Free cash flow remains deeply negative, with a $2.1M outflow in 2026Q1, highlighting a structural disconnect between accounting earnings and actual liquidity generation.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | -12.94M | -15.54M | -14.23M | -15.26M | -17.69M | -10.75M | -4.42M | -21.03M | -28.17M | -25.91M | -26.17M | -16.92M | -19.6M | -18.9M | 3.79M | 19.25M | 13.93M | 23.36M | 11.67M | -4.13M | 889.3K | 14.42M | -5.72M | 6.59M | 12.17M | -2.48M | 12.85M | -400K | 2.3M | -5.5M | -12.8M |
| Operating CF Margin % | - | -40.4% | -28.26% | -37.78% | -37.31% | -23.54% | -11.01% | -71.23% | -115.13% | -93.07% | -115.6% | -52.78% | -61.64% | -82.54% | 10.94% | 14.68% | 11.57% | 20.37% | 10.17% | -4.21% | 1.25% | 15.97% | -6.55% | 8.61% | 15.85% | -4.78% | 13.88% | -1.03% | 8.55% | -33.54% | -71.11% |
| Operating CF Growth % | -255.88% | -9.22% | 6.78% | 13.72% | -64.57% | -143.32% | 78.99% | 25.35% | -8.7% | 1% | -54.7% | 13.7% | -3.73% | -598.93% | -80.32% | 38.17% | -40.35% | 100.13% | 382.55% | -564.48% | -93.83% | 352.17% | -186.77% | -45.83% | 590.31% | -119.31% | 3313.73% | -117.39% | 141.82% | 57.03% | -12.28% |
| Net Income | 1.91M | 2.55M | -43.88M | -19.75M | -19.33M | -13.47M | -4.53M | -29.37M | -35.82M | -25.38M | -23.03M | -14.84M | -28.67M | -5.61M | -18.99M | 4.26M | 8.96M | 19.27M | 2.59M | -6.56M | -2.15M | 11.67M | -13.83M | -6.88M | -31.91M | -22.71M | 6.29M | 800K | -3M | -6.3M | -21.6M |
| Depreciation & Amortization | 857.08K | 829.55K | 636.58K | 608.22K | 722.02K | 668.69K | 651.08K | 792.22K | 1.96M | 2.5M | 993.62K | 2.14M | 3M | 3.65M | 9.11M | 8.6M | 6.57M | 5.99M | 5.04M | 3.68M | 2.86M | 5.38M | 10.48M | 9.69M | 11.92M | 11.26M | 7.37M | 4.1M | 4.3M | 3.6M | 3.6M |
| Stock-Based Compensation | 2.26M | 0 | 3.33M | 3.88M | 1.27M | 4.42M | 821.12K | 2.06M | 4.79M | 2.3M | 2.43M | 3.15M | 4.83M | 4.2M | 4.49M | 3.92M | 2.58M | 1.88M | 2.74M | 0 | 0 | 0 | 0 | 19.62M | 0 | 55.02M | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 213.7K | 208.91K | 170.64K | 0 | 143.34K | 128.28K | 116.54K | 105.04K | 4.18K | -2.42M | 1.45M | -75K | -230.72K | 252.69K | 2.16M | 4.71M | -2.53M | -1.6M | 3.1M | 0 | 0 | 0 | 0 | -19.62M | 0 | -55.02M | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -18.49M | -12.83M | 29.14M | 5.07M | 2.64M | 190.83K | -349.67K | 6.91M | 1.94M | 344.73K | -7.23M | -8.07M | 2.21M | -26.89M | 3.31M | -3.89M | 969.48K | 918.65K | 2.23M | 3.42M | 1.42M | 1.09M | 6.27M | 1.93M | 27.4M | -6.1M | 5.97M | -100K | 1.7M | -400K | 7.5M |
| Working Capital Changes | 261.89K | -6.29M | -3.63M | -5.07M | -3.13M | -2.68M | -1.13M | -1.51M | -1.04M | -3.25M | -781.15K | 779.9K | -747.48K | 5.49M | 3.71M | 1.64M | -2.61M | -3.1M | -4.02M | -4.68M | -1.24M | -3.72M | -8.64M | 1.84M | 4.77M | 15.07M | -6.78M | -5.3M | -700K | -2.4M | -2.3M |
| Change in Receivables | 5.87M | 1.84M | -5.5M | -4.45M | 4.97M | -1.99M | -5.56M | -3.94M | 853.16K | -2.38M | -39.63K | 2.85M | -1.29M | 4.85M | 4.36M | 256.19K | 1.93M | 3.7M | -8.26M | 0 | 0 | 0 | 0 | -83.99M | 710.1M | 7.54B | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -553.66K | -1.45M | -922.59K | -2.26M | -2.01M | -2.73M | -1.33M | -792.16K | -1.66M | -1.63M | -1.53M | -8.48K | -1.52M | 2.26M | 3.47M | 162.57K | -4.29M | -2.67M | 3.19M | -4.88M | -2.24M | -1.27M | -1.76M | -1.14M | 4.1M | -3.4M | 435.61K | -2.8M | -600K | 0 | 1.5M |
| Change in Payables | -2.64M | -7.09M | 0 | 0 | 0 | 0 | 0 | 2.83M | -230.36K | 840.61K | 1.21M | -2.84M | 2.02M | -953.33K | 0 | 0 | -379.21K | -4.1M | -1.91M | 0 | 0 | 0 | 0 | 3.3B | -3.83B | 3.41B | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 12.11M | 18M | -10.29M | -8.14M | -3.31M | 53.67K | 11.8M | 4.74M | 18.76M | 11.28M | 22.83M | 23.3M | 18.66M | 21.46M | -15.93M | -20.4M | -12.2M | -20.47M | 17.29M | 6.93M | 1.17M | 4.43M | -6.41M | -14.24M | -52.73M | 23M | -69.51M | -40.3M | -7.1M | 1.9M | 3.3M |
| Capital Expenditures | -2.24M | -1.44M | -815.3K | -949.49K | -832.71K | -1.03M | -542.86K | -170.19K | -1.18M | -2.79M | -394.9K | -1.12M | -1.49M | -741.54K | -9.83M | -7.13M | -15.85M | -3.68M | -3.33M | -7.64M | -7.87M | -3.11M | -1.26M | -5.44M | -5.19M | -7M | -33.43M | -15M | -2.9M | -3.6M | -3.8M |
| CapEx % of Revenue | 5.69% | 3.74% | 1.62% | 2.35% | 1.76% | 2.26% | 1.35% | 0.58% | 4.84% | 10.04% | 1.74% | 3.5% | 4.68% | 3.24% | 28.38% | 5.44% | 13.17% | 3.21% | 2.9% | 7.78% | 11.07% | 3.44% | 1.44% | 7.1% | 6.76% | 13.48% | 36.1% | 38.76% | 10.78% | 21.95% | 21.11% |
| Acquisitions | -2.09M | 0 | 0 | 0 | -500K | 0 | 0 | -2.5M | -1M | -3.69M | 15M | 1.12M | 1.49M | 55.4M | 188.22K | -10.08M | 15.85M | 212.38K | 3.33M | 0 | 0 | 6M | 100K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 300.02K | -419.38K | -45 | 62.69K | 20.91K | -12.82K | 193.19K | -211.22K | -8.37K | -140.86K | 8.19M | -1.12M | -1.28M | -10.55K | -2.35M | 16.91K | -15.65M | 384.76K | -5.31M | -1M | -4.87M | -181.91K | 10.29K | -1.1M | 378.13K | 220.7K | -11.34M | 1.8M | -2.8M | -400K | 500K |
| Cash from Financing | 43.92M | 43.95M | 33.52M | 21.34M | 2.66M | 20.45M | 3.69M | 7.99M | -844.99K | 23.1M | -510.6K | -986.34K | -1.14M | -12.85M | -4.08M | -5.37M | -7.19M | -6.16M | -215.51K | -1.1K | -6.77M | -5.45M | -381.67K | 1.48M | 1.12M | 40.66M | 4.2M | 75.8M | 21.1M | 1.5M | 1.3M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.25M | -2.46M | -1.5M | 2.3M | -400K | -600K |
| Equity Issued (Net) | 38.23M | 44.97M | 33.52M | 21.34M | 2.66M | 20.45M | 3.69M | 8.04M | -208.01K | 23.89M | -510.6K | -1.07M | -1.27M | -9.18M | -3.46M | -4.34M | -6.62M | -5.3M | 0 | -1.1K | -6.41M | -5.45M | -381.67K | 1.48M | 1.12M | 42.91M | 6.66M | 77.3M | 18.9M | 1.8M | 1.9M |
| Dividends Paid | -29.17K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | -266.88K | 0 | -198.74K | -602.08K | -139.93K | -45.51K | -208.01K | -771.32K | -510.6K | -1.07M | -1.27M | -9.18M | -4.08M | -5.44M | -6.73M | -5.3M | 0 | -280.98K | -6.93M | -6.73M | -671.24K | 0 | 0 | 0 | 0 | -500K | 0 | 0 | 0 |
| Other Financing | 5.72M | -1.02M | 0 | 0 | 0 | 0 | 0 | -45.51K | -699.11K | -791.74K | 0 | 86.05K | 137.81K | -3.66M | -628.63K | -1.03M | -567.72K | -862.75K | -215.51K | 0 | -360.02K | 0 | 0 | 0 | 1.11B | 0 | 0 | 0 | -100K | 100K | 0 |
| Net Change in Cash | 43.11M | 46.42M | 9M | -2.05M | -18.53M | 9.68M | 11.08M | -8.3M | -10.52M | 9.03M | -3.95M | 5.13M | -2.12M | -10.38M | -15.96M | -6.74M | -5M | -3.12M | 27.2M | 2.84M | -3.59M | 13.69M | -11.33M | -6.15M | -39.13M | 61.09M | -52.65M | 35.2M | 16.4M | 1.5M | -8.2M |
| Free Cash Flow | -15.17M | -16.98M | -15.04M | -16.21M | -18.52M | -11.78M | -4.96M | -21.2M | -29.35M | -28.71M | -26.57M | -18.04M | -21.09M | -19.64M | -6.04M | 12.12M | -1.92M | 19.67M | 8.34M | -11.77M | -6.98M | 11.32M | -6.98M | 1.16M | 6.98M | -9.48M | -20.58M | -15.4M | -600K | -9.1M | -16.6M |
| FCF Margin % | -38.57% | -44.13% | -29.88% | -40.13% | -39.07% | -25.8% | -12.36% | -71.81% | -119.96% | -103.11% | -117.34% | -56.29% | -66.32% | -85.78% | -17.45% | 9.24% | -1.59% | 17.16% | 7.26% | -11.99% | -9.82% | 12.53% | -8% | 1.51% | 9.09% | -18.26% | -22.22% | -39.79% | -2.23% | -55.49% | -92.22% |
| FCF Growth % | 2.76% | -12.86% | 7.21% | 12.47% | -57.2% | -137.53% | 76.6% | 27.78% | -2.24% | -8.05% | -47.26% | 14.47% | -7.4% | -225% | -149.87% | 732.39% | -109.74% | 135.97% | 170.84% | -68.63% | -161.67% | 262.16% | -703.54% | -83.43% | 173.62% | 53.93% | -33.61% | -2466.67% | 93.41% | 45.18% | -9.21% |
| FCF per Share | -0.08 | -0.10 | -0.11 | -0.15 | -0.20 | -0.13 | -0.06 | -0.26 | -0.40 | -0.41 | -0.41 | -0.28 | -0.34 | -0.32 | -0.10 | 0.19 | -0.03 | 0.29 | 0.12 | -0.17 | -0.10 | 0.16 | -0.10 | 0.02 | 0.10 | -0.14 | -0.30 | -0.14 | -0.01 | -0.21 | -0.38 |
| FCF Conversion (FCF/Net Income) | -7.94x | -5.96x | 0.32x | 0.77x | 0.92x | 0.80x | 1.00x | 0.71x | 0.79x | 0.98x | 1.12x | 1.15x | 0.69x | 4.01x | -0.21x | 5.35x | 1.56x | 1.20x | 4.51x | 0.63x | -0.41x | 1.24x | 0.41x | -0.96x | -0.38x | 0.11x | 2.04x | -0.50x | -0.77x | 0.87x | 0.59x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.37M | 281K | 723K | 50K | 0 | 95K | 75K | 186K | 221K | 1.3M | 238K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent negative operating cash
According to the provided financial data, Kopin’s operating cash flow consistently fails to track with net income, as evidenced by the 2025Q4 period where a $6.7M net profit was accompanied by a $7.9M cash outflow, highlighting a fundamental disconnect between accounting gains and actual liquidity generation.
The recurring inability to convert net income into positive operating cash flow suggests that reported profitability is frequently driven by non-cash items or accounting adjustments rather than operational efficiency. Investors should monitor this divergence closely, as it indicates that the company's core business model remains fundamentally cash-consumptive despite occasional headline earnings.
As reported in financial statements, Kopin’s free cash flow trajectory remains persistently negative, with the company recording a $2.1M outflow in 2026Q1, underscoring the structural difficulty in achieving self-sustaining operations while maintaining necessary R&D and manufacturing overheads in a high-fixed-cost environment.
The consistent failure to generate positive free cash flow suggests that the company is trapped in a cycle of capital intensity that its current revenue scale cannot support. This trajectory implies that without a significant shift in production yields or contract volume, the company will likely continue to rely on external financing to bridge its liquidity gaps.
Based on reported figures, Kopin’s working capital dynamics exhibit extreme volatility, ranging from a $26M outflow in 2024Q4 to a $4.7M inflow in 2026Q1, which suggests that the company’s cash position is highly sensitive to the timing of milestone payments and inventory management cycles.
This erratic movement in working capital indicates that the company lacks a predictable cash conversion cycle, likely due to the project-based nature of its defense contracts. Such instability complicates cash flow forecasting and may force management to maintain higher cash buffers than would otherwise be necessary.
Analysis of the cash flow statement reveals that stock-based compensation, which reached $1.5M in 2023Q4, serves as a significant non-cash expense that masks the true extent of the company's operational cash burn, effectively diluting shareholders to compensate for the lack of internally generated cash.
By relying on equity-based incentives to manage its cost structure, the company avoids immediate cash outflows but creates a long-term drag on shareholder value. This practice warrants further investigation, as it suggests that the company's reported cash burn might be even more severe if these expenses were settled in cash.
Quick answers to the most common questions about buying KOPN stock.
Kopin Corporation (KOPN) generated $-15.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Kopin Corporation (KOPN) reported negative free cash flow of $17.0M in 2025, indicating capital requirements exceeded cash from operations.
Kopin Corporation (KOPN) spent $1.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.