eMagin corporation - Page 5

OLED microdisplay maker eMagin announced that it agreed to sell 4 million shares to an institutional investor at a purchase price per share of $0.50 in a registered direct offering (eMagin stock price was $0.78 before the announcement).

eMagin also issued unregistered warrants to purchase up to 3 million shares of common stock at an exercise price of $0.78 per share to the investor.

OLED microdisplay maker eMagin reported its financial results for Q4 2018. While eMagin sees growing demand for its products and an increased backlog ($10.6 million as of the end of 2018), the company experienced a manufacturing equipment related issue in Q4 which resulted in lower yields and loss of production. Revenues were $5.4 million (down from $6.4 million in Q4 2017) and the net loss was $2.5 million.

Looking at the whole year of 2018, revenues were $26.2 million (up 19% from 2017) and net loss was $9.6 million. As of December 31, 2018, the Company had approximately $3.4 million of cash, cash equivalents.

OLED microdisplay maker eMagin reported its financial results for Q3 2018. eMagin said it had another strong quarter supported by growth in its military with several new program wins and in its commercial business. Total revenues were $6.9 million (a 60% increase from Q3 2017), and operating loss was $1.3 million (down from $3 million in Q3 2018). Including a non-cash change in value of warrants, the company had a small net profit in the quarter.

Regarding its consumer business, eMagin updates that it has achieved design approval from one of its Tier-1 consumer electronics partners. eMagin's foundry partner will produce wafer for display prototypes for this customer. eMagin says that its direct-emission OLED microdisplays meets the wide field of view, no screen door effect and high brightness that the partner requires.

The current F-35 Joint Strike Fighter $400,000 helmet uses an LCD microdisplay (produced by Kopin), which has a "technical bug" - a green glow (from the LED backlighting) that prevents pilots from seeing a carrier's lights at night.

The US Navy is working to replace the LCD microdisplay with an OLED one. The new OLED display will be ready for field testing "sometime early next year".

OLED microdisplay maker eMagin reported its financial results for Q2 2018 - revenues increased 34% over Q2 2017 to reach $7.1 million, and net loss was $1 million (excluding one-time charges). At the end of the quarter, the company had $8.7 million in cash and equivalents. eMagin's backlog at the end of June was $10.3 million (an increase of $0.5 million from the end of 2017).

eMagin says it sold OLED microdisplays to 75 customers (including 3 new ones) during the quarter - for a wide range of applications including night vision, thermal weapon sights and see-through HMD systems for mounted and dismounted missions. The company improved its production yields (with some support from the US government for OLED production and yield improvement project) and its product quality.

OLED microdisplay maker eMagin reported its financial results for Q1 2018 - revenues reached $6.9 million (up 13% from Q1 2017) and the net loss was $2.1 million (up slightly from $2.1 million in Q1 20170. At the end of the quarter, eMagin had $9.8 million in cash and equivalents.

eMagin says that it experiences a "notable upswing" in its business with a 20% increase in its backlog to $11.8 million from the end of 2017.

OLED microdisplay maker eMagin reported its financial results for Q4 2017. Revenues increased 40% from Q4 2016 and reached $6.4 million. Operating loss was $1.6 million (down from $3.8 million in Q4 2016) and net loss decreased to $0.9 million.

For the full year 2017, eMagin reported revenues of $22 million (up 3% from 2016) and a net loss of $7.8 million. As of the end of the year, eMagin had $3.5 million in cash and equivalents, but the company raised $10.6 million since (not, it seems, from Apple, Valve and LG).

On January 2018 OLED microdisplay maker eMagin announced that it plans to raise $11.5 million in an underwritten public offering, and on the company's filing it mentioned five specific investors - Apple, LG Display, Valve Corporation, Stillwater Holdings and Immerex.

While we all assumed these companies invested in eMagin, the company released a statement yesterday saying that this is not the case - "As of today, to the Company’s knowledge, none of these consumer electronics companies have taken part in the offering.". eMagin's CFO says that "eMagin listed those companies in the filing because it had discussions with them at industry event".

Update: eMagin published a statement saying that these companies (Apple, LG, Valve, Stillwater and Immerex) in fact did not participate in the offering.

On January 2018 OLED microdisplay maker eMagin announced that it plans to raise $11.5 million in an underwritten public offering, which closed on January 29. It turns out that eMagin's SEC filing specifies five investors - Apple, LG Display, Valve Corporation, Stillwater Holdings and Immerex.

eMagin has been saying that it is working with large companies ("Tier-1") on its consumer VR technologies, and it is a very encouraging sign to see this impressive list of new investors. Apple's AR and VR plans are still unknown, but it has been assumed for a long time that Apple is looking into OLED microdisplays, and it's interest in eMagin is not a surprise. LG is also interested in VR and AR displays, and is reportedly collaborating with Google, and it's great to see it investing in eMagin as well.

OLED microdisplay maker eMagin announced that it plans to raise $11.5 million in an underwritten public offering. eMagin offers a combination of shares and warrants at a price of $1.35 per share and associated warrant (which has an exercise price of $1.55 per share). The offering is set to close on January 29.

In addition to this public placement, some of the company's directors and offices have agreed to purchase $275,000 of shares of common stock of the Company, together with warrants to purchase shares of common stock. The net proceedings of these two oplacements will total $10.6 million.