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what it is
It makes tiny displays, optics, and headset parts for defense and industrial gear.
how it gets paid
Last year Kopin made $50M in revenue. Microdisplays was the main engine at $18M, or 36% of sales.
what just happened
Kopin posted $31M in quarterly revenue, but EPS stayed negative.
At a glance
B balance sheet — gets the job done, barely
40/100 earnings predictability — expect surprises
-$0.21 fy2024 eps est
$50M fy2024 rev est
85.6% operating margin
xvary composite: 47/100 — below average
What they do
It makes tiny displays, optics, and headset parts for defense and industrial gear.
Kopin says it has more than 200 global patents. That matters because your gear can be built around its designs, and swapping later is painful. The company has 181 employees, so this is design leverage, not scale leverage.
How they make money
$50M
annual revenue
Microdisplays
$18M
Optics & subassemblies
$13M
Headsets
$8M
Engineering services
$6M
Other / licensing
$5M
The products that matter
military display systems
DarkWAVE Module
recent defense order · january 2026
it secured a new defense order in january 2026, which matters because roughly $35M of the company's $50M revenue base comes from defense and industrial work.
defense exposure
core display components
Microdisplays
core platform · 84.5% gross margin
these components sit behind the 84.5% gross margin, but the company has still lost money for five straight years. strong product economics do not help much if overhead eats the rest.
margin without profit
consumer ar/vr end market
Consumer AR/VR
$15M · 30% of revenue
this is the optionality bucket at $15M today. if headset demand broadens, this number matters more. right now, defense still carries most of the story.
30% of revenue
Key numbers
$50M
revenue
That is the whole business. For a listed company, $50M is tiny.
85.6%
operating margin
For every $100 sold, $85.60 disappears in operations.
200+
patents
More than 200 global patents and patents pending make the designs harder to copy.
2.0x
beta
The stock moves about twice the market, so the ride is violent.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 3 — safer than 50% of stocks
- price stability 5 / 100
- long-term debt $1M (0% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for KOPN right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Kopin posted $31M in quarterly revenue, but EPS stayed negative.
EDGAR shows revenue at $31M, up 159% vs. prior year, while EPS was -$0.03. The same report points to a 17.66% gross margin, which leaves very little room after costs.
$31M
revenue
-$0.03
eps
17.66%
gross margin
the number that mattered
The $31M quarter matters because it is large next to the $50M annual estimate, but the -$0.03 EPS says the company still lost money.
source: company earnings report, 2026
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What could go wrong
the top risk is premium product economics that never turn into company-level profitability.
high
continued operating losses
The company posts an 84.5% gross margin and still runs at a -26.6% operating margin. If that gap stays wide, the technology can look impressive while the equity keeps disappointing.
Keeps cash generation weak and delays any credible re-rating
high
valuation above the published street view
The stock trades at $2.59 while the consensus target sits at $0.66 with a SELL rating. That is a wide disagreement for a company still losing money and doing only $50M in annual revenue.
Leaves the stock exposed if operating progress stays slow
med
defense concentration and order lumpiness
About $35M of the $50M revenue base comes from defense and industrial work. When one bucket carries 70% of revenue, program timing stops being a footnote and becomes the story.
A delayed award or weaker follow-on order can move the whole income statement
med
trading volatility
Beta is 2.0 and price stability is 5 / 100. In human-speak, the stock can swing hard on limited news flow, which matters more when the operating case is still fragile.
Raises drawdown risk even when the underlying business has not changed much
If operating margin stays deeply negative, 100% of the $50M revenue base keeps supporting a business model that still has to prove it deserves a $380M valuation.
source: institutional data · regulatory filings · risk analysis
Pay attention to
margin
operating margin improvement
This is the number that matters. Gross margin is already 84.5%. You need to see the -26.6% operating margin move hard toward break-even for the thesis to grow up.
calendar
Q1 2026 earnings report
The next report is scheduled for march 17, 2026. Consensus calls for another loss on $14.1M in revenue. Small quarters make small misses look loud.
contracts
defense order follow-through
January 2026 brought a DarkWAVE order. You want to see that repeat, not disappear after one headline. With 70% of revenue tied to defense and industrial, contract cadence matters.
sentiment
gap between price and target
A $2.59 stock versus a $0.66 consensus target is a live disagreement. Either estimates move up, or the stock has to come back down and meet them.
Analyst rankings
earnings predictability
40 / 100
Low predictability means the business is hard to model quarter to quarter. In human-speak, analysts do not trust the earnings cadence yet.
street view
SELL
The published analyst stance is negative, with a $0.66 target against a $2.59 stock price. That is blunt for any stock, and harsher for one already trading on future improvement.
source: institutional data
Institutional activity
institutional ownership data for KOPN is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$3
current price
n/a
target midpoint · n/a from current
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