05.14.18
eMagin Corporation announced financial results for the first quarter ended March 31, 2018.
Revenues for the first quarter of 2018 grew 13% to $6.9 million, an increase of $0.8 million from revenues of $6.1 million reported a year ago and up sequentially by $0.5 million from the fourth quarter of 2017.
Product revenues increased 34% to $5.9 million compared to $4.4 million in the first quarter of 2017. The year-on-year increase in product revenue was due to an increase in display revenues from the ramp up of new US military programs and increased demand by international customers.
“We had a strong start to the year for our commercial initiatives as well as our military programs,” said Andrew Sculley, president and CEO. “In addition, we are making important strides in our manufacturing processes that have contributed to improvement in yields and increased throughput.
“We are seeing broader, accelerating interest within the consumer AR/VR market,” Sculley added. “New opportunities continue to surface for our high brightness, direct patterned OLED microdisplays. Consistently, we hear from prospects in the consumer segment that our cutting-edge technology is a key enabler for next generation HMD products. I am happy to say that the design of our next generation display is on track and going well. We look forward to having prototypes available for customers by year end 2018 or early 2019.”
“Our military business continues to grow, and we saw increased bookings from our U.S programs as well as from foreign military customers,” Sculley continued. “At March 31st, our product backlog was $11.8 million, an increase of over 20% from the $9.8 million backlog at December 31, 2017. We are supporting many programs that the US military considers to be of high importance, including applications for night vision, thermal weapon sights, see-through HMD systems for mounted and dismounted missions as well as aviation helmet upgrades and prototypes for next generation helmet systems.”
Overall gross margin for the first quarter was 29% on gross profit of $2.0 million compared to a gross margin of 30% on gross profit of $1.8 million in the prior year period. Operating loss for the first quarter was $2.6 million versus an operating loss of $2.0 million in the first quarter of last year. Net loss for the first quarter of 2018 was $2.1 million, or $0.05 per diluted share, compared to a net loss of $2.0 million, or $0.06 per diluted share, in the first quarter of 2017.
Revenues for the first quarter of 2018 grew 13% to $6.9 million, an increase of $0.8 million from revenues of $6.1 million reported a year ago and up sequentially by $0.5 million from the fourth quarter of 2017.
Product revenues increased 34% to $5.9 million compared to $4.4 million in the first quarter of 2017. The year-on-year increase in product revenue was due to an increase in display revenues from the ramp up of new US military programs and increased demand by international customers.
“We had a strong start to the year for our commercial initiatives as well as our military programs,” said Andrew Sculley, president and CEO. “In addition, we are making important strides in our manufacturing processes that have contributed to improvement in yields and increased throughput.
“We are seeing broader, accelerating interest within the consumer AR/VR market,” Sculley added. “New opportunities continue to surface for our high brightness, direct patterned OLED microdisplays. Consistently, we hear from prospects in the consumer segment that our cutting-edge technology is a key enabler for next generation HMD products. I am happy to say that the design of our next generation display is on track and going well. We look forward to having prototypes available for customers by year end 2018 or early 2019.”
“Our military business continues to grow, and we saw increased bookings from our U.S programs as well as from foreign military customers,” Sculley continued. “At March 31st, our product backlog was $11.8 million, an increase of over 20% from the $9.8 million backlog at December 31, 2017. We are supporting many programs that the US military considers to be of high importance, including applications for night vision, thermal weapon sights, see-through HMD systems for mounted and dismounted missions as well as aviation helmet upgrades and prototypes for next generation helmet systems.”
Overall gross margin for the first quarter was 29% on gross profit of $2.0 million compared to a gross margin of 30% on gross profit of $1.8 million in the prior year period. Operating loss for the first quarter was $2.6 million versus an operating loss of $2.0 million in the first quarter of last year. Net loss for the first quarter of 2018 was $2.1 million, or $0.05 per diluted share, compared to a net loss of $2.0 million, or $0.06 per diluted share, in the first quarter of 2017.
