OLED microdisplay maker eMagin reported its financial results for Q3 2018. eMagin said it had another strong quarter supported by growth in its military with several new program wins and in its commercial business. Total revenues were $6.9 million (a 60% increase from Q3 2017), and operating loss was $1.3 million (down from $3 million in Q3 2018). Including a non-cash change in value of warrants, the company had a small net profit in the quarter.
Regarding its consumer business, eMagin updates that it has achieved design approval from one of its Tier-1 consumer electronics partners. eMagin's foundry partner will produce wafer for display prototypes for this customer. eMagin says that its direct-emission OLED microdisplays meets the wide field of view, no screen door effect and high brightness that the partner requires.
Finally, eMagin says that its 12-month backlog at the end of September 2018 was $10.9 million, up $1.3 million from the end of 2017. Demand for the company's microdisplay remained very strong and the company is "encouraged by the ongoing level of interest in our OLED microdisplays". At the end of Q3, the company had $6.2 million in cash and equivalents and a borrowing availability under its ABL facility of $4.9 million.