Armed with higher sales for 2020 and a solid backlog of orders heading into 2021, eMagin Corporation announced fourth-quarter and full-year results for 2020.
eMagin reported that fourth-quarter revenues were $7.7 million, compared with $7.3 million in the prior-year period. Contract revenues were $1.5 million, compared with $0.5 million a year ago, reflecting continued Direct Patterning Display (dPd) development work for tier-one consumer companies. Fourth-quarter 2020 display sales totaled $6.2 million, compared with sales of $6.8 million a year ago, reflecting the timing of certain orders with large military customers.
Full-year revenues increased to $29.4 million, compared with $26.7 million in the prior year, reflecting increases in both product and contract revenues. Higher contract revenues of $4.4 million in 2020 primarily reflect development work for a tier-one consumer company for an advanced display design and proof of concept for a consumer AR/VR device.
Net loss for the fourth quarter of 2020 was $3.7 million, or $0.05 per share, compared with a loss of $0.2 million, or $0.00 per share, in the same period of 2019. Adjusted EBITDA for the fourth quarter was negative $1.7 million, compared with $0.4 million in the prior-year period.
Operating loss for 2020 was $6.9 million, versus $5.6 million in 2019. Net loss for 2020 was $11.4 million, or $0.19 per diluted share. This compares to a net loss of $4.3 million, or $0.09 per diluted share, in 2019.
"In 2020, thanks to the courage and tireless efforts of our employees, we moved forward on several initiatives while increasing revenues, despite unfavorable conditions brought on by the pandemic," said eMagin CEO Andrew G. Sculley. "Last year, we announced the award of more than $39 million in government funding for the purchase of factory equipment to protect and enhance our ability to manufacture in our Hopewell Junction facility and we are proud to be the only US manufacturer of OLED microdisplays. We are on track with the program requirements and appreciate the support of the US military in helping to protect our vital US production line and the manufacturing jobs we provide."
"In December, we signed a long-term lease at our Hopewell Junction facility, and increased our manufacturing footprint by more than 25% to accommodate the new equipment and cleanroom funded by the US Department of Defense,” Sculley added.
"In the fourth quarter, we had strong bookings of $8.3 million, which led to a 22% increase in our backlog from the third quarter of 2020," said Mark Koch, the company's acting CFO. "During the fourth quarter, we received significant orders from night vision, eye care and veterinary customers. As of Dec. 31, 2020, our backlog of open orders was $12.2 million, including $10.9 million scheduled for delivery through Dec. 31 of this year."
"Overall, we continue to see strong interest in our high-brightness dPd technology and believe it to be the best display solution for AR/VR applications. We are making steady progress in developing our dPd technology and are targeting an initial brightness of 10,000 cd/m2 for the high-resolution prototypes we are producing for tier-one consumer companies,” Sculley added.
