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Side-by-side financial comparison of KOPIN CORP (KOPN) and TON Strategy Co (TONX). Click either name above to swap in a different company.
KOPIN CORP is the larger business by last-quarter revenue ($8.4M vs $5.7M, roughly 1.5× TON Strategy Co). KOPIN CORP runs the higher net margin — 81.3% vs -3968.6%, a 4049.9% gap on every dollar of revenue. On growth, TON Strategy Co posted the faster year-over-year revenue change (694.2% vs -42.9%). Over the past eight quarters, TON Strategy Co's revenue compounded faster (46.1% CAGR vs -8.7%).
The Kopin Corporation is a Westborough, Massachusetts-based electronics manufacturer, best known for its microdisplay devices and application specific optical solutions for defense, enterprise, medical and consumer mobile electronics.
KOPN vs TONX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $8.4M | $5.7M |
| Net Profit | $6.8M | $-227.9M |
| Gross Margin | — | 64.3% |
| Operating Margin | -60.0% | -159.2% |
| Net Margin | 81.3% | -3968.6% |
| Revenue YoY | -42.9% | 694.2% |
| Net Profit YoY | 449.5% | -7047.9% |
| EPS (diluted) | $0.04 | $-3.89 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $8.4M | $5.7M | ||
| Q3 25 | $12.0M | $3.6M | ||
| Q2 25 | $8.5M | $2.1M | ||
| Q1 25 | $10.5M | $1.3M | ||
| Q4 24 | $14.6M | $723.0K | ||
| Q3 24 | $13.3M | — | ||
| Q2 24 | $12.3M | — | ||
| Q1 24 | $10.0M | — |
| Q4 25 | $6.8M | $-227.9M | ||
| Q3 25 | $4.1M | $84.3M | ||
| Q2 25 | $-5.2M | $-2.4M | ||
| Q1 25 | $-3.1M | $-2.6M | ||
| Q4 24 | $-1.9M | $-3.2M | ||
| Q3 24 | $-3.5M | — | ||
| Q2 24 | $-5.9M | — | ||
| Q1 24 | $-32.5M | — |
| Q4 25 | — | 64.3% | ||
| Q3 25 | — | 75.4% | ||
| Q2 25 | — | 71.2% | ||
| Q1 25 | — | 73.4% | ||
| Q4 24 | — | 81.5% | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | -60.0% | -159.2% | ||
| Q3 25 | 37.9% | -601.5% | ||
| Q2 25 | -64.6% | -138.2% | ||
| Q1 25 | -37.1% | -203.8% | ||
| Q4 24 | -15.1% | -513.1% | ||
| Q3 24 | -21.0% | — | ||
| Q2 24 | -44.2% | — | ||
| Q1 24 | -325.4% | — |
| Q4 25 | 81.3% | -3968.6% | ||
| Q3 25 | 34.1% | 2336.8% | ||
| Q2 25 | -61.1% | -111.9% | ||
| Q1 25 | -29.5% | -196.5% | ||
| Q4 24 | -13.3% | -440.9% | ||
| Q3 24 | -26.0% | — | ||
| Q2 24 | -48.0% | — | ||
| Q1 24 | -324.4% | — |
| Q4 25 | $0.04 | $-3.89 | ||
| Q3 25 | $0.02 | $2.23 | ||
| Q2 25 | $-0.03 | $-1.79 | ||
| Q1 25 | $-0.02 | $-2.51 | ||
| Q4 24 | $0.02 | $10.41 | ||
| Q3 24 | $-0.03 | — | ||
| Q2 24 | $-0.05 | — | ||
| Q1 24 | $-0.27 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $36.4M | $39.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $64.1M | $406.5M |
| Total Assets | $108.4M | $411.2M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $36.4M | $39.5M | ||
| Q3 25 | $26.5M | $53.9M | ||
| Q2 25 | $26.8M | $10.4M | ||
| Q1 25 | $31.5M | $12.2M | ||
| Q4 24 | $35.6M | $12.5M | ||
| Q3 24 | $36.2M | — | ||
| Q2 24 | $17.6M | — | ||
| Q1 24 | $21.1M | — |
| Q4 25 | $64.1M | $406.5M | ||
| Q3 25 | $21.3M | $639.1M | ||
| Q2 25 | $16.0M | $19.4M | ||
| Q1 25 | $20.7M | $14.6M | ||
| Q4 24 | $23.3M | $16.2M | ||
| Q3 24 | $22.7M | — | ||
| Q2 24 | $-216.3K | — | ||
| Q1 24 | $4.9M | — |
| Q4 25 | $108.4M | $411.2M | ||
| Q3 25 | $61.2M | $661.9M | ||
| Q2 25 | $61.2M | $23.7M | ||
| Q1 25 | $65.0M | $18.4M | ||
| Q4 24 | $70.8M | $20.6M | ||
| Q3 24 | $70.6M | — | ||
| Q2 24 | $49.0M | — | ||
| Q1 24 | $51.3M | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-7.9M | $-8.0M |
| Free Cash FlowOCF − Capex | — | $-8.0M |
| FCF MarginFCF / Revenue | — | -139.3% |
| Capex IntensityCapex / Revenue | — | 0.1% |
| Cash ConversionOCF / Net Profit | -1.15× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-20.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-7.9M | $-8.0M | ||
| Q3 25 | $-110.4K | $-9.4M | ||
| Q2 25 | $-4.2M | $-2.3M | ||
| Q1 25 | $-3.4M | $-1.1M | ||
| Q4 24 | $-1.6M | $-1.9M | ||
| Q3 24 | $-6.5M | — | ||
| Q2 24 | $-3.1M | — | ||
| Q1 24 | $-3.1M | — |
| Q4 25 | — | $-8.0M | ||
| Q3 25 | — | $-9.4M | ||
| Q2 25 | $-4.9M | $-2.3M | ||
| Q1 25 | $-3.9M | $-1.1M | ||
| Q4 24 | $-2.1M | $-2.0M | ||
| Q3 24 | $-6.5M | — | ||
| Q2 24 | $-3.1M | — | ||
| Q1 24 | $-3.4M | — |
| Q4 25 | — | -139.3% | ||
| Q3 25 | — | -261.4% | ||
| Q2 25 | -57.9% | -107.8% | ||
| Q1 25 | -37.1% | -87.0% | ||
| Q4 24 | -14.2% | -279.9% | ||
| Q3 24 | -48.6% | — | ||
| Q2 24 | -25.5% | — | ||
| Q1 24 | -33.4% | — |
| Q4 25 | — | 0.1% | ||
| Q3 25 | — | 0.4% | ||
| Q2 25 | 8.7% | 0.1% | ||
| Q1 25 | 4.7% | 5.1% | ||
| Q4 24 | 3.4% | 22.1% | ||
| Q3 24 | 0.1% | — | ||
| Q2 24 | 0.5% | — | ||
| Q1 24 | 2.4% | — |
| Q4 25 | -1.15× | — | ||
| Q3 25 | -0.03× | -0.11× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
KOPN
| Net Product Revenues | $5.6M | 67% |
| Other | $2.7M | 33% |
TONX
| Market Live | $4.8M | 83% |
| Other | $960.0K | 17% |
