10-K/A - KOPIN CORP (0000771266) (Filer)

Tue, May 20, 9:29 PM (31 days ago)

**Kopin Corporation (KOPN) - 10-K/A Summary** **Financial Performance (Fiscal Year 2024):** - Revenue: $50.3 million, up 24.6% from $40.4 million in 2023. - Product Revenue: $43.6 million, up from $25.9 million in 2023. - Gross Margins: Increased to 17% from approximately 4% in 2023. - Operating Loss: Approximately $43.1 million, including $24.8 million for litigation accrual. - Orders Received: Exceeded $40 million, including orders for eyepieces, displays, headsets, and contracts for display solutions. **Strategic Overview:** - Continued reorganization under the "One Kopin" program. - Focus on developing new displays, including the bidirectional Neural™ display. - Development of day and night modules for soldier helmets. **Executive Compensation:** - Named Executive Officers (NEOs): Michael Murray (CEO), Richard A. Sneider (CFO), Paul Baker (COO). - Base Salary Increases: Murray ($495,000), Sneider ($359,520), Baker ($334,184). - Murray received a $668,000 bonus and a grant of 1,200,000 shares of restricted stock. - Sneider and Baker received restricted stock grants of 75,000 shares each, vesting over three years. **Future Outlook:** - Target revenue for 2026: $65 million with a 6% operating profit. - Continued focus on increasing revenues and cash flow. - Strategic emphasis on improving operational excellence and financial performance. **Risk Factors:** - Litigation accrual impacting operating loss. - Dependence on government and customer funding for new developments. - Market position changes due to competitive pressures and technological advancements. **Financial Condition:** - Aggregate market value of outstanding shares: $99,230,825 as of June 29, 2024. - 162,067,000 shares of common stock issued and outstanding as of April 16, 2025. **Market Position Changes:** - Continued efforts to increase market share through product development and strategic partnerships. - Focus on emerging "wearables" industrial market. **Amendment Details:** - Amendment No. 2 corrects certain amounts within Item 11. Executive Compensation, including the Summary Compensation Table. - No changes to financial or other information in the Original Form 10-K except as noted.