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eMagin Q420 revenue Down 8.8%, Outlook Positive
eMagin reported Q420 display sales of $6.2m, -8.8%, reflecting the timing of certain orders with large military customers. Full year revenues increased to $29.4 million up 10.1% Y/Y, reflecting increases in both product and contract revenue. Higher contract revenues of $4.4 million in 2020 primarily reflected development work for a Tier 1 consumer company for an advanced display design and proof-of-concept for a consumer AR/VR device.
Gross margin for the fourth quarter was 17% on gross profit of $1.3 million compared to a gross margin of 37% on gross profit of $2.7 million in Q419. The decrease in gross margins was a result of lower revenues and lower production and absorption of fixed cost into inventory due to equipment issues and repair delays related to COVID-19 travel restrictions. For 2020, gross margin was 22% compared with 25% in 2019. The decrease was a result of issues related to the pandemic, including employee absences, stricter cleaning requirements and the repair delays I mentioned. Net loss for the fourth quarter of 2020 was $3.7 million or $0.05 per share compared with a loss of $0.20.
eMagin’s roadmap targets full color displays in excess of 28,000 nits brightness by mid-2023, with an intermediate brightness of 10,000 nits this year. This intermediate target brightness is approximately 20x brighter than their current full color OLED micro displays. Bookings, in the fourth quarter were $8.3 million, a 22% increase in the backlog from the third quarter of 2020. And as of the end of 2020, total backlog of open orders was $12.2 million. They have developed and tested color OLED device stacks consistent with the 10,000 nits. These stacks will be used in direct patterning of the prototype displays by Q321. Future dPd roadmaps, milestones can make use of tandem or double OLED structures for each color, along with other improvements to achieve the 28,000 nit goal
Source: eMagin’ Earnings Call
eMagin reported Q420 display sales of $6.2m, -8.8%, reflecting the timing of certain orders with large military customers. Full year revenues increased to $29.4 million up 10.1% Y/Y, reflecting increases in both product and contract revenue. Higher contract revenues of $4.4 million in 2020 primarily reflected development work for a Tier 1 consumer company for an advanced display design and proof-of-concept for a consumer AR/VR device.
Gross margin for the fourth quarter was 17% on gross profit of $1.3 million compared to a gross margin of 37% on gross profit of $2.7 million in Q419. The decrease in gross margins was a result of lower revenues and lower production and absorption of fixed cost into inventory due to equipment issues and repair delays related to COVID-19 travel restrictions. For 2020, gross margin was 22% compared with 25% in 2019. The decrease was a result of issues related to the pandemic, including employee absences, stricter cleaning requirements and the repair delays I mentioned. Net loss for the fourth quarter of 2020 was $3.7 million or $0.05 per share compared with a loss of $0.20.
eMagin’s roadmap targets full color displays in excess of 28,000 nits brightness by mid-2023, with an intermediate brightness of 10,000 nits this year. This intermediate target brightness is approximately 20x brighter than their current full color OLED micro displays. Bookings, in the fourth quarter were $8.3 million, a 22% increase in the backlog from the third quarter of 2020. And as of the end of 2020, total backlog of open orders was $12.2 million. They have developed and tested color OLED device stacks consistent with the 10,000 nits. These stacks will be used in direct patterning of the prototype displays by Q321. Future dPd roadmaps, milestones can make use of tandem or double OLED structures for each color, along with other improvements to achieve the 28,000 nit goal
Source: eMagin’ Earnings Call
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