Financial Data and Key Metrics Changes - Total revenues for Q3 2025 were $12 million, down from $13.3 million in the prior year [19] - Product revenues decreased to $10.7 million from $10.9 million in Q3 2024, primarily due to a decline in revenues from pilot helmets and training products [20] - Net income for Q3 2025 was $4.1 million, or $0.02 per share, compared to a net loss of $3.5 million, or $0.03 per share for Q3 2024 [21] Business Line Data and Key Metrics Changes - Funded research and development revenues decreased to $1.2 million from $2.3 million in Q3 2024, mainly due to project completion timing [20] - Cost of product revenue was $8.4 million, or 79% of net product revenues, compared to $8.3 million, or 76% of net product revenues in the previous year [20] - R&D expenses for Q3 2025 were $2.5 million, a slight decrease from the same quarter last year [21] Market Data and Key Metrics Changes - The U.S. Army aims to purchase at least 1 million drones in the next two to three years, significantly increasing from approximately 50,000 annually [9] - The first-person drone market is projected to grow from under $300 million last year to as much as $1.2 billion by 2030, representing a compound annual growth rate of around 31% [9] Company Strategy and Development Direction - The company has entered strategic partnerships with organizations like Ondas Holdings and Theon International, enhancing its market position [5] - Kopin is focusing on defense and medical applications, with a strong emphasis on microdisplay technologies for military and healthcare sectors [10][24] - The company aims to leverage increased defense budgets and modernization efforts globally, particularly in Europe and NATO countries [7][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving revenue and profitability goals for 2027 and 2028, supported by a strong opportunity pipeline exceeding $1 billion [10][14] - The geopolitical landscape is expected to drive continued growth in defense spending, with a focus on advanced vision technologies [15][24] - Management highlighted a transformation within the company, emphasizing improved quality, customer relationships, and a solid capital structure [16][17] Other Important Information - The company has successfully addressed quality issues in manufacturing, achieving high-quality scores and strong customer relationships [16] - A recent $15.4 million contract for color micro-LED technology development was awarded, enhancing the company's capabilities in defense applications [12][73] - The company ended Q3 with $26.5 million in cash, bolstered by recent funding efforts [22] Q&A Session Summary Question: Any developments on neural display? - Management confirmed the demonstration of a bidirectional microdisplay for drone control using eye movement, indicating ongoing investment in this technology [29] Question: What should be expected regarding quarterly OpEx? - Management indicated that OpEx spending will remain consistent, with plans to grow into it over time [31] Question: Can you size the near-term pipeline or backlog? - Management stated that approximately 80% of the backlog required to meet 2026 plans is already secured, with strong visibility on major programs [35] Question: Update on Kopin One initiatives and automation? - Management confirmed that Kopin One is fully integrated, with ongoing automation efforts expected to enhance efficiency and throughput [40][42] Question: Clarification on pilot aviation heads-up display issue? - Management clarified that the decrease in military revenues was due to a timing issue in manufacturing demand, not a significant problem [51] Question: Insights on the medical partnership and growth? - Management highlighted the growth of the HMDMD partnership and potential new medical products in development [55] Question: Revenue expectations from European markets? - Management projected initial revenues from Europe in the single high millions for the next year, with significant growth expected in 2027 and 2028 [63]

Financial Data and Key Metrics Changes - Total revenues for Q3 2025 were $12 million, down from $13.3 million in the prior year [18] - Product revenues decreased to $10.7 million from $10.9 million in Q3 2024, primarily due to a decline in revenues from pilot helmets and training products [19] - Net income for Q3 2025 was $4.1 million, compared to a net loss of $3.5 million in Q3 2024, with the current net income including a $5.1 million add-back for reduction in litigation accruals [21] Business Line Data and Key Metrics Changes - Funded research and development revenues decreased to $1.2 million from $2.3 million in Q3 2024, attributed to project completion timing and a shift to production focus [19] - Cost of product revenue was $8.4 million, or 79% of net product revenues, compared to $8.3 million, or 76% of net product revenues, in the previous year [19] - R&D expenses for Q3 2025 were $2.5 million, a slight decrease from the same quarter last year [20] Market Data and Key Metrics Changes - The U.S. Army aims to purchase at least 1 million drones in the next two to three years, significantly increasing from approximately 50,000 annually today [8] - The first-person drone market is projected to grow from under $300 million last year to as much as $1.2 billion by 2030, representing a compound annual growth rate of around 31% [8] Company Strategy and Development Direction - The company has entered strategic partnerships with organizations like Ondas Holdings and Theon International, enhancing its position in the defense sector [5] - Kopin is focusing on defense applications, particularly in night vision and thermal imaging technologies, to capitalize on increased defense budgets and modernization efforts globally [6] - The company aims to leverage its unique microdisplay technologies to capture more orders in rapidly growing defense industries [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving revenue and profitability goals for 2027 and 2028, supported by a strong opportunity pipeline exceeding $1 billion [12] - The geopolitical landscape is expected to sustain defense spending, with increasing demand for advanced vision technologies [12] - Management highlighted a transformation within the company, emphasizing improved quality, customer relationships, and a solid capital structure [15] Other Important Information - The company ended Q3 with $26.5 million in cash, bolstered by a $41 million raise from strategic investors post-quarter [22] - The company has successfully addressed quality issues in manufacturing, achieving some of the highest quality scores in its history [15] Q&A Session Summary Question: Any developments on neural display? - The company demonstrated a bidirectional microdisplay that allows drone control using eye movement, indicating a commitment to invest in this technology [25] Question: How should quarterly OpEx be viewed moving forward? - The company expects OpEx to remain consistent with current levels, with plans to grow into any headwinds [26] Question: Can you size the near-term opportunities in the pipeline? - The company has approximately 80% of the backlog needed to meet its 2026 plan, with strong visibility on major programs until 2030 [27] Question: Update on the aviation heads-up display issue? - The decrease in military revenues was attributed to a timing issue rather than a fundamental problem [32] Question: Clarification on the U.S. Army SBMC program and revenue expectations? - About 40% of the current opportunity pipeline is related to the Soldier-Borne Mission Command program, with expectations for production revenue starting in 2027 [40]

As filed with the Securities and Exchange Commission on November 6, 2025. Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Kopin Corporation (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Delaware 3674 04-2833935 (I.R.S. Employer Identification Number) 125 North Drive Westborough, Ma. 01581 (508) 870- ...

Group 1 - Kopin Corporation is recognized as a promising tech stock by Wall Street analysts, with Craig-Hallum initiating coverage with a Buy rating and a price target of $6 [1][2] - The company is expected to significantly increase its revenue from a current run-rate of approximately $50 million to over $200 million annually, driven by defense opportunities [1][2] - Kopin's pipeline of defense programs is projected to generate annual revenue between $75 million and $100 million by 2027 [2] Group 2 - The US Army's Soldier Borne Mission Command program is identified as a potential multi-year revenue growth driver for Kopin [2] - Kopin develops, manufactures, and sells microdisplays and related components for various sectors including defense, enterprise, and consumer products [3]

Core Insights - Kopin (KOPN) and Nephros (NEPH) are rapidly moving stocks, with KOPN rising 60 positions and NEPH 52 positions in Barchart's Top 100 Stocks to Buy [1] - Kopin's stock has increased by 62% in the past month and 163% in 2025, attracting retail investors due to its penny stock status [2] - Nephros reached a 52-week high of $5.59, with a 377% appreciation over the past 36 months, outperforming Kopin's 253% return [3] Company Overview: Kopin (KOPN) - Kopin specializes in microdisplay technologies and optical systems, with applications in defense and medical sectors [4] - In 2024, 82% of Kopin's revenue, amounting to $50.3 million, came from defense industry customers, a significant increase from 56% in 2023 and 52% in 2022 [5] - The concentration of revenue sources is notable, with the top two customers accounting for 76% of its 2024 revenue, the largest being DRS Network & Imaging Systems, LLC at 65% [6]

Core Insights - U.S. stocks exhibited mixed performance, with the Nasdaq Composite increasing by over 100 points on Monday [1] - Comerica Incorporated's shares surged 15.7% to $81.64 following the announcement of its acquisition by Fifth Third Bancorp for $10.9 billion [1] Company Performance - Critical Metals Corp. saw a significant increase in shares, jumping 78.8% to $14.27 after securing a $35 million securities purchase agreement [3] - Pioneer Ltd experienced a gain of 51.2%, reaching $7.18 [3] - Arteris, Inc. shares rose by 31.7% to $14.47 [3] - Advanced Micro Devices, Inc. surged 27.6% to $210.18 due to a multi-year partnership with OpenAI involving 6 Gigawatts of AMD GPUs and a warrant for up to 160 million shares [3] - Kopin Corporation's shares increased by 25.5% to $3.5391 following a $41 million PIPE financing announcement [3] - Sanmina Corporation rose 23.6% to $140.99 [3] - HIVE Digital Technologies Ltd. gained 23.2% to $5.48, with a 138% year-over-year increase in September Bitcoin output [3] - Eightco Holdings Inc. rose 21.1% to $9.98 [3] - Heidrick & Struggles International, Inc. jumped 19.8% to $58.31 after announcing a definitive agreement for acquisition valued at $1.3 billion [3] - Solid Power, Inc. increased by 19.4% to $5.16 [3] - UiPath Inc. rose 14.6% to $14.78 [3] - Diginex Limited gained 13.6% to $18.70 after completing the acquisition of Matter DK ApS [3] - Riot Platforms, Inc. rose 12.2% to $21.81, with an analyst maintaining an Overweight rating and raising the price target from $22 to $26 [3] - Eos Energy Enterprises, Inc. increased by 13.1% to $14.25 following a strategic partnership announcement with Unico [3] - IREN Limited jumped 10.6% to $55.84 [3] - Lumen Technologies, Inc. gained 10.3% to $7.24 [3] - Archer Aviation Inc. rose 9.9% to $12.72 [3]

Core Viewpoint - Kopin Corporation has received a "Buy" rating upgrade from Lake Street, reflecting strong confidence in its future performance and an increased price target from $2.50 to $3 [1][5] Group 1: Stock Performance - The stock is currently priced at $2.50, showing a significant increase of 10.89%, or $0.25 [2] - During trading, the stock fluctuated between $2.34 and $2.55, indicating volatility [2] - Over the past year, KOPN has experienced a low of $0.56 and a high of $2.67, demonstrating its growth potential [2] Group 2: Market Capitalization and Trading Activity - Kopin's market capitalization is approximately $406.2 million, with a trading volume of 3,516,329 shares, indicating healthy investor interest [3] - The recent decision to grant an inducement equity award to the new CFO aligns with Nasdaq Listing Rule 5635(c)(4) [3] Group 3: Strategic Leadership Decisions - The Compensation Committee approved the equity award on July 30, 2025, which is crucial for attracting and retaining top talent [4] - Such strategic initiatives are expected to drive the company's growth and innovation in optical systems and microdisplays [4][5]

Group 1: U.S. Stock Market Overview - U.S. stocks experienced a decline, with the Dow Jones index dropping more than 150 points on Tuesday [1] Group 2: Ferguson Enterprises Inc. - Ferguson Enterprises reported fourth-quarter 2024 sales of $8.5 billion, reflecting a 6.9% increase from the previous year, surpassing analyst estimates of $8.41 billion [1] - Adjusted earnings per share (EPS) for Ferguson were $3.48, exceeding expectations of $2.88 and representing a 16.8% increase from the prior year [1] - GAAP diluted EPS was reported at $3.55, marking a significant increase of 59.2% from $2.23 [1] - Shares of Ferguson Enterprises rose sharply by 5.4% to $226.12 on Monday following the positive earnings report [2] Group 3: Other Notable Stock Movements - Robo.ai Inc. shares surged 40.3% to $2.1100 after announcing a joint venture agreement to establish Robo.ai Industrial City in Dubai [4] - QMMM Holdings Limited saw a gain of 29.2% to $92.67 [4] - WEBTOON Entertainment Inc. rose 29.2% to $19.41 after entering a non-binding term sheet with Disney for a digital comics platform [4] - Jumia Technologies AG shares jumped 20.3% to $11.79 following an upgrade from RBC Capital analyst Brad Erickson, raising the price target from $6.5 to $15 [4] - Bloom Energy Corporation rose 6.5% to $71.38, with Morgan Stanley analyst Stephen Byrd maintaining an Overweight rating and increasing the price target from $44 to $85 [4]

Group 1 - The corporate update call for Kopin took place on September 15, 2025, and was led by Brian Prenoveau from Investor Relations [2] - The company will be making forward-looking statements based on current expectations, projections, beliefs, and estimates, which are subject to risks and uncertainties [2][3] - Potential risks mentioned include demand for products, operating results of subsidiaries, and market conditions, as detailed in the most recent annual report [3]

Group 1 - Hackers have stolen private details of potentially millions of customers from luxury brands Gucci, Balenciaga, and Alexander McQueen [1] - The attack targeted the French parent company Kering, which oversees these luxury labels [1] - This incident raises concerns about data security within the luxury goods sector [1]