# EDGAR Filing Document

**Accession Number:** 0000771266
**File Stem:** 0001493152-25-011853
**Filing Date:** 2025-8
**Character Count:** 16874
**Document Hash:** 9ed28688f75833aa12066664e4c51850
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-25-011853.hdr.sgml**: 20250812

**ACCESSION NUMBER**: 0001493152-25-011853

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20250812

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

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250812

**DATE AS OF CHANGE**: 20250812

**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:** 251207236

**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) **August 12, 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>**

(Address of Principal Executive Offices) (Zip Code)

**<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 August 12, 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 second quarter ended June 28, 2025. 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**

---

| | |
|:---|:---|
| Exhibit | Description |
| 99.1 | [Press Release dated August 12, 2025, entitled, "Kopin Reports Financial Results for the Second Quarter 2025".](ex99-1.htm) |
| 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: | August 12, 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 Second Quarter 2025**

● Creates strategic partnership with Theon Sensors to gain significant and immediate access to Europe, Southeast Asia and NATO growth opportunities

● Introduced first phase of optical automation which is expected to increase throughput and quality and reduce costs

● Positive book to bill including new contract wins in helmet mounted display systems and MicroLED Display research orders

● NeuralDisplay<sup>TM</sup> achieved prototype milestone with software and hardware improvements

● Inclusion in Russell 2000 and 3000 indexes on June 27<sup>th</sup>, 2025

● Recently Announced Erich Manz as new Chief Financial Officer, effective September 2nd

**WESTBOROUGH, MA, August 12, 2025 (BUSINESSWIRE)** – Kopin Corporation ("Kopin" or "the Company") (Nasdaq: KOPN), a leading developer and provider of high-performance application-specific optical solutions consisting of high-resolution microdisplays, microdisplays subassemblies and related components for defense, enterprise, industrial, and consumer products, today reported financial results for the Second Quarter ended June 28, 2025.

"The recently announced Theon Sensors, S.A (Theon) investment in Kopin Europe and our global operations is a transformational event for Kopin." said Michael Murray, CEO of Kopin. Mr. Murray continued "Theon is a global market leading developer and manufacturer of customizable night vision, thermal imaging systems and Electro-Optical ISR systems. Kopin's exposure to the European and Southeast Asian defense market has been minimal to date. European NATO nations have pledged to make over a trillion dollars of investments in defense. Our relationship with Theon provides Kopin with a tremendous market leading partner, a vertically integrated optical technology developer and provides immediate access into this rapidly growing market while greatly reducing the time to build our European and Southeast Asian presence and revenue. Kopin provides Theon with access to our advanced display technologies, our growing suite of application specific solutions and a trusted US defense integrator."

Mr. Murray, continued, "Revenue in the second quarter of 2025 was lower than expectations due to order delays related to US government budget process delays and subsequent customer uncertainty. We are now experiencing improved order flow as we have now received several of the orders previously expected and believe further contracts will be issued over the next few months.

"Defense departments in the U.S., EU and Southeast Asia are increasing their budgets to combat security threats and advancing technologies. Our products and technologies are industry leading and with the addition of Theon along with our existing Tier one customers, Kopin is transforming into a global defense player," Mr. Murray concluded.

**Second Quarter Financial Results**

Total revenues for the second quarter ended June 28, 2025, were $8.5 million, compared to $12.3 million for the second quarter ended June 28, 2024. Year-over-year product revenues decreased to $7.5 million compared to $11.1 million in the year ago period. The decrease was from a reduction in revenues from products used in thermal weapon sights, lower than expected orders for training and simulation and optical inspection modules that was partially offset by an increase in sales of our products used for public safety and medical devices. Second quarter 2025 funded research and development revenues decreased to $0.9 million primarily due to decreases in funding for U.S. defense programs and budget delays.

Cost of Product Revenues for the second quarter of 2025 were $7.1 million, or 94% of net product revenues, compared with $8.7 million, or 79% of net product revenues for the second quarter of 2024. The increase in cost of product revenue as a percentage of net product revenues for the three months ended June 28, 2025 as compared to the three months ended June 29, 2024 was due to a decrease in unit volumes which resulted in the under absorption of overhead costs.

Research and Development expenses (R&D) for the second quarter of 2025 were $1.9 million compared to $1.8 million for the second quarter of 2024. Customer-funded R&D expense declined approximately $0.2 million in the second quarter of 2025 as compared to the second quarter of 2024, while internal R&D increased $0.3 million year over year. Customer funded R&D declined due to the completion of certain programs and delays in receiving new programs due to the government budgeting process. Internal R&D increased primarily due investments in production automation. Selling, General and Administration expenses (SG&A) were $4.9 million for the second quarter of 2025, compared to $7.3 million for the second quarter of 2024. The decrease for the three months ending June 28, 2025, as compared to the three months ending June 29, 2024, was primarily due to a decrease in legal fees partially offset by an increase in non-cash stock-based compensation.

Net Loss Attributed to Kopin Corporation for the second quarter of 2025 was ($5.2) million, or ($0.03) per share, compared with ($5.9) million, or ($0.05) per share, for the second quarter of 2024.

All amounts above are estimates and readers should refer to our Form 10-Q for the quarter ended June 28, 2025, for final disposition as well as important risk factors.

**Earnings Call and Webcast**

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

Date: Tuesday, August 12, 2025

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

U.S. dial-in number: 800-343-4136

International number: 203-518-9843

Conference ID: KOPIN

Webcast: <u>2Q25 Webcast Link</u>

The Company will also provide a link <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 August 19, 2025.

Toll-free replay number: 844-512-2921

International replay number: 412-317-6671

Replay passcode: 11159803

**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 MicroLED (µLED), 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**

**For Investor Relations**

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

KOPN@mzgroup.us

+561 489 5315

**Kopin Corporation**

**Supplemental Information**

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **June 28, 2025** | **June 29, 2024** | **June 28, 2025** | **June 29, 2024** |
| **Display Revenues by Category (in millions)** |  |  |  |  |
| Defense | $6.3 | $10.4 | $14.7 | $18.7 |
| Industrial/Enterprise | 1 | 0.6 | 1.4 | 1.4 |
| Medical | 0.2 |  | 0.6 |  |
| R&D | 0.9 | 1.2 | 2.2 | 2.1 |
| License and Royalties | 0.1 | 0.1 | 0.1 | 0.2 |
| Total | $8.5 | $12.3 | $19 | $22.4 |
| **Stock-Based Compensation Expense** |  |  |  |  |
| Cost of product revenues | $87000 | $268000 | $226000 | $489000 |
| Research and development | 124000 | 117000 | 242000 | 261000 |
| Selling, general and administrative | 537000 | 291000 | 1054000 | 661000 |
|  | $748000 | $676000 | $1522000 | $1411000 |
| **Other Financial Information** |  |  |  |  |
| Depreciation and amortization | $225000 | $137000 | $445000 | $332000 |

---

**Kopin Corporation**

**Condensed Consolidated Statements of Operations**

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **June 28, 2025** | **June 29, 2024** | **June 28, 2025** | **June 29, 2024** |
| Revenues: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net product revenues | $7498436 | $11054030 | $16728321 | $20079396 |
| &nbsp;&nbsp;&nbsp;Research and development revenues | 907907 | 1170329 | 2144574 | 2070294 |
| &nbsp;&nbsp;&nbsp;Other revenues | 48540 | 112064 | 120480 | 219374 |
|  | 8454883 | 12336423 | 18993375 | 22369064 |
| Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of product revenues | 7071517 | 8685328 | 14700984 | 17226902 |
| &nbsp;&nbsp;&nbsp;Research and development | 1945436 | 1839663 | 4061357 | 3940416 |
| &nbsp;&nbsp;&nbsp;Selling, general and administration | 4899313 | 7267868 | 9600374 | 14499733 |
| &nbsp;&nbsp;&nbsp;Litigation damages | - | - | - | 24800000 |
|  | 13916266 | 17792859 | 28362715 | 60467051 |
| Loss from operations | (5461383) | (5456436) | (9369340) | (38097987) |
| Other income (expense), net | 346750 | (465562) | 1193174 | (372226) |
| Loss before provision for income taxes | (5114633) | (5921998) | (8176166) | (38470213) |
| Tax provision | (52000) | - | (104000) | - |
| Net loss | (5166633) | (5921998) | (8280166) | (38470213) |
| Net loss per share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $(0.03) | $(0.05) | $(0.05) | $(0.32) |
| &nbsp;&nbsp;&nbsp;Diluted | $(0.03) | $(0.05) | $(0.05) | $(0.32) |
| Weighted average number of common shares outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 166351615 | 121400739 | 166234813 | 120757868 |
| &nbsp;&nbsp;&nbsp;Diluted | 166351615 | 121400739 | 166234813 | 120757868 |

---

**Kopin Corporation**

**Condensed Consolidated Balance Sheets**

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **June 28, 2025** | **December 28, 2024** |
| ASSETS |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash, restricted cash and marketable securities | $27837187 | $36629778 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 9481332 | 11850654 |
| &nbsp;&nbsp;&nbsp;Inventory | 6685225 | 6134096 |
| &nbsp;&nbsp;&nbsp;Contract assets and unbilled receivables | 6840887 | 7074020 |
| &nbsp;&nbsp;&nbsp;Prepaid and other current assets | 1795521 | 1153852 |
| Total current assets | 52640152 | 62842400 |
| Plant and equipment, net | 2684545 | 2099708 |
| Operating lease right-of-use assets | 2212679 | 2134898 |
| Equity investments | 3523632 | 3564938 |
| Other assets | 123822 | 123822 |
| Total assets | $61184830 | $70765766 |
| LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $4129863 | $5941470 |
| &nbsp;&nbsp;&nbsp;Accrued expenses | 2994134 | 3095414 |
| &nbsp;&nbsp;&nbsp;Accrued Compensation | 40000 | 40000 |
| &nbsp;&nbsp;&nbsp;Deferred tax liabilities | 447498 | 414118 |
| &nbsp;&nbsp;&nbsp;Contract liabilities and billings in excess of revenue earned | 275053 | 87752 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities | 765559 | 639642 |
| &nbsp;&nbsp;&nbsp;Accrued warranty | 2016000 | 2557000 |
| &nbsp;&nbsp;&nbsp;Accrued legal expenses | 5961506 | 6367900 |
| &nbsp;&nbsp;&nbsp;Accrued litigation damages | 24800000 | 24800000 |
| Total current liabilities | 41429613 | 43943296 |
| Other long term liabilities | 2279107 | 2060932 |
| Operating lease liabilities, net of current portion | 1436276 | 1479976 |
| Total stockholders' equity | 16039834 | 23281562 |
| Total liabilities and stockholders' equity | $61184830 | $70765766 |

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