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.
eMagin continues to move forward on the commercial front, with the development of its next-generation AR/VR microdisplays, and during the second quarter eMagin completed the development of a 120Hz-capable, compact interface for its 2k x 2k display. Using its direct-patterning technology, eMagin says it recently achieved a maximum brightness of more than 7,500 nits in full color, surpassing its previous brightness of 5,300 nits. eMagin completed the design review phase for a next generation AR/VR microdisplay and expects that the first direct-patterning prototype will be ready in early 2019.
eMagin also announced that it decided to discontinue its two consumer night vision products, BlazeSpark and BlazeTorch, as the company now understands it is better to focus on its core business. eMagin had to write-off $2.7 million related to these products.
Disclosure: the author of this post holds some shares in eMagin
