$KOPN

KOPIN CORP

CIK:0000771266|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 27, 2026	Jun. 28, 2025	Jun. 27, 2026	Jun. 28, 2025
Revenues:
Total revenues	$ 12,734,434	$ 8,454,883	$ 23,285,804	$ 18,993,375
Expenses:
Cost of product revenues	6,587,365	7,071,517	12,196,620	14,700,984
Research and development – Funded	3,326,842	463,978	7,133,074	1,102,697
Research and development – Internal	1,197,238	1,481,458	2,302,573	2,958,660
Selling, general and administrative	5,126,655	4,899,313	11,144,068	9,600,374
Total operating expenses	16,238,100	13,916,266	32,776,335	28,362,715
Loss from operations	(3,503,666)	(5,461,383)	(9,490,531)	(9,369,340)
Non-operating income (expense), net:
Interest income	95,489	326,302	189,651	772,750
Other (expense) income, net	(210,810)	(10,882)	(435,423)	314,052
Foreign currency transaction gains	22,027	32,188	136,362	131,351
Loss on impairment of investments, net		(858)		(24,979)
Gain on investments	2,337,832		4,645,794
Total non-operating income	2,244,538	346,750	4,536,384	1,193,174
Loss before provision for income taxes	(1,259,128)	(5,114,633)	(4,954,147)	(8,176,166)
Benefit (provision) for income taxes	2,090,000	(52,000)	2,032,980	(104,000)
Net income (loss)	$ 830,872	$ (5,166,633)	$ (2,921,167)	$ (8,280,166)
Net income (loss) per share attributable to common stockholders:
Basic	$ 0.00	$ (0.03)	$ (0.02)	$ (0.05)
Diluted	$ 0.00	$ (0.03)	$ (0.02)	$ (0.05)
Weighted average number of common shares outstanding:
Basic	188,232,764	166,351,615	187,568,311	166,234,813
Diluted	192,102,222	166,351,615	187,568,311	166,234,813
Net Product Revenues [Member]
Revenues:
Total revenues	$ 7,640,168	$ 7,498,436	$ 13,064,888	$ 16,728,321
Research and Development Revenues [Member]
Revenues:
Total revenues	2,168,244	907,907	3,458,660	2,144,574
Grant Income [Member]
Revenues:
Total revenues	2,598,546		6,040,241
Collaboration Arrangement Income [Member]
Revenues:
Total revenues	271,478		601,089
License and Other Revenues [Member]
Revenues:
Total revenues	$ 55,998	$ 48,540	$ 120,926	$ 120,480

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 27, 2026	Jun. 28, 2025
Cash flows from operating activities:
Net loss	$ (2,921,167)	$ (8,280,166)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization	431,111	444,861
Stock-based compensation	1,468,849	1,522,109
Loss on sale of property and equipment		58,818
Non-cash (gain) loss on equity investments	(5,294,135)	24,000
Gain on sale of equity investment		(300,000)
Income taxes	(2,128,669)	104,455
Foreign currency gains	(1,052)	(113,183)
Provision for bad debt	13,100
Noncash provision for excess inventory	131,978	754,138
Changes in assets and liabilities:
Accounts receivable	(15,359)	2,333,500
Contract assets	1,185,058	241,431
Grant Income Receivable	(401,614)
Inventory	648,585	(1,200,455)
Prepaid expenses and other current assets	(939,279)	(619,672)
Other receivable	551,239
Accounts payable and accrued expenses	875,518	(2,173,477)
Accrued warranty	(1,112,846)	(541,259)
Contract liabilities	5,054,808	172,130
Deferred collaboration arrangement income
Deferred grant income	(2,688,627)
Net cash used in operating activities	(5,142,502)	(7,572,770)
Cash flows from investing activities:
Proceeds from sale of marketable securities		33,960,226
Proceeds from sale of equity investment		300,000
Capital expenditures	(5,111,818)	(1,233,751)
Purchases of marketable securities		(15,156,585)
Other assets		(2,483)
Net cash provided by (used in) investing activities	(5,111,818)	17,867,407
Cash flows from financing activities:
Settlements of restricted stock for tax withholding obligations	(1,070,712)	(89,657)
Conversion of preferred stock	(28,240)
Exercise of prefunded warrant	3,840
Net cash provided by financing activities	(1,095,112)	(89,657)
Effect of exchange rate changes on cash	1,055	4,210
Net change in cash, cash equivalents and restricted cash	(11,348,377)	10,209,190
Cash, cash equivalents and restricted cash at beginning of year	61,627,146	15,210,120
Cash, cash equivalents and restricted cash at end of year	$ 50,278,769	$ 25,419,310

Condensed Consolidated Balance Sheets - USD ($)	Jun. 27, 2026	Dec. 27, 2025
Current assets:
Cash and cash equivalents	$ 24,876,516	$ 36,350,083
Restricted cash and cash equivalents	25,402,253	25,277,063
Accounts receivable, net of allowance of $19,300 and $19,000 at June 27, 2026 and December 27, 2025, respectively	10,729,034	10,726,776
Contract assets	4,946,766	6,032,913
Grant income receivable	401,614
Inventory	4,725,211	5,505,775
Other receivable, at fair value	4,506,735	5,057,974
Prepaid expenses and other current assets	3,698,141	2,855,383
Total current assets	79,286,270	91,805,967
Property, plant and equipment, net	7,297,509	2,616,803
Operating lease right-of-use assets	1,168,260	1,488,231
Other assets	123,822	123,822
Equity method investment, at fair value	8,100,000	8,900,000
Equity investments	10,284,102	3,459,434
Total assets	106,259,963	108,394,257
Current liabilities:
Accounts payable	4,846,252	5,315,998
Accrued payroll and expenses	3,268,744	2,231,848
Accrued warranty	52,000	1,165,000
Contract liabilities	6,955,245	1,168,009
Deferred grant income		2,688,627
Operating lease liabilities	674,490	648,469
Accrued post-retirement benefits	40,000	40,000
Other accrued liabilities	851,623	607,915
Deferred tax liabilities		422,458
Accrued litigation damages	19,700,000	19,700,000
Total current liabilities	36,388,354	33,988,324
Non-current contract liabilities, and asset retirement obligations	1,780	3,675
Operating lease liabilities, net of current portion	488,106	831,507
Accrued post-retirement benefits, net of current portion	170,504	190,696
Other long-term liabilities, net of current portion		1,706,411
Total liabilities	37,048,744	36,720,613
Commitments and contingencies (Note 16) and Litigation (Note 17)
Stockholders’ equity:
Common stock, par value $0.01; 275,000,000 shares authorized as of June 27, 2026 and December 27, 2025, 186,974,903 issued as of June 27, 2026 and 183,015,207 issued as of December 27, 2025, and 180,618,566 outstanding at June 27, 2026 and 176,903,857 at December 27, 2025	1,817,208	1,776,753
Additional paid-in capital	472,196,314	463,150,835
Treasury stock 1,102,289 shares at June 27, 2026 and 771,500 shares at December 27, 2025, at cost	(2,459,886)	(1,389,174)
Accumulated deficit	(402,342,417)	(399,421,251)
Total stockholders’ equity	69,211,219	64,117,163
Total liabilities, redeemable convertible preferred stock, and stockholders’ equity	106,259,963	108,394,257
Series A Redeemable Convertible Preferred Stock [Member]
Current liabilities:
Series A redeemable convertible preferred stock, par value $0.01, stated value $7,000 per share; 3,000 shares authorized, no shares issued and outstanding as of June 27, 2026 and 1,000 shares issued and outstanding at December 27, 2025; aggregate liquidation preference of $7,000,000 as of December 27, 2025		$ 7,556,481