eMagin to raise $4.5 million from its warrants holders
OLED Microdisplay-maker eMagin announced that it entered into an early warrant exercise transaction with certain of its warrants holders, to raise about $4.5 million.
An eMagin OLED microdisplay
Some of these funds will go towards the company's growth initiatives with consumer AR/VR - and to finance the company's two consumer products that are set to launch in Q4 2016.
eMagin reports its Q2 2016 results, excited about its consumer and commercial opportunities
OLED microdisplay maker eMagin reports its financial results for Q2 2016. This was a financially challenging quarter for eMagin, but the company says it is excited about its progress on opportunities in the commercial and consumer markets. Revenues were $5.5 million (down 21% compared to Q2 2015 - mostly due to lower volumes and manufacturing issues that has been resolved). Net loss was $2.2 million (up from $66,000 in Q2 2015).
eMagin XGA096 OLED-XL
At the end of the quarter, eMagin had $6.1 million in cash and equivalents (down from $9.3 million at the end of 2015). The company increased its R&D investments and began to build inventory as it expects to launch two consumer products later this year (more on these below). eMagin expanded its active customer count by 11% since the beginning of 2016 - and it currently has 108 active customers.
AMD confirms its collaboration with OLED microdisplay maker eMagin
OLED microdisplay maker eMagin developed a 2K x 2K OLED microdisplay based VR HMD, which is now being offered to partners (the company's first licensee is probably ODG). The company is also developing its next-gen 4K OLED microdisplays.
Reaching out to first-tier customers means that eMagin will need to produce a massive amount of microdisplays at a relatively low cost - which it cannot do with its current production equipment and capacity. The company will upgrade its production fab, but that won't be enough and eMagin already stated that it is in talks with potential foundry partners.
Is ODG's Project Horizon eMagin's first OLED microdisplay AR / VR customer?
San Francisco based Osterhout Design Group (ODG), makers of the R7 enterprise-bound AR / VR smartglasses (pictured below), are developing a new AR / VR platform that is based on OLED microdisplays.
ODG R-7
The so-called Horizon Platform offers a wide-field of view, 4K 3D content @ 120 fps and can switch between VR and AR modes. The resolution is 2K x 2K for each eye.
eMagin demonstrates a full-color directly-patterned OLED microdisplay
eMagin, the OLED microdisplay maker, demonstrated a full-color directly-patterned OLED microdisplay, the first time that such a display prototype has been developed. eMagin's display (called the OLED-ULT) features a high luminance of 4,500 nits and a PPI of 2,645.
eMagin targets VR and AR applications for this high-brightness and high-resolution display, and the company says that the demonstrated generated "tremendous interest", including from some Tier-1 display company representatives.
eMagin reports Q1 2016 financial results and business updates
OLED Microdisplay-maker eMagin announced its financial results for Q1 2016. Revenues were $7 million (up 17% from Q1 2015, including the $1 million in licensing revenue announced in December 2015), and net income was $14,000 (down from $320,000 in Q1 2015).
An eMagin OLED microdisplay
At the end of the quarter, eMagin had about $9.1 million of cash and equivalents (down from $9.3 in the end of Q4 2015).
eMagin reports Q4 2015 financial results
eMagin, the OLED microdisplay maker, reported financial results for Q4 2015. Revenues were $6.7 (the same as in Q4 2014) and net loss was $2.1 million (up from a loss of $1.6 million in Q4 2014). The company currently has $9.3 million in cash and equivalents (up from $6 million at the end of 2014).
eMagin XGA096 OLED-XL
For the whole year of 2015, eMagin reports revenues of $25.1 million (down from $25.7 million in 2014). Net loss was $4.1 million (down from $5.3 million in 2014).
Looking forward, eMagin's CEO is optimistic - the company sees a growth in the US defense budget for 2016 and 2017 and it recently signed several new design wins with military customers.
eMagin finds a first customer for its 2Kx2K OLED microdisplay-based HMD design
OLED Microdisplay maker eMagin has been developing a new VR head mounted display (HMD) that use the company's latest high resolution (2K by 2K) OLED microdisplays and patented optics. The company announced that it has signed a non-exclusive IP licensing agreement for the HMD technology with an undisclosed company.
The deal includes an upfront $1 million licensing free, and a commitment to use eMagin’s OLED microdisplays in the company’s headsets.
eMagin to raise $6 million to upgrade its production capacity
OLED Microdisplay-maker eMagin announced the company will raise around $6 million in a registered direct offering of shares and warrants. eMagin will use the new capital to upgrade its manufacturing equipment, balance our production line and improve its yield.
An eMagin OLED microdisplay
eMagin requires the added capacity as it aims to enter the commercial headset market which requires much higher volumes than the current military and industrial markets it targets.
eMagin reports their financial results for Q3 2015, updates on direct-emission displays and AR/VR efforts
eMagin, the OLED microdisplay maker, reported their financial results for Q3 2015. Revenues were $5.4 million - down from $7 million in Q2 2015 due to a decrease in both product sales and R&D contract revenue. Net loss was $2.2 million, and eMagin currently has $5.1 million in cash and equivalents.
An eMagin OLED microdisplay
eMagin decreased its revenue guidance for 2015 and now anticipates annual revenues of $24 million or above. A couple of months ago eMagin has entered into an agreement with Craig-Hallum Capital Group that will allow them to raise up to $4.5 million.
