> ## Content Index > Fetch the complete content index at: https://www.bullished.co/llms.txt > Use this file to discover other available public pages before exploring further. # Kopin's Preliminary Revenue Rises 52% — But Its Product Sales Fall To $8.8 Million - URL: https://www.bullished.co/kopins-preliminary-revenue-rises-52-but-its-product-sales-fall-to-8-8-million-b875bc8e/ - Published: 2026-11-10T21:21:51.000Z - Updated: 2026-11-10T21:21:51.000Z - Description: Development funding and MicroLED grants lifted revenue as the operating loss narrowed from the second quarter. - Author: Matteo Parrino - Tags: Earnings, KOPN, Industry: Technology [Kopin](https://www.bullished.co/tag/kopn/), which makes miniature displays and optical systems for weapon sights, pilot helmets and other equipment, reported preliminary unaudited third-quarter revenue of $18.2 million, [up 52%](https://www.sec.gov/Archives/edgar/data/0000771266/000149315226050970/form8-k.htm?ref=bullished.co) from a year earlier, while product sales fell to $8.8 million from $10.7 million. In results released with Tuesday's SEC filing, the company attributed the growth primarily to its Fabric.AI development program and government funding for color MicroLED technology. ## Development Dollars Outpace Display Sales Research-and-development revenue reached [$5.7 million](https://www.sec.gov/Archives/edgar/data/0000771266/000149315226050970/ex99-1.htm?ref=bullished.co), compared with $1.2 million a year earlier, according to Kopin's earnings release. Grant income contributed $3.1 million, and licensing and other revenue added $605,900 versus $68,754 a year earlier. Total revenue also rose 43% from the second quarter's $12.7 million. Defense display revenue fell to $8.5 million from $9.9 million a year earlier, while industrial revenue dropped to $52,155 from $749,400\. Medical revenue increased to $279,664 from $1,000. Defense product sales, excluding development contracts, accounted for 74% of revenue in fiscal 2025\. Kopin also supplies industrial inspection and surgical equipment, earning money through products, customer-funded development and licensing. The development-to-production transition is central to management's plan. Michael Murray, Kopin's chief executive officer, described funded programs as “[setting the stage](https://www.sec.gov/Archives/edgar/data/0000771266/000149315226050970/ex99-1.htm?ref=bullished.co) for future product revenue as they move from R&D into production.” ## A Smaller Operating Loss Kopin's operating loss narrowed to [$0.5 million](https://www.sec.gov/Archives/edgar/data/0000771266/000149315226050970/ex99-1.htm?ref=bullished.co) from $3.5 million in the second quarter. Operating expenses increased 28% to $12.3 million, but revenue grew faster; expenses represented 68% of revenue, down 8 percentage points from the prior quarter. Product costs were $6.4 million, consuming 73% of product revenue versus 79% a year earlier and 86% in the second quarter. The year-earlier operating profit of $4.5 million benefited from litigation accounting: a $5.1 million gain and approximately $3.3 million in reduced accrued legal fees. This quarter's net loss was $3.4 million, or $0.02 per share, including approximately $2.7 million in investment losses largely tied to non-cash valuation changes. A year earlier, net income was $4.1 million, or $0.02 per share. Cash and cash equivalents ended the quarter at $25.8 million, versus $24.9 million at the second-quarter end. The broader $51.3 million cash, restricted-cash and securities balance included $25.5 million of restricted cash; $24.2 million secured a bond for a litigation appeal. Operations generated approximately $2.4 million during the quarter, leaving nine-month operating cash use at $2.7 million. Quarterly capital spending was $1.4 million. ## Westborough Prepares For MicroLED Production An additional $18.6 million U.S. Army Industrial Base Analysis and Sustainment award brought cumulative funding for Kopin's color MicroLED technology to $34 million. An $800,000 Massachusetts Manufacturing Innovation Initiative grant will help install equipment in Westborough for MicroLED displays and Neural I/o optical connections. Kopin plans to [invest $80 million](https://www.bizjournals.com/boston/news/2026/11/09/kopin-ceo-on-westborough-expansion-more-beyond.html?ref=bullished.co) in Westborough, largely in manufacturing upgrades, with the expansion expected to create 80 jobs. The plan includes relocating 35 employees to a new headquarters and converting existing offices into a defense clean room. Neural I/o, co-developed with Fabric.AI for AI data centers, has entered initial transmission-link testing. The companies' white paper models up to 1.6 times as much useful data throughput using the same number of GPUs; that is a modeled result, not a reported production outcome. Kopin Europe received a $2.4 million OLED microdisplay order from a new international thermal weapon sight customer whose program entered low-rate initial production. Deliveries are scheduled to begin in the fourth quarter of 2026\. Kopin also introduced expanded first-person-viewer evaluation kits at AUSA 2026 and received prototype Sentinel FPV headset orders from more than a dozen new customers for the Drone Dominance Program and other Department of War and government law-enforcement uses. Kopin expects Neural I/o's first public demonstration at CES in January 2027, followed by SPIE Photonics West. Murray said MicroLED product manufacturing remains on track for mid-2027. Learn - [Item 2.02: results of operations →](https://www.bullished.co/learn/8-k-items-explained/#item-202-results-of-operations) From 8-K Items Explained: What Every Item Code From 1.01 To 9.01 Tells You, With Examples ### Sources - [8-K Filing — KOPIN CORP (KOPN)](https://www.sec.gov/Archives/edgar/data/0000771266/000149315226050970/form8-k.htm?ref=bullished.co) — SEC EDGAR - [Exhibit ex99-1.htm — KOPIN CORP 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0000771266/000149315226050970/ex99-1.htm?ref=bullished.co) — SEC EDGAR - [Kopin to build new HQ as part of $80 million Westborough expansion - Boston Business Journal](https://www.bizjournals.com/boston/news/2026/11/09/kopin-ceo-on-westborough-expansion-more-beyond.html?ref=bullished.co) — bizjournals.com ### More on Kopin - [State Street Holds 7.3% Of Kopin As The Display Maker Plans More Manufacturing Space](https://www.bullished.co/state-street-holds-7-3-of-kopin-as-the-display-maker-plans-more-manufacturing-space-dd43f761/) [All Kopin (KOPN) coverage →](https://www.bullished.co/tag/kopn/)