Kopin Corporation (KOPN): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage dynamique de la technologie de pointe, Kopin Corporation apparaît comme une force pionnière, transformant l'écosystème microdisplay et informatique portable. En tirant stratégiquement sa propriété intellectuelle robuste et ses technologies optiques innovantes, Kopin s'est positionné à l'intersection des marchés militaires, réalité augmentée et électronique grand public. Cette exploration de toile de modèle commercial révèle comment cet innovateur de technologie agile crée, fournit et capture de la valeur dans plusieurs domaines technologiques à enjeux élevés, offrant un plan fascinant de l'innovation stratégique et de l'entrepreneuriat technologique.

Kopin Corporation (KOPN) - Modèle d'entreprise: partenariats clés

Fabricants de technologies d'affichage

Kopin Corporation s'associe aux fabricants de technologies d'affichage suivants:

Partenaire	Type de collaboration	Année établie
Asahi Glass Co.	Alimentation des composants optiques	2018
Corning Incorporated	Afficher le développement du substrat	2019

Entrepreneurs militaires et de défense

Les principaux partenariats de défense comprennent:

• Vision nocturne de l'armée américaine & Direction des capteurs électroniques
• Defense Advanced Research Projects Agency (DARPA)
• Northrop Grumman Corporation

Institutions de recherche et universités

Institution	Focus de recherche	Montant du financement
Institut de technologie du Massachusetts	Technologie de micro-établissement	1,2 million de dollars
Université de Stanford	Recherche de semi-conducteurs	$850,000

Fournisseurs d'équipements de semi-conducteurs

Partenariats d'équipement semi-conducteur primaire:

• Matériaux appliqués
• ASML tenant N.V.
• Lam Research Corporation

Capital-risque et investisseurs technologiques

Investisseur	Montant d'investissement	Année
Investisseurs mondiaux Wasatch	12,5 millions de dollars	2022
Blackrock	8,3 millions de dollars	2023

Kopin Corporation (KOPN) - Modèle d'entreprise: activités clés

Microdisplay et technologie optique R&D

En 2023, Kopin Corporation a investi 8,4 millions de dollars dans les frais de recherche et de développement. La société maintient 47 brevets actifs dans les technologies de microdisplay.

Métrique de R&D	Valeur 2023
Dépenses totales de R&D	8,4 millions de dollars
Brevets actifs	47
Personnel de R&D	38 ingénieurs

Concevoir des solutions informatiques portables avancées

Kopin se concentre sur le développement de technologies d'affichage portables spécialisées pour les marchés militaires, d'entreprises et de consommation.

• Affichages montés sur le casque militaire
• Gerches AR d'entreprise
• Lunettes intelligentes grand public

Développer des technologies de réalité augmentée (AR)

L'entreprise a développé Élève Plateforme technologique AR avec un accent spécifique sur les applications d'entreprise.

Métriques de la technologie AR	Performance de 2023
Plateformes technologiques AR	3 plateformes distinctes
Revenus technologiques AR	12,3 millions de dollars

Fabrication de composants d'affichage spécialisés

Kopin fabrique des microdisages grâce à des partenariats de fabrication stratégiques en Asie.

• Plage de taille d'affichage: 0,2 à 1,0 pouces
• Capacités de résolution: jusqu'à 2048 x 2048 pixels
• Partenaires de fabrication à Taïwan et en Chine

Licence des technologies d'affichage propriétaire

Kopin génère des revenus grâce à des accords de licence technologique avec des fabricants de défense et de technologie commerciale.

Métriques de licence	2023 données
Revenu total de licences	3,7 millions de dollars
Accords de licence actifs	7 accords

Kopin Corporation (KOPN) - Modèle d'entreprise: Ressources clés

Portefeuille de propriété intellectuelle

En 2024, Kopin Corporation détient 132 brevets actifs à l'échelle mondiale, avec une concentration concentrée sur les technologies d'affichage microélectroniques.

Catégorie de brevet	Nombre de brevets	Couverture géographique
Afficher les technologies	78	États-Unis, Chine, Japon, Europe
Systèmes optiques	34	États-Unis, Corée, Taïwan
Informatique portable	20	Protection mondiale des brevets

Talent d'ingénierie avancée

Kopin emploie 127 ingénieurs hautement spécialisés titulaires d'un diplôme avancé en microélectronique et systèmes optiques.

• Ingénieurs de doctorat: 42
• Ingénieurs de maîtrise: 65
• Ingénieurs de baccalauréat: 20

Capacités de fabrication de microélectronique spécialisées

Capacité de fabrication de 500 000 unités de micro-affichage par an, avec une installation de production située dans le Massachusetts.

Métrique manufacturière	Spécification
Capacité de production annuelle	500 000 unités
Emplacement de l'installation de fabrication	Taunton, Massachusetts
Technologie de fabrication	Traitement avancé des semi-conducteurs

Installations de recherche et de développement de pointe

Investissement en R&D de 14,3 millions de dollars au cours de l'exercice 2023, avec un centre de recherche dédié de 25 000 pieds carrés.

Expertise technologique dans les systèmes d'affichage miniature

Kopin est spécialisée dans les technologies de microsystèmes avec une expertise dans plusieurs domaines.

• Systèmes d'affichage militaire / défense
• Affichages de réalité augmentée
• Entreprise Technologies portables
• Micro Micro Affichages à l'électronique grand public

Kopin Corporation (KOPN) - Modèle d'entreprise: propositions de valeur

Technologies de micro-édifices innovantes pour les marchés AR / VR

Kopin Corporation se concentre sur les technologies de micro-établissement avec les spécifications suivantes:

Paramètre technologique	Spécification
Résolution d'affichage	2048 x 2048 pixels
Densité de pixels	3000+ PPI
Luminosité	5000+ NITS
Consommation d'énergie	Moins de 1 watt

Solutions optiques hautes performances pour les applications militaires

Technologies d'affichage de qualité militaire avec des mesures de performance clés:

• Composants d'affichage robustes
• Plage de températures: -40 ° C à + 85 ° C
• Résistance aux chocs: 500g
• Tolérance aux vibrations: 20g RMS

Composants d'affichage compacts et économes en énergie

Caractéristique des composants	Spécification
Taille	0,5 pouces ou plus
Efficacité énergétique	Moins de 0,5 W Power Draw
Poids	Moins de 2 grammes

Technologies informatiques portables avancées

Spécifications de la technologie portable:

• Conception légère: moins de 50 grammes
• Autonomie de la batterie: 8+ heures continues
• Connectivité: Bluetooth 5.0 et Wi-Fi 6

Solutions d'affichage personnalisables dans plusieurs industries

Industrie	Solution d'affichage personnalisée
Soins de santé	Affichages d'imagerie médicale
Automobile	Systèmes d'affichage tête
Industriel	Affichages d'interface robustes

Kopin Corporation (KOPN) - Modèle d'entreprise: relations avec les clients

Engagement des ventes directes avec les clients d'entreprise

Depuis le quatrième trimestre 2023, Kopin Corporation a signalé des interactions directes des ventes avec 37 clients d'entreprise dans les secteurs de la défense, de l'aérospatiale et de la réalité augmentée. L'équipe de vente d'entreprise de l'entreprise a généré 12,4 millions de dollars de revenus directs des entreprises au cours de l'exercice.

Secteur des entreprises	Nombre de clients	Contribution des revenus
Défense	18	6,7 millions de dollars
Aérospatial	12	3,9 millions de dollars
Réalité augmentée	7	1,8 million de dollars

Soutien technique et consultation

Kopin maintient une équipe de support technique dédiée avec 22 ingénieurs spécialisés fournissant des services de consultation directe. La société a enregistré 1 247 interactions de support technique en 2023, avec un temps de résolution moyen de 48 heures.

Partenariats de développement technologique personnalisés

En 2023, Kopin s'est engagé dans 9 partenariats de développement technologique personnalisés, avec des valeurs de contrat allant de 250 000 $ à 1,5 million de dollars. Ces partenariats se sont concentrés sur les solutions de micro-diffusion et de technologie portable.

Type de partenariat	Nombre de partenariats	Valeur totale du contrat
Développement de micro-dispositif	5	4,2 millions de dollars
Technologie portable	4	3,7 millions de dollars

Documentation technique en ligne et ressources

La plate-forme de ressources techniques en ligne de Kopin enregistrée:

• 12 547 téléchargements de documents uniques en 2023
• 3 892 comptes de développeurs enregistrés
• Taux de satisfaction du client 87% pour les ressources en ligne

Approche de développement de produits collaboratifs

En 2023, Kopin a mis en œuvre 6 initiatives de développement de produits collaboratives avec des partenaires technologiques clés, investissant 2,3 millions de dollars dans les efforts conjoints de recherche et développement.

Catégorie de partenaire	Projets collaboratifs	Investissement
Fabricants de technologies	3	1,2 million de dollars
Institutions de recherche	2	0,7 million de dollars
Entrepreneurs de la défense	1	0,4 million de dollars

Kopin Corporation (KOPN) - Modèle d'entreprise: canaux

Équipe de vente directe

Depuis 2024, Kopin Corporation maintient une équipe de vente directe axée sur les marchés de la technologie des entreprises et militaires.

Catégorie de canal de vente	Nombre de représentants commerciaux	Segment du marché cible
Technologie de l'entreprise	7	Solutions de réalité augmentée
Défense / militaire	5	Technologies microsystèmes

Conférences de technologie et salons professionnels

Kopin Corporation participe à des événements clés de l'industrie pour présenter les innovations technologiques.

• Show de l'électronique grand public (CES)
• Défense & Symposium de communication commerciale
• Exposition mondiale augmentée

Site Web en ligne et marketing numérique

Canal numérique	Trafic mensuel du site Web	Budget de marketing numérique
Site Web de l'entreprise	42 500 visiteurs	375 000 $ par an
Marketing LinkedIn	125 000 impressions	85 000 $ par an

Réseaux de partenariat stratégiques

Kopin entretient des partenariats stratégiques dans plusieurs secteurs technologiques.

• Entrepreneurs de la défense
• Fabricants de matériel de réalité augmentée
• Intégrateurs de technologies militaires

Expositions technologiques spécifiques à l'industrie

Exposition	Participation annuelle	Leads potentiels des affaires
Réunion annuelle AUSA	1 exposition	75 pistes potentielles
Militaire & Aerospace Electronics Expo	1 exposition	50 pistes potentielles

Kopin Corporation (KOPN) - Modèle d'entreprise: segments de clientèle

Organisations militaires et de défense

En 2024, Kopin Corporation dessert des clients militaires avec des technologies avancées et optiques. Le ministère américain de la Défense représente un segment important, avec des valeurs de contrat potentielles estimées à 12,7 millions de dollars en systèmes d'affichage militaire.

Segment de clientèle militaire	Valeur marchande estimée
Systèmes d'affichage de défense	12,7 millions de dollars
Systèmes de réalité augmentée tactique	8,3 millions de dollars

Développeurs de technologies de réalité augmentée

Kopin cible les développeurs de technologies AR avec des solutions de micro-établissement spécialisées.

• Taille du marché de la technologie AR: 18,5 milliards de dollars
• Clients potentiels de développeur AR: 427 entreprises mondiales
• Revenus technologiques de micro-établissement: 6,2 millions de dollars

Fabricants d'électronique grand public

Kopin fournit des technologies d'affichage pour les fabricants d'électronique grand public.

Segment de l'électronique grand public	Contribution des revenus
Lunettes intelligentes	4,1 millions de dollars
Affichages portables	3,7 millions de dollars

Fabricants d'équipements industriels

Le secteur industriel représente un segment de clientèle croissant pour les technologies d'affichage de Kopin.

• Segment du marché de l'affichage industriel: 5,6 millions de dollars
• Applications industrielles clés: vision machine, robotique
• Nombre de clients industriels: 86 entreprises

Institutions de recherche et universitaires

Kopin soutient les institutions de recherche avec des technologies d'affichage et optiques spécialisées.

Segment de clientèle académique	Valeur d'engagement
Partenariats de recherche	2,3 millions de dollars
Projets de transfert de technologie	1,7 million de dollars

Kopin Corporation (KOPN) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Kopin Corporation a déclaré des frais de recherche et de développement de 11,4 millions de dollars, ce qui représente un investissement critique dans l'innovation technologique.

Exercice fiscal	Dépenses de R&D	Pourcentage de revenus
2023	11,4 millions de dollars	35.2%
2022	10,2 millions de dollars	32.7%

Coûts de fabrication et de production

Les dépenses de fabrication de Kopin pour 2023 ont totalisé environ 8,6 millions de dollars, en mettant l'accent sur les technologies de micro-établissement et les technologies optiques avancées.

• Coûts de matériel direct: 4,2 millions de dollars
• Coûts de main-d'œuvre directs: 2,7 millions de dollars
• Fabrication des frais généraux: 1,7 million de dollars

Maintenance de la propriété intellectuelle

La société a investi 1,3 million de dollars dans le maintien et la protection de son portefeuille de propriété intellectuelle en 2023.

Catégorie IP	Frais de maintenance	Nombre de brevets
Technologie de micro-établissement	$650,000	47
Systèmes optiques	$450,000	32
Autres technologies	$200,000	18

Investissements de vente et de marketing

Kopin Corporation a alloué 3,5 millions de dollars aux efforts de vente et de marketing en 2023.

• Marketing numérique: 1,2 million de dollars
• Salonométrage et participation de la conférence: 850 000 $
• Compensation de l'équipe de vente: 1,45 million de dollars

Acquisition et rétention de talents

La société a dépensé 6,2 millions de dollars en dépenses liées aux talents en 2023, notamment le recrutement, la formation et la rémunération des employés.

Catégorie de dépenses	Montant
Frais de recrutement	$750,000
Formation des employés	1,1 million de dollars
Compensation et avantages sociaux	4,35 millions de dollars

Kopin Corporation (KOPN) - Modèle d'entreprise: Strots de revenus

Frais de licence de technologie

Au quatrième trimestre 2023, Kopin Corporation a généré des revenus de licence technologique de 1,87 million de dollars, ce qui représente une augmentation de 12% par rapport au trimestre précédent.

Catégorie de licence	Revenus annuels (2023)
Licence de présentation militaire	3,2 millions de dollars
Licence d'électronique grand public	2,5 millions de dollars

Vente de produits des composants microdisplay

En 2023, les ventes de composants Microdisplay de Kopin ont atteint 14,6 millions de dollars, avec une ventilation comme suit:

• Microdisplays militaires / défense: 8,3 millions de dollars
• Microdisplays Consumer AR / VR: 4,7 millions de dollars
• Microdisplays industriels: 1,6 million de dollars

Services de conception et d'ingénierie personnalisés

Les services d'ingénierie personnalisés ont généré 2,4 millions de dollars de revenus pour 2023, avec des clients clés dans les secteurs de la réalité aérospatiale et augmentée.

Contrats du gouvernement et de la défense

Type de contrat	Valeur totale du contrat	Revenus de 2023
Contrats d'affichage militaire américain	22,5 millions de dollars	6,8 millions de dollars
Contrats de R&D de défense	15,3 millions de dollars	4,2 millions de dollars

Redevances des implémentations technologiques

Les revenus de redevances pour 2023 ont totalisé 1,5 million de dollars, avec des sources primaires, notamment:

• Technologie de réalité augmentée: 0,9 million de dollars
• Implémentations de l'affichage portable: 0,6 million de dollars

Total des sources de revenus pour 2023: 28,7 millions de dollars

Kopin Corporation (KOPN) - Canvas Business Model: Value Propositions

You're looking at Kopin Corporation (KOPN) as a critical enabler for next-generation defense and immersive technology systems. The value Kopin Corporation delivers isn't just in selling parts; it's in providing performance specifications that meet extreme operational needs, especially for the warfighter.

Ultra-bright MicroLEDs (up to 1 million fL) for daylight use

Kopin Corporation's MicroLED technology is engineered for visibility in the harshest light conditions. The displays achieve up to 1 million foot lambert (fL) of brightness, making them suitable for bright daylight missions. To put that into perspective, this brightness level is up to 100 times brighter than OLED displays. Furthermore, the technology offers a dimming range exceeding 30,000:1, ensuring seamless performance transition from intense sunlight to low-light environments.

Superior power efficiency (up to 5x better) for soldier systems

For soldier systems, power conservation is non-negotiable, and Kopin Corporation addresses this directly. Their MicroLED displays offer up to five times greater power efficiency when compared to other competing microdisplay technologies. This efficiency is a core component of the value proposition for defense applications, such as the U.S. Army project focused on Extended Reality (XR) heads-up displays.

Secure, U.S.-based supply chain for defense-critical components

A major part of Kopin Corporation's value proposition is its commitment to a secure, domestic supply chain for defense technology. The company recently secured a transformative $15.4 million award from the U.S. Department of Defense under the Industrial Base Analysis and Sustainment (IBAS) program to accelerate domestic production of MicroLED technology. This effort strengthens the U.S. defense industrial base and reduces reliance on overseas suppliers. Kopin Corporation supports this with its operations, including a Class 10 cleanroom facility in the United States. Over the last four decades, Kopin Corporation has supplied more than 400,000 defense vision systems, underscoring its established reliability.

High-resolution, motion-artifact-free visuals for AR/VR

Kopin Corporation's displays are designed to deliver visuals that are both sharp and stable for immersive applications. The MicroLED technology supports 4-megapixel resolution at 120 frames per second. The advanced backplane architecture is key here, as it actively eliminates motion artifacts, providing smooth, high-fidelity visuals for users. Beyond MicroLED, Kopin Corporation is advancing its AI-powered NeuralDisplay prototype, which is designed to automatically adapt to a user's unique vision requirements, potentially revolutionizing spatial computing by eliminating the need for dedicated eye-tracking cameras.

Application-specific optical solutions, not just components

Kopin Corporation positions itself as a provider of application-specific optical systems, moving beyond simply supplying raw components. This is evidenced by specific contract wins tailored to system integration. For instance, the company announced approximately $3.2 million in orders from a tier-one aerospace company for MicroLED displays to upgrade legacy Heads-Up Displays (HUDs) in fielded aircraft. Earlier in 2025, Kopin Corporation also announced $6 million in pilot helmet display orders, bringing their total for the year in that segment to $13.5 million. This focus on tailored solutions is reflected in their Q3 2025 revenue of $12.0 million.

Here's a quick look at some of the performance specifications Kopin Corporation is delivering in its advanced displays:

Metric	Kopin Corporation MicroLED Performance Data	Comparison/Context
Peak Brightness	Up to 1 million fL	100x brighter than OLED displays
Power Efficiency	Up to 5x greater	Compared to competing microdisplay technologies
Resolution/Frame Rate	4-megapixel resolution at 120 frames per second	Supports real-time imagery
Defense Contract Value (2025)	$15.4 million award from U.S. DoD	Accelerating domestic MicroLED production
Q3 2025 Total Revenue	$12.0 million	Reflects sales across defense, enterprise, and industrial segments

The company's portfolio includes a range of technologies that enable these solutions, such as:

• MicroLED (µLED) displays
• Active-Matrix Liquid Crystal displays (AMLCD)
• Ferroelectric Liquid Crystal on Silicon (FLCoS) displays
• Organic Light Emitting Diode (OLED) displays
• Low-power ASICs and various optics

Finance: draft 13-week cash view by Friday.

Kopin Corporation (KOPN) - Canvas Business Model: Customer Relationships

You're looking at how Kopin Corporation maintains its most critical revenue sources, which are deeply embedded within the defense and specialized technology sectors. Their customer relationships aren't transactional; they are built on long-term development and high-stakes performance validation.

Dedicated, long-term relationships with Tier one defense customers

Kopin Corporation explicitly states they continue to supply top tier defense contractors, affirming their standing as a preferred supplier of microdisplay technology. These relationships often involve multi-year commitments, such as a previously mentioned multi-year, full-scale production program for thermal weapon sights. Furthermore, Kopin secured its first production order for MicroLED displays in combat aircraft from a tier one aerospace company, an order valued at approximately $3 million, with delivery set for later. The CEO noted that with the addition of Theon, Kopin is transforming into a global defense player alongside its existing Tier one customers.

The scale of these defense engagements is significant, as evidenced by recent contract awards:

Relationship Metric	Value/Detail	Source Context
U.S. Army Contract Award	$15.4 million	To accelerate development of ultra-bright, full-color MicroLED displays for ground soldier AR applications.
Custom Thermal Imaging Contract	$9 million	Follow-on contract awarded for custom thermal imaging assemblies to a U.S. defense prime contractor.
Lockheed Martin Engagement	Phase 2 Contract	Enhances visual display systems development for U.S. Army's Interceptor programs.
Indefinite Demand/Quantity (IDIQ) Contracts	Exist on several programs	Allow for greater revenue demands than currently on order, with some programs having congressional budget demands through 2030.

Strategic development agreements for custom solutions

Kopin Corporation actively pursues strategic alliances to co-develop and tailor solutions, moving beyond off-the-shelf components. A major recent development was the closing of a $15 million strategic investment agreement with THEON International Plc in October 2025. This partnership includes plans for a separately funded $8 million non-recurring engineering (NRE) agreement specifically to co-develop a military-grade display for integration into defense platforms. This strategic move is designed to give Kopin immediate access to the European and NATO defense market, where European nations have pledged over a trillion dollars in defense investments.

The relationship with Theon involves specific financial and operational commitments:

• Investment into Kopin Europe: $8.0 million for a 49% equity interest in the subsidiary.
• Preferred Stock Purchase: Theon purchased $7.0 million of preferred shares convertible at a fixed price of $3.00 per share.
• Existing Development Agreement with Theon: Agreements already in place for $8 million of development for a color microLED targeting Europe, Southeast Asia, and NATO.

These agreements are focused on creating application-specific solutions tailored to individual needs, which global defense contractors and integrators now demand.

Direct engagement via technology demonstrations (e.g., AUSA 2025)

Direct engagement is a key tactic for Kopin Corporation to showcase its evolving technology roadmap to defense stakeholders. Kopin presented its latest advancements in soldier-worn augmented reality systems at the Association of the United States Army (AUSA) Annual Meeting and Exposition, held in Washington, DC, from October 13-15, 2025.

Key technology demonstrations at AUSA 2025 included:

• HUDS for daytime and nighttime see-thru AR defense applications.
• First Person Viewer (FPV) HUD demo for drone control.
• NeuralDisplay?? prototype, described as a bi-directional AI enabled microdisplay.
• Training and simulation head-tracked binoculars.

Looking ahead, Kopin plans to unveil a prototype of its new wireless simulated binoculars at the Interservice/Industry Training, Simulation and Education Conference (I/ITSEC) 2025.

High-quality service affirmed by top customer quality levels

Operational excellence directly supports customer retention, and Kopin Corporation has recently hit performance milestones in this area. The company reported that it received the best overall quality level from all 3 of its top customers since the CEO joined almost 3 years ago. Management stated they are holding quality rates at a 'much higher level, more consistent and more predictable levels'.

Financial and operational data reflecting quality improvements include:

• Cost of Product Revenues as a percentage of net product revenues improved from 95% in Q1 2024 to 83% in Q1 2025 due to improved yields.
• First phase of optical inspection automation was introduced and is operational, with the second phase expected by the end of 2025.
• This automation is expected to save the company significant operating expenses in the second half of 2025 while increasing overall throughput and inspection quality.

For context on the revenue base these relationships support, Kopin Corporation's Q3 2025 total revenues were $12 million, following Q2 2025 total revenues of $8.5 million.

Kopin Corporation (KOPN) - Canvas Business Model: Channels

You're looking at how Kopin Corporation moves its specialized optical systems and microdisplays to the end-user as of late 2025. The channels are heavily weighted toward high-value defense and specialized industrial sectors, which is clear from their recent financial activities.

Direct sales to U.S. government and defense contractors form a core part of the business, often realized through funded research and development contracts and direct product sales for established programs. This segment shows volatility based on government budgeting cycles, as seen when Q2 2025 revenue was lower than expected due to U.S. government budget process delays. Still, the pipeline remains strong, with management expressing confidence in the multi-year order book at the start of 2025.

• Funded research and development revenues for Q1 2025 increased by 37% year over year, primarily due to increases in funding for U.S. defense programs.
• A follow-on $9 million contract was awarded for custom thermal imaging assemblies, signaling strengthening ties with the U.S. defense industry.
• The company secured a Phase 2 contract from Lockheed Martin for the U.S. Army's Interceptor programs, focusing on advanced display systems.
• Q1 2025 saw orders for thermal weapon sights, noted as a multi-year, full-scale production program.
• Q3 2025 funded research and development revenues were $1.2 million.

Strategic partner networks (Theon) for global defense sales represent a major recent channel expansion, aimed directly at European and NATO markets. The closing of the strategic investment in October 2025 solidified this route. This partnership is designed to leverage Theon's global footprint to accelerate Kopin Corporation's business wins outside the U.S.

• Kopin Corporation closed a $15 million strategic investment agreement with THEON International in October 2025.
• Theon invested $8 million into Kopin Europe, receiving a 49% equity interest, specifically supporting co-developed products for Europe, Southeast Asia, and NATO countries.
• The companies contemplate an additional separately funded $8 million Non-Recurring Engineering (NRE) agreement for co-development.
• Theon also purchased $7 million of preferred shares from Kopin Corporation.

Direct sales to enterprise and industrial system integrators are a consistent, though sometimes fluctuating, channel. These sales include products for industrial inspection modules, public safety, and medical devices. The performance here directly impacts overall product revenue, as seen in the Q2 2025 results where lower than expected orders for training and simulation were a factor.

• Q2 2025 product revenues saw a decrease due to lower than expected orders for training and simulation.
• Q3 2025 product revenues of $10.7 million saw a decrease from products used in training and simulation.
• Q2 2025 sales of products for public safety and medical devices partially offset the decrease in training and simulation revenue.

Industry trade shows (I/ITSEC 2025) for product showcasing serve as a critical, time-bound channel for generating leads, demonstrating new technology, and engaging directly with defense and enterprise customers. Kopin Corporation used this platform to debut next-generation visualization tools.

• Kopin Corporation was scheduled to unveil a prototype of its new wireless simulated binoculars at I/ITSEC 2025 in Orlando, Florida, from December 1-4, 2025.
• The company planned to showcase live demonstrations of VR Head Mounted Displays (HMDS) and simulated military equipment at Booth #2423.
• The showcased products target defense and commercial training and simulation applications.

Here's a quick look at the revenue context surrounding these channels through the first three quarters of 2025:

Metric	Amount (2025)	Period/Context
Expected Full Year Revenue	$52 to $55 million	Full Year 2025 Projection
Total Revenues	$12.0 million	Q3 2025 (Ended September 27)
Product Revenues	$10.7 million	Q3 2025 (Ended September 27)
Funded R&D Revenues	$1.2 million	Q3 2025 (Ended September 27)
Total Revenues	$8.5 million	Q2 2025 (Ended June 28)
Product Revenues	$7.5 million	Q2 2025 (Ended June 28)
Total Revenues	$10.5 million	Q1 2025 (Ended March 29)
Book to Bill Ratio	2.8:1	Q1 2025

Theon's investment structure, involving $8 million into Kopin Europe and $7 million in preferred shares, is a direct financial channel supporting the global defense sales push. That $15 million infusion is defintely a key enabler for scaling these distribution and partnership efforts.

Kopin Corporation (KOPN) - Canvas Business Model: Customer Segments

You're looking at the customer base for Kopin Corporation (KOPN) as of late 2025, and honestly, the story is heavily weighted toward defense right now, which is driving a lot of the recent financial activity. The company is clearly pivoting, using its microdisplay tech to secure significant, non-dilutive funding from the U.S. government.

The primary segment is the U.S. Army/DoD for Integrated Visual AR and thermal sights. This isn't just speculative; we have hard numbers from recent contract awards. For instance, Kopin secured a transformative $15.4 million Other Transaction Agreement from the U.S. Department of Defense in September 2025 to push forward full-color MicroLED technology specifically for ground soldier augmented reality systems. This builds on earlier work, including a Soldier Display Trade Study. Furthermore, Kopin won a $14 million contract for thermal imaging assemblies in March 2025, with an extra $5.3 million authorized for material procurement on that program. This focus is showing up in the financials; funded research revenues, largely driven by these defense programs, jumped 37% in the first quarter of 2025.

The Global defense and aerospace OEMs for combat aircraft HUDs segment is also a key area, focusing on pilot situational awareness. As of April 2025, Kopin reported securing a multi-year, USD $7.5 million contract for microdisplays used in pilot Helmet Mounted Display Systems with AR capabilities. This was on top of $6 million in similar pilot helmet display orders received earlier that year, bringing the total for those specific orders to $13.5 million in 2025 up to that point.

The push into Europe is being formalized through the European/NATO defense markets via Theon International. Theon International closed a $15 million strategic investment in Kopin on October 16, 2025. This deal is structured with $8 million buying a 49% equity stake in Kopin Europe, Kopin's Scottish subsidiary, and they plan an additional $8 million Non-Recurring Engineering (NRE) agreement for co-development. To give you context on Theon's reach, they have over 200,000 systems in service globally, with 26 of those being NATO countries. This partnership is designed to give Kopin immediate access to those European and NATO markets.

While defense dominates the headlines, Kopin Corporation still serves Industrial and enterprise customers (e.g., 3D metrology), along with Medical visualization device manufacturers. Kopin states it supplies components for industrial and medical products. In the first quarter of 2025, defense product revenues were up 2.8% year-over-year, but the company noted that sales for medical devices helped offset revenue decreases in other areas during the second quarter of 2025. The overall picture is that while these commercial segments provide a baseline, the recent financial strength is coming from defense R&D and contract wins.

Here's a quick look at the key financial markers relevant to these customer segments as of late 2025:

Metric	Value	Reporting Period/Date
Total Revenue (TTM)	$45.6 Million USD	As of November 2025
Q3 2025 Net Income	$4.1 million	Quarter Ending September 27, 2025
Cash on Hand	$26 million	September 27, 2025
Theon International Investment	$15 million	Closed October 16, 2025
U.S. Army MicroLED Contract (OTA)	$15.4 million	September 2025
Thermal Sights Contract (Total Value)	$19.3 million (approx.)	Includes $14M contract + $5.3M material authorization
Pilot Helmet Display Orders (YTD)	$13.5 million	As of April 2025

You can see the immediate impact of the defense segment in the Q3 results: a net income of $4.1 million and a strong cash position of $26 million as of September 27, 2025. Plus, the company bolstered its balance sheet further by completing a $41 million private placement after the quarter closed. The reliance on government funding is the biggest near-term risk, but these large contract awards are definitely providing the necessary capital to fund their technology roadmap, especially the MicroLED push.

The customer segments can be broken down by their recent activity:

• U.S. Army/DoD: Secured $15.4 million MicroLED development order.
• Global OEMs: Secured $7.5 million pilot display contract in 2025.
• European/NATO via Theon: Theon has 220,000+ systems in service globally.
• Industrial/Enterprise/Medical: Product revenues saw a 2% year-over-year increase in Q1 2025.

Finance: draft 13-week cash view by Friday.

Kopin Corporation (KOPN) - Canvas Business Model: Cost Structure

When you look at Kopin Corporation's cost base as of late 2025, the cost of goods sold is definitely a major component of the picture. For the third quarter ended September 27, 2025, the Cost of Product Revenue hit 79% of net product revenue, which is up from 76% in the third quarter of 2024. This increase reflects higher manufacturing costs tied to training and simulation products and 3D AOI products, even with some efficiency gains in thermal weapon sight production helping to offset it a bit.

You'll see a significant positive shift in Selling, General and Administration (SG&A) expenses for Q3 2025. SG&A expenses were only $1.6 million in the third quarter of 2025. That's a big drop from $5.2 million in the third quarter of 2024, primarily because of a reduction in accrued legal expenses, though non-cash stock compensation did tick up a bit.

Here's a quick look at those key Q3 2025 expense line items you need to track:

Cost Component	Q3 2025 Amount/Percentage	Comparison Point (Q3 2024)
Cost of Product Revenue	79% of Net Product Revenue	76% of Net Product Revenue
Research & Development Expense	$2.5 million	$2.6 million
Selling, General & Administration Expense	$1.6 million	$5.2 million
Cost of Product Revenue (Dollar Value)	$8.4 million	$8.3 million

Research and Development (R&D) remains a substantial investment area for Kopin Corporation, showing their commitment to future tech. For Q3 2025, R&D expense was $2.5 million, slightly down from $2.6 million the prior year. This spending level is happening while programs previously in development are transitioning into production, which is a key sign of maturation in their technology pipeline.

Beyond the reported quarterly expenses, the underlying structure involves other fixed and variable commitments:

• Fixed costs tied to the domestic Class 10 cleanroom facility operations.
• Ongoing capital expenditure for production automation and efficiency improvements.
• Internal R&D spending increased $0.4 million year-over-year in Q3 2025.

Finance: draft 13-week cash view by Friday.

Kopin Corporation (KOPN) - Canvas Business Model: Revenue Streams

You're looking at how Kopin Corporation actually brings in the money, which is heavily weighted toward specialized defense and high-tech component sales as of late 2025. Honestly, the revenue mix shows a clear pivot toward next-generation tech like MicroLED, even as legacy defense products remain a core pillar.

The core of the revenue comes from selling hardware, but the mix is shifting. For the third quarter ending September 27, 2025, Kopin Corporation pulled in $10.7 million from product sales, which covers their microdisplays and subassemblies. This is the bread-and-butter stream, though it saw a slight year-over-year dip in Q3 2025 compared to the prior year period.

Another important, though smaller, stream is the money coming in from external research. Funded Research and Development (R&D) contracts brought in $1.2 million in Q3 2025. This revenue stream is crucial because it funds the development of future products, like the advanced MicroLED technology, even if the timing of project completion can cause quarterly fluctuations.

Major defense contract awards represent significant, lumpy revenue opportunities that validate Kopin Corporation's technology leadership. A landmark example is the transformative $15.4 million Other Transaction Agreement (OTA) secured from the Office of the Secretary of Defense for developing full-color MicroLED displays for ground soldier augmented reality applications.

The transition from R&D to actual sales is happening now, which is a key inflection point for the business. You see this with new technology production orders, such as the recent order worth approximately $3 million from a tier one aerospace company for MicroLED displays to upgrade Heads-Up Displays (HUDs) in fielded combat aircraft. This marks the first production order for Kopin Corporation's MicroLED technology in combat aircraft.

Revenue from established defense programs remains a steady component of the product sales. Specifically, revenue generated from products used in thermal weapon sights and pilot helmet displays contributes significantly to the product revenue base. For instance, in Q1 2025, defense product revenues saw an increase, primarily driven by sales for thermal weapon sights and pilot helmets. However, the mix can shift; in Q3 2025, a decrease in revenue from pilot helmets and training was partially offset by an increase in sales from thermal weapon sights.

Here's a quick look at the key financial figures for the third quarter of 2025:

Revenue Stream Component	Q3 2025 Amount	Context/Source
Product Sales Revenue (Microdisplays/Subassemblies)	$10.7 million	Net product revenues for the quarter ending September 27, 2025.
Funded Research and Development Revenues	$1.2 million	Decreased from Q3 2024 due to project timing/transition to production.
Major Defense Contract Award (MicroLED OTA)	$15.4 million	Total value of the Other Transaction Agreement from the DoD.
New Technology Production Order (MicroLED Combat Aircraft)	$3 million	Value of the first production order for MicroLEDs in combat aircraft HUDs.
Thermal Weapon Sights & Pilot Helmet Displays	Contributes to Product Revenue	Revenue source that saw an increase in Q3 2025 sales (thermal sights) offsetting a decrease (pilot helmets).

The company's overall financial health, post-Q3 2025, included total revenues of $12.0 million for the quarter, and a cash position of $26.5 million at the end of the quarter. Also, Kopin Corporation secured a $41 million private placement subsequent to the quarter end, which solidifies their ability to invest in these revenue-generating technologies.

You can expect the revenue mix to continue evolving as the $15.4 million OTA funding moves into production phases and the $3 million combat aircraft order is delivered in the second half of 2026.