OLED microdisplay maker eMagin posted its financial results for Q3 2020. While the company had a strong quarter in its main military market, but eMagin total sales were lower than expected as the medical and commercial markets were effected by the COVID-19 pandemic.
eMagin reports revenues of $7.3 million, a decline of $0.6 million from Q3 2019. Net loss for the third quarter of 2020 was $3.5 million compared to a loss of $0.3 million in 2019. At the end of the quarter, eMagin had cash and equivalents worth $10.3 million. The company's backlog at the end of the quarter was $10 million.
eMagin started to place orders for new equipment provided under its $5.5 million IBAS Program for OLED Supply Chain Assurance. The company is also progressing in regard to the design order phase for the $33.6 million Department of Defense Awards.
Disclosure: the author of this post holds some shares in eMagin