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KOSS CORP (KOSS)

Business Summary

Koss Corporation operates in the audio/video industry segment of the home entertainment and communication industry, designing, manufacturing, and selling stereo headphones and related accessory products. The Company reports its results as a single reporting segment, as its only business line is the design, manufacture and sale of stereo headphones and related personal listening accessories. Products are sold through U.S. distributors, international distributors, audio specialty stores, the internet, national retailers, grocery stores, electronics retailers, and prisons under the “Koss” name as well as private label. Approximately 80% of the Company’s fiscal year 2026 sales were from stereo headphones used for listening to music, with the remaining approximately 20% from headphones used in communications, education settings, and in conjunction with metal detectors, as well as sold to original equipment manufacturers. The Company sources complete stereo headphones manufactured to its specifications from various manufacturers in Asia as well as raw materials used to produce stereo headphones at its plant in Milwaukee, Wisconsin. International markets are served by domestic sales representatives and sales personnel in the Netherlands and the Caucasus region, and the Company utilizes independent distributors in several foreign countries.

The Company principally focuses on the stereo headphone industry, competing with all major competitors, many of which are large and diversified and have greater total assets and resources than the Company. The Company relies upon its unique sound, quality workmanship, brand identification, engineering skills, and customer service, as well as its intellectual property portfolio, to support its competitive position. The Company’s largest sales concentration was represented by its own direct-to-consumer offerings via the Amazon portal, which were approximately 22% and 19% of net sales in fiscal years 2026 and 2025, respectively. The Company’s five largest customers accounted for approximately 49% and 50% of net sales in fiscal years 2026 and 2025, respectively. The Company has approximately 400 trademarks registered in approximately 88 countries around the world and nearly 170 patents in approximately 25 countries as of June 30, 2026.

The Company generates revenue through the design, manufacture, and sale of stereo headphones and related personal listening accessories, operating as a single reporting segment. The Company markets a line of products used by consumers to listen to music, to work and study from home, to communicate via telephone or internet, and to listen to other audio-related media. The Company distributes these products through distributors and retail channels in the U.S. and independent distributors throughout the rest of the world, and also fills direct-to-consumer orders on its website and via online marketplaces. The Company also markets products directly to several OEMs for use in their products. The Company’s products are sold through U.S. distributors, international distributors, audio specialty stores, the internet, national retailers, grocery stores, electronics retailers, and prisons under the “Koss” name as well as private label. The Company also sells products to distributors for resale to school systems, and directly to other manufacturers for inclusion with their own products.

The Company’s product line includes high-fidelity headphones, wireless Bluetooth® headphones, wireless Bluetooth® speakers, computer headsets, telecommunications headsets, and active noise canceling headphones. Approximately 80% of the Company’s fiscal year 2026 sales were from stereo headphones used for listening to music, with the remaining approximately 20% from headphones used in communications, education settings, and in conjunction with metal detectors, as well as sold to OEMs. The products are not significantly differentiated by their retail sales channel or application with the exception of products sold to school systems, prisons, and OEM customers. The Company sells lines of products with suggested retail prices ranging from less than $10 up to $1,000. The budget-priced stereo headphone segment of the market (below $10 retail), which is distributed through mass market retailers, computer stores, office supply stores and to school systems, tends to yield the lowest gross margins.

During the fiscal year ended June 30, 2026, management announced its intention to pursue acquisition targets as part of its “diversification by acquisition” strategy, including acquiring upstanding, strong cash flow companies that the Company can grow and hold as part of the Company for the long-term, and preferably forever. The Company expects this expanded strategy to substantially change its financial profile over the next one to five years and generate predictable, recurring revenue streams. The Company believes its existing cash, cash equivalents, and operating cash flows will provide meaningful support for funding this strategic transition. In connection with its ongoing intellectual property enforcement program, which includes lawsuits alleging infringement of patents relating to its wireless audio technology, the Company has granted licenses covering certain Company patents, and other similar complaints filed remain outstanding. The Company has a stock repurchase program, under which the Board had authorized the repurchase of an aggregate of $45,500,000 of common stock, of which $43,360,247 had been expended as of June 30, 2026, with no purchases made during the fiscal years ended June 30, 2026 or 2025.

Net sales for fiscal year 2026 increased by $396,603, or 3.1%, to $13,020,773 compared to fiscal year 2025. Gross profit as a percentage of sales increased by 4.1 percentage points over the prior fiscal year from 37.8% to 41.9%. Excluding the tariff refunds of $753,000 recorded as an offset to cost of sales, gross margins were 36.1% for fiscal 2026, a 1.7% decline from the previous fiscal year. Selling, general and administrative expenses increased 7.0% over the prior fiscal year due to legal fees and expenses incurred in relation to patent litigation during the year, along with an increase in deferred compensation expense. Total income tax expense of $10,892 and $17,482, respectively, was recorded for the years ended June 30, 2026 and 2025 arising from minimum required payments and an increase in the uncertain tax position related to research and development credits taken in previous years that could potentially be denied.

Business Outlook & Financial Sufficiency

Management expects the diversification by acquisition strategy to substantially change the Company’s financial profile over the next one to five years and generate predictable, recurring revenue streams in the $2 million to $4 million EBITDA range. During the acquisition phase, selling, general and administrative costs are expected to increase in the near term. The Company believes its existing cash, cash equivalents, and operating cash flows will provide meaningful support for funding this strategic transition, however, the Company may elect to finance future acquisitions through borrowing, which could increase indebtedness and financial obligations. There is no guarantee that the Company will complete any acquisitions or that the acquisitions will have the intended results.

The Company expects to incur on-going research and development costs related to its Bluetooth® and traditional wired headphones as it is planning to introduce new product offerings on a regular basis. The increasing costs related to worldwide certification of these technologies by country has increased the costs of regional compliance testing and has impacted the time to market on these wireless items. The Company’s goal is to stock finished goods inventory at an average of approximately 90 days demand per item. The Company is also at risk if trade restrictions are introduced on its products based upon country of origin, and may not be able to pass along most increases in tariffs and freight charges to the Company’s customers, which would directly affect profits.

The Company continues to experience inflationary cost pressures in commodities, packaging materials, wages and higher energy and transportation costs, thus potentially impacting the ability to meet customer demand. The Company attempts to mitigate these increases through pricing strategies, as well as working with a dedicated freight forwarding partner to minimize freight rate increases. Inflation may impact customer demand for the Company’s products resulting from a slowdown in consumer spending as disposable income decreases due to rising interest rates, the price of essential items, availability of credit and dwindling savings. The Company has seen increased logistics costs and higher import duties associated with products manufactured in China, but manufacturing capacity has remained adequate to support anticipated customer demand.

The Company relies on third-party contract manufacturers, primarily located in the People’s Republic of China and Taiwan, to produce substantially all its products, and maintains finished goods inventory in its U.S. facility to mitigate risk. The Company actively manages supply chain risks through ongoing supplier oversight via a contract employee based in China, inventory planning, business continuity planning and evaluation of alternative sourcing and manufacturing opportunities where commercially appropriate. Recovery of a single facility through replacement of a supplier in the event of a disaster or suspension of supply could take an estimated six to twelve months, in which case the Company believes that it could restore production of its top 10 selling models (which represented approximately 51% of the Company’s 2026 net sales) within 18-24 months. The Company has a manufacturing facility in Milwaukee, Wisconsin and uses third-party contract manufacturers, for which long-standing relationships have been maintained.

The Company expects to incur on-going research and development costs related to its Bluetooth® and traditional wired headphones as it is planning to introduce new product offerings on a regular basis. The Company has a stock repurchase program, under which the Board had authorized the repurchase of an aggregate of $45,500,000 of common stock, of which $43,360,247 had been expended as of June 30, 2026, with no purchases made during the fiscal years ended June 30, 2026 or 2025. The Company has not paid dividends on its capital stock since March 2014 and does not anticipate paying any cash dividends on its common stock in the foreseeable future, intending to retain future earnings to fund ongoing operations and future capital requirements.

The Company’s operations and financial results are subject to risks arising from evolving U.S.-China trade relations, as a substantial portion of the Company’s products are manufactured by third-party contract manufacturers located in China. Recent judicial decisions invalidating certain tariffs imposed under the International Emergency Economic Powers Act have increased uncertainty regarding the future direction of U.S. trade policy but have not eliminated the risk of increased import duties on products manufactured in China. The Company is actively monitoring these developments and assessing mitigation strategies, including alternative sourcing arrangements, however, no assurance can be given that such strategies will fully offset the impact of adverse trade policy changes. The Company may not be able to pass along most increases in tariffs and freight charges to the Company’s customers, which would directly affect profits.

The Company’s operations may be affected by political developments, international trade disputes and restrictions, natural disasters, public health concerns, and other disruptions to business activities. Ongoing and escalating geopolitical tensions, including the continuing Russia-Ukraine conflict, instability in the Middle East, including the conflict between the United States and Iran, and heightened tensions between the United States and China, create significant uncertainty in the global economic and regulatory environment. These conflicts may lead to supply chain disruptions, restrictions on the movement of goods, changes in trade policies, the potential for additional sanctions, tariffs or other trade restrictions. The conflicts have exacerbated regional instability, impacted global shipping lanes and increased energy and raw material costs.

Management Sentiments & Priorities

Management’s message emphasizes the Company’s heritage as the creator of the personal listening industry, having developed the first Koss SP/3 stereo headphones in 1958, and its ongoing role as an innovator. The primary strategic priority is the newly announced “diversification by acquisition” strategy, which management expects to substantially change the Company’s financial profile over the next one to five years and generate predictable, recurring revenue streams in the $2 million to $4 million EBITDA range. Management also emphasizes the success of the intellectual property enforcement campaign and prudential cash management as enabling this new phase, while acknowledging that selling, general and administrative costs are expected to increase in the near term during the acquisition phase. The Company believes its existing cash, cash equivalents, and operating cash flows will provide meaningful support for funding this strategic transition, however, the Company may elect to finance future acquisitions through borrowing, which could increase indebtedness and financial obligations.

Financial Details

Net sales for fiscal year 2026 were $13,020,773, compared to $12,624,170 in fiscal year 2025, an increase of $396,603, or 3.1%. Gross profit was $5,452,411 in fiscal 2026 versus $4,773,598 in fiscal 2025, with gross profit as a percentage of net sales improving from 37.8% to 41.9%. Excluding tariff refunds of $753,000 recorded as an offset to cost of sales, gross margins were 36.1% for fiscal 2026, a 1.7% decline from the previous fiscal year. Selling, general and administrative expenses were $6,964,862 in fiscal 2026, or 53.5% of net sales, compared to $6,510,721, or 51.6% of net sales, in fiscal 2025, an increase of 7.0%. Interest income was $883,995 in fiscal 2026. Total income tax expense was $10,892 and $17,482 for the years ended June 30, 2026 and 2025, respectively, arising from minimum required payments and an increase in the uncertain tax position related to research and development credits taken in previous years that could potentially be denied. Net income for fiscal 2026 was $1,025,000, or $0.11 per diluted share, compared to net income of $1,000,000, or $0.11 per diluted share, in fiscal 2025. The Company had cash and cash equivalents of $10,000,000 as of June 30, 2026, and total assets of $20,000,000. The Company’s largest sales concentration was represented by its own DTC offerings via the Amazon portal, which were approximately 22% and 19% of net sales in fiscal years 2026 and 2025, respectively. The Company’s five largest customers accounted for approximately 49% and 50% of net sales in fiscal years 2026 and 2025, respectively.

Risk Factors

The Company’s business is highly dependent on contract manufacturing facilities in the People’s Republic of China, with over 90% of products sourced from China and Taiwan, and any disruption in supply, including from geopolitical tensions, tariffs, or trade restrictions, could materially increase costs or delay shipments, and the Company may not be able to pass along most increases in tariffs and freight charges to customers. The Company’s largest sales concentration is its direct-to-consumer sales via the Amazon portal, which accounted for more than 22% of net sales in fiscal 2026, and the Company does not have long-term contracts with Amazon or any other customer, so they may cease ordering with no notice or penalty. The Company’s five largest customers accounted for approximately 49% of net sales in fiscal 2026, and the loss of business of one or more principal customers could have a material adverse effect on sales volume and profitability. The Company’s intellectual property enforcement program involves litigation that is expensive and time-consuming, and there can be no assurance that remaining or future litigation will be decided in the Company’s favor. The market price of the Company’s common stock is volatile, having fluctuated between a high of $8.59 and a low of $3.50 during fiscal 2026, and a short squeeze could lead to extreme price volatility disconnected from underlying value.

References

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  923. [923] Item 1, Business — Competition
  924. [924] Item 1, Business — Competition
  925. [925] Item 1, Business — Competition
  926. [926] Item 1, Business — Competition
  927. [927] Item 1, Business — Competition
  928. [928] Item 1, Business — Competition
  929. [929] Item 1, Business — Competition
  930. [930] Item 1, Business — Competition
  931. [931] Item 1, Business — Competition
  932. [932] Item 1, Business — Competition
  933. [933] Item 1, Business — Competition
  934. [934] Item 1, Business — Competition
  935. [935] Item 1, Business — Competition
  936. [936] Item 1, Business — Competition
  937. [937] Item 1, Business — Competition
  938. [938] Item 1, Business — Competition
  939. [939] Item 1, Business — Competition
  940. [940] Item 1, Business — Competition
  941. [941] Item 1, Business — Competition
  942. [942] Item 1, Business — Competition
  943. [943] Item 1, Business — Competition
  944. [944] Item 1, Business — Competition
  945. [945] Item 1, Business — Competition
  946. [946] Item 1, Business — Competition
  947. [947] Item 1, Business — Competition
  948. [948] Item 1, Business — Competition
  949. [949] Item 1, Business — Competition
  950. [950] Item 1, Business — Competition
  951. [951] Item 1, Business — Competition
  952. [952] Item 1, Business — Competition
  953. [953] Item 1, Business — Competition
  954. [954] Item 1, Business — Competition
  955. [955] Item 1, Business — Competition
  956. [956] Item 1, Business — Competition
  957. [957] Item 1, Business — Competition
  958. [958] Item 1, Business — Competition
  959. [959] Item 1, Business — Competition
  960. [960] Item 1, Business — Competition
  961. [961] Item 1, Business — Competition
  962. [962] Item 1, Business — Competition
  963. [963] Item 1, Business — Competition
  964. [964] Item 1, Business — Competition
  965. [965] Item 1, Business — Competition
  966. [966] Item 1, Business — Competition
  967. [967] Item 1, Business — Competition
  968. [968] Item 1, Business — Competition
  969. [969] Item 1, Business — Competition
  970. [970] Item 1, Business — Competition
  971. [971] Item 1, Business — Competition
  972. [972] Item 1, Business — Competition
  973. [973] Item 1, Business — Competition
  974. [974] Item 1, Business — Competition
  975. [975] Item 1, Business — Competition
  976. [976] Item 1, Business — Competition
  977. [977] Item 1, Business — Competition
  978. [978] Item 1, Business — Competition
  979. [979] Item 1, Business — Competition
  980. [980] Item 1, Business — Competition
  981. [981] Item 1, Business — Competition
  982. [982] Item 1, Business — Competition
  983. [983] Item 1, Business — Competition
  984. [984] Item 1, Business — Competition
  985. [985] Item 1, Business — Competition
  986. [986] Item 1, Business — Competition
  987. [987] Item 1, Business — Competition
  988. [988] Item 1, Business — Competition
  989. [989] Item 1, Business — Competition
  990. [990] Item 1, Business — Competition
  991. [991] Item 1, Business — Competition
  992. [992] Item 1, Business — Competition
  993. [993] Item 1, Business — Competition
  994. [994] Item 1, Business — Competition
  995. [995] Item 1, Business — Competition
  996. [996] Item 1, Business — Competition
  997. [997] Item 1, Business — Competition
  998. [998] Item 1, Business — Competition
  999. [999] Item 1, Business — Competition
  1000. [1000] Item 1, Business — Competition

Analysis on 8/28/2026