7.6 million.
2. The company experienced increased operating expenses and continued operational losses during the period. Research and development (R&D) expenses surged by 133% year-over-year to $4.5 million in fiscal Q2 2026. Although Kopin narrowed its loss from operations to $3.5 million from $5.5 million in fiscal Q2 2025, the persistence of operating losses, despite overall revenue growth fueled by non-product streams, likely raised investor caution about the company's near-term path to sustainable profitability.
3. Divergent analyst sentiment and valuation concerns contributed to stock volatility. While Kopin received several "Moderate Buy" ratings and optimistic price targets from analysts (e.g., Oppenheimer initiated coverage with an "Outperform" rating and a $7.00 price target on September 17, 2026), some analyses during the period suggested the stock appeared overvalued. A September 18, 2026, Seeking Alpha analysis maintained a "speculative HOLD" rating, citing unproven commercialization for key initiatives and persistent operating losses, which underscored a lack of uniform conviction on the company's immediate growth prospects and valuation. The stock's high beta of 3.57 also indicates significant volatility, amplifying price movements.
Show less
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Stock Movement Drivers
Fundamental Drivers
The -12.6% change in KOPN stock from 5/31/2026 to 9/26/2026 was primarily driven by a -78.3% change in the company's P/E Multiple.| (LTM values as of) | 5312026 | 9262026 | Change |
|---|---|---|---|
| Stock Price ($) | 5.71 | 4.99 | -12.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 35 | 37 | 4.8% |
| Net Income Margin (%) | 5.6% | 21.7% | 286.2% |
| P/E Multiple | 542.3 | 117.9 | -78.3% |
| Shares Outstanding (Mil) | 187 | 188 | -0.7% |
| Cumulative Contribution | -12.6% |
Market Drivers
5/31/2026 to 9/26/2026| Return | Correlation | |
|---|---|---|
| KOPN | -12.6% | |
| Market (SPY) | 2.2% | 56.5% |
| Sector (XLK) | 2.9% | 65.1% |
Fundamental Drivers
The 125.8% change in KOPN stock from 2/28/2026 to 9/26/2026 was primarily driven by a 216.8% change in the company's P/S Multiple.| (LTM values as of) | 2282026 | 9262026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.21 | 4.99 | 125.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 46 | 37 | -19.5% |
| P/S Multiple | 8.1 | 25.6 | 216.8% |
| Shares Outstanding (Mil) | 167 | 188 | -11.5% |
| Cumulative Contribution | 125.8% |
Market Drivers
2/28/2026 to 9/26/2026| Return | Correlation | |
|---|---|---|
| KOPN | 125.8% | |
| Market (SPY) | 13.0% | 61.0% |
| Sector (XLK) | 41.8% | 61.5% |
Fundamental Drivers
The 137.6% change in KOPN stock from 8/31/2025 to 9/26/2026 was primarily driven by a 243.9% change in the company's P/S Multiple.| (LTM values as of) | 8312025 | 9262026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.10 | 4.99 | 137.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 47 | 37 | -21.8% |
| P/S Multiple | 7.4 | 25.6 | 243.9% |
| Shares Outstanding (Mil) | 166 | 188 | -11.6% |
| Cumulative Contribution | 137.6% |
Market Drivers
8/31/2025 to 9/26/2026| Return | Correlation | |
|---|---|---|
| KOPN | 137.6% | |
| Market (SPY) | 20.9% | 54.2% |
| Sector (XLK) | 50.4% | 52.9% |
Fundamental Drivers
The 241.8% change in KOPN stock from 8/31/2023 to 9/26/2026 was primarily driven by a 619.5% change in the company's P/S Multiple.| (LTM values as of) | 8312023 | 9262026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.46 | 4.99 | 241.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 45 | 37 | -18.6% |
| P/S Multiple | 3.6 | 25.6 | 619.5% |
| Shares Outstanding (Mil) | 110 | 188 | -41.6% |
| Cumulative Contribution | 241.8% |
Market Drivers
8/31/2023 to 9/26/2026| Return | Correlation | |
|---|---|---|
| KOPN | 241.8% | |
| Market (SPY) | 77.8% | 44.8% |
| Sector (XLK) | 127.9% | 45.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| KOPN Return | 68% | -70% | 64% | -33% | 72% | 108% | 100% |
| Peers Return | -13% | -48% | 16% | 5% | -20% | 11% | -51% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 105% |
Monthly Win Rates [3] | |||||||
| KOPN Win Rate | 42% | 33% | 33% | 58% | 58% | 67% | |
| Peers Win Rate | 50% | 42% | 50% | 42% | 47% | 33% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 56% | |
Max Drawdowns [4] | |||||||
| KOPN Max Drawdown | -71% | -77% | -51% | -78% | -64% | -51% | |
| Peers Max Drawdown | -66% | -59% | -53% | -56% | -53% | -58% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: VUZI, MVIS, OLED.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/25/2026 (YTD)
How Low Can It Go
| Event | KOPN | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -54.0% | -18.8% |
| % Gain to Breakeven | 117.5% | 23.1% |
| Time to Breakeven | 62 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -14.1% | -7.8% |
| % Gain to Breakeven | 16.4% | 8.5% |
| Time to Breakeven | 7 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -39.8% | -9.5% |
| % Gain to Breakeven | 66.1% | 10.5% |
| Time to Breakeven | 64 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -24.8% | -6.7% |
| % Gain to Breakeven | 33.0% | 7.1% |
| Time to Breakeven | 60 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -77.3% | -24.5% |
| % Gain to Breakeven | 340.7% | 32.4% |
| Time to Breakeven | 1288 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -46.2% | -33.7% |
| % Gain to Breakeven | 85.7% | 50.9% |
| Time to Breakeven | 30 days | 140 days |
In The Past
Kopin's stock fell -54.0% during the 2025 US Tariff Shock. Such a loss loss requires a 117.5% gain to breakeven.
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Asset Allocation
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| Event | KOPN | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -54.0% | -18.8% |
| % Gain to Breakeven | 117.5% | 23.1% |
| Time to Breakeven | 62 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -39.8% | -9.5% |
| % Gain to Breakeven | 66.1% | 10.5% |
| Time to Breakeven | 64 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -24.8% | -6.7% |
| % Gain to Breakeven | 33.0% | 7.1% |
| Time to Breakeven | 60 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -77.3% | -24.5% |
| % Gain to Breakeven | 340.7% | 32.4% |
| Time to Breakeven | 1288 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -46.2% | -33.7% |
| % Gain to Breakeven | 85.7% | 50.9% |
| Time to Breakeven | 30 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -56.7% | -19.2% |
| % Gain to Breakeven | 130.9% | 23.8% |
| Time to Breakeven | 731 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -39.8% | -12.2% |
| % Gain to Breakeven | 66.1% | 13.9% |
| Time to Breakeven | 275 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -55.7% | -6.8% |
| % Gain to Breakeven | 125.6% | 7.3% |
| Time to Breakeven | 406 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -34.5% | -17.9% |
| % Gain to Breakeven | 52.8% | 21.8% |
| Time to Breakeven | 3402 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -24.5% | -15.4% |
| % Gain to Breakeven | 32.4% | 18.2% |
| Time to Breakeven | 157 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -52.4% | -53.4% |
| % Gain to Breakeven | 110.3% | 114.4% |
| Time to Breakeven | 140 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -23.4% | -8.6% |
| % Gain to Breakeven | 30.5% | 9.5% |
| Time to Breakeven | 767 days | 47 days |
In The Past
Kopin's stock fell -54.0% during the 2025 US Tariff Shock. Such a loss loss requires a 117.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Kopin (KOPN)
Kopin Corporation (KOPN) is a technology company focused on inventing, developing, manufacturing, and selling advanced microdisplays and integrated systems. The company specializes in creating high-resolution, miniature display solutions and incorporating them into head-mounted or hand-held devices for a range of demanding applications worldwide.
Kopin's core product portfolio includes various types of sophisticated microdisplays such as active-matrix liquid crystal displays (LCDs), liquid crystal on silicon (LCoS) displays, and organic light-emitting diode (OLED) displays. Beyond the displays themselves, the company also provides crucial related components, including application-specific integrated circuits (ASICs), backlights, and optical lenses, alongside complete headset systems built around its display technologies.
The company serves diverse and critical markets. Its products are widely utilized in defense applications for soldiers, avionics, armored vehicles, and simulation/training systems. Kopin also caters to enterprise and industrial sectors, providing solutions for public safety, medical headsets, and 3D optical inspection systems. Furthermore, Kopin's components are integral to consumer augmented reality (AR) and virtual reality (VR) wearable headsets.
AI Analysis | Feedback
Here are 1-3 brief analogies to describe Kopin (KOPN):
- They're like a specialized Qualcomm, but for the tiny, high-performance displays and optics used in AR/VR and defense systems.
- Think of them as the 'Intel Inside' for advanced AR/VR and military vision systems, focusing on microdisplays and optical components.
- They are a bit like a highly specialized Zeiss or Leica, creating precision microdisplays and optical engines for AR/VR and military viewing systems.
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- Microdisplays: Kopin develops and sells miniature active-matrix liquid crystal, liquid crystal on silicon, and organic light-emitting diode displays.
- Subassemblies & Components: The company invents and manufactures application-specific integrated circuits, backlights, and optical lenses used in various systems.
- Headset Systems: Kopin offers both head-mounted and hand-held systems for defense, enterprise, industrial, and consumer applications.
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Michael Murray, Chairperson, CEO, President
Michael Murray was appointed CEO of Kopin in September 2022. Before joining Kopin, he served as President of the Cyber business at Ultra Electronics Group, a British defense and security company. He also held roles as Executive Vice President at Aceinna and led the Industrial Sensing business unit at Analog Devices. His prior experience includes involvement in business strategy, product development, manufacturing, sales, marketing, and acquisitions. He holds an Associate's Degree in Electronic Engineering, a Bachelor's and Master's of Science in Business Management/Technology Commercialization, and a Master's in Business Administration from MIT.
Erich Manz, Chief Financial Officer
Erich Manz was appointed Chief Financial Officer of Kopin in August 2025, with an effective start date of September 2, 2025. He brings over three decades of financial and accounting experience in semiconductor technology markets. Most recently, he was the Business Unit CFO at Allegro MicroSystems, where he was responsible for financial structure and oversight of the product business group. He spent over 25 years at Allegro MicroSystems in various roles, including Reporting Manager and Corporate Controller. He began his career in the accounting department at Serta and holds a bachelor's degree in accounting from Bryant University.
Dr. John C.C. Fan, Founder, Chairman
Dr. Fan founded Kopin Corporation in 1985 as a spin-out from MIT. He served as Chairman, CEO, and President until September 2022, when Michael Murray became CEO. Dr. Fan remains Chairman, focusing on strategic and scientific matters, particularly those related to the Metaverse. He was a co-founder and Chairman of several integrated circuit and advanced materials companies. His career began at MIT's Lincoln Laboratory, where he led the Electronic Materials Group, researching semiconductor materials and devices, before founding Kopin. He is credited with pioneering the HBT transistor, widely used in smartphones, and developing AMLCD microdisplay technology for DARPA. Kopin previously sold its HBT business. Dr. Fan has authored over 200 publications, edited three books, and holds more than 70 patents.
Paul Baker, Chief Operating Officer
Paul Baker joined Kopin in 2014 and currently serves as the Chief Operating Officer for Kopin Government and Industrial, and also as Strategic Business Officer.
Bill Maffucci, Senior Vice President of Product Development and Strategy
Bill Maffucci joined Kopin in 2015. Prior to Kopin, he was part of the leadership team at Intevac Photonics (now EOTech) after they acquired Creative Display Systems, a company he co-founded. At Kopin, he is responsible for spearheading the company's technology roadmaps, with a focus on next-generation Color MicroLED microdisplays, advanced display systems, strategic R&D investments, and identifying merger and acquisition opportunities.
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Key Risks to Kopin Corporation (KOPN)
- Ongoing Litigation and Significant Financial Impact: Kopin Corporation faces substantial risk from ongoing litigation, most notably the BlueRadios lawsuit, which has resulted in significant accrued damages, estimated at $24.8 million in Q2 2025 and Q1 2024. The uncertain outcome of this legal challenge could have a material adverse effect on the company's financial position and cash reserves, potentially necessitating further capital raises.
- Financial Sustainability and Liquidity Concerns: Kopin has a prolonged history of unprofitability, marked by consistent operating losses and negative EBIT margins. The company has experienced significant cash burn, leading management to express "substantial doubt about ability to continue as a going concern" without additional financing or strategic transactions. High costs of product revenue, reaching as much as 94% of product sales in Q2 2025, contribute to severely compressed gross margins and persistent unprofitability, further exacerbating liquidity challenges.
- Revenue Concentration and Volatility in the Defense Sector: A large proportion of Kopin's revenue, particularly from U.S. customers, is concentrated in the defense sector. This reliance exposes the company to inherent risks associated with government contract cycles, including potential delays in budget processes, program cancellations, and lengthy procurement cycles. Despite strategic efforts to expand in defense and aerospace, the company faces challenges in converting its pipeline of opportunities into consistent orders, contributing to recent declines in total revenue and making it difficult to achieve scalable growth.
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Kopin Corporation (KOPN) operates in several significant addressable markets, primarily driven by its microdisplay and head-mounted display technologies for defense, enterprise, industrial, and consumer augmented reality (AR) and virtual reality (VR) applications.
Addressable Markets for Kopin Corporation's Products and Services:
- Microdisplays: The global microdisplays market was valued at USD 2.46 billion in 2023 and is projected to grow at a Compound Annual Growth Rate (CAGR) of 23.9% from 2024 to 2030. Another report estimates the global microdisplays market size at USD 3.82 billion in 2025, anticipating it to reach approximately USD 26.35 billion by 2034, with a CAGR of 23.92% from 2025 to 2034. Asia Pacific dominated the global microdisplays market, accounting for a 35.5% revenue share in 2023. The U.S. microdisplays market led the regional industry with a 72.8% share in 2023.
- Head-Mounted Displays (HMDs): The global head-mounted display market was valued at USD 26.79 billion in 2024 and is expected to reach USD 131.48 billion by 2032, with a CAGR of 22.00%. Another estimate places the global HMD market at USD 10.94 billion in 2024, projected to grow to USD 45.41 billion by 2030, at a CAGR of 27.7% from 2025 to 2030. North America held the largest share of the global HMD market, accounting for over 39.0% in 2024. The Asia Pacific region is expected to exhibit high growth.
- Augmented Reality (AR) and Virtual Reality (VR) Market: The global AR and VR market was valued at USD 59,755.4 million in 2024 and is projected to reach USD 200,868.5 million by 2030, with a CAGR of 22.0% during 2025–2030. Other estimates suggest the combined AR and VR market value will be well over USD 300 billion in 2025, potentially exceeding USD 400 billion. Projections for the combined market size by 2030 range from USD 1.5 trillion to over USD 2.5 trillion globally. North America dominated the AR and VR market in 2023.
- AR and VR Headsets: The global AR and VR headsets market size is accounted at USD 1.60 billion in 2025 and is predicted to increase to approximately USD 35.48 billion by 2035, representing a CAGR of 36.33% from 2026 to 2035. North America dominated the AR and VR headsets market in 2025.
- Defense Sector Applications: Kopin's products are deeply integrated into military programs, such as the F-35 Lightning II Helmet Mounted Display System (HMDS). Defense sales constituted a significant portion of Kopin's revenue, reaching USD 9.9 million out of a total of USD 12 million in Q3 2025. The training and simulation segment, where Kopin's products are used, is forecast to grow from USD 31.26 billion in 2024 to USD 51.34 billion in 2025, a CAGR of 64.3%. Global defense budgets reached record highs in 2024, at approximately USD 2.72 trillion, leading to increased adoption of HMD solutions for real-time data overlays, night-vision integration, and mixed reality navigation.
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Kopin Corporation (KOPN) is expected to drive future revenue growth over the next 2-3 years through several key areas:
- Expansion in the Defense Sector: Kopin anticipates significant growth from new program implementations and increased shipments of its thermal weapon sights and advanced avionic helmet-mounted display systems for the military. The company recently secured a $3.6 million order for a new advanced avionic HMD system for a European military aircraft platform and a $2 million order for a new pilot HMD system from a Tier-1 European defense contractor. Furthermore, a transformative $15.4 million award to revolutionize color MicroLED technology for U.S. Army ground soldier integrated visual AR applications positions Kopin as a frontrunner for future defense contracts prioritizing advanced augmented reality solutions.
- Strategic Partnerships and International Market Penetration: A strategic investment and partnership with Theon International Plc, a global developer of thermal imaging and night vision systems, is set to accelerate global defense innovation and expand Kopin's market reach, particularly in Europe, Southeast Asia, and NATO countries. This collaboration includes an $8 million non-recurring engineering (NRE) agreement to co-develop military-grade displays and will leverage Kopin's U.S. facilities and its European base in Scotland for joint development and production activities.
- Advancements in Augmented Reality (AR) and Virtual Reality (VR) Technologies: Kopin's continued development of microdisplays and optical components for AR and VR wearable headsets, including next-generation AR smart glasses and immersive VR headsets, is a significant driver. The company's focus on developing ultra-bright, full-color MicroLED displays with superior brightness, power efficiency, and durability for AR applications is crucial for both defense and potential consumer and industrial markets.
- Innovation in MicroLED and Application-Specific Optical Systems: Ongoing research and development efforts, coupled with a strong patent portfolio, are expected to lead to new product introductions and enhance existing offerings. Kopin is focused on advancing display performance, reducing system size and weight, and enabling new use cases for immersive and wearable displays across commercial, industrial, and defense sectors, with MicroLED technology being a key area of innovation.
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Share Issuance
- Kopin has issued common stock through private placements, including PIPE financing.
- The company completed a $41 million private placement of common stock.
- The number of shares outstanding increased by 39.53% in one year, with a 12.1% increase in Q3 2025 from the prior quarter.
Inbound Investments
- Theon International Plc made a $15 million strategic investment in Kopin, which involved Series A Convertible Preferred Stock and a 49% interest in Kopin Europe Ltd.
- This investment includes an additional $8.0 million commitment for targeted development over five years, alongside licensing and development agreements for joint military products.
- In September 2025, Kopin granted 400,000 restricted shares of common stock to its new Chief Financial Officer as an inducement to employment.
Capital Expenditures
- Kopin invested $733K in capital expenditures during Q2 2025, marking a 46.5% increase from the previous quarter.
- Capital expenditures in Q1 2025 were $815K.
- Capital expenditures have represented a significant use of operating cash flow, contributing to negative free cash flow, as seen in Q2 2025 where $815K in capex led to a free cash flow of -$15.0M from -$14.2M in operating cash flow.
Peer Outperformance in Electronic Components
KOPN has trailed 64% of its 25 Electronic Components peers over 5Y. Among the peers that beat it is VSH. Electronic Components ranks 5th of 12 industries in Information Technology by median 5Y return.
Share of Electronic Components constituents that KOPN has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
86%
of 28 industry peers · 118.9% return
3Y
75%
of 28 industry peers · 322.9% return
5Y
36%
of 25 industry peers · -10.3% return
Electronic Components peers with revenue growth within 4pp of KOPN's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| KOPN | Kopin | -5.6% | 117.9x | 118.9% | 322.9% | -10.3% | — |
| VSH | Vishay Intertechnology | -1.6% | 156.8x | 120.4% | 43.0% | 70.7% | +81pp |
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Information Technology sector, ranked by 5Y. Electronic Components is KOPN's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Electronic Manufacturing Services | 9 | 67.8% | 202.9% | 283.6% | TTMI 915% · FLEX 725% · SANM 466% |
| Semiconductor Materials & Equipment | 27 | 97.2% | 97.4% | 112.0% | AXTI 797% · AEHR 592% · KLAC 439% |
| Technology Distributors | 9 | 41.0% | 84.4% | 101.6% | CLMB 402% · AVT 204% · SNX 148% |
| Communications Equipment | 36 | 17.2% | 95.3% | 67.6% | AAOI 1301% · FEIM 1069% · LITE 995% |
| Electronic Components ← | 26 | 42.0% | 70.3% | 64.8% | CLS 3788% · BELFA 1333% · COHR 387% |
| Semiconductors | 55 | 34.9% | 42.6% | 39.9% | POET 1808% · MU 1376% · NVDA 944% |
| Technology Hardware, Storage & Peripherals | 20 | 19.0% | 131.3% | 29.5% | STX 1116% · DELL 1073% · SMCI 1042% |
| Internet Services & Infrastructure | 6 | 4.9% | 51.3% | 28.2% | DOCN 71% · VRSN 37% · GDDY 37% |
| Electronic Equipment & Instruments | 26 | -16.6% | 16.4% | -10.4% | PI 192% · OSIS 107% · KEYS 105% |
| IT Consulting & Other Services | 30 | -25.3% | -17.4% | -35.9% | CHRN 522268% · APLD 1174% · TSSI 797% |
| Application Software | 124 | -29.5% | -14.8% | -48.5% | VIDA 144067% · INLX 4910% · PLTR 590% |
| Systems Software | 72 | -20.9% | 9.9% | -62.8% | QNC 640% · ZETA 408% · PANW 363% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Kopin Earnings Notes | 12/16/2025 | |
| Can Kopin Stock Recover If Markets Fall? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 3.96 |
| Mkt Cap | 0.6 |
| Rev LTM | 21 |
| Op Inc LTM | -23 |
| FCF LTM | -22 |
| FCF 3Y Avg | -22 |
| CFO LTM | -18 |
| CFO 3Y Avg | -19 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -0.8% |
| Rev Chg 3Y Avg | -2.7% |
| Rev Chg Q | 4.2% |
| QoQ Delta Rev Chg LTM | 0.9% |
| Op Inc Chg LTM | -12.3% |
| Op Inc Chg 3Y Avg | -2.2% |
| Op Mgn LTM | -280.9% |
| Op Mgn 3Y Avg | -359.5% |
| QoQ Delta Op Mgn LTM | 3.1% |
| CFO/Rev LTM | -209.9% |
| CFO/Rev 3Y Avg | -209.0% |
| FCF/Rev LTM | -238.5% |
| FCF/Rev 3Y Avg | -246.2% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Single Segment | 39 | 50 | 40 | 47 | |
| Consumer | 2 | ||||
| Defense | 18 | ||||
| Industrial | 10 | ||||
| License and royalties | 1 | ||||
| Other | 0 | ||||
| Research & Development (R&D) | 15 | ||||
| Total | 39 | 50 | 40 | 47 | 46 |
| $ Mil | 2018 | 2017 | 2016 |
|---|---|---|---|
| Industrial | -1 | 1 | |
| Kopin | -34 | -26 | -23 |
| Eliminations | -0 | ||
| Forth Dimension Displays (FDD) Ltd. | -1 | ||
| Total | -35 | -25 | -23 |
| $ Mil | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|
| Kopin | 51 | 83 | 86 | 105 | 121 |
| Industrial | 9 | 9 | |||
| Forth Dimension Displays (FDD) Ltd. | 2 | ||||
| FDD | 2 | 2 | |||
| Total | 60 | 91 | 88 | 106 | 123 |
Price Behavior
Price Behavior
| Market Price | $4.99 | |
| Market Cap ($ Bil) | 0.9 | |
| First Trading Date | 04/15/1992 | |
| Distance from 52W High | -21.9% | |
| 50 Days | 200 Days | |
| DMA Price | $4.41 | $3.59 |
| DMA Trend | up | up |
| Distance from DMA | 13.2% | 39.1% |
| 3M | 1YR | |
| Volatility | 102.0% | 102.3% |
| Downside Capture | 360.20 | 403.75 |
| Upside Capture | 396.55 | 426.48 |
| Correlation (SPY) | 47.6% | 55.6% |
KOPN Betas & Captures as of 8/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 3.16 | 4.61 | 4.93 | 4.92 | 4.45 | 2.84 |
| Up Beta | 6.88 | 7.45 | 6.78 | 5.77 | 4.93 | 2.64 |
| Down Beta | 6.02 | 3.51 | 3.88 | 4.99 | 5.00 | 2.40 |
| Up Capture | 266% | 438% | 573% | 1454% | 2393% | 29995% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 9 | 19 | 30 | 67 | 127 | 353 |
| Down Capture | -201% | 359% | 373% | 260% | 190% | 113% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 12 | 23 | 33 | 59 | 122 | 375 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with KOPN | |
|---|---|---|---|---|
| KOPN | 98.6% | 102.2% | 1.12 | - |
| Sector ETF (XLK) | 41.7% | 26.4% | 1.28 | 54.8% |
| Equity (SPY) | 17.7% | 13.0% | 0.98 | 55.6% |
| Gold (GLD) | 14.7% | 29.3% | 0.46 | 28.6% |
| Commodities (DBC) | 44.3% | 20.7% | 1.66 | -1.6% |
| Real Estate (VNQ) | 4.5% | 13.6% | 0.07 | 7.7% |
| Bitcoin (BTCUSD) | -25.9% | 44.8% | -0.54 | 34.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with KOPN | |
|---|---|---|---|---|
| KOPN | -2.4% | 91.2% | 0.39 | - |
| Sector ETF (XLK) | 21.3% | 26.0% | 0.73 | 45.7% |
| Equity (SPY) | 13.3% | 17.2% | 0.59 | 43.8% |
| Gold (GLD) | 19.2% | 18.8% | 0.83 | 12.1% |
| Commodities (DBC) | 10.8% | 19.6% | 0.43 | 5.9% |
| Real Estate (VNQ) | 0.9% | 18.9% | -0.06 | 24.3% |
| Bitcoin (BTCUSD) | 12.2% | 52.6% | 0.41 | 25.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with KOPN | |
|---|---|---|---|---|
| KOPN | 9.0% | 89.0% | 0.50 | - |
| Sector ETF (XLK) | 24.8% | 25.0% | 0.90 | 39.0% |
| Equity (SPY) | 15.5% | 17.9% | 0.73 | 37.1% |
| Gold (GLD) | 12.1% | 16.4% | 0.61 | 8.2% |
| Commodities (DBC) | 8.5% | 18.1% | 0.38 | 11.0% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.19 | 22.8% |
| Bitcoin (BTCUSD) | 63.8% | 66.2% | 1.03 | 16.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 9/11/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/10/2026 | 23.5% | 26.4% | 1.2% |
| 5/12/2026 | -6.2% | -18.3% | -4.1% |
| 3/27/2026 | -5.7% | 36.1% | 92.7% |
| 11/12/2025 | -7.9% | -18.6% | -11.5% |
| 8/12/2025 | -4.0% | -10.1% | 13.1% |
| 11/12/2024 | -3.1% | 10.3% | 46.6% |
| 8/8/2024 | 7.8% | 7.3% | 5.3% |
| 5/14/2024 | 8.9% | 9.9% | 2.9% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 9 | 11 |
| # Negative | 9 | 11 | 9 |
| Median Positive | 7.8% | 16.7% | 21.3% |
| Median Negative | -6.2% | -17.4% | -11.5% |
| Max Positive | 23.5% | 40.0% | 116.0% |
| Max Negative | -18.6% | -23.2% | -29.6% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/10/2026 | 23.5% | 26.4% | 1.2% |
| 5/12/2026 | -6.2% | -18.3% | -4.1% |
| 3/27/2026 | -5.7% | 36.1% | 92.7% |
| 11/12/2025 | -7.9% | -18.6% | -11.5% |
| 8/12/2025 | -4.0% | -10.1% | 13.1% |
| 11/12/2024 | -3.1% | 10.3% | 46.6% |
| 8/8/2024 | 7.8% | 7.3% | 5.3% |
| 5/14/2024 | 8.9% | 9.9% | 2.9% |
| 11/9/2023 | 19.7% | 31.1% | 21.3% |
| 8/10/2023 | -8.5% | -23.2% | -26.6% |
| 5/11/2023 | 12.0% | 40.0% | 116.0% |
| 11/1/2022 | -1.9% | -1.9% | 50.0% |
| 8/2/2022 | -18.5% | -16.4% | -29.6% |
| 5/3/2022 | 5.5% | -20.2% | -29.4% |
| 3/8/2022 | 5.9% | -17.4% | -1.2% |
| 11/2/2021 | 3.0% | 16.7% | -14.8% |
| 8/3/2021 | -18.6% | -12.1% | -11.3% |
| 5/4/2021 | 1.9% | -15.1% | 4.5% |
| 3/2/2021 | 7.7% | -19.0% | -2.6% |
| 11/3/2020 | 20.0% | 14.2% | 50.0% |
| SUMMARY STATS | |||
| # Positive | 11 | 9 | 11 |
| # Negative | 9 | 11 | 9 |
| Median Positive | 7.8% | 16.7% | 21.3% |
| Median Negative | -6.2% | -17.4% | -11.5% |
| Max Positive | 23.5% | 40.0% | 116.0% |
| Max Negative | -18.6% | -23.2% | -29.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/11/2026 | 10-Q |
| 03/31/2026 | 05/12/2026 | 10-Q |
| 12/31/2025 | 04/13/2026 | 10-K |
| 09/30/2025 | 11/12/2025 | 10-Q |
| 06/30/2025 | 08/12/2025 | 10-Q |
| 03/31/2025 | 05/13/2025 | 10-Q |
| 12/31/2024 | 04/17/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/14/2024 | 10-Q |
| 12/31/2023 | 03/14/2024 | 10-K |
| 09/30/2023 | 11/13/2023 | 10-Q |
| 06/30/2023 | 08/11/2023 | 10-Q |
| 03/31/2023 | 05/11/2023 | 10-Q |
| 12/31/2022 | 03/14/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/11/2026 | 10-Q |
| 03/31/2026 | 05/12/2026 | 10-Q |
| 12/31/2025 | 04/13/2026 | 10-K |
| 09/30/2025 | 11/12/2025 | 10-Q |
| 06/30/2025 | 08/12/2025 | 10-Q |
| 03/31/2025 | 05/13/2025 | 10-Q |
| 12/31/2024 | 04/17/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/14/2024 | 10-Q |
| 12/31/2023 | 03/14/2024 | 10-K |
| 09/30/2023 | 11/13/2023 | 10-Q |
| 06/30/2023 | 08/11/2023 | 10-Q |
| 03/31/2023 | 05/11/2023 | 10-Q |
| 12/31/2022 | 03/14/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
| 12/31/2021 | 03/14/2022 | 10-K |
| 09/30/2021 | 11/04/2021 | 10-Q |
| 06/30/2021 | 08/05/2021 | 10-Q |
| 03/31/2021 | 05/06/2021 | 10-Q |
| 12/31/2020 | 03/05/2021 | 10-K |
| 09/30/2020 | 11/05/2020 | 10-Q |
| 06/30/2020 | 08/06/2020 | 10-Q |
| 03/31/2020 | 05/07/2020 | 10-Q |
| 12/31/2019 | 03/11/2020 | 10-K |
| 09/30/2019 | 11/07/2019 | 10-Q |
Insider Activity
Updated 6/12/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Baker, Paul Christopher | Chief Operating Officer | Direct | Sell | 5082026 | 4.90 | 58,939 | 288,801 | 2,058,123 | Form |
| 2 | Baker, Paul Christopher | Chief Operating Officer | Direct | Sell | 5062026 | 4.90 | 1,041 | 5,101 | 2,346,924 | Form |
| 3 | Baker, Paul Christopher | Chief Operating Officer | Direct | Sell | 4292026 | 3.95 | 116,860 | 461,597 | 1,896,020 | Form |
| 4 | Murray, Michael Andrew | CEO | Direct | Sell | 4212026 | 3.01 | 96,800 | 291,368 | 8,341,077 | Form |
| 5 | Murray, Michael Andrew | CEO | Direct | Sell | 4152026 | 2.80 | 187,920 | 526,176 | 8,207,142 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Baker, Paul Christopher | Chief Operating Officer | Direct | Sell | 5082026 | 4.90 | 58,939 | 288,801 | 2,058,123 | Form |
| 2 | Baker, Paul Christopher | Chief Operating Officer | Direct | Sell | 5062026 | 4.90 | 1,041 | 5,101 | 2,346,924 | Form |
| 3 | Baker, Paul Christopher | Chief Operating Officer | Direct | Sell | 4292026 | 3.95 | 116,860 | 461,597 | 1,896,020 | Form |
| 4 | Murray, Michael Andrew | CEO | Direct | Sell | 4212026 | 3.01 | 96,800 | 291,368 | 8,341,077 | Form |
| 5 | Murray, Michael Andrew | CEO | Direct | Sell | 4152026 | 2.80 | 187,920 | 526,176 | 8,207,142 | Form |
| 6 | Murray, Michael Andrew | CEO | Direct | Sell | 3302026 | 2.25 | 5,413 | 12,179 | 7,017,844 | Form |
| 7 | Murray, Michael Andrew | CEO | Direct | Sell | 3272026 | 2.32 | 33,334 | 77,235 | 7,239,362 | Form |
Industry Resources
| Information Technology Resources |
| TechCrunch |
| Wired |
| CIO |
| MIT Technology Review |
| Gartner Insights |
| Ars Technica |
| Electronic Components Resources |
| Electronic Products |
| DigiKey Insights |
| Mouser Insights |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 9/26/2026