OLED microdisplay maker eMagin reports its financial results for Q2 2016. This was a financially challenging quarter for eMagin, but the company says it is excited about its progress on opportunities in the commercial and consumer markets. Revenues were $5.5 million (down 21% compared to Q2 2015 - mostly due to lower volumes and manufacturing issues that has been resolved). Net loss was $2.2 million (up from $66,000 in Q2 2015).
At the end of the quarter, eMagin had $6.1 million in cash and equivalents (down from $9.3 million at the end of 2015). The company increased its R&D investments and began to build inventory as it expects to launch two consumer products later this year (more on these below). eMagin expanded its active customer count by 11% since the beginning of 2016 - and it currently has 108 active customers.
eMagin says that it actually expects two high-performance consumer products to launch in Q4 2016 - one wearable and one a handheld device. eMagin believes these two products can be a significant opportunity - and these are products designed in-house. eMagin's CEO remarked that the marketing/distribution of these products will offer a "unique situation" for eMagin - that will deliver a lot of buzz. The products will be sold under the eMagin brand.
eMagin is discussing with a number of Tier One AR and VR companies in the commercial and consumer sector, and the discussions are "progressing more rapidly" and several of those discussions are at "advanced stages". These companies are interested in eMagin's direct-patterning OLED technology with its enhanced resolution, speed and efficiency. eMagin already put together a proposal for a new display design for some of these companies - which are "excited about it".