KOPNKOPIN CORP

Semiconductors & Related Devices

Revenue: $39M; 22% YoY
Operating margin: -25.1%; 71% YoY
EBITDA: −$9M; 79% YoY
Market cap: $685M
Employees: 145; $271K revenue each
Net debt / EBITDA: —
AI in 10-K: 2.4; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashYes
-610% of net income
Cash flow under 80% of net income
Dilutive SBCNo
8% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
-5% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentNo
99% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$271K · 29th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.4 per 10K words · 61st pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$685M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$2M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$46M	$47M	$40M	$50M	$39M	22%
Operating income	−$14M	−$22M	−$17M	−$43M	−$10M	77%
Net income	−$13M	−$19M	−$20M	−$44M	$3M	106%
Operating cash flow	−$11M	−$18M	−$15M	−$14M	−$16M	9.2%
Capex	$1M	$833K	$949K	$815K	$1M	76%
Stock-based comp	$4M	$1M	$4M	$3M	$3M	9.1%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Aug 13, 2020	FAN JOHN C C	SC 13D/A	6.6%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $2M · 8
Net: −$2M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	189	—
FY2024	—	—	33	—
FY2023	—	—	50	—