Printed Electronics Now Staff08.18.20
eMagin Corporation announced results for the second quarter 2020.
"We have been deemed an essential business by the US government and as such, have continued to manufacture and ship products during the COVID-19 pandemic. Despite operating with an enhanced number of employee health and safety measures including social distancing, we were still able to significantly increase our revenue in the quarter both sequentially and year-over-year," said CEO Andrew G. Sculley.
"Our revenue increased 44% on a year-over-year basis and 15% sequentially, at the high end of our guidance that we gave on July 22. In addition to our revenue growth, we had solid bookings and growth of our backlog to $14.5 million, of which $13.2 million is shippable within the next 12 months.
"We received a significant affirmation of the strength of our products and technology in the quarter from the US government. In the past two months, we received two Department of Defense awards totaling $39.1 million. eMagin is the only US manufacturer of OLED microdisplays and our displays are used in many important US military programs," Sculley added.
"In terms of operations, we have fabricated full color displays using the newly upgraded and installed dPd tool in the second quarter. We plan to ship in small quantities to customers in the third quarter," continued Sculley. "In addition, we are continually making improvements in production processes."
Total revenues for the second quarter of 2020 were $7.7 million, an increase of approximately $2.3 million from revenues of $5.4 million reported in the prior year period, and an increase of $1 million from the first quarter of 2020.
Total gross margin for the second quarter was 26% on gross profit of $2 million compared to a gross margin of 4% on gross profit of $0.2 million in the prior year period. Operating loss for the second quarter of 2020 was $1.3 million compared to an operating loss of $2.9 million in the prior year period.
"We have been deemed an essential business by the US government and as such, have continued to manufacture and ship products during the COVID-19 pandemic. Despite operating with an enhanced number of employee health and safety measures including social distancing, we were still able to significantly increase our revenue in the quarter both sequentially and year-over-year," said CEO Andrew G. Sculley.
"Our revenue increased 44% on a year-over-year basis and 15% sequentially, at the high end of our guidance that we gave on July 22. In addition to our revenue growth, we had solid bookings and growth of our backlog to $14.5 million, of which $13.2 million is shippable within the next 12 months.
"We received a significant affirmation of the strength of our products and technology in the quarter from the US government. In the past two months, we received two Department of Defense awards totaling $39.1 million. eMagin is the only US manufacturer of OLED microdisplays and our displays are used in many important US military programs," Sculley added.
"In terms of operations, we have fabricated full color displays using the newly upgraded and installed dPd tool in the second quarter. We plan to ship in small quantities to customers in the third quarter," continued Sculley. "In addition, we are continually making improvements in production processes."
Total revenues for the second quarter of 2020 were $7.7 million, an increase of approximately $2.3 million from revenues of $5.4 million reported in the prior year period, and an increase of $1 million from the first quarter of 2020.
Total gross margin for the second quarter was 26% on gross profit of $2 million compared to a gross margin of 4% on gross profit of $0.2 million in the prior year period. Operating loss for the second quarter of 2020 was $1.3 million compared to an operating loss of $2.9 million in the prior year period.
