OLED Microdisplay-maker eMagin announced its financial results for Q1 2016. Revenues were $7 million (up 17% from Q1 2015, including the $1 million in licensing revenue announced in December 2015), and net income was $14,000 (down from $320,000 in Q1 2015).
At the end of the quarter, eMagin had about $9.1 million of cash and equivalents (down from $9.3 in the end of Q4 2015).
eMagin reports that it started shipping its new WUXGA displays, and the 2Kx2K microdisplay prototypes will be ready for sampling by Q4 2016. eMagin also reports several new defense contracts, with the US army and others. eMagin delivered samples for over 20 new projects - including military and commercial avionics applications.
eMagin also booked some new R&D projects, worth over $800,000. The first project is for continuing improvements in direct patterned ultra-high brightness technology, and the second is for the development of a new low-power and high frame rate backplane technology (this may be a continuation of the 2014 backplane development project). The third project is focused on building display samples for a customer developing a new consumer VR headset.
Regarding its VR efforts, eMagin is excited about the possibilities, and although this is a long-term project, eMagin may start shipping commercial displays for VR headsets in 2016. The company's CEO said that the company is looking to build a 4,000 x 4,000 microdisplay (35x35 mm in size) - this seems to be a second-gen effort following the current 2Kx2K project. Some potential customers are "very interested" in this display.
Disclosure: the author of this post holds shares in eMagin