UNITED STATES of AMERICA

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 27, 2026

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission file number 0-19882

KOPIN CORPORATION

(Exact name of registrant as specified in its charter)

Delaware		04-2833935
State or other jurisdiction of incorporation or organization		(I.R.S. Employer Identification No.)

125 North Drive, Westborough, MA		01581-3335
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (508) 870-5959

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.01		KOPN		Nasdaq Capital Market

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Class		Outstanding as of August 11, 2026
Common Stock, par value $0.01		185,872,614

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) Yes ☐ No ☒

Kopin Corporation

INDEX

		Page No.
Part I – Financial Information		3

Item 1.	Condensed Consolidated Financial Statements (Unaudited)	3

	Condensed Consolidated Balance Sheets at June 27, 2026 (Unaudited) and December 27, 2025	3

	Condensed Consolidated Statements of Operations (Unaudited) for the three and six months ended June 27, 2026 and June 28, 2025	4

	Condensed Consolidated Statements of Comprehensive Loss (Unaudited) for the three and six months ended June 27, 2026 and June 28, 2025	5

	Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Unaudited) for the three and six months ended June 27, 2026 and June 28, 2025	6

	Condensed Consolidated Statements of Cash Flows (Unaudited) for the six months ended June 27, 2026 and June 28, 2025	7

	Notes to Unaudited Condensed Consolidated Financial Statements	8

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	27

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	32

Item 4.	Controls and Procedures	32

Part II – Other Information		34

Item 1.	Legal Proceedings	34

Item 1A.	Risk Factors	35

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	35

Item 5.	Other Information	35

Item 6.	Exhibits	36

Signatures		37

Part 1. FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements (Unaudited)

KOPIN CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

	June 27, 2026			December 27, 2025
	(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	24,876,516		$	36,350,083
Restricted cash and cash equivalents		25,402,253			25,277,063
Accounts receivable, net of allowance of $19,300 and $19,000 at June 27, 2026 and December 27, 2025, respectively		10,729,034			10,726,776
Contract assets		4,946,766			6,032,913
Grant income receivable		401,614			—
Inventory		4,725,211			5,505,775
Other receivable, at fair value		4,506,735			5,057,974
Prepaid expenses and other current assets		3,698,141			2,855,383
Total current assets		79,286,270			91,805,967
Property, plant and equipment, net		7,297,509			2,616,803
Operating lease right-of-use assets		1,168,260			1,488,231
Other assets		123,822			123,822
Equity method investment, at fair value		8,100,000			8,900,000
Equity investments		10,284,102			3,459,434
Total assets	$	106,259,963		$	108,394,257
LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK, AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	4,846,252		$	5,315,998
Accrued payroll and expenses		3,268,744			2,231,848
Accrued warranty		52,000			1,165,000
Contract liabilities		6,955,245			1,168,009
Deferred grant income		—			2,688,627
Operating lease liabilities		674,490			648,469
Accrued post-retirement benefits		40,000			40,000
Other accrued liabilities		851,623			607,915
Deferred tax liabilities		—			422,458
Accrued litigation damages		19,700,000			19,700,000
Total current liabilities		36,388,354			33,988,324
Non-current contract liabilities, and asset retirement obligations		1,780			3,675
Operating lease liabilities, net of current portion		488,106			831,507
Accrued post-retirement benefits, net of current portion		170,504			190,696
Other long-term liabilities, net of current portion		—			1,706,411
Total liabilities		37,048,744			36,720,613
Commitments and contingencies (Note 16) and Litigation (Note 17)					-
Series A redeemable convertible preferred stock, par value $0.01, stated value $7,000 per share; 3,000 shares authorized, no shares issued and outstanding as of June 27, 2026 and 1,000 shares issued and outstanding at December 27, 2025; aggregate liquidation preference of $7,000,000 as of December 27, 2025		—			7,556,481
Stockholders’ equity:

Common stock, par value $0.01; 275,000,000 shares authorized as of June 27, 2026 and December 27, 2025, 186,974,903 issued as of June 27, 2026 and 183,015,207 issued as of December 27, 2025, and 180,618,566 outstanding at June 27, 2026 and 176,903,857 at December 27, 2025		1,817,208			1,776,753
Additional paid-in capital		472,196,314			463,150,835
Treasury stock 1,102,289 shares at June 27, 2026 and 771,500 shares at December 27, 2025, at cost		(2,459,886	)		(1,389,174	)
Accumulated deficit		(402,342,417	)		(399,421,251	)
Total stockholders’ equity		69,211,219			64,117,163
Total liabilities, redeemable convertible preferred stock, and stockholders’ equity	$	106,259,963		$	108,394,257

See notes to unaudited condensed consolidated financial statements

KOPIN CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

	Three Months Ended June 27, 2026		Three Months Ended June 28, 2025		Six Months Ended June 27, 2026		Six Months Ended June 28, 2025
Revenues:
Net product revenues	$	7,640,168	$	7,498,436	$	13,064,888	$	16,728,321
Research and development revenues		2,168,244		907,907		3,458,660		2,144,574
Grant income		2,598,546		—		6,040,241		—
Collaboration arrangement income		271,478		—		601,089		—
License and other revenues		55,998		48,540		120,926		120,480
Total revenues		12,734,434		8,454,883		23,285,804		18,993,375
Expenses:
Cost of product revenues		6,587,365		7,071,517		12,196,620		14,700,984
Research and development – Funded		3,326,842		463,978