Universal Display Corporation reported its financial results for Q4 2024, with revenues of $162.3 million (up from $158.3 last year), and net income of $46 million (down from $62 million last year).
Looking at 2024, UDC reports $647.7 million in revenues, up 12% from 2023 ($576.4 million) while net profit was up 9% ($222 million up from $203 million). The company believes that its 2025 revenues will be in the range of $640 million to $700 million, forecasting growth of up to 8% (and possibly even a 2% decline in revenues).
UDC also increased its quarterly dividend by 12% to $0.45 per share.
Regarding the blue phosphorescence material and commercialization time frame, UDC says that it believes it is closer than ever and that the commercialization of phosphorescent blue will represent a significant leap forward in OLED technology. UDC says that it understands the excitement as well as the expectations surrounding its upcoming blue PHOLED, and "wants to reassure you that we are on the right path. We are confident in our ability to deliver". UDC says that the time needed to introduce a commercial blue PHOLED will be measured in months and not years.
Looking at the company's forecast for 2025, though, it seems that it is not seeing meaningful revenues from the introduction of blue PHOLEDs in 2025.
Updating on its OVJP project, UDC says that it plans to close down its California OVJP center, and it has launched a new Singapore-based subsidiary, Universal Vapor Jet Corporation, which will handle all OVJP commercialization. While UDC continues to believe that OVJP could be a cutting-edge technology for large area display manufacturing, it realizes that all the investments are expected to center on the medium area IT market for the next few years, and so it is exploring new market verticals where its dry vapor jet printing technology may be an enabling platform.
Disclosure: the author of this post holds shares in UDC
