OLED microdisplay maker eMagin reported its financial results for Q2 2019. Revenues were $5.4 million, down from $7.1 million a year ago and eMagin had an operating loss of $2.9 million (down from $3.6 million in Q2 2018). At the end of the quarter eMagin had $3.7 million in cash and equivalents.
eMagin says that the second quarter of 2019 was a challenging one for the company, as deliveries were impacted by continuing production issues and revenue and profitability fell short of expectations. The company is taking several actions to address the shortfall and are seeing early signs of progress. The company's backlog remains strong, at $11.6 million (an increase of approximately $1 million over the backlog of $10.6 million at December 31, 2018).
On a positive note, eMagin is having success in the medical equipment market. The company received 12 orders from medical device customers totaling $380,000 in the quarter.
The company also received a $330,000 award to bring a new full-color OLED architecture to qualification at year-end. eMagin calls these new technology OLED XLE, which is based on its white OLED with color-filter architecture and is more efficient and longer lasting at the same brightness compared to its current displays. eMagin says it will start sampling OLED XLE microdisplays in Q4 2019, using its existing equipment (unlike the direct patterned displays which are more difficult to produce).
Disclosure: the author of this post holds some shares in eMagin