KOPN

EX-99.1

2 ex99-1.htm

EX-99.1

Exhibit 99.1

Kopin Corporation Reports First Quarter 2026 Financial Results

Strategic Collaboration with Fabric.AI Opens Multi-Billion-Dollar AI Infrastructure Opportunity Through Jointly-Developed Neural I/o™ Optical Interconnect Technology

$21.5 Million Follow-On Thermal Imaging Production Contract Awarded; Strong Balance Sheet Supporting Strategic Growth Investments Including U.S. OLED Microdisplay Manufacturing

WESTBOROUGH,

MA — May 12, 2026 — Kopin Corporation (Nasdaq: KOPN) (“Kopin” or the “Company”), a leading provider

of application-specific optical systems and high-performance microdisplays for defense, training, enterprise, industrial, consumer and medical products, today announced preliminary unaudited financial results for its first quarter ended March 28, 2026.

First Quarter Financial Summary:

$ in millions

Q1 2026

Q1 2025

% Change

Total Revenues $10.6 $10.5 0%

Product Revenues $5.4 $9.2 (41)%

Non-Product Revenues *

$5.2 $1.3 292%

Cost of Product Revenues $5.6 $7.6 (26)%

R&D Expenses $4.9 $2.1 133%

SG&A Expenses $6.0 $4.7 28%

* Non-Product revenue consists of Funded R&D, Collaborative agreement, and Grant revenue streams

First Quarter 2026 & Subsequent Operational Highlights

●Announced strategic collaboration with Fabric.AI to jointly develop Neural I/o™, a MicroLED-based optical interconnect technology designed to replace copper wiring between GPUs and high-performance processors in AI data centers. Backed by a $15 million initial development order and a 19.9% equity stake in Fabric.AI as exclusive manufacturer of Neural I/o™ chipsets, the collaboration opens a multi-billion-dollar addressable market in AI hardware, specifically within US Government and Department of War applications which by-law require US manufacturing.

●Entered the FPV drone market with Sentinel FPV™, supported by an initial $3.2 million order with potential delivery of up to 40,000 goggles by year-end 2028. Sentinel FPV™ features industry-first Dual Situational Awareness (Dual SA) technology, letting operators view high-definition drone imagery while retaining peripheral awareness of their surroundings.

●Secured additional defense awards across the quarter and subsequent period, including: a $21.5 million follow-on thermal-imaging eyepiece production contract from a major U.S. defense prime; $5.6 million of new European pilot helmet-mounted display orders ($2 million Tier-1 production order plus $3.6 million advanced avionic HMD order for a rotary-wing platform); and a $1 million initial DarkWAVE™ development order from Theon International, transitioning the 960p OLED module to production-readiness for Theon’s DARK-I platform targeting the ~2 million installed base of standard night vision goggles.

●Awarded a Phase I SBIR contract from the U.S. Government to advance full-color, smaller-format MicroLED displays for soldier-borne applications — the second MicroLED-focused U.S. Army award in six months, building on the $15.4 million IBAS contract from September 2025.

●Announced full-scale U.S. OLED microdisplay manufacturing at the Company’s Westborough, Massachusetts headquarters with the purchase of a state-of-the-art OLED Deposition System and related equipment, addressing surging domestic demand for U.S.-built OLED microdisplays for FPV systems, thermal weapon sights, and other soldier-borne defense applications.

●Participated at the Needham Growth Conference, ROTH Conference, SHOT Show 2026, and SPIE AR/VR/MR 2026, and launched the 2026 Technology Demo Days Tour with events in New York City, Minneapolis, and Boston.

Management Commentary

Michael Murray, Chief Executive Officer of Kopin, said: “What we have achieved year-to-date 2026 marks a significant inflection point for Kopin. Subsequent to quarter end we announced our strategic collaboration with Fabric.AI — a transformational milestone that extends Kopin’s MicroLED and bi-directional NeuralDisplay™ capabilities into one of the fastest-growing segments of the technology market. Through our jointly-developed Neural I/o™ optical interconnect technology, we are repurposing programmable MicroLED pixels as ultra-high-speed optical transceivers designed to replace the dense copper wiring used between GPUs and high-performance processors in AI data centers. Backed by a $15 million initial development order from Fabric.AI and a 19.9% equity ownership stake, this collaboration broadens Kopin’s addressable market well beyond defense and industrial applications and positions the Company as a strategic enabler in the rapidly expanding AI hardware ecosystem.

“In parallel, the order momentum that built throughout 2025 in our core defense markets recovered as expected from Government shutdown(s) and accelerated in the first quarter of 2026. New European helmet-mounted display orders alone added more than $5 million of awards during the quarter, our $1 million DarkWAVE™ development order from Theon advanced our international expan

EX-99.1

2 ex99-1.htm

EX-99.1

Exhibit 99.1

Kopin Corporation Reports Fourth Quarter 2025 Financial Results

Balance Sheet Strengthened with $56 Million Capital Raise; Strategic Partnerships Advancing Key Defense Projects; Government Shutdown Delayed Revenue Recognition on Select Orders Industrywide

WESTBOROUGH,

MA -- March 27, 2026 -- Kopin Corporation (Nasdaq: KOPN) (“Kopin” or the “Company”), a leading provider

of application-specific optical systems and high-performance microdisplays for defense, training, enterprise, industrial, consumer and medical products, today announced preliminary unaudited financial results for its fourth quarter ended December 27, 2025.

Fourth Quarter Financial Summary:

$ in millions

Q4 2025

Q4 2024

% Change

Total Revenues $8.4 $14.6 (42%)

Product Revenues $5.6 $12.6 (56%)

Non-Product Revenues *

$2.5 $1.7 47%

Cost of Product Revenues $4.7 $10.6 (56%)

R&D Expenses $3.5 $3.1 13%

SG&A Expenses $4.5 $3.1 45%

*Non-Product revenue consists of Funded R&D, Collaborative agreement, and Grant revenue streams

Fourth Quarter 2025 & Subsequent Operational Highlights

● Completed $56 million private placement from strategic and institutional investors, fortifying the Company’s balance sheet to support near-term growth.

● Continued to advance strategic partnership with Theon International, with sales commencing and aggressive 3-year strategic plan for revenue and technology sharing underway across Europe, Southeast Asia, and NATO markets.

● Continued progress on Color MicroLED development for Soldier Borne Mission Systems with several prime contractor selections and critical technology acquisition wins expected.

● Maintained strong pipeline with congressional budget demands through 2030 and indefinite demand, indefinite quantity (IDIQ) contracts providing upside revenue flexibility.

● Investments in internal research and development delivered new technologies released to production driving new customer demand and adoption. Several new products, in new markets, are expected to be announced, in 2026.

Management Commentary

Michael Murray, Chief Executive Officer of Kopin, said: “2025 was a transformative year for Kopin as we established critical strategic partnerships, secured landmark defense program wins, and strengthened our balance sheet through a $56 million capital raise from strategic and institutional investors. While fourth quarter revenues were impacted by the government shutdown and associated procurement delays, our pipeline remains strong and I believe our strategic positioning has never been better. Our partnership with Theon International is gaining traction across European, Southeast Asian, and NATO markets, and our defense programs continue to advance with congressional budget support through 2030.

“Operationally, our investments in automation are delivering healthy improvements in throughput, quality, and cost efficiency. The government shutdown temporarily slowed procurement activity in Q4, and we anticipate some continued impact into Q1 2026. However, with our strengthened balance sheet, expanded strategic partnerships, and growing defense program portfolio, we are well positioned to capitalize on the significant opportunities ahead. As the sole source provider of microdisplays for several Department of War programs of record, and the only company in the world producing four types of microdisplays, we enter 2026 with confidence in our ability to deliver meaningful revenue growth as government operations and order flow normalize which we are experiencing now,” concluded Murray.

Fourth Quarter 2025 Financial Results

Total revenues for the fourth quarter ended December 27, 2025, were $8.4 million, as compared to $14.6 million for the fourth quarter ended December 28, 2024. The year-over-year decrease in revenues was primarily attributable to the government shutdown and associated procurement delays which impacted timing of expected program orders, product shipments and contract activity during the quarter.

Product revenues for the fourth quarter were $5.6 million, as compared to $12.6 million in the year-ago period. The decrease was primarily due to government shutdown-related delays in product orders that several of our end customers experienced, resulting in lower orders and shipments of products for US defense applications. Standard Training and Simulation order flow which can ship within the same quarter was seasonally lower than expected as well. Product order flow has since returned to anticipated levels while new European product orders have exceeded forecast.

Non-Product

revenues were $2.5 million in the fourth quarter of 2025, as compared to $1.7 million in the fourth quarter of 2024. The increase was primarily driven by the IBAS color MicroLED development program; however, revenue and research awards were lower due to delays. Several of these new contracts have been awarded, with several others still expected.

Cost of product revenues for the fou

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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) November 12, 2025

KOPIN

CORPORATION

(Exact Name of Registrant as Specified in Charter)

Delaware

000-19882

04-2833935

(State or Other Jurisdiction

of Incorporation)

(Commission

File Number)

(IRS

Employer

Identification No.)

125 North Drive, Westborough, MA 01581

(Address of Principal Executive Offices) (Zip Code)

(508) 870-5959

(Registrant’s telephone number, including area code)

N/A

(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. Results of Operations and Financial Condition.

Kopin Corporation (the “Company”) issued a press release on November 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 third quarter ended September 27, 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. Financial Statements and Exhibits.

(d) Exhibits

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

EXHIBIT

INDEX

Exhibit

Description

99.1

Press Release dated November 12, 2025, entitled, “Kopin Reports Financial Results for the Third Quarter 2025”.

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: November 12, 2025 /s/ Erich Manz

Erich Manz

Treasurer and Chief Financial Officer

(Principal Financial and Accounting Officer)