Overview

• US microdisplay maker's preliminary Q1 revenue was flat yr/yr, slightly beating analyst expectations

• Product revenue fell 41% on lower thermal weapon sight and LCD shipments

• Non-product revenue rose sharply, driven by government awards and collaboration agreements

Outlook

• Kopin says current liquidity is sufficient to fund operations through at least end-Q2 2027

• Company expects growth opportunities from AI hardware, defense, and FPV drone markets

• Kopin investing in U.S. OLED microdisplay manufacturing to meet rising domestic defense demand

Result Drivers

• PRODUCT REVENUE DECLINE - Lower shipments for thermal weapon sight applications and LCDs drove a 41% drop in product revenue

• NON-PRODUCT REVENUE GROWTH - Government awards for MicroLED development and collaboration agreements boosted non-product revenue

• DEFENSE CONTRACTS - New and follow-on defense orders, including a $21.5 mln thermal imaging contract and European helmet-mounted display awards, contributed to revenue

Company press release: ID:nBw5bQ8c2a

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue	Beat	$10.6 mln	$10.25 mln (6 Analysts)

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the semiconductors peer group is "buy"

• Wall Street's median 12-month price target for Kopin Corp is $5.50, about 10.7% above its May 11 closing price of $4.97

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