Universal Display reported its Q3 2020 financial results, with revenues of $117 million (up from $58 million in Q2 2020 and $98 million in Q3 2019, and a net income of $40.5 million. UDC ended the quarter with with $673 million in cash and equivalents
UDC reports a significant pickup in customer orders in the third quarter, and the company expects full-year 2020 revenues to be in the range of $385 million to $400 million. UDC sees meaningful growth in the OLED industry in 2021 and beyond.
Regarding the development of its blue phosphorescent OLED emitter, UDC made the following comment: "We’re encouraged by the continued progress that we’re making on blue. But as we know until, we meet commercial specs initial commercial specs, we’re not going to provide any more details. But our confidence continues to grow due to the significant R&D progress that we are making to recognize blue continues to be work in progress."