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Kopin (KOC) Q3 2026 Earnings Report

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DE:KOC Q3 2026 EPS Results

Actual EPS
-EUR 0.02
Consensus EPS
-EUR 0.01
Beat/Miss
Missed by -EUR 0.01
One Year Ago EPS
EUR 0.02

DE:KOC Q3 2026 Revenue Results

Actual Revenue
EUR 16.50M
Expected Revenue
EUR 14.48M
Beat/Miss
Beat by +EUR 2.02M
YoY Revenue Growth
+52.06%

Earnings Announcement Details

Quarter
Q3 2026
Date
11/10/2026
Time
After Close
Conference Call
Tuesday, November 10, 2026
DE:KOC Upcoming Earnings

Kopin's next earnings date is estimated for March 17, 2027, based on past reporting schedules.

Q3 2026 Earnings Call Audio

DE:KOC Q3 2026 Earnings Call
0:00 / 0:00

Q3 2026 Earnings Slide Deck

No slide deck is available for this earnings event.

Q3 2026 Earnings Call Summary

Q3 2026
Earnings Call Date:Nov 10, 2026|% Change Since:7.94%|
Earnings Call Sentiment|Positive

The call was predominantly positive. Management reported 52% year-over-year revenue growth, a $3 million sequential improvement in operating loss, positive operating cash flow, expanded government funding, strong defense and AI infrastructure opportunities, and progress toward fourth-quarter GAAP profitability. The principal challenges were the continued net loss, lower year-over-year product revenue, non-recurring benefits in the product cost ratio, higher sequential SG&A, the delayed Drone Dominance Program, and restricted cash related to litigation.

Company Guidance

Management expects capital expenditures of between $1 million and $1.5 million for the remainder of 2026 and believes current liquidity is sufficient to fund operations beyond the fourth quarter of 2027; it continues to expect a strong end to the year, meaningful progress towards sustainable GAAP profitability, and currently has good visibility into its revenue pipeline for 2027, with approximately 50% of revenue already in backlog. GAAP profitability is achievable in Q4 and the model is intended to be sustainable throughout 2027. Product gross margin is expected to be in the low 20% on production activity. The pro forma backlog is roughly $45 million-$47 million, with roughly $5 million-$7 million of the original IBAS award remaining for 2027; drone goggles revenue for next year is expected to be in the range of around $10 million. Kopin expects to transition to manufacturing MicroLED product in mid-2027, add around 10,000 to 15,000 sq ft of manufacturing capacity with the additional capacity coming online mid-year 2027, bring its OLED deposition line online in early 2027, achieve full domestic sources in 2028, and reach Neural I/O commercial revenue and productization revenue in 2028.

  • Strong Revenue Growth and Improved Operating PerformanceThird-quarter revenue increased 52% year-over-year to $18.2 million and 43% sequentially from $12.7 million. The loss from operations narrowed to $500,000, a $3 million sequential improvement, and operations generated positive cash flow.
  • Funded Development Programs Scaling Toward Product RevenueFunded development programs continued to scale and are moving from R&D into production, setting the stage for future product revenue. The company stated that its model uses government and partner funding to develop platform technologies, build U.S. manufacturing capability, and convert that capability into multi-year defense, medical, and AI infrastructure programs.
  • Expanded Color MicroLED FundingKopin received an additional $18.6 million sole-source award from the Office of the Secretary of War through the U.S. Army Contracting Command. Combined with the initial $15.4 million award, total IBAS funding for the color MicroLED platform reached $34 million.
  • Color MicroLED Technology MilestonesThe company reported achieving more than 150,000 nits of full-color brightness in a single panel, delivered U.S.-based bonding equipment to Westborough, Massachusetts, and demonstrated its color MicroLED display for Soldier Borne Mission Command to prime contractors and the program office slightly ahead of schedule.
  • Expanded MicroLED Applications and Manufacturing RoadmapThe new IBAS award funds two additional MicroLED displays: one for next-generation fixed- and rotary-wing pilot helmets and one for next-generation thermal weapon sights. Kopin remains on track to transition to manufacturing MicroLED products in mid-2027 and said the program expands its addressable applications beyond soldier-borne systems.
  • Potential Soldier Borne Mission Command OpportunityKopin received small prototype orders from Soldier Borne Mission Command prime contractors evaluating its displays and capabilities. The company stated that programs like SBMC could represent hundreds of millions of dollars in revenue over the life of the program.
  • State Support and Manufacturing RecognitionKopin received an $800,000 Massachusetts Manufacturing Innovation Initiative grant for advanced equipment in Westborough to help mature MicroLED and Neural I/O manufacturing from technology readiness Level 4 to Levels 5 and 6. The company was also named Manufacturer of the Year by the Massachusetts Legislative Manufacturing Caucus.
  • Westborough Facility ExpansionKopin secured access to a new 30,000-square-foot facility adjacent to its current headquarters. The new facility will serve as the corporate headquarters, while the existing facility will support manufacturing and production lines. The company plans to add approximately 10,000 to 15,000 square feet of manufacturing capacity during 2027, with the additional capacity expected to come online around mid-year.
  • Neural I/O Progress and Upcoming DemonstrationsKopin and Fabric.AI confirmed Neural I/O's first public demonstration at CES in January 2027 and launched a joint technology steering committee. Initial transmission link testing has begun, demonstrations at CES and SPIE Photonics West remain on schedule, and first-generation production silicon is targeted for 2028.
  • Neural I/O Commercialization ActivityFabric.AI engaged Kearney to lead commercialization strategy. Several additional AI infrastructure companies and leading semiconductor firms signed nondisclosure agreements, Kopin is actively bidding new solutions with several potential customers, and the Neural I/O opportunity pipeline grew rapidly during the quarter.
  • Modeled Neural I/O Performance BenefitsA joint white paper modeled that, for a 10,000-GPU system, Neural I/O could provide 1.3x to 1.6x greater useful training throughput per GPU, roughly equating to 23%-38% less training time for the same workload. The company stated that these are modeled results.
  • Neural I/O Government Opportunity PipelineKopin said it is engaging U.S. defense and government agencies on U.S.-manufactured versions of Neural I/O and has met with several government agencies. The Department of War and U.S. government agency opportunity pipeline for Neural I/O was described as well over several hundred million dollars.
  • Neural I/O Demonstration TargetsFor CES and Photonics West, Kopin expects to demonstrate a pathway to at least 1.6 terabits and show data transmission and reception using a MicroLED. The company said its goal is to achieve commercial Neural I/O revenue in 2028 and move to a monolithic IC design as soon as possible.
  • New European Defense BusinessKopin received a $2.4 million OLED microdisplay order through Kopin Europe from a new international thermal weapon sight customer, with deliveries beginning in the fourth quarter over six months and potential follow-on orders. The program entered low-rate initial production using a Kopin OLED display.
  • Defense Backlog and Revenue VisibilityThe defense backlog is supported by programs with congressional budget support through 2030. Several sole-source and IDIQ contracts allow customers to order beyond current quantities and provide multi-year revenue visibility. Including the additional IBAS award, management indicated pro forma backlog would be approximately $45 million-$47 million, and approximately 50% of 2027 revenue is already in backlog.
  • Domestic OLED Manufacturing ProgressKopin continues to expect its OLED deposition line to come online in early 2027. The company said it expects full domestic sourcing in 2028, with the digital ASIC potentially remaining manufactured in Taiwan until a transition to U.S. production in late 2027 to 2028.
  • European Defense Opportunity ExpansionKopin reported a significant amount of opportunity in Europe across MicroLED and OLED displays, including aviation helmets and thermal weapon sights. Its partnership with Theon is progressing, DarkWAVE work continues, and the company expects European DarkWAVE customers in 2027. Kopin estimated approximately $8.5 million of orders from European defense companies in 2026.
  • Drone Defense Customer and Product ExpansionMore than a dozen new Sentinel FPV customers placed small prototype headset orders for the Drone Dominance Program and other Department of War and U.S. government law-enforcement use cases. Kopin expanded its FPV evaluation kit lineup with optical module concepts and modular components, broadening its offering beyond the Sentinel FPV goggle.
  • Drone Program Partner PerformanceKopin said its partners performed well in recent deep-strike and close-quarter-combat scenarios. The company continues to work with drone manufacturers inside and outside the Drone Dominance Program and is pursuing production opportunities for 2027.
  • DarkWAVE Demonstration and OpportunityKopin showcased its full-color DarkWAVE day-and-night see-through heads-up display at AUSA and continues to work with drone manufacturers and Theon. The company expects potential European DarkWAVE customers in 2027.
  • Improved Product Gross Margin Versus the Prior QuarterProduct revenue was $8.8 million, down from $10.7 million a year earlier but up 15% sequentially from $7.6 million. Product cost of revenue was 73% of product revenue, compared with 86% in the second quarter of 2026 and 79% in the third quarter of 2025, primarily due to lower scrap levels and certain favorable items.
  • Operating Leverage and Expense DisciplineTotal operating expenses increased 28% sequentially to $12.3 million while revenue grew 43%. Operating expenses declined to 68% of revenue from 76% in the second quarter, an 800-basis-point improvement. Excluding funded R&D costs, operating expenses were 43% of revenue versus 50% in the second quarter.
  • Cash Generation and LiquidityCash and cash equivalents increased to $25.8 million from $24.9 million at the end of the second quarter. Total cash, restricted cash, and marketable securities increased to $51.3 million from $50.3 million. Operations generated approximately $2.4 million of cash in the third quarter, and management said current liquidity is sufficient to fund operations beyond the fourth quarter of 2027.
  • 2026 Revenue Growth and Profitability OutlookRevenue through the first nine months of 2026 was $41.5 million, an increase of 34%. Management expects a strong end to the year, meaningful progress toward sustainable GAAP profitability, and stated that GAAP profitability remains achievable in the fourth quarter with the current revenue projection and spending profile.
  • 2027 Growth ConfidenceManagement said confidence in 2027 continues to build as funded programs expand, domestic manufacturing investments come online, and customer engagements broaden across defense and AI infrastructure.

DE:KOC Earnings History

DE:KOC earnings history
Report DateFiscal QuarterForecast / EPSLast Year's EPSEPS YoY ChangePress Release
Mar 17, 20272026 (Q4)0.00-0.03――
Nov 10, 20262026 (Q3)-0.01-0.020.02-200.00% (-0.04)
Aug 10, 20262026 (Q2)-0.010.00-0.03100.00% (+0.03)
May 12, 20262026 (Q1)-0.01-0.02-0.020.00% (+0.00)
Mar 27, 20262025 (Q4)-0.020.03-0.01450.00% (+0.04)
Nov 12, 20252025 (Q3)-0.010.02-0.03166.67% (+0.05)
Aug 12, 20252025 (Q2)-0.01-0.03-0.0540.00% (+0.02)
May 13, 20252025 (Q1)―-0.02-0.2492.59% (+0.23)
Apr 17, 20252024 (Q4)-0.01-0.02-0.2492.59% (+0.23)
Nov 12, 20242024 (Q3)-0.04-0.03-0.02-50.00% (-0.01)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat Missed