Universal Display Corporation reported its financial results for Q2 2024, with revenues of $159 million (up 8% from Q2 2023 and a net income of $52 million (up from $50 million in Q2 2023). The company ended the quarter with $879 million in cash and equivalents.
UDC says it believes the OLED market's trajectory is robust, and it is raising the lower end of its annual guidance, now saying that its revenues will be in the range of $645 million to $675 million.
Regarding its blue PHOLED material, UDC updates that while it is making excellent progress, it now believes they need more time to fully commercialize it - saying though the extra time needed is "measured in months and not years", probably hoping to have a commercial blue PHOLED material ready in 2025. Back in April we reported on rumors suggesting the same.
Disclosure: the author of this post holds shares in UDC
Disappointing about blue but they still sound confident:
"The bottom-line is phosphorescent blue is coming. We just need some more time before commercial introduction. When it is adopted in an OLED device, we believe that the benefits will be significant for the industry, for consumers and for us."