<< Back

eMagin Corporation Announces Third Quarter 2018 Financial Results

- Continued Revenue Strength and Yield Improvement -

HOPEWELL JUNCTION, N.Y.--(BUSINESS WIRE)--Nov. 8, 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 financial results and corporate highlights for the third quarter endedSeptember 30, 2018.

“We had another strong quarter supported by growth in our military and commercial business as we deepened our penetration both in the U.S. and abroad. As a result of efforts to expand our revenue base, we are seeing significant interest globally in our technology with 57% of our revenues this quarter outside the U.S. Total revenues in the third quarter were $6.9 million, a 60% year-over-year increase, with sales to 66 customers. Our production yields continued to improve, driving up our product and overall gross margins to 35%,” said Andrew Sculley, Chief Executive Officer.

“On the military side of the business, our momentum is continuing as evidenced by several new program wins, reinforcing the value of our cutting-edge technology. In addition, we continue to successfully execute on a number of existing key domestic and foreign military programs. Earlier this year we participated in the DefExpo18 show to capitalize on India’s rapid market expansion and I am pleased to report that we now have five new Indian customers.

“On the commercial front, we are seeing expanded interest from established medical device companies to incorporate our microdisplays into their products. These applications include viewing devices for cataract surgery and for transmitting images to MRI patients. We also received orders in the quarter from an existing medical device customer to upgrade their equipment as well as from a new customer who will be incorporating our displays into equipment used for a variety of surgical applications.

During the quarter, we achieved design approval from one of our Tier 1 consumer electronics partners. This design meets the wide field of view, no screen door effect and high brightness afforded by our patented Direct Patterning (“dPd”) technology that our partner requires. Our foundry partner for consumer applications will be manufacturing wafers for the display prototypes.

“Overall, our discussions with consumer electronics partners are ongoing and productive as we advance our cutting-edge product to meet the demanding performance requirements for this market. We are in dialogue with potential mass production and licensing partners to ensure that we will have manufacturing capacity sufficient for the consumer electronics end market. In concert with our consumer activities, we are actively working on improvements to our dPd technology and upgrading our custom dPd production equipment. We anticipate that these upgrades will increase product yields, lower unit costs, and significantly extend display lifetime.

“Our backlog at the end of September for the next 12 months was $10.9 million, reflective of the strong bookings we have had throughout this year, representing an increase of $1.3 million from 2017 year-end. While our backlog can vary depending on the timing of new orders as well as shipment dates, demand has remained very strong and we are encouraged by the ongoing level of interest in our OLED microdisplays,” concluded Mr. Sculley.

http://ir.emagin.com/news-releases/news-release-details/emagin-corporation-announces-third-quarter-2018-financial