OLED Microdisplay Contracts Buoyed eMagin Revenues in 2014
HOPEWELL JUNCTION, N.Y., March 18, 2015 — Organic LED microdisplays firm eMagin Corp. decreased its losses in 2014 as it forged ahead with new products and contracts.
The company reported a net loss of $5.3 million, or $0.22 per diluted share, an improvement over the net loss of $14.1 million, or $0.60 per diluted share, in 2013.
Revenues for 2014 were $25.7 million, down 8 percent from $28.0 million in 2013. The company projects revenues of $26 million to $29 million in 2015.
The number of displays shipped decreased compared to 2013, while the average selling price of displays increased due to changes in product and customer mix.
CEO Andrew G. Sculley said the company saw a resurgence in government and non-government R&D contracts toward the end of the year, yielding $1.7 million in revenue. The largest new award was for the Defense-Wide Manufacturing Science and Technology program (DMS&T, also known as ManTech).
Meanwhile, development is nearly complete on a new headset prototype featuring 2000 × 2000-pixel resolution and a >100° field of view. The company plans to begin demonstrating the product this quarter.
Recently eMagin invested in new direct patterning equipment for development of ultrahigh-brightness, full-color OLED microdisplays above 10,000 nits for avionics and consumer headset applications.
The company integrates its microdisplays with magnifying optics to deliver near-eye virtual images comparable to large-screen computer and television displays in portable, low-power, lightweight personal displays for military, industrial, medical and consumer OEM products.