eMagin Corporation Comments on Preliminary Fourth Quarter 2017 Revenues

-Company Notes Significant Increase in Backlog Entering 2018-

HOPEWELL JUNCTION, N.Y. — (BUSINESS WIRE) — January 19, 2018 — eMagin Corporation, or the “Company,” (NYSE American: EMAN) a leader in the development, design and manufacture of Active Matrix OLED microdisplays for high resolution imaging products, today announced preliminary revenues for the fourth quarter of 2017 and backlog at year end.

Preliminary revenues in the quarter are estimated to be between $6.2 million to $6.4 million, representing a 35% to 39% increase from the year ago period.  Compared to the third quarter, preliminary revenues are estimated to be up 44% to 49% from $4.3 million.  The improvement in preliminary revenues reflects both the expected pickup in military demand as well as contributions from commercial programs.   At December 31, 2017, our backlog of open orders scheduled for delivery through December 31, 2018 was $9.8 million, an increase of 53% from the backlog of $6.4 million at the end of 2016.  As of December 31, 2017, the Company had cash of $3.5 million and a revolving credit loan balance of $4.0 million, compared to cash of $2.0 million and a revolving credit loan balance of $1.1 million as of September 30, 2017.

“As expected, our sales increased, reflecting strong third quarter military business bookings and contributions from our commercial contracts,” said Andrew Sculley, President and Chief Executive Officer. “Our core military business is improving as we see the ramp-up of new programs which is driving the increase in our backlog and is expected to continue throughout 2018.  We look forward to sharing additional details of our fourth quarter results on our year end conference call in March.”