高平电子 2025年季度报告

FORM10-Q Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying 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 CorporationINDEXPageNo.Part I – Financial InformationItem 1.Condensed Consolidated Financial Statements (Unaudited)3Condensed Consolidated Balance Sheets at March 29, 2025 (Unaudited) and December 28, 20243Condensed Consolidated Statements of Operations (Unaudited) for the three months ended March 29, 2025 andMarch 30, 20244Condensed Consolidated Statements of Comprehensive Loss (Unaudited) for the three months ended March 29,2025 and March 30, 20245Condensed Consolidated Statements of Stockholders’ Equity (Unaudited) for the three months ended March 29,2025 and March 30, 20246Condensed Consolidated Statements of Cash Flows (Unaudited) for the three months ended March 29, 2025 andMarch 30, 20247Notes to Unaudited Condensed Consolidated Financial Statements8Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations20Item 3.Quantitative and Qualitative Disclosures About Market Risk24Item 4.Controls and Procedures24Part II – Other Information25Item 1.Legal Proceedings25Item 1A.Risk Factors26Item 2.Unregistered Sales of Equity Securities and Use of Proceeds26Item 6.Exhibits26Signatures272 Part 1. FINANCIAL INFORMATION KOPIN CORPORATION NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Kopin Corporation is a leading developer and provider of innovative display, and application-specific optical solutions sold ascritical components and subassemblies for defense, enterprise, medical, professional and consumer products. Kopin’s portfolioincludes microdisplays, display modules, eyepiece assemblies, image projection modules, and vehicle mounted and head-mounteddisplay systems that incorporate ultra-small high-resolution Active Matrix Liquid Crystal displays (“AMLCD”), Ferroelectric Liquid 1.BASIS OF PRESENTATION The condensed consolidated financial statements of Kopin Corporation as of March 29, 2025 and for the three month periodsended March 29, 2025 and March 30, 2024 are unaudited and include all adjustments that, in the opinion of management, arenecessary to present fairly the results of operations for the periods then ended. These condensed consolidated financial statementsshould be read in conjunction with the Company’s financial statements and notes thereto, included in the Company’s Annual Report onForm 10-K for the fiscal year ended December 28, 2024, as amended. The results of the Company’s operations for any interim period The condensed consolidated financial statements for the three month periods ended March 29, 2025 and March 30, 2024 includethe accounts of Kopin Corporation and its wholly owned subsidiaries. All intercompany transactions and balances have been Liquidity The accompanying condensed consolidated financial statements have been prepared on a going concern basis, which contemplatesthe realization of assets and the satisfaction of liabilities in the normal course of business. The Company has incurred a net loss of$43.9million and incurred net cash outflows from operations of $14.2million for the year ended December 28, 2024. The Companyincurred a net loss of $3.1million for the three months ended March 29, 2025 and net cash outflows from operations of $3.4million.The Company’s net cash outflows from operations were partially a result of funding its ongoing investments in research anddevelopment, which management believes will continue, and production inefficiencies. In 2024, the Company sold43.0million sharesof common stock and4.0million prefunded warrants for net proceeds of $33.9million. As described in Note 14 Litigation, on April22, 2024, a jury verdict was entered against the Company awarding approximately $5.1million in damages as well as recommending$19.7million in disgorgement and exemplary damages. On May 22, 2024, the Company filed its Motion for Judgment as a Matter o