Microdisplay Firm eMagin Cuts Losses in Third Quarter

Microdisplay maker eMagin Corp. reduced its net loss as it looks forward to a new batch of R&D contracts and the debut of a new virtual reality system.

Net loss in the third quarter was $1.0 million, compared to a net loss of $4.6 million in the third quarter of 2013.

Revenues were $5.7 million, down 9.5 percent from $6.3 million for the third quarter of 2013. The company attributed the decline to customers delaying delivery dates and maintenance on its OLED deposition equipment.

CEO Andrew G. Sculley said that although the maintenance delayed production, it has improved production yield. The company is now focused on entering the avionics and consumer headset markets, he said.

Recently eMagin announced it is working on a new immersive head-mounted display (IHMD) with 2K resolution and a >100° field of view, which it plans to demonstrate in early 2015.

Meanwhile, the company has been selected for a number of new R&D contracts totaling $6.8 million over 30 months. The largest, at $6.45 million, is for development of ultrahigh-brightness, high-resolution full-color OLED microdisplays for the U.S. military.

The company provides near-eye imagery based on organic LEDs with integrated magnifying optics for military, medical and consumer OEMs.

For more information, visit www.emagin.com.