Revenue growth remains stagnant at 0.1% in 2026Q1, while the company continues to struggle with operational efficiency, evidenced by a -56.7% operating margin.
| 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 |
|---|
| Sales/Revenue | 39.34M | 38.47M | 50.34M | 40.39M | 47.4M | 45.67M | 40.13M | 29.52M | 24.47M | 27.84M | 22.64M | 32.05M | 31.81M | 22.9M | 34.64M | 131.14M | 120.39M | 114.65M | 114.81M | 98.15M | 71.09M | 90.3M | 87.28M | 76.55M | 76.8M | 51.92M | 92.6M | 38.7M | 26.9M | 16.4M | 18M |
| Revenue Growth % | -22.63% | -23.58% | 24.61% | -14.78% | 3.8% | 13.8% | 35.94% | 20.66% | -12.13% | 22.96% | -29.36% | 0.78% | 38.91% | -33.9% | -73.58% | 8.94% | 5% | -0.13% | 16.97% | 38.06% | -21.27% | 3.45% | 14.02% | -0.32% | 47.92% | -43.93% | 139.27% | 43.87% | 64.02% | -8.89% | 13.92% |
| Cost of Goods Sold | 25.81M | 27.83M | 39.97M | 24.95M | 42.84M | 35.03M | 29.14M | 25.12M | 15.83M | 18.12M | 17.86M | 21.61M | 19.64M | 20.66M | 22.04M | 82.11M | 81.72M | 75.98M | 77.98M | 78.62M | 49.29M | 54.85M | 72.23M | 59.95M | 57.55M | 62.37M | 58.82M | 22.2M | 11.2M | 5M | 6.5M |
| COGS % of Revenue | - | 72.35% | 79.4% | 61.77% | 90.37% | 76.71% | 72.63% | 85.09% | 64.71% | 65.08% | 78.88% | 67.42% | 61.74% | 90.21% | 63.63% | 62.61% | 67.88% | 66.27% | 67.92% | 80.11% | 69.34% | 60.74% | 82.75% | 78.32% | 74.94% | 120.12% | 63.52% | 57.36% | 41.64% | 30.49% | 36.11% |
| Gross Profit | 13.53M | 10.63M | 10.37M | 15.44M | 4.56M | 10.64M | 10.98M | 4.4M | 8.63M | 9.72M | 4.78M | 10.44M | 12.17M | 2.24M | 12.6M | 49.03M | 38.67M | 38.67M | 36.83M | 19.52M | 21.8M | 35.45M | 15.05M | 16.6M | 19.25M | -10.45M | 33.78M | 16.5M | 15.7M | 11.4M | 11.5M |
| Gross Margin % | 34.38% | 27.65% | 20.6% | 38.23% | 9.63% | 23.29% | 27.37% | 14.91% | 35.29% | 34.92% | 21.12% | 32.58% | 38.26% | 9.79% | 36.37% | 37.39% | 32.12% | 33.73% | 32.08% | 19.89% | 30.66% | 39.26% | 17.25% | 21.68% | 25.06% | -20.12% | 36.48% | 42.64% | 58.36% | 69.51% | 63.89% |
| Gross Profit Growth % | - | 2.56% | -32.85% | 238.43% | -57.11% | -3.15% | 149.56% | -49.02% | -11.21% | 103.36% | -54.22% | -14.17% | 442.67% | -82.2% | -74.3% | 26.81% | -0.02% | 5.01% | 88.61% | -10.43% | -38.51% | 135.48% | -9.3% | -13.77% | 284.22% | -130.93% | 104.73% | 5.1% | 37.72% | -0.87% | -10.16% |
| Operating Expenses | 30.56M | 25.59M | 53.48M | 32.62M | 26.35M | 24.41M | 15.75M | 30.78M | 44.66M | 39.42M | 33M | 35.77M | 40.64M | 36.66M | 31.83M | 44.8M | 34.57M | 28.28M | 31.95M | 29.47M | 29.57M | 26.21M | 30.01M | 24.25M | 26.41M | 36.63M | 32.35M | 17M | 18M | 18.3M | 27.2M |
| OpEx % of Revenue | - | 66.52% | 106.24% | 80.75% | 55.6% | 53.46% | 39.24% | 104.28% | 182.53% | 141.59% | 145.75% | 111.58% | 127.78% | 160.1% | 91.87% | 34.16% | 28.72% | 24.67% | 27.83% | 30.02% | 41.59% | 29.02% | 34.38% | 31.68% | 34.39% | 70.55% | 34.93% | 43.93% | 66.91% | 111.59% | 151.11% |
| Selling, General & Admin | 17.62M | 16.3M | 0 | 21.84M | 0 | 0 | 0 | 0 | 27.21M | 20.54M | 16.96M | 18.13M | 19.91M | 19.12M | 17.17M | 18.93M | 14.84M | 14.14M | 15.98M | 18.01M | 19.32M | 13.65M | 15.74M | 10.24M | 9.96M | 15.25M | 9.93M | 5.8M | 4M | 4.3M | 7.1M |
| SG&A % of Revenue | - | 42.37% | - | 54.07% | - | - | - | - | 111.22% | 73.78% | 74.91% | 56.57% | 62.59% | 83.52% | 49.55% | 14.43% | 12.32% | 12.33% | 13.92% | 18.35% | 27.17% | 15.12% | 18.03% | 13.38% | 12.96% | 29.36% | 10.72% | 14.99% | 14.87% | 26.22% | 39.44% |
| Research & Development | 12.94M | 10.15M | 9.64M | 10.78M | 18.67M | 16.29M | 11.67M | 13.35M | 17.45M | 18.88M | 16.04M | 17.63M | 20.74M | 17.53M | 14.66M | 25.87M | 19.73M | 14.15M | 15.97M | 11.46M | 10.25M | 12.04M | 14.28M | 13.52M | 16.19M | 15.27M | 15.05M | 7.1M | 9.7M | 10.4M | 16.5M |
| R&D % of Revenue | - | 26.38% | 19.14% | 26.68% | 39.38% | 35.67% | 29.08% | 45.22% | 71.31% | 67.81% | 70.84% | 55% | 65.19% | 76.58% | 42.32% | 19.73% | 16.39% | 12.34% | 13.91% | 11.67% | 14.42% | 13.33% | 16.36% | 17.67% | 21.08% | 29.41% | 16.25% | 18.35% | 36.06% | 63.41% | 91.67% |
| Other Operating Expenses | 0 | -858.09K | 43.84M | 0 | 7.69M | 8.12M | 4.08M | 17.43M | 0 | 0 | 0 | 0 | 10.38K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 517.9K | -941 | 480.86K | 265.85K | 6.11M | 7.37M | 4.1M | 4.3M | 3.6M | 3.6M |
| Operating Income | -17.03M | -14.95M | -43.11M | -17.18M | -21.79M | -13.78M | -4.76M | -26.38M | -39.66M | -30.3M | -20.45M | -25.32M | -28.47M | -35.93M | -20.93M | -769.34K | 4.09M | 10.39M | 4.87M | -9.94M | -7.77M | 9.24M | -14.96M | -7.65M | -7.16M | -47.08M | 1.43M | -500K | -2.3M | -6.9M | -15.7M |
| Operating Margin % | -43.3% | -38.88% | -85.64% | -42.52% | -45.97% | -30.16% | -11.87% | -89.37% | -162.11% | -108.82% | -90.33% | -79% | -89.52% | -156.91% | -60.42% | -0.59% | 3.4% | 9.06% | 4.24% | -10.13% | -10.93% | 10.24% | -17.14% | -10% | -9.33% | -90.67% | 1.55% | -1.29% | -8.55% | -42.07% | -87.22% |
| Operating Income Growth % | - | 65.31% | -150.96% | 21.17% | -58.19% | -189.18% | 81.94% | 33.48% | -30.9% | -48.13% | 19.23% | 11.07% | 20.74% | -71.66% | -2620.5% | -118.79% | -60.59% | 113.25% | 149% | -27.99% | -184.04% | 161.8% | -95.46% | -6.79% | 84.78% | -3381.11% | 386.97% | 78.26% | 66.67% | 56.05% | -52.43% |
| EBITDA | -16.18M | -14.12M | -42.47M | -16.57M | -21.07M | -13.11M | -4.11M | -25.59M | -37.7M | -27.8M | -19.46M | -23.18M | -25.47M | -32.28M | -11.82M | 7.83M | 10.66M | 16.38M | 9.91M | -6.26M | -4.91M | 14.62M | -4.47M | 2.04M | 4.75M | -35.82M | 8.8M | 3.6M | 2M | -3.3M | -12.1M |
| EBITDA Margin % | -41.12% | -36.72% | -84.38% | -41.02% | -44.45% | -28.7% | -10.25% | -86.68% | -154.1% | -99.84% | -85.94% | -72.32% | -80.08% | -140.98% | -34.11% | 5.97% | 8.85% | 14.29% | 8.63% | -6.38% | -6.9% | 16.19% | -5.12% | 2.67% | 6.19% | -69% | 9.5% | 9.3% | 7.43% | -20.12% | -67.22% |
| EBITDA Growth % | -17.95% | 66.74% | -156.33% | 21.35% | -60.75% | -218.71% | 83.93% | 32.13% | -35.63% | -42.84% | 16.06% | 8.99% | 21.09% | -173.15% | -250.94% | -26.55% | -34.92% | 65.33% | 258.27% | -27.53% | -133.57% | 426.99% | -318.87% | -57.02% | 113.27% | -507.02% | 144.47% | 80% | 160.61% | 72.73% | -68.06% |
| D&A (Non-Cash Add-back) | 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 |
| EBIT | -17.03M | -14.95M | -18.31M | -17.18M | -21.79M | -13.78M | -4.76M | -26.05M | -36.02M | -29.7M | -28.17M | -25.24M | -28.43M | -34.42M | -18.87M | -2.55M | -2.92M | 10.39M | 4.87M | -9.94M | -7.77M | 8.43M | -16.64M | -7.65M | -7.16M | -47.08M | 1.43M | -500K | -2.3M | -6.9M | -15.7M |
| Net Interest Income | 771.76K | 1.12M | 817.18K | 829.6K | 76.88K | 31.14K | 132.64K | 543.76K | 640.06K | 775.63K | 658.38K | 758.15K | 966.4K | 1.12M | 1.13M | 1.29M | 1.98M | 2.18M | 3.28M | 0 | 4.73M | 3.47M | 0 | 1.65M | 0 | 0 | 5.57M | 0 | 0 | 0 | 0 |
| Interest Income | 771.76K | 1.12M | 817.18K | 829.6K | 76.88K | 31.14K | 132.64K | 543.76K | 640.06K | 775.63K | 658.38K | 758.15K | 966.4K | 1.12M | 1.13M | 1.31M | 2.19M | 11.15M | 5.67M | 0 | 4.79M | 3.6M | 0 | 3.48M | 0 | 0 | 6.02M | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.31M | 2.19M | 2.18M | 43.91K | 0 | 56.66K | 121.67K | 0 | 1.83M | 0 | 0 | 453.07K | 0 | 0 | 0 | 0 |
| Other Income/Expense | 19.21M | 17.77M | -599.07K | -2.41M | 2.61M | 435.67K | 361.49K | -2.89M | 1.57M | 1.15M | 8.27M | 10.42M | -35.62K | -2.13M | -1.14M | -4.96M | 5.01M | 9.09M | 271.27K | 4.44M | 5.63M | 2.51M | 238.89K | 2.14M | -265.85K | 24.37M | 4.86M | -400K | -200K | 1M | -7M |
| Pretax Income | 2.18M | 2.81M | -43.71M | -19.59M | -19.18M | -13.34M | -4.4M | -29.27M | -35.48M | -28.27M | -19.83M | -14.82M | -28.46M | -38.06M | -20.36M | 1.02M | 9.81M | 19.48M | 5.14M | -6.56M | -2.14M | 12.13M | -12.94M | -6.88B | -31.91M | -22.71M | 6.29M | -900K | -2.5M | -5.9M | -22.7M |
| Pretax Margin % | 5.54% | 7.32% | -86.83% | -48.5% | -40.47% | -29.21% | -10.97% | -99.14% | -145.03% | -101.56% | -87.6% | -46.24% | -89.49% | -166.22% | -58.78% | 0.77% | 8.15% | 16.99% | 4.48% | -6.68% | -3% | 13.44% | -14.83% | -8985.05% | -41.55% | -43.75% | 6.8% | -2.33% | -9.29% | -35.98% | -126.11% |
| Income Tax | 213.02K | 208K | 170K | 156K | 144K | 129K | 129K | 108K | 30K | -1.78M | 3.13M | -25K | 180K | -12.93M | 875K | -3.54M | 252K | 690.2K | 792K | 465K | -273K | -192K | 110.06K | -773.41K | 24.75M | -24.36M | -4.86M | -1.3M | 700K | -600K | 5.9M |
| Effective Tax Rate % | 9.77% | 7.39% | -0.39% | -0.8% | -0.75% | -0.97% | -2.93% | -0.37% | -0.08% | 6.31% | -15.78% | 0.17% | -0.63% | 33.98% | -4.3% | -348.84% | 2.57% | 3.54% | 15.4% | -7.09% | 12.79% | -1.58% | -0.85% | 0.01% | -77.55% | 107.27% | -77.21% | 144.44% | -28% | 10.17% | -25.99% |
| Net Income | 1.91M | 2.61M | -43.88M | -19.75M | -19.33M | -13.43M | -4.41M | -29.51M | -35.56M | -26.35M | -23.37M | -14.69M | -28.21M | -4.71M | -18.36M | 3.6M | 8.93M | 19.44M | 2.59M | -6.56M | -2.15M | 11.67M | -13.83M | -6.88M | -31.91M | -22.71M | 6.29M | 800K | -3M | -6.3M | -21.6M |
| Net Margin % | 4.86% | 6.78% | -87.17% | -48.89% | -40.77% | -29.42% | -10.99% | -99.96% | -145.36% | -94.64% | -103.2% | -45.84% | -88.7% | -20.57% | -53.01% | 2.74% | 7.42% | 16.96% | 2.25% | -6.68% | -3.02% | 12.93% | -15.85% | -8.99% | -41.55% | -43.75% | 6.8% | 2.07% | -11.15% | -38.41% | -120% |
| Net Income Growth % | 113.23% | 105.94% | -122.19% | -2.19% | -43.87% | -204.52% | 85.05% | 17.03% | -34.97% | -12.76% | -59.03% | 47.92% | -499.03% | 74.35% | -610.35% | -59.73% | -54.05% | 651.73% | 139.45% | -205.01% | -118.42% | 184.38% | -101.1% | 78.45% | -40.5% | -460.91% | 686.67% | 126.67% | 52.38% | 70.83% | -140% |
| Net Income (Continuing) | 1.97M | 2.61M | -43.88M | -19.75M | -19.33M | -13.47M | -4.53M | -29.37M | -34.48M | -25.38M | -23.03M | -14.8M | -28.67M | -25.13M | -21.1M | 4.56M | 9.56M | 19.27M | 4.35M | -5.97M | -2.15M | 12.76M | -12.95M | -6.88M | -19.33M | -22.71M | 6.29M | 800K | -3M | -6.3M | -21.6M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -625.1K | 2.79M | 0 | 8.02M | 0 | 0 | 0 | 0 | -644.5K | -1.54M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | -172.68K | -172.33K | -136.84K | -17.02K | -149.05K | -727.73K | 114.36K | -256.1K | -459.66K | 9.94K | 6.35M | 5.2M | 4.79M | 4.12M | 2.91M | 3.55M | 4.46M | 4.34M | 3.78M | 3.11M | 2.93M | 1.59M | 1.23M | 800K | 700K | 0 | 0 |
| EPS (Diluted) | 0.01 | 0.01 | -0.33 | -0.18 | -0.21 | -0.15 | -0.05 | -0.37 | -0.49 | -0.38 | -0.36 | -0.23 | -0.45 | -0.08 | -0.29 | 0.06 | 0.13 | 0.29 | 0.04 | -0.10 | -0.03 | 0.15 | -0.20 | -0.10 | -0.46 | -0.34 | 0.09 | 0.01 | -0.03 | -0.14 | -0.49 |
| EPS Growth % | 108.12% | 104.42% | -83.33% | 14.29% | -40% | -179.85% | 85.51% | 24.49% | -28.95% | -5.56% | -56.52% | 48.89% | -496.03% | 73.97% | -583.33% | -53.85% | -55.17% | 625% | 141.19% | -207.28% | -121.07% | 175% | -102.22% | 78.5% | -35.29% | -477.78% | - | 116.08% | 77.79% | 71.43% | -133.33% |
| EPS (Basic) | - | 0.01 | -0.33 | -0.18 | -0.21 | -0.15 | -0.05 | -0.37 | -0.49 | -0.38 | -0.36 | -0.23 | -0.45 | -0.08 | -0.29 | 0.06 | 0.14 | 0.29 | 0.04 | -0.10 | -0.03 | 0.15 | -0.20 | -0.10 | -0.46 | -0.34 | 0.10 | 0.02 | -0.06 | -0.14 | -0.49 |
| Diluted Shares Outstanding | 186.9M | 175.15M | 132.88M | 108.98M | 91.43M | 88.9M | 82.35M | 80.28M | 73.16M | 69.91M | 64.04M | 63.47M | 62.64M | 62.35M | 63.62M | 65.35M | 66.71M | 67.46M | 68.16M | 67.54M | 68.06M | 69.88M | 70.05M | 69.54M | 69.32M | 65.95M | 67.73M | 112.64M | 96.55M | 44.04M | 43.68M |
| Basic Shares Outstanding | 186.9M | 171.25M | 132.88M | 108.98M | 91.43M | 88.9M | 82.35M | 80.28M | 73.16M | 69.91M | 64.04M | 63.47M | 62.64M | 62.14M | 63.62M | 64.41M | 66.02M | 66.85M | 67.88M | 67.54M | 68.06M | 69.33M | 70.05M | 69.54M | 69.32M | 65.95M | 62.98M | 50.46M | 50.43M | 44.04M | 43.68M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Limited liquidity and burn
As indicated by the quarterly financial data, Kopin’s revenue trajectory remains highly erratic, with a 2026Q1 figure of $10.6M representing a negligible 0.1% year-over-year growth, highlighting the company's ongoing struggle to achieve consistent, scalable expansion across its defense and industrial segments.
The lack of sustained top-line momentum suggests that the company is heavily reliant on the timing of specific project-based milestones rather than a repeatable commercial engine. Investors should monitor whether the recent revenue stagnation reflects a genuine loss of competitive positioning or merely the cyclical nature of defense procurement cycles.
Based on reported financial statements, Kopin’s gross margin has fluctuated wildly from a low of -67.5% in 2023Q4 to 46.8% in 2026Q1, underscoring the significant operational challenges associated with low-yield manufacturing and the inconsistent utilization of its specialized fab-lite production capacity.
The extreme variance in gross margins suggests that the company lacks the pricing power or production efficiency required to maintain stable profitability. This volatility appears to be a direct consequence of the transition toward newer OLED-on-silicon technologies, which may be incurring high initial scrap rates and under-absorption of fixed costs.
According to recent SEC filings, Kopin’s operating margin of -56.7% in 2026Q1 demonstrates a persistent inability to scale revenue sufficiently to cover its fixed R&D and SG&A expenses, indicating that the company’s current operating model is not yet optimized for profitability.
The company’s inability to achieve positive operating leverage suggests that its cost structure is disproportionately high relative to its current revenue base. Without a significant increase in volume or a shift toward higher-margin integrated sub-assemblies, the firm may continue to face structural operating losses.
As reported in financial statements, the discrepancy between Kopin’s persistent operating losses and occasional positive net income, such as the $6.7M net profit in 2025Q4, suggests that headline earnings are frequently bolstered by non-operational gains rather than core business performance.
Investors should exercise caution when interpreting net income figures, as they appear to be heavily influenced by one-time items or revaluations rather than sustainable operational improvements. This reliance on non-core income warrants further investigation into the sustainability of the company's bottom-line results.
Based on the provided data, the primary risk to the investment thesis is the company's limited cash runway, as evidenced by the -38.88% operating margin and the ongoing reliance on equity dilution to fund operations in the absence of consistent, positive cash flow.
Short-sellers would likely focus on the company's inability to convert its specialized IP into a self-sustaining business model, pointing to the recurring need for capital raises. The fundamental challenge remains whether Kopin can achieve a profitable scale before its liquidity position forces further shareholder dilution.
Quick answers to the most common questions about buying KOPN stock.
For fiscal year 2025, Kopin Corporation (KOPN) reported total revenue of $38.5M. This represents a 113.7% increase compared to $18.0M in 1996.
Kopin Corporation (KOPN) is profitable, generating $2.6M in net income for the fiscal year ending 2025 with a net profit margin of 6.8%.
Kopin Corporation (KOPN) reported an operating income of $-15.0M, resulting in an operating profit margin of -38.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Kopin Corporation (KOPN) generated $10.6M in gross profit for the year, representing a gross profit margin of 27.6%. This demonstrates the company's core pricing power and production efficiency.