eMagin Corporation Reports Preliminary Fourth-Quarter 2021 Results
January 20 2022 - 8:00AM
eMagin Corporation, or the “Company”,
(NYSE American: EMAN), a leader in the
development, design, and manufacture of high-resolution micro OLED
displays for virtual and augmented reality solutions, today
announced its preliminary revenues for the fourth quarter of 2021
and 2021 year-end sales backlog.
The Company’s product revenue for the fourth
quarter is expected to be in the range of $6.8 million and
$7.0 million, representing a 10% to 13% increase from the fourth
quarter of 2020, and a 28% to 32% sequential increase from the
third quarter of 2021. The Company’s contract revenue for the
fourth quarter is expected to be approximately $0.2 million,
compared with $1.5 million in the fourth quarter of 2020. Total
revenue for the fourth quarter is expected to be in the range of
$7.0 million to $7.2 million, compared with total revenue of $7.7
million for the fourth quarter of 2020.
“We expect to end the year with a positive
fourth-quarter book-to-bill ratio on strong fourth-quarter bookings
that exceeded $7.1 million, positioning us well for the year
ahead,” said eMagin CEO Andrew G. Sculley. “Our core military
business is benefitting from a ramp-up in volume of our existing
programs and we are actively pursuing several additional
programs.”
“Additionally, following the positive reception
among industry analysts and trade media for our greater than 10,000
cd/m2 Direct Patterning Display (dPd™) prototypes, which we
unveiled in October and believe to be the brightest
high-resolution, full-color OLED microdisplays in the world, we
continue to have active discussions with customers regarding a
variety of consumer, industrial and military applications. We look
forward to sharing additional details regarding our product roadmap
and fourth quarter results on our fourth-quarter conference call in
March.”
“Our expected fourth quarter 2021 growth in
product revenue compared to last year’s fourth quarter reflects
continued improvements in our manufacturing yields, production
throughput and overall operating effectiveness,” said eMagin CFO
Mark Koch. “The expected quarter-over-quarter decline in contract
revenue was primarily due to the timing of certain development work
for a tier-one consumer customer. eMagin is continuing to work on
this project and anticipates ongoing contract revenue with this
customer.”
As of December 31, 2021, the Company’s
backlog of open orders scheduled for delivery over the next twelve
months, was approximately $13.8 million, an increase of
more than 26% from the backlog of $10.9 million at the
end of 2020, and an increase of approximately 5% from the $13.2
million backlog as of the end of the third quarter of 2021. As
of December 31, 2021, the Company had cash
of approximately $5.4 million compared with cash
of $8.3 million as of December 31, 2020,
and $7.3 million as of September 30, 2021. The
Company’s revolving credit loan balance was approximately $1.9
million on December 31, 2021, compared with $2.0
million on September 30, 2021, and $1.9 million as
of December 31, 2020.
As previously announced, the Company has been
designing, specifying, and ordering advanced OLED manufacturing
equipment under its $34 million in Defense Production Act Title III
funding and $5 million IBAS funding grants. The Company has placed
orders for all major pieces of equipment funded by these programs,
including an order for an advanced, production-capable dPd organic
deposition tool that is expected to improve yield and throughput of
this innovative technology by the end of 2023. Overall, the Company
remains on track and on budget with the requirements of these
important government grants and anticipates improvements in
manufacturing yield and reliability over the next 24 months as this
equipment is qualified and added to the production line.
About eMagin CorporationeMagin is the
leader in OLED microdisplay technology, enabling the visualization
of digital information and imagery for world-class customers in the
military, consumer, medical and industrial markets. The Company
invents, engineers, and manufactures display technologies of the
future and is the only manufacturer of OLED displays in the United
States. eMagin's Direct Patterning Technology (dPd™) will transform
the way the world consumes information. Since 2001, eMagin's
microdisplays have been used in AR/VR, aircraft helmets, heads-up
display systems, thermal scopes, night vision goggles, future
weapon systems and a variety of other applications. For more
information, please visit www.emagin.com.
Forward-Looking Statements and Statement on Preliminary
Results
The foregoing information reflects management’s estimate
with respect to total revenues and other financial metrics
including backlog, cash and borrowing availability, based on
currently available information, which is preliminary and
unaudited, is not a comprehensive statement of eMagin’s financial
results and is subject to completion of the Company’s financial
closing procedures. The final results that will be issued upon
completion of the Company’s closing procedures may vary from these
preliminary estimates.
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, including those regarding eMagin Corporation’s
expectations, intentions, strategies, and beliefs pertaining to
future events or future financial performance. Actual events or
results may differ materially from those in the forward-looking
statements as a result of various important factors, including
those described in the Company’s most recent filings with
the SEC. For a more complete description of the risks that
could cause our actual results to differ from our current
expectations, please see the section entitled “Risk Factors” in
eMagin’s Annual Report on Form 10-K for the fiscal year
ended December 31, 2020 and in any Form 10-Q filed by
eMagin, and in other documents we file with the SEC from time to
time.
Source: eMagin Corporation
eMagin CorporationMark A. KochChief Financial
Officer845-838-7951mkoch@emagin.com
Sharon Merrill Associates, Inc.Nicholas ManganaroVice
President617-542-5300eman@investorrelations.com
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