eMagin Corporation Reports Preliminary Second Quarter 2022 Results
July 21 2022 - 8:30AM
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 second quarter of 2022
and sales backlog as of June 30, 2022.
The Company currently estimates revenues in the
second quarter of 2022 will be between $7.0 million to $7.2
million, which would represent an 11% to 14% increase from revenues
of $6.3 million for the second quarter of 2021. The estimated
improvement in year-over-year revenues reflects strength in
military demand as well as increased revenue contributions from
medical customers, partially offset by decreases in contract
revenue related to the timing of development activities. As of June
30, 2022, the Company’s backlog of open orders was $14.3 million,
including $12.8 million of orders that were shippable within 12
months.
"As we expected, our display sales increased
during the second quarter of 2022, reflecting strong military
shipments and increased veterinary and surgical revenues," said
Andrew Sculley, President and Chief Executive Officer. "Our total
backlog of $14.3 million reflects continued strength in military
markets and compares favorably to the prior year's backlog of $10.3
million. We look forward to sharing additional details of our
second quarter results on our quarterly conference call in
August."
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, 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, 2021, and in any Form 10-Q filed by
eMagin, and in other documents we file with the SEC from time to
time.
Source: eMagin CorporationeMagin CorporationMark A.
KochChief Financial Officer845-838-7951mkoch@emagin.com
Sharon Merrill Associates, Inc.Nicholas ManganaroVice
President617-542-5300eman@investorrelations.com
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