Musing on Financials
eMagin Turns the Corner, Revenue up 44% Y/Y in Q220
eMagin reported Q220 revenue 0f $7.7 million, up 44% Y/Y and 15% sequentially The company reported strong bookings and ended the quarter with a backlog of $13.3m of product to be shipped within the next 12-months. The operating loss was $1.3 million down from a loss $2.8 million in 2019. eMagin received two separate grants totaling $39.1 million for equipment and tooling to upgrade their technology. Their dPd technology is on track to achieve 10,000 nits in Q420, but the displays are prototypes. The dPd production tool is scheduled for production in 2H23 They are considering moving to 300mm wafers as the consumer market requires larger, high resolution displays because of the optics, but their present toolset is for 200mm wafers and new equipment to support 300mm would require complete retooling.