Kopin Corporation
Information Technology · Electronic Components
Structural: pure-play microdisplay supplier with ~30yr design heritage in transmissive LCDs, AMLCDs and OLED-on-silicon. S. Army Family of Weapon Sights (FWS) variants, F-35 HMDS, and Apache helmet displays - book-to-bill > 1 through 2025 restructuring.
Consumer AR optionality survives via Lightning OLED reference designs for $META Quest-class headsets.
(1) FY25 defense backlog crossed $130M, record level; (2) DoD IVAS Increment 1 ramp at $MSFT/$ANDU pulls Kopin optics through subcontract tier; (3) Westborough MA capacity expansion funded, gross margin inflecting from low-teens toward 25%+ at scale; (4) Murray-era cost discipline ended chronic dilution cycle; (5) micro-cap re-rating candidate if defense optics get bundled into broader drone/loitering munition narrative.
(1) chronic GAAP losses, going-concern language in past 10-Ks; (2) customer concentration - top 3 DoD primes >60% of revenue, program slips compress quarters; (3) microdisplay competition from $HIMX, Sony, BOE on consumer side erodes ASPs; (4) AR/VR consumer cycle has burned every microdisplay name including KOPN three times since 2014; (5) lumpy government revenue recognition - single-quarter misses routine.