Kopin Financials
Kopin (KOPN) reported $39.3M in revenue for fiscal year 2025, down 21.9% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Operating-loss recovery came from cost reduction and external financing, not revenue expansion or cash generation.
FY2025 reported net income of$2.5M appeared alongside an operating loss of-$9.9M . Operating cash flow was-$15.5M , showing that the accounting profit did not represent cash-generating operations but instead depended on items below operating income.
The operating-margin rebound from
The balance sheet became less liability-dependent: debt-to-equity fell from 2.0x to 0.6x while the current ratio rose from 1.4x to 2.7x. That improvement coincided with financing cash inflow of
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Kopin's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Kopin scores 9.15, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($832.7M) relative to total liabilities ($36.7M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Kopin passes 3 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Kopin used $6.10 of operating cash (-$15.5M OCF vs $2.5M net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely.
Key Financial Metrics
Earnings & Revenue
Kopin generated $39.3M in revenue in fiscal year 2025. This represents a decrease of 21.9% from the prior year.
Kopin's EBITDA was -$9.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 78.8% from the prior year.
Kopin reported $2.5M in net income in fiscal year 2025. This represents an increase of 105.8% from the prior year.
Cash & Balance Sheet
Kopin recorded an outflow of $17.0M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 12.9% from the prior year.
Kopin held $36.4M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
Kopin's operating margin was -25.1% in fiscal year 2025, reflecting core business profitability. This is up 60.6 percentage points from the prior year.
Kopin's net profit margin was 6.5% in fiscal year 2025, showing the share of revenue converted to profit. This is up 93.7 percentage points from the prior year.
Kopin's ROE was 4.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 192.5 percentage points from the prior year.
Not reported for fiscal year 2025.
Capital Allocation
Kopin invested $6.7M in research and development in fiscal year 2025. This represents an increase of 14.7% from the prior year.
Kopin invested $1.4M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 76.3% from the prior year.
Not reported for fiscal year 2025.
KOPN Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $12.7M+20.7% | $10.6M+26.1% | $8.4M-30.0% | $12.0M+41.5% | $8.5M-19.8% | $10.5M-28.0% | $14.6M+10.0% | $13.3M |
| R&D Expenses | $1.2M+8.3% | $1.1M-10.2% | $1.2M-50.8% | $2.5M+69.0% | $1.5M+0.3% | $1.5M+109.7% | -$704K-72.9% | $2.6M |
| SG&A Expenses | $5.1M-14.8% | $6.0M+18.7% | $5.1M+211.2% | $1.6M-66.7% | $4.9M+4.2% | $4.7M+49.8% | $3.1M-39.7% | $5.2M |
| Operating Income | -$3.5M+41.5% | -$6.0M-19.3% | -$5.0M-210.7% | $4.5M+183.0% | -$5.5M-39.8% | -$3.9M-76.8% | -$2.2M+21.1% | -$2.8M |
| Income Tax | -$2.1M-3765.4% | $57K+9.7% | $52K0.0% | $52K0.0% | $52K0.0% | $52K | N/A | $125K |
| Net Income | $831K+122.1% | -$3.8M-155.6% | $6.7M+65.4% | $4.1M+179.0% | -$5.2M-65.9% | -$3.1M-59.9% | -$1.9M+43.7% | -$3.5M |
| EPS (Diluted) | $0.00+100.0% | -$0.02-150.0% | $0.04+100.0% | $0.02+166.7% | -$0.03-50.0% | -$0.02-300.0% | $0.01+133.3% | -$0.03 |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, Interest Expense.
KOPN Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $106.3M+3.7% | $102.4M-5.5% | $108.4M+77.1% | $61.2M+0.1% | $61.2M-5.9% | $65.0M-8.1% | $70.8M+0.3% | $70.6M |
| Current Assets | $79.3M-3.8% | $82.4M-10.2% | $91.8M+72.6% | $53.2M+1.0% | $52.6M-7.8% | $57.1M-9.1% | $62.8M-0.3% | $63.0M |
| Cash & Equivalents | $24.9M-27.0% | $34.1M-6.2% | $36.4M+37.1% | $26.5M+8.8% | $24.4M+58.9% | $15.3M+8.3% | $14.2M-2.5% | $14.5M |
| Inventory | $4.7M-5.1% | $5.0M-9.6% | $5.5M-12.5% | $6.3M-5.9% | $6.7M+10.3% | $6.1M-1.2% | $6.1M-6.4% | $6.6M |
| Accounts Receivable | $10.7M+211.7% | $3.4M-67.9% | $10.7M+68.7% | $6.4M-32.9% | $9.5M+31.9% | $7.2M-39.3% | $11.9M+28.3% | $9.2M |
| Total Liabilities | $37.0M+8.9% | $34.0M-7.4% | $36.7M-8.0% | $39.9M-11.6% | $45.1M+1.8% | $44.4M-6.6% | $47.5M-0.8% | $47.9M |
| Current Liabilities | $36.4M+15.4% | $31.5M-7.2% | $34.0M-6.3% | $36.3M-12.4% | $41.4M+1.2% | $40.9M-6.8% | $43.9M0.0% | $43.9M |
| Total Equity | $69.2M+13.8% | $60.8M-5.1% | $64.1M+200.7% | $21.3M+32.9% | $16.0M-22.4% | $20.7M-11.2% | $23.3M+2.4% | $22.7M |
| Retained Earnings | -$402.3M+0.2% | -$403.2M-0.9% | -$399.4M+1.7% | -$406.2M+1.0% | -$410.3M-1.3% | -$405.1M-0.8% | -$402.0M-0.5% | -$400.1M |
Not reported in any period shown, so not listed: Goodwill, Long-Term Debt.
KOPN Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$4.3M-434.3% | -$811K+89.7% | -$7.9M-7013.2% | -$110K+97.3% | -$4.2M-21.8% | -$3.4M-115.3% | -$1.6M+75.4% | -$6.5M |
| Capital Expenditures | $3.8M+192.8% | $1.3M | N/A | N/A | $733K+46.5% | $500K+1.2% | $494K+4712.9% | $10K |
| Free Cash Flow | -$8.1M-285.5% | -$2.1M | N/A | N/A | -$4.9M-25.0% | -$3.9M-88.2% | -$2.1M+67.8% | -$6.5M |
| Investing Cash Flow | -$3.8M-192.8% | -$1.3M+40.4% | -$2.2M-194.3% | $2.3M-82.6% | $13.3M+189.6% | $4.6M+3058.5% | $145K+101.0% | -$14.3M |
| Financing Cash Flow | -$1.1M-3554.6% | -$29K-100.1% | $44.1M+67905.3% | -$65K | N/A | N/A | $1.1M-95.7% | $25.2M |
| Dividends Paid | N/A | $29K | N/A | N/A | N/A | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Share Buybacks.
KOPN Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | -27.5%+29.2pp | -56.7%+3.2pp | -60.0%-97.9pp | 37.9%+102.5pp | -64.6%-27.5pp | -37.1%-22.0pp | -15.1%+5.9pp | -21.0% |
| Net Margin | 6.5%+42.1pp | -35.6%-116.2pp | 80.7%+46.5pp | 34.1%+95.2pp | -61.1%-31.6pp | -29.5%-16.2pp | -13.3%+12.7pp | -26.0% |
| Return on Equity | 1.2%+7.4pp | -6.2%-16.7pp | 10.5%-8.6pp | 19.1%+51.3pp | -32.2%-17.1pp | -15.1%-6.7pp | -8.4%+6.9pp | -15.2% |
| Return on Assets | 0.8%+4.4pp | -3.7%-9.9pp | 6.2%-0.4pp | 6.7%+15.1pp | -8.4%-3.7pp | -4.8%-2.0pp | -2.8%+2.2pp | -4.9% |
| Current Ratio | 2.18-0.4x | 2.61-0.1x | 2.70+1.2x | 1.47+0.2x | 1.27-0.1x | 1.400.0x | 1.430.0x | 1.43 |
| Debt-to-Equity | 0.540.0x | 0.560.0x | 0.57-1.3x | 1.87-0.9x | 2.81+0.7x | 2.14+0.1x | 2.04-0.1x | 2.11 |
| FCF Margin | -63.9%-43.9pp | -20.0% | N/A | N/A | -57.9%-20.7pp | -37.1%-22.9pp | -14.2%+34.4pp | -48.5% |
Not reported in any period shown, so not listed: Gross Margin.
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Where Kopin Ranks
Frequently Asked Questions
What is Kopin's annual revenue?
Kopin (KOPN) reported $39.3M in total revenue for fiscal year 2025. This represents a -21.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Kopin's revenue growing?
Kopin (KOPN) revenue declined by 21.9% year-over-year, from $50.3M to $39.3M in fiscal year 2025.
Is Kopin profitable?
Yes, Kopin (KOPN) reported a net income of $2.5M in fiscal year 2025, with a net profit margin of 6.5%.
What is Kopin's EBITDA?
Kopin (KOPN) had EBITDA of -$9.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Kopin's operating margin?
Kopin (KOPN) had an operating margin of -25.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Kopin's net profit margin?
Kopin (KOPN) had a net profit margin of 6.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Kopin's return on equity (ROE)?
Kopin (KOPN) has a return on equity of 4.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Kopin's free cash flow?
Kopin (KOPN) recorded an outflow of $17.0M in free cash flow during fiscal year 2025. This represents a -12.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Kopin's operating cash flow?
Kopin (KOPN) recorded an outflow of $15.5M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Kopin's total assets?
Kopin (KOPN) had $108.4M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Kopin's capital expenditures?
Kopin (KOPN) invested $1.4M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Kopin spend on research and development?
Kopin (KOPN) invested $6.7M in research and development during fiscal year 2025.
What is Kopin's current ratio?
Kopin (KOPN) had a current ratio of 2.70 as of fiscal year 2025, which is generally considered healthy.
What is Kopin's debt-to-equity ratio?
Kopin (KOPN) had a debt-to-equity ratio of 0.57 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Kopin's return on assets (ROA)?
Kopin (KOPN) had a return on assets of 2.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
How does Kopin's liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Kopin (KOPN) held $36.4M in cash, cash equivalents and investments, and reported an operating cash outflow of $15.5M over that year. Dividing the one by the other, the reported balance equals about 28 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Kopin's Altman Z-Score?
Kopin (KOPN) has an Altman Z-Score of 9.15, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Kopin's Piotroski F-Score?
Kopin (KOPN) has a Piotroski F-Score of 3 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Kopin's earnings high quality?
For every $1 of reported earnings, Kopin (KOPN) used $6.10 of operating cash (-$15.5M OCF vs $2.5M net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Kopin?
Kopin (KOPN) scores 45 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.