eMagin

Samsung Display demonstrated a new OLED microdisplay at K-Display 2024, a 1.3" 12,000 nits 4000 PPI display. It is not clear whether this display is a direct-emission display, or one that uses white OLEDs with color filters.

Samsung Display's CEO, Choi Joo-seon, said during the conference that SDC will soon commercialize OLED microdisplays based on eMagin's direct-patterning deposition technology (SDC acquired eMagin in 2023). Choi says that the price of OLED microdisplays is an important differentiating factor. Last week Omdia estimated that the price of OLED microdisplays is set to decline sharply in the near future.

According to reports, the U.S. Navy’s Naval Air Systems Command has placed a $347 million order with Lockheed Martin for a specialized helmet for pilots of the F-35 fighter jet. The new helmet, developed in collaboration between Collins Aerospace and Elbit Systems, will feature an OLED microdisplay, to replace the currently-used LCDs.

In 2018, we reported that the current F-35 Joint Strike Fighter helmet uses an LCD microdisplay (produced by Kopin), which suffers from a green glow (from the LED backlighting) that prevents pilots from seeing a carrier's lights at night. In addition, the current LCD display suffers from optical blooming - light that spills from lit pixels to their adjacent area. Following these issues, the US Navy started testing OLED microdisplays to replace the LCD.

Samsung Display is acquiring US-based OLED microdisplay developer eMagin, for $218 million in cash. The purchase price represents a premium of approximately 10% to eMagin’s closing stock price n May 16, 2023.

In 2022, Samsung Display confirmed it is developing OLED microdisplays, and the company admitted it is still at an early stage of development. Samsung's plan is to start mass production by 2024 or 2025. In October 2022  we reported that SDC is interesting in eMagin's technology and indeed now this news confirms the fact. It seems as if SDC's first generation panels will use a color-filter design, but Samsung's main interest in eMagin is likely its direct-emission technology, or dPd, which will likely be adopted in later generation panels.

OLED microdisplay maker eMagin reported its financial results for Q1 2023, with revenues of $6.6 million (a decrease of 11% from last year). Net loss for the quarter was $2.6 million, down from an income of $0.1 million in Q1 2022. At the end of the quarter, eMagin had cash and equivalents of $3.8 million. 

eMagin says that the decrease in revenues is mostly attributed to late deliveries resulting from unexpected production downtime at one of the company's legacy tools and the timing of military orders. The company's total sales backlog remained at $16.0 million, comparable to the end of Q4 2022.

eMagin announced that it developed (and demonstrated) a 15,000 nits WUXGA (1920x1200) full-color OLED microdisplay, setting a new world record (surpassing eMagin's own 10,000 nits record from 2021).

This new microdisplay was deposited using the company's direct-patterning (dPd) technology, which means that there are no color filters. This is a single-stack device, and eMagin says that in the future it could use a tandem architecture to improve the performance further.

OLED microdisplay maker eMagin reported its financial results for Q4 2022, with another strong quarter. The company's revenues reached $8.4 million, up 17% from last year. This is the fifth consecutive quarter in which eMagin achieved year-over-year revenue growth. At the end of the quarter, eMagin had $4.3 million in cash and equivalents.

For the full year 2022, eMagin reported revenues of $30.5 million (up 17% from 2021) and an income (EBITDA) of $2.2 million. 

OLED microdisplay maker eMagin reported its preliminary financial results for Q4 2022 - the company expects revenues to be in the range of $8.1-8.3 million, up from $7.2 million in Q4 2021. The company says this was a positive quarter with strong bookings. The company's open order backlog at the end of 2022 was $16.7 million.

eMagin says that this was its fifth consecutive quarter in which it achieved year-over-year growth in product revenue. The company was cashflow positive in the quarter and now has $4.2 million in cash and equivalents. eMagin expects the delivery of an advanced, production-capable, dPd organic deposition tool in the second quarter of 2023.

OLED microdisplay maker eMagin announced that it has received an order of approximately $1.7 million for high-brightness OLED microdisplays from Collins Aerospace for its F-35 Helmet Mounted Display System (HMDS).

eMagin says that the Lockheed Martin F-35 Lightning is the world’s most advanced jet fighter and is designed to provide intelligence, surveillance and reconnaissance in any weather conditions, day or night, in both air-superiority and strike missions. The Helmet Mounted Display System is a critical part of the F-35's human-machine interface.

Reports from Korea suggest that Meta (Facebook) is in talks with both Samsung Display and LG Display, regarding the supply of OLED microdisplays and microLED microdisplays for its future AR and VR glasses.

According to the reports, dozens of executives from Meta have met with executives from LG Display and Samsung Display, and the discussions are still ongoing. According to other reports, Meta plans to use OLED displays in its upcoming VR glasses, and MicroLEDs in AR glasses that will hit the market at around 2026.

OLED microdisplay maker eMagin reported its preliminary financial results for Q3 2022, with revenues in the range of $7.4 to $7.6 million, an increase of 28%-31% from last year.

eMagin says it sees strong demand in the military market, increased revenue from medical customers and also increased R&D contract revenues.