# EDGAR Filing Document

**Accession Number:** 0000771266
**File Stem:** 0001493152-25-011250
**Filing Date:** 2025-7
**Character Count:** 13762
**Document Hash:** 00e4558e3b81ce5749471846fce13e4e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-25-011250.hdr.sgml**: 20250715

**ACCESSION NUMBER**: 0001493152-25-011250

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20250417

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250715

**DATE AS OF CHANGE**: 20250715

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** KOPIN CORP
- **CENTRAL INDEX KEY:** 0000771266
- **STANDARD INDUSTRIAL CLASSIFICATION:** SEMICONDUCTORS & RELATED DEVICES [3674]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 042833935
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1228

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-19882
- **FILM NUMBER:** 251125192

**BUSINESS ADDRESS:**
- **STREET 1:** 125 NORTH DRIVE
- **CITY:** WESTBOROUGH
- **STATE:** MA
- **ZIP:** 01581
- **BUSINESS PHONE:** 508-870-5959

**MAIL ADDRESS:**
- **STREET 1:** 125 NORTH DRIVE
- **CITY:** WESTBOROUGH
- **STATE:** MA
- **ZIP:** 01581

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the**

**Securities Exchange Act of 1934**

**Date of Report (Date of Earliest Event Reported) April 17, 2025**

**KOPIN CORPORATION**

**(Exact Name of Registrant as Specified in Charter)**

---

| | | |
|:---|:---|:---|
| **Delaware** | **000-19882** | **04-2833935** |
| **(State or Other Jurisdiction**<br> **of Incorporation)** | **(Commission**<br> **File Number)** | **(IRS Employer**<br> **Identification No.)** |

---

**<u>125 North Drive, Westborough, MA 01581</u>**

**<u>(Address of Principal Executive Offices) (Zip Code)</u>**

**<u>(508) 870-5959</u>**

(Registrant's telephone number, including area code)

**<u>N/A</u>**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol | Name of each exchange on which registered |
| Common Stock, par value $0.01 | KOPN | Nasdaq Capital Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Item 2.02. <u>Results of Operations and Financial Condition</u>.**

Kopin Corporation (the "Company") issued a press release on April 17, 2025, a copy of which is attached as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference, in which the Company announced financial results for the fourth quarter and year ended December 28, 2024. The information in this Item 2.02 (including Exhibit 99.1) shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

**Item 9.01. <u>Financial Statements and Exhibits</u>.**

**(d) <u>Exhibits</u>**

See the Exhibit Index below, which is incorporated by reference herein.

**EXHIBIT INDEX**

<u>Exhibit</u> <u>Description</u> <br> 99.1 [Press Release dated April 17, 2025, entitled, "Kopin Reports Financial Results for the Fourth Quarter and Full Year 2024".](ex99-1.htm) <br> 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  |  | KOPIN CORPORATION |
| Dated: | July 15, 2025 | */s/ Richard A. Sneider* |
|  |  | Richard A. Sneider |
|  |  | Treasurer and Chief Financial Officer |
|  |  | (Principal Financial and Accounting Officer) |

---

## Exhibit 99.1

**Exhibit 99.1**

**Kopin Corporation Reports Financial Results for the Fourth Quarter and Full Year 2024**

*Full year 2024 revenue of $50.3 million was a 24.6% increase compared to full year 2023; 4Q24 revenue increased 71% compared to 4Q23*

 

*Expects revenue between $52 to $55 million in 2025*

 

**WESTBOROUGH, MA, April 17, 2025** – Kopin Corporation (Nasdaq: KOPN), a leading provider of application-specific optical solutions for defense, enterprise, industrial, and consumer products, today reported financial results for the fourth quarter and full fiscal year ended December 28, 2024.

**Company Highlights**

● 2024 revenue increased 24.6% to $50.3 million compared to $40.4 million in 2023

● 2024 product gross margin increased due to unit volume and fixed cost absorption

● 2024 bookings were a record at $46 million

● Expect 2025 revenue between $52 to $55 million

● ONE Kopin initiative was launched to reduce redundancies and direct resources to European and Southeast Asian defense opportunities

"We experienced significant growth in 2024 which we believe affirms our strategic transformation and focus on defense industries and technologies," said Michael Murray, Kopin's Chief Executive Officer. "Demand for microdisplays, optics and application-specific optical solutions continues to increase is the defense, medical and industrial markets.

"We start 2025 with a strong order book and a pipeline of revenue opportunities that should benefit the company over several years. Despite macroeconomic and geopolitical uncertainties, our recently announced orders provide us with confidence to deliver revenue between $52 to $55 million in 2025. To support this increased demand and our profitability goals, we have embarked on an aggressive and ambitious, companywide automation plan to increase capacity, throughput, and efficiencies in our Westborough facility to allow for higher throughput, greater accuracy and less human interaction which can cause molecular debris in our assemblies. We believe this increased automation will also increase our gross margins as we become more efficient while reducing quality defects throughout our process."

Mr. Murray concluded: "Our ONE Kopin initiative has continued to improve manufacturing efficiencies, reduce redundancies and integrate markets to better serve European and Southeast Asian defense markets. As geo-political risks continue to remain elevated, we believe we are well positioned to offer application-specific solutions for a variety of defense needs."

**Fourth Quarter Financial Results**

Total revenues for the fourth quarter ended December 28, 2024, were $14.6 million, compared to $8.6 million for the fourth quarter ended December 30, 2023. Product revenues for the fourth quarter ended December 28, 2024, were $12.6 million, compared to $6.8 million for the fourth quarter ended December 30, 2023. The increase in product revenues was a result of an increase in sales of product for thermal weapon sights partially offset by a decline in sales of products for pilot helmets. In the fourth quarter of 2023, we shut down manufacturing for a limited period of time which negatively impact sales in the year over year comparison.

Cost of Product Revenues for the fourth quarter of 2024 was $10.6 million, or 84% of net product revenues, compared with $7.2 million, or 106% of net product revenues, for the fourth quarter of 2023.

R&D expenses for the fourth quarter of 2024 were $3.1 million compared to $2.2 million for the fourth quarter of 2023. The increase in R&D expense is attributable to an increase in funded research and development expense and internal research and development expenses. Internal research and development expense increased due to transitioning to European organic light emitting diode foundry services.

SG&A expenses were $3.1 million for the fourth quarter of 2024, compared to $5.9 million for the fourth quarter of 2023. The decrease was primarily due to a decrease in legal expenses related to litigation.

Net Loss Attributable to Kopin for the fourth quarter of 2024 was ($1.9) million, or ($0.01) per share, compared with Net Loss Attributable to Kopin of ($6.5) million, or ($0.06) per share, for the fourth quarter of 2023.

**Full Year 2024 Financial Results**

Total revenues for the year ended December 28, 2024, were $50.3 million, compared to $40.4 million for the year ended December 30, 2023. Product revenues for the year ended December 28, 2024, were $43.6 million, compared to $25.9 million for the year ended December 30, 2023. The increase in Product Revenues was primarily due to an increase in shipments of our products for thermal weapon sight applications that was partially offset by a decrease in sales of our products for defense pilot helmets. R&D revenues decreased in 2024 as compared to 2023 primarily due to decreased funding for display technology, armored vehicle targeting systems and other weapon system development for U.S. defense programs, and medical headset development.

Cost of Product Revenues for 2024 was $36.2 million, or 83% of net product revenues, compared with $25.0 million, or 96% of net product revenues in the prior year. Cost of product revenues decreased as a percentage of revenues in 2024 as compared to 2023 primarily due to increased unit volume of thermal weapon sights from higher sales in 2024 as compared to 2023 which resulted in a lower fixed overhead cost per unit. The margin improvement from thermal weapon sights was partially offset by lower margin contribution from industrial and training and simulation revenues due to their decline in sales.

R&D expenses for 2024 were $9.6 million compared to $10.8 million for 2023, a 11% decrease year over year. The decrease in R&D expense as compared to the prior year was primarily due to the completion of contracts for defense programs awarded prior to 2024. Internal R&D expense for 2024 increased as compared to the prior year primarily due to increases in display development costs and costs incurred to establish European foundry services.

Selling, General and Administration (SG&A) expenses were $22.8 million for 2024, compared to $21.8 million for 2023. SG&A for 2024 increased as compared to 2023 primarily due to an increase of approximately $1.4 million in legal and professional fees and $0.2 million in excise taxes, partially offset by $0.4 million lower bad debt expense and $0.2 million decrease in non-cash stock-based compensation.

Net Loss Attributable to Kopin Corporation for the year 2024 was $43.9 million, or $0.33 per share, compared with Net Loss Attributable to Kopin Corporation of $19.7 million, or $0.18 per share, for the year 2023.

Net Cash Used in Operating Activities for 2024 was approximately $14.2 million. Kopin's cash and equivalents and marketable securities were approximately $36.6 million at December 28, 2024 as compared to $17.9 million at December 30, 2023.

Readers should refer to the Form 10-K for the fiscal year ended December 28, 2024, for important risk factors.

**Earnings Call and Webcast**

Kopin management will host the conference call, followed by a question and answer session.

Date: Thursday, April 17, 2025

Time: 8:30 AM Eastern Time (5:30 AM Pacific Time)

U.S. dial-in number: 800-245-3047

International number: 203-518-9765

Conference ID: KOPIN

Webcast: <u>4Q24 Webcast Link</u>

The Company will also provide a link at <u>https://www.kopin.com/investors/</u> for those who wish to stream the call via webcast. Please call the conference telephone number 5-10 minutes prior to the start time.

A telephonic replay of the conference call will also be available through May 1, 2025.

Toll-free replay number: 844-512-2921

International replay number: 412-317-6671

Replay passcode: 11158949

**About Kopin**

Kopin Corporation is a leading developer and provider of innovative display and optical technologies sold as critical components and subassemblies for defense, industrial and consumer products. Kopin's technology portfolio includes ultra-small Active-Matrix Liquid Crystal displays (AMLCD), Liquid Crystal on Silicon (LCOS) displays and Organic Light Emitting Diode (OLED) displays, a variety of optics, and low-power ASICs. For more information, please visit Kopin's website at <u>www.kopin.com</u>. Kopin is a trademark of Kopin Corporation.

**Forward-Looking Statements**

**Contact Information**

Kopin Corporation

Richard Sneider

Treasurer and Chief Financial Officer

<u>rsneider@kopin.com</u>

**MZ Contact**

Brian M. Prenoveau, CFA

MZ Group – MZ North America

<u>KOPN@mzgroup.us</u>

+561 489 5315