eMagin Corporation, or the “Company,”
(NYSE American: EMAN), a leader in the
development, design and manufacture of Active Matrix OLED
microdisplays for high-resolution, AR/VR and other near-eye imaging
products, today announced results for its fourth quarter and
full-year 2021.
“Thanks to our skilled workforce and their
dedication to our mission of producing the world’s leading OLED
microdisplays, 2021 was a year of great technical achievement for
eMagin,” said eMagin CEO Andrew G. Sculley. “We ended the year with
strong shipments of displays used in the Enhanced Night Vision
Goggle–Binocular (ENVG-B) program, as we continue work on this
advanced goggle to provide superior situational awareness,
mobility, lethality and protection on the battlefield. The ENVG-B
incorporates rapid target acquisition, which allows soldiers to
fire around corners, and employs AR technology to deliver real-time
video and target information through eMagin displays. The reception
among soldiers in the field has been very positive, including
praise for the ruggedness and reliability of the device.
“Our core military business is benefitting from
a ramp-up in volume of our existing programs and we are actively
pursuing several others, as well as opportunities in defense
markets for thermal weapons sights. This year, we expect to
continue to ship displays under the ENVG-B program and to compete
for other large U.S. military programs. In addition, we expect to
capitalize on improved yields and capacity as we install new,
advanced-production machinery purchased under our Defense
Production Act Title III and IBAS funding grants.
“In 2022, we look forward to demonstrating our
dPd technology to more consumer-oriented customers and continuing
our business development efforts in the eye care, surgical and
veterinary markets. At the same time, we expect to benefit from
contributions of new engineering talent that joined eMagin in late
2021.”
2021 Business and Operational
Highlights
- Qualification of eMagin’s
high-brightness, XLE display of more than five times the brightness
of the displays the Company currently ships
- New display products developed and
launched for the medical market
- Ongoing product shipments for the
ENVG-B night vision program, with positive customer feedback
- R&D milestones related to
eMagin’s Direct Patterning Technology (dPd™) technology, including
new patents and the introduction of a new prototype for a
widescreen ultra-extended graphics array (WUXGA) (1920x1200 pixels)
to achieve over 10,000 cd/m2 of maximum luminance, which the
Company believes is the world’s brightest high-resolution,
full-color OLED microdisplay
- Showcasing the WUXGA dPd OLED
microdisplay in the AR headsets of an eMagin customer
- Ongoing work to build
proof-of-concept displays for AR/VR applications with a tier-one
consumer electronics company
- Stabilized manufacturing yield in
the fourth quarter, leading to anticipated improvements in
2022
- Manufacturing equipment
acquisitions and installation on track and within requirements of
the U.S. Defense Production Act Title III and IBAS programs
- 26% year-over increase in order
backlog
- Inclusion in the Russell Microcap
Index
Fourth-Quarter Results
Total revenues for the fourth quarter of 2021
were $7.2 million, a decrease of $0.5 million from $7.7 million in
the prior-year period, and a sequential increase of $1.4 million
from the third quarter of 2021. Total revenues consist of both
product revenues and contract revenues.
Product revenues for the fourth quarter of 2021
were $7.0 million, an increase of $0.8 million from product
revenues of $6.2 million reported in the prior-year period, and an
increase of $1.7 million compared with the third quarter of 2021.
The year-over-year quarterly increase in product revenue was due
primarily to the timing of certain orders from prime defense
contractors and shipments under the Company’s ENVG-B program. This
was partially offset by approximately $1.1 million in
fourth-quarter shipments that were delayed into 2022 due to
capacity constraints related to unexpected machine downtime.
Contract revenues were $0.2 million, compared
with $1.5 million in the prior-year period, due to the timing of
activities under the Company’s development agreement with a
tier-one consumer customer that is milestone-based rather than
uniformly distributed each month.
Total gross margin for the fourth quarter was
24% on gross profit of $1.8 million, compared with gross margin of
16% on gross profit of $1.3 million in the prior-year period. The
increase in gross margin was due to higher product revenues,
increased production, and absorption of fixed cost into inventory,
as well as improved yields during the fourth quarter of 2021.
Operating expenses for the fourth quarter of
2021, including R&D expenses, were $3.5 million, compared with
$3.6 million in the prior-year period. Operating expenses as a
percentage of sales were 49% in the fourth quarter of 2021,
compared with 47% in the prior-year period. R&D expenses as a
percentage of sales were higher in the fourth quarter of 2021 due
to lower costs allocated to contract cost of goods sold. SG&A
expenses were lower in the fourth quarter versus the prior-year
period due primarily to a reduction in legal costs.
In the fourth quarter of 2021, operating loss
was $1.8 million, compared with $2.4 million in the prior-year
period.
Despite the operating loss, net income allocated
to common shares for the fourth quarter of 2021 was $0.9 million,
or $0.01 per share, due to $3.1 million in income related to a
non-cash change in the fair value of the warrant liability during
the fourth quarter. Excluding the impact of the change in the
warrant liabilities in both quarters, net loss was $2.2 million, or
$0.03 per share, on a fully-diluted basis, compared with a loss of
$2.4 million, or $0.04 per share, in the prior-year period.
Adjusted EBITDA for the fourth quarter was
negative $0.8 million, compared with negative $1.7 million in the
prior-year period.
As of the end of 2021, the Company’s backlog of
open orders scheduled for delivery over the next year was $13.8
million, which represented a 26% increase from the end of 2020.
In response to ongoing supply-chain, capacity
and pricing pressures, the Company continues to monitor its wafer
suppliers and is creating backplane designs suitable for
alternative foundries to be able to optimize its allocations. In
addition, the Company has implemented product price increases for
2022.
Full-Year Results
Revenues for 2021 were $26.0 million, down 12%
from $29.4 million in 2020. Product revenues totaled $24.2 million,
representing a 3% decrease from $25.0 million in 2020, primarily
due to unexpected downtime of manufacturing equipment and resulting
capacity constraints, resulting in approximately $1.1 million in
late orders that did not ship during 2021. Contract revenues
totaled approximately $1.9 million, representing a 57% decrease
from $4.4 million in 2020. Contract revenues primarily reflected
development work for an advanced display design and
proof-of-concept for a consumer AR/VR device. This work is expected
to continue through 2022. Contract revenues are milestone-based and
not uniformly distributed throughout the project duration.
Gross margin for 2021 was 18%, compared with 22%
in 2020. Gross margin for 2021 was primarily impacted by decreases
in contract revenue gross profit related to the timing of
activities under the Company’s agreement for development work with
its tier-one consumer customer.
Operating expenses for 2021, including R&D
expenses, were $14.6 million, compared with $13.3 million in 2020.
The majority of the increase was due to materials and other
overhead costs related to the development and qualification of the
Company’s higher-brightness XLE and dPd displays, as well as a
decrease of $0.8 million in costs allocated to contract costs of
goods sold relative to 2020, due to lower contract revenues in
2021.
Operating loss for 2021 was $10.0
million, versus $6.9 million in 2020. Net loss for
2021 was $5.2 million, or $0.07 per share. This
compares with a net loss of $11.4
million, or $0.19 per share, in 2020. Excluding the
impact of the non-cash change in the fair value of the warrant
liability for both years, net loss for 2021 was $0.12 per share,
versus a net loss of $0.11 per share in 2020.
Adjusted EBITDA for the year was negative $4.1
million, compared with negative $4.4 million in the prior year.
As disclosed in its Form 10-K for the year
ending December 31, 2021, the Company received an audit
opinion with a going concern qualification.
Balance Sheet Highlights
The Company’s financial position as of
December 31, 2021 reflects a total of $5.7 million in
unrestricted cash and cash equivalents, a year-over-year decrease
of $2.6 million. This is in addition to $0.8 million of cash
restricted for purchases of equipment under Title III and IBAS
government grants. The Company had $2.0 million in outstanding
borrowings and $2.3 million in credit availability under its
revolving credit facility as of year-end 2021. This compares with
outstanding borrowings of $1.9 million and borrowing availability
of $2.1 million at year-end 2020.
In November 2021, the Company entered into an
at-the-market, or ATM, facility with H.C. Wainwright, pursuant to
which eMagin may currently offer and sell shares of common stock
having an aggregate offering price of up to $10.0 million. The
Company anticipates that the ATM facility will provide additional
liquidity during 2022.
Conference Call and Webcast
InformationManagement will host a conference call and
simultaneous webcast at 9 a.m. ET on Thursday, March 10, 2022,
to discuss eMagin’s quarterly and year-end results, business
highlights and outlook. To join the live listen-only webcast,
please visit the Company’s Investor Relations website at
https://www.emagin.com/investors/event-webcast. To join the
conference call, dial 1-844-308-1725 in the United States, or
1-929-517-0939 internationally. The passcode is 3728878.
Participants are encouraged to join at least 10 minutes before the
start of the call. An archive of the webcast will be available
approximately one hour after the live call.
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, and commercial, including 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, weapon systems and a variety of other
applications. For more information, please visit
www.emagin.com.
Important Cautionary Information Regarding
Forward-Looking StatementsThis press release contains
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934, 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 risk factors 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,
2021.
ContacteMagin CorporationMark A. KochChief
Financial Officer845-838-7900investorrelations@emagin.com
Sharon Merrill Associates, Inc. Nicholas ManganaroVice
President617-542-5300eman@investorrelations.com
eMAGIN CORPORATIONCONSOLIDATED BALANCE SHEETS(In
thousands, except share data)
|
|
|
|
|
|
|
|
|
December 31, |
|
December 31, |
|
|
2021 |
|
|
2020 |
|
ASSETS |
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
5,724 |
|
|
$ |
8,315 |
|
Restricted cash |
|
|
806 |
|
|
|
2,111 |
|
Accounts receivable, net |
|
|
4,488 |
|
|
|
5,314 |
|
Account receivable-due from
government awards |
|
|
292 |
|
|
|
1,013 |
|
Unbilled accounts
receivable |
|
|
1,102 |
|
|
|
253 |
|
Inventories |
|
|
7,632 |
|
|
|
8,379 |
|
Prepaid expenses and other
current assets |
|
|
691 |
|
|
|
943 |
|
Total current
assets |
|
|
20,735 |
|
|
|
26,328 |
|
Property, plant and equipment,
net |
|
|
30,483 |
|
|
|
21,132 |
|
Operating lease right - of -
use assets |
|
|
113 |
|
|
|
50 |
|
Intangibles and other
assets |
|
|
37 |
|
|
|
126 |
|
Total
assets |
|
$ |
51,368 |
|
|
$ |
47,636 |
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
1,348 |
|
|
$ |
1,206 |
|
Accrued compensation |
|
|
1,664 |
|
|
|
1,628 |
|
Paycheck Protection Program
loan - current |
|
|
— |
|
|
|
982 |
|
Revolving credit facility,
net |
|
|
1,974 |
|
|
|
1,875 |
|
Common stock warrant
liability |
|
|
1,374 |
|
|
|
4,622 |
|
Other accrued expenses |
|
|
722 |
|
|
|
1,693 |
|
Deferred revenue |
|
|
54 |
|
|
|
425 |
|
Operating lease liability -
current |
|
|
60 |
|
|
|
51 |
|
Finance lease liability -
current |
|
|
1,133 |
|
|
|
1,027 |
|
Other current liabilities |
|
|
608 |
|
|
|
757 |
|
Total current
liabilities |
|
|
8,937 |
|
|
|
14,266 |
|
Other liability - long
term |
|
|
28 |
|
|
|
56 |
|
Paycheck Protection Program
loan - long term |
|
|
— |
|
|
|
982 |
|
Deferred Income - government
awards - long term |
|
|
12,458 |
|
|
|
4,309 |
|
Operating lease liability -
long term |
|
|
54 |
|
|
|
— |
|
Finance lease liability - long
term |
|
|
11,647 |
|
|
|
11,783 |
|
Total
liabilities |
|
|
33,124 |
|
|
|
31,396 |
|
|
|
|
|
|
|
|
Commitments and contingencies
(Note 15) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders’
equity: |
|
|
|
|
|
|
Preferred stock, $0.001 par
value: authorized 10,000,000 shares: |
|
|
|
|
|
|
Series B Convertible Preferred
stock, (liquidation preference of $5,659) stated value $1,000 per
share, $0.001 par value: 10,000 shares designated and 5,659 issued
and outstanding as of December 31, 2021 and December 31, 2020. |
|
|
— |
|
|
|
— |
|
Common stock, $0.001 par
value: authorized 200,000,000 shares, issued 72,931,490 shares,
outstanding 72,769,424 shares as of December 31, 2021 and issued
68,890,819 shares, outstanding 68,728,753 shares as of December 31,
2020. |
|
|
72 |
|
|
|
69 |
|
Additional paid-in
capital |
|
|
275,936 |
|
|
|
268,729 |
|
Accumulated deficit |
|
|
(257,264 |
) |
|
|
(252,058 |
) |
Treasury stock, 162,066 shares
as of December 31, 2021 and December 31, 2020. |
|
|
(500 |
) |
|
|
(500 |
) |
Total shareholders’
equity |
|
|
18,244 |
|
|
|
16,240 |
|
Total liabilities and
shareholders’ equity |
|
$ |
51,368 |
|
|
$ |
47,636 |
|
eMAGIN CORPORATIONCONSOLIDATED STATEMENTS OF
OPERATIONS(In thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
|
|
December 31, |
|
December 31, |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Product |
|
$ |
7,016 |
|
|
$ |
6,170 |
|
|
$ |
24,176 |
|
|
$ |
25,042 |
|
Contract |
|
|
196 |
|
|
|
1,512 |
|
|
|
1,870 |
|
|
|
4,382 |
|
Total revenues,
net |
|
|
7,212 |
|
|
|
7,682 |
|
|
|
26,046 |
|
|
|
29,424 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product |
|
|
5,345 |
|
|
|
5,901 |
|
|
|
20,480 |
|
|
|
21,054 |
|
Contract |
|
|
112 |
|
|
|
518 |
|
|
|
973 |
|
|
|
2,005 |
|
Total cost of
revenues |
|
|
5,457 |
|
|
|
6,419 |
|
|
|
21,453 |
|
|
|
23,059 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit |
|
|
1,755 |
|
|
|
1,263 |
|
|
|
4,593 |
|
|
|
6,365 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
1,677 |
|
|
|
1,402 |
|
|
|
6,976 |
|
|
|
5,715 |
|
Selling, general and
administrative |
|
|
1,862 |
|
|
|
2,233 |
|
|
|
7,579 |
|
|
|
7,567 |
|
Total operating
expenses |
|
|
3,539 |
|
|
|
3,635 |
|
|
|
14,555 |
|
|
|
13,282 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations |
|
|
(1,784 |
) |
|
|
(2,372 |
) |
|
|
(9,962 |
) |
|
|
(6,917 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other (expense)
income: |
|
|
|
|
|
|
|
|
|
|
|
|
Change in fair value of common
stock warrant liability |
|
|
3,072 |
|
|
|
(1,295 |
) |
|
|
3,248 |
|
|
|
(4,599 |
) |
Interest expense, net |
|
|
(226 |
) |
|
|
(87 |
) |
|
|
(851 |
) |
|
|
(132 |
) |
Gain on forgiveness of
debt |
|
|
— |
|
|
|
— |
|
|
|
1,963 |
|
|
|
— |
|
Other income, net |
|
|
82 |
|
|
|
37 |
|
|
|
396 |
|
|
|
200 |
|
Total other income
(expense) |
|
|
2,928 |
|
|
|
(1,345 |
) |
|
|
4,756 |
|
|
|
(4,531 |
) |
Loss before provision
for income taxes |
|
|
1,144 |
|
|
|
(3,717 |
) |
|
|
(5,206 |
) |
|
|
(11,448 |
) |
Income taxes |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
1,144 |
|
|
$ |
(3,717 |
) |
|
$ |
(5,206 |
) |
|
$ |
(11,448 |
) |
Less net income allocated to
participating securities |
|
|
235 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net loss allocated to
common shares |
|
$ |
909 |
|
|
$ |
(3,717 |
) |
|
$ |
(5,206 |
) |
|
$ |
(11,448 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per share, basic |
|
$ |
0.01 |
|
|
$ |
(0.05 |
) |
|
$ |
(0.07 |
) |
|
$ |
(0.19 |
) |
Loss per share, diluted |
|
$ |
(0.03 |
) |
|
$ |
(0.05 |
) |
|
$ |
(0.12 |
) |
|
$ |
(0.19 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
72,563 |
|
|
|
67,620 |
|
|
|
71,899 |
|
|
|
60,458 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
|
73,217 |
|
|
|
67,620 |
|
|
|
73,179 |
|
|
|
60,458 |
|
eMAGIN CORPORATIONCONSOLIDATED STATEMENTS OF CASH
FLOWS(In thousands)
|
|
|
|
|
|
|
|
|
Twelve Months Ended |
|
|
December 31, |
|
|
2021 |
|
|
2020 |
|
Cash flows from
operating activities: |
|
|
|
|
|
|
Net loss |
|
$ |
(5,206 |
) |
|
$ |
(11,448 |
) |
Adjustments to
reconcile net loss to net cash used in operating
activities: |
|
|
|
|
|
|
Depreciation and
amortization |
|
|
2,815 |
|
|
|
2,112 |
|
Change in fair value of common
stock warrant liability |
|
|
(3,248 |
) |
|
|
4,599 |
|
Loss on sale of equipment |
|
|
— |
|
|
|
19 |
|
Gain on forgiveness of
debt |
|
|
(1,963 |
) |
|
|
— |
|
Stock-based compensation |
|
|
650 |
|
|
|
158 |
|
Amortization of operating
lease right-of-use assets |
|
|
(63 |
) |
|
|
698 |
|
Changes in operating
assets and liabilities: |
|
|
|
|
|
|
Accounts receivable |
|
|
1,547 |
|
|
|
(1,348 |
) |
Unbilled accounts
receivable |
|
|
(849 |
) |
|
|
(98 |
) |
Inventories |
|
|
747 |
|
|
|
453 |
|
Prepaid expenses and other
current assets |
|
|
128 |
|
|
|
187 |
|
Deferred revenues |
|
|
(371 |
) |
|
|
148 |
|
Operating lease
liabilities |
|
|
187 |
|
|
|
(730 |
) |
Accounts payable, accrued
expenses, and other current liabilities |
|
|
(1,805 |
) |
|
|
353 |
|
Net cash used in
operating activities |
|
|
(7,431 |
) |
|
|
(4,897 |
) |
Cash flows from
investing activities: |
|
|
|
|
|
|
Purchase of equipment |
|
|
(1,420 |
) |
|
|
(1,089 |
) |
Purchase of equipment,
government grant |
|
|
(10,475 |
) |
|
|
(1,411 |
) |
Proceeds from sale of
equipment |
|
|
— |
|
|
|
50 |
|
Net cash used in
investing activities |
|
|
(11,895 |
) |
|
|
(2,450 |
) |
Cash flows from
financing activities: |
|
|
|
|
|
|
Borrowings (repayments) under
revolving line of credit, net |
|
|
99 |
|
|
|
(1,016 |
) |
Proceeds from public offering,
net |
|
|
183 |
|
|
|
9,783 |
|
Proceeds from Paycheck
Protection Program loan |
|
|
— |
|
|
|
1,963 |
|
Change in finance lease
liabilities |
|
|
(293 |
) |
|
|
(17 |
) |
Proceeds from government
grant |
|
|
9,064 |
|
|
|
3,505 |
|
Proceeds from warrant
exercise |
|
|
5,652 |
|
|
|
40 |
|
Proceeds from exercise of
stock options |
|
|
725 |
|
|
|
— |
|
Net cash provided by
financing activities |
|
|
15,430 |
|
|
|
14,258 |
|
Net (decrease)
increase in cash, cash equivalents, and restricted
cash |
|
|
(3,896 |
) |
|
|
6,911 |
|
Cash, cash
equivalents, and restricted cash, beginning of period |
|
|
10,426 |
|
|
|
3,515 |
|
Cash, cash
equivalents, and restricted cash, end of period |
|
$ |
6,530 |
|
|
$ |
10,426 |
|
Cash, cash equivalents, end of
period |
|
|
5,724 |
|
|
|
8,315 |
|
Restricted cash, end of
period |
|
|
806 |
|
|
|
2,111 |
|
|
|
|
|
|
|
|
Supplementary Cash
Flow Information |
|
|
|
|
|
|
Cash paid for interest |
|
$ |
851 |
|
|
$ |
52 |
|
Cash paid for income
taxes |
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
Non-cash
activities: |
|
|
|
|
|
|
Right-of-use assets obtained
in exchange for finance lease liabilities |
|
$ |
263 |
|
|
$ |
12,706 |
|
Non-GAAP Financial Measures
To supplement the Company’s consolidated
financial statements presented on a GAAP basis; the Company has
provided non-GAAP financial information, namely earnings before
interest, taxes, depreciation and amortization, and non-cash
compensation expense (“Adjusted EBITDA”). The Company’s management
believes that this non-GAAP measure provides investors with a
better understanding of how the results relate to the Company’s
historical performance. The additional adjusted information is not
meant to be considered in isolation or as a substitute for GAAP
financial statements. Management believes that these adjusted
measures reflect the essential operating activities of the Company.
A reconciliation of non-GAAP financial information appears
below.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
|
|
December 31, |
|
December 31, |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
1,144 |
|
|
$ |
(3,717 |
) |
|
$ |
(5,206 |
) |
|
$ |
(11,448 |
) |
Non-cash compensation |
|
|
181 |
|
|
|
11 |
|
|
|
650 |
|
|
|
158 |
|
Change in fair value of common
stock warrant liability |
|
|
(3,072 |
) |
|
|
1,295 |
|
|
|
(3,248 |
) |
|
|
4,599 |
|
Depreciation and intangibles
amortization expense |
|
|
705 |
|
|
|
631 |
|
|
|
2,815 |
|
|
|
2,112 |
|
Interest expense |
|
|
226 |
|
|
|
87 |
|
|
|
851 |
|
|
|
132 |
|
Adjusted EBITDA |
|
$ |
(816 |
) |
|
$ |
(1,693 |
) |
|
$ |
(4,138 |
) |
|
$ |
(4,447 |
) |
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