eMagin reports 4Q 2013 financial results

eMagin reported their Q4 2013 financial results. Revenues in the quarter were $6.1 million (as already announced) - down from $8.3 million in Q4 2012. Adjusted EBITDA was a loss of $2.1 million (compared to an earnings of $1.6 million last year).

An eMagin OLED microdisplay

For the whole 2013, eMagin reached $28 million in revenues (down from $30.6 in 2012). Product sales actually increased a little bit from 2013, but contract revenue dropped 62%. Operating loss in 2013 was $5.2 million. As of December 31, 2013, eMagin had about $11 million in cash and equivalents (down from $13.4 million in December 2012).

The company expects to move all their commercial production to the new SNU deposition tool in 2013. The improvement in the company's operations will hopefully enable them to return to revenue growth. However in the near term the company stopped shipments of certain displays to three customers due to a possible bonding problem.

eMagin continues to develop direct-patterning OLED microdisplays (as opposed to white OLEDs with color filters). The company says it successfully tested the process technique and they are on track to demonstrate a functional, direct patterned, ultra-high brightness VGA resolution display in the near term, as well as even higher resolution functional, direct patterned, ultra-high brightness displays by the end of the second quarter.

Disclosure: the author of this post holds shares in eMagin

Posted: Mar 13,2014 by Ron Mertens