eMagin, the OLED microdisplay maker, reported their financial results for Q3 2015. Revenues were $5.4 million - down from $7 million in Q2 2015 due to a decrease in both product sales and R&D contract revenue. Net loss was $2.2 million, and eMagin currently has $5.1 million in cash and equivalents.
eMagin decreased its revenue guidance for 2015 and now anticipates annual revenues of $24 million or above. A couple of months ago eMagin has entered into an agreement with Craig-Hallum Capital Group that will allow them to raise up to $4.5 million.
There are some good news too, though. eMagin says they continue to make "substantial progress" in the development of ultra high brightness directly patterned displays, and delivered samples of two-color directly patterned displays to one of their avionics customers. These two-color displays can be modified, interestingly, to create a full-color pentile-like display, which may be an intermediate step before they manage to produce a full-color side-by-side RGB display.
eMagin was also awarded two new small development program sub-contracts which aim to investigate improved OLED micro-display design and performance, and reports that more than 15 customers ordered small quantities of new displays (DSVGA, SXGA096 and XLS/XLT high brightness OLEDs) for testing purposes.
Towards the end of 2014 eMagin announced it is developing a high-resolution (2K x 2K) OLED microdisplay based VR headset. You can see the headset prototype above, and eMagin says that they are developing another unique headset which will be out next year, hopefully.
eMagin says that they continue to supply samples of microdisplays to Tier-1 companies working on VR and AR applications. These will require very large volume of displays compared to eMagin's current capacity and the company is in talks with potential foundry partners and will also require a large investment in in-house capacity. eMagin is also supporting a project with a Tier-1 company on a new design for VR applications.
Sources: Seeking Alpha
Disclosure: the author of this post holds shares in eMagin