Photonics HandbookBusiness
Kopin and THEON International Advance Partnership
WESTBOROUGH, Mass., Oct. 20, 2025 — Kopin Corporation closed its previously disclosed $15 million strategic investment agreement with THEON International. In addition to the $15 million investment from THEON, the companies are in talks to enter a separately funded $8 million non-recurring engineering (NRE) agreement to co-develop a military-grade display.
The proposed agreement seeks to create an advanced display technology intended for integration into a variety of defense platforms, including high-performance augmented reality solutions for defense applications.
“By aligning our engineering talent, manufacturing infrastructure, and global reach, we’re creating a powerful platform for growth and co-development,” said Michael Murray, Chairman and CEO of Kopin. “As defense modernization efforts intensify across the globe, this partnership enables us to respond with agility, scale, and technological leadership.”
Per the investment agreement announced last month, and closed late last week, Theon has invested $8 million into Kopin’s Scotland subsidiary, supporting co-developed products for Europe, Southeast Asia, and NATO countries, enabling collaborative initiatives across key global regions. In exchange for the investment, Theon receives a 49% equity interest in Kopin Europe. Additionally, Theon has purchased $7 million of preferred shares from Kopin convertible into common stock at a fixed conversion price of $3 per share. Kopin has the ability to force the conversion into common stock once its stock trades at $4.50 or higher for a period of 10 trading days within a 30 consecutive trading day period as defined in the agreements.
THEON’s proposed agreement with Kopin follows a series of agreements and investments in defense-related companies. Last week, the company reached an agreement to acquire a 9.8% stake in Exosens SA. The company also acquired Kappa Optronics, a producer of night vision and thermal imaging systems, in August.
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