China-based AMOLED producer Everdisplay (EDO) reported its financial results for the first half of 2023. The company's income was 1.373 billion yuan ($189 million USD), a decrease of 23.4% from the first half of 2022. The company's loss was 1.296 billion yuan ($178 million USD), an increase of 173% from 2022.
Everdisplay attributes its loss to the global economic recession that results in weak demand for consumer electronics, and also to the overcapacity in the industry which leads to aggressive pricing by OLED makers. In addition to the market conditions, Everdisplay's interest expenses has increased and exchange rate fluctuations results in more losses.
In order to overcome its challenges, Everdisplay has expanded its R&D in an effort to develop differentiating new technologies.
EDO is focusing on OLED panels for smartphones and wearables. In 2020 the company also started to produce laptop and tablet displays - EDO is now producing 11", 12.8" and 15.6" rigid and foldable AMOLED displays for tablets and laptops. We list many EDO OLED displays in the OLED Marketplace. The company is also entering the automotive OLED display market.
EverDisplay was the first Chinese OLED maker when it started mass producing 5" 720p AMOLED displays towards the end of 2014 in its 4.5-Gen line in Shanghai. The company's 2nd fab is a 6-Gen flexible AMOLED fab also in Shanghai, that has a monthly capacity of 30,000 substrates. In 2022 it was reported that EDO is building a new production line at its Shanghai fab, adding a further monthly capacity of 15,000 substrates. Trial production at the new production line is expected by the end of 2023.