Kopin Corp (KOPN)
NASDAQ:KOPN
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Kopin
(NASDAQ:KOPN)
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Rating:61Neutral
Price Target:
$3.50
▲(17.45% Upside)
Action:ReiteratedDate:04/24/26
The score is held back primarily by weak and worsening cash flow trends and inconsistent operating profitability, despite a relatively low-leverage balance sheet. Offsetting this, the stock shows strong technical momentum and the latest earnings call highlighted improved funding, backlog visibility, and program wins, though near-term revenue/margin pressure remains a key risk.
Positive Factors
Strengthened liquidity from capital raise
A $56M private placement materially reduced near-term funding risk and removed going-concern doubt, providing multi-quarter runway to fund program ramps, R&D and automation. That liquidity supports execution of backlog and defense awards without immediate dilution, improving strategic optionality.
Negative Factors
Persistent negative operating cash flow
Consistent negative operating and free cash flow signals the core business is not self-funding. Over time this forces reliance on external capital to support R&D, program fulfillment and working capital. Repeated raises dilute shareholders and create execution risk if funding conditions tighten.
Read all positive and negative factors
Positive Factors
Negative Factors
Strengthened liquidity from capital raise
A $56M private placement materially reduced near-term funding risk and removed going-concern doubt, providing multi-quarter runway to fund program ramps, R&D and automation. That liquidity supports execution of backlog and defense awards without immediate dilution, improving strategic optionality.
Read all positive factors
Kopin (KOPN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$647.27M
Dividend YieldN/A
Average Volume (3M)3.16M
Price to Earnings (P/E)15.0
Beta (1Y)2.33
Revenue Growth3.02%
EPS Growth90.87%
CountryUS
Employees181
SectorTechnology
Sector Strength88
IndustryHardware, Equipment & Parts
Share Statistics
EPS (TTM)-0.02
Shares Outstanding183,363,420
10 Day Avg. Volume3,366,681
30 Day Avg. Volume3,160,539
Financial Highlights & Ratios
PEG Ratio-1.50
Price to Book (P/B)5.69
Price to Sales (P/S)10.60
P/FCF Ratio-0.02
Enterprise Value/Market Cap-93.24
Enterprise Value/Revenue-1.53K
Enterprise Value/Gross Profit-5.25K
Enterprise Value/Ebitda6.12K
Forecast
1Y Price Target
$4.75Price Target Upside59.40% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)-0.04
Revenue Forecast (FY)$59.34M
Kopin Business Overview & Revenue Model
Company Description
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 products in th...
How the Company Makes Money
Kopin makes money primarily by selling display components and integrated display solutions to customers that incorporate these parts into end products. Key revenue streams include: (1) Product revenue from microdisplays (e.g., small, high-resoluti...
Kopin Earnings Call Summary
Earnings Call Date:Mar 27, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 05, 2026
Earnings Call Sentiment Positive
The call balanced material near-term challenges (a sharp Q4 revenue decline of ~42.5% YoY largely attributed to a U.S. government shutdown and temporary accounting deconsolidation) against several substantial strategic positives: a $56M capital raise strengthening the balance sheet, a $15.4M IBAS color microLED award with a large addressable market, new international and drone-related partnerships, a year-end backlog of ~$37M with additional orders expected, operational automation savings, and differentiated technology portfolio (four microdisplay types plus NeuralDisplay). Management presented conservative 2026 guidance ($52M–$60M) and emphasized that many Q4 headwinds are timing-related, not structural.Positive Updates
Capital Raise and Improved Balance Sheet
Completed $56.0M in private placements from strategic and institutional investors; cash and cash equivalents of $37.8M as of 2025-12-27 (note: ~$8M excluded from consolidated results due to temporary deconsolidation). Management states capital raised removed going-concern doubt and funds growth initiatives.
Negative Updates
Significant Revenue Decline in Q4 2025
Total revenues fell to $8.4M in Q4 2025 from $14.6M in Q4 2024, a decline of $6.2M or approximately 42.5% year-over-year. Product revenues declined to $5.6M from $12.6M, a decrease of $7.0M or ~55.6% year-over-year.
Read all updates
Q4-2025 Updates
Positive
Negative
Capital Raise and Improved Balance Sheet
Completed $56.0M in private placements from strategic and institutional investors; cash and cash equivalents of $37.8M as of 2025-12-27 (note: ~$8M excluded from consolidated results due to temporary deconsolidation). Management states capital raised removed going-concern doubt and funds growth initiatives.
Read all positive updates
Company Guidance
Kopin provided conservative 2026 guidance of $52 million to $60 million in revenue, noting continued Q1 2026 headwinds from the government shutdown but expecting recovery as operations normalize; at year-end backlog was about $37 million with "tens of millions" of additional orders expected in the next ~8 weeks, and several larger awards and IDIQ programs running through 2030. Key metrics from Q4 2025: total revenue $8.4M (vs. $14.6M LY), product revenue $5.6M (vs. $12.6M), non-product revenue $2.5M (vs. $1.7M), cost of product revenue $4.7M (83% of net product revenue; prior 84%/$10.7M), R&D $3.5M, and SG&A $4.5M. Balance sheet and funding items cited include $37.8M cash and cash equivalents, $23M bonded cash (long‑term), ~$8M of cash deconsolidated with the U.K. entity, and $56M raised in private placements; operational and program metrics called out were a $15.4M IBAS color microLED award (stated $1B U.S. SAM), potential first‑person viewer demand of 60k–100k units (120k–240k microdisplays), anticipated >$1M annual OpEx savings from automation at full utilization, an Army SBMC opportunity tied to a $22B program, and a requested incremental IBAS funding range of $10M–$50M.Kopin Financial Statement Overview
Summary
Income Statement
36
Negative
Balance Sheet
72
Positive
Cash Flow
28
Negative
| Breakdown | Dec 2025 | Mar 2025 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 38.47M | 50.34M | 40.39M | 47.40M | 45.67M |
| Gross Profit | 10.63M | 10.37M | 15.44M | 4.56M | 10.64M |
| EBITDA | -14.12M | -17.67M | -16.57M | -21.07M | -13.11M |
| Net Income | 2.61M | -43.88M | -19.75M | -19.33M | -13.43M |
Balance Sheet | |||||
| Total Assets | 108.39M | 70.77M | 49.31M | 43.75M | 63.01M |
| Cash, Cash Equivalents and Short-Term Investments | 61.63B | 35.58M | 17.40M | 12.65M | 29.30M |
| Total Debt | 648.47M | 2.12M | 2.48M | 3.36M | 3.81M |
| Total Liabilities | 36.72M | 47.48M | 19.80M | 19.76M | 23.38M |
| Stockholders Equity | 71.67M | 23.28M | 29.51M | 24.16M | 39.80M |
Cash Flow | |||||
| Free Cash Flow | -16.98B | -15.04M | -16.21M | -18.52M | -11.78M |
| Operating Cash Flow | -15.54B | -14.23M | -15.26M | -17.69M | -10.75M |
| Investing Cash Flow | 18.00B | -10.29M | -8.14M | -3.31M | 53.67K |
| Financing Cash Flow | 43.95B | 33.52M | 21.34M | 2.66M | 20.45M |
Kopin Technical Analysis
Positive
2.98
Price Trends
2.32
Positive
2.47
Positive
2.47
Positive
Market Momentum
0.19
Negative
67.04
Neutral
85.60
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For KOPN, the sentiment is Positive. The current price of 2.98 is above the 20-day moving average (MA) of 2.45, above the 50-day MA of 2.32, and above the 200-day MA of 2.47, indicating a bullish trend. The MACD of 0.19 indicates Negative momentum. The RSI at 67.04 is Neutral, neither overbought nor oversold. The STOCH value of 85.60 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for KOPN.
Kopin Risk Analysis
Kopin disclosed 42 risk factors in its most recent earnings report. Kopin reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Kopin Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | $705.79M | 70.12 | 10.90% | 1.07% | 22.35% | 2.59% | |
65 Neutral | $535.35M | 29.91 | 2.14% | 0.79% | 7.39% | 99.34% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
61 Neutral | $647.27M | 14.97 | 8.04% | ― | 3.02% | 90.87% | |
55 Neutral | $768.46M | 96.46 | 1.59% | ― | -7.46% | -39.98% | |
53 Neutral | $843.70M | -13.49 | -70.17% | ― | 36.85% | -77.93% | |
45 Neutral | $194.37M | -1.68 | -137.37% | ― | -67.66% | 13.39% |
* Technology Sector Average
KOPN
Kopin
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196.64%
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.