eMagin announces a $5 million credit facility

OLED Microdisplay maker eMagin announced that it has entered into a $5 million revolving credit working capital facility. The financing will be used for general corporate purposes including funding the inventory build for the company’s recently launched consumer products, BlazeSpark and BlazeTorch. The facility has a term of three years.

Last month eMagin reported its financial results for Q3 0216, with revenues of $4.3 million and a net loss of $2.4 million. At the end of September 2016 eMagin had about $6.9 million in cash, so it obviously needs the new credit line.

The BlazeTorch is a night-vision goggles system that features a SXGA (1280x1024) OLED Microdisplay, a sub-lux night-sensor, HD video&audio recording on an SD card and a built-in IR illuminator. The BlazeTorch will ship on December 30 for $999. The BlazeSpark adds night-vision capabilities to your phone (without any display, you insert the phone just like in the newly popular phone-based VR systems) and costs $299.99.

Disclaimer: OLED-Info's editor owns shares in eMagin

Posted: Dec 23,2016 by Ron Mertens