KOPN · Kopin Corporation

Kopin Corporation's Q1 2026 results showed total revenues stable at $10.6 million versus $10.5 million in Q1 2025, reflecting a balance between a 41% drop in product revenues to $5.4 million—primarily from lower thermal weapon sight and LCD shipments—and a robust 292% increase in non-product revenues to $5.2 million. This growth stemmed from funded R&D and collaboration revenues tied to a government MicroLED display award for soldier AR applications and a strategic AR/thermal clip-on partnership. Cost of product revenues rose to 103% of product revenues from 83%, due to reduced production efficiency on lower volumes. R&D expenses doubled to $4.9 million, driven by funded MicroLED development, while SG&A increased 28% to $6.0 million from higher professional fees and performance compensation. As of March 28, 2026, cash stood at $34.1 million, with total liquidity at $59.5 million including restricted cash, sufficient through at least Q2 2027. CEO Michael Murray highlighted a transformational Fabric.AI collaboration for Neural I/o™ MicroLED optical interconnects, backed by a $15 million order and 19.9% equity, targeting AI data centers and US government needs. Defense wins included a $21.5 million thermal imaging follow-on, $5.6 million European HMD orders, $3.2 million Sentinel FPV™ entry, and in-house OLED manufacturing to meet domestic demand, positioning Kopin for sustained growth across defense and emerging AI markets.