Universal Display reported its financial results for Q3 2022, with revenues revenues reaching a record high of $161 million, and a net income of $53 million. The company reiterated its forecast for 2022, with revenues of approximately $600 million, plus or minus $10 million.
Looking ahead, UDC remains positive of the OLED industry, but the near-term OLED demand may fluctuate due to uncertainties in the macro economy. UDC sees 2024 as a "pivotal year" for the OLED industry, with several new 6-Gen and 8-Gen OLED fabs due in that year.
Regarding its OVJP OLED deposition technology project, UDC updated that it achieved a key performance milestone, as it is now able to print two layers, the red, green and blue phosphorescent emissive layer and the prime layer or electron blocking layer. UDC says that these OVJP printed RGB devices have comparable performance as OLED devices fabricated using traditional vacuum thermal evaporation.
UDC reiterated its estimation that it will be ready to introduce a commercial blue PHOLED material to the market in 2024.