Aug. 2 at 5:38 PM
$KOPN Many have asked why I’m bullish.
TLDR: Q4 PT
$3 to
$4, based on IVAS Next R&D win. H2’26 PT
$6 to
$8 based on IVAS production win. Possible acquisition target by Anduril for
$3.5 to
$7 a share.
DOD will announce R&D winners for IVAS Next by the end of August. It’s very likely KOPN wins the display component - they’re the only manufacturer in the US that can build the needed displays.
If they win, revenue increases by 30%, and this puts them on track to win the full program on H1 2026.
Winning the full IVAS next program will 3X to 5X revenues over the next five years.
It’s also likely Anduril will win the overall IVAS Next R&D program. If they do, it would make sense to acquire KOPN to bring the display component in house and shore up the opportunity to win the full program. Acquisition likely in the range of
$500M to
$1B, which is 2X to 4X SP.
Last, we should soon know the outcome of the CO lawsuit, and that’s likely a massively reduced settlement or an appeal. Outcome here will provide clarity on cash position.
