eMagin Corporation Reports Preliminary Fourth-Quarter 2022 Results
January 12 2023 - 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 fourth quarter of 2022
and 2022 year-end sales backlog.
The Company’s product revenue for the fourth
quarter is expected to be in the range of $7.6 million to $7.8
million, representing a 9% to 11% increase from the fourth quarter
of 2021, and a 9% to 11% sequential increase from the third quarter
of 2022. The Company’s contract revenue for the fourth quarter is
expected to be approximately $0.5 million, compared with $0.2
million in the fourth quarter of 2021. Total revenue for the fourth
quarter is expected to be in the range of $8.1 million to $8.3
million, compared with total revenue of $7.2 million for the fourth
quarter of 2021.
“We expect to end the year with a positive
fourth-quarter book-to-bill ratio on strong fourth-quarter bookings
that exceeded $7.8 million, positioning us well for the year
ahead,” said eMagin CEO Andrew G. Sculley. “Highlights included a
$1.6 million order for a military aviation program and a $1.0
million order from an eye care customer. These orders contributed
to a total year-end backlog of open orders of $16.7 million, 89% of
which is shippable during 2023.”
“Our fourth-quarter growth reflects a
continuation of our upward trend in manufacturing yields,
production throughput, and overall operating effectiveness,” said
eMagin CFO Mark Koch. “Moreover, Q4 2022 was the fifth consecutive
quarter in which eMagin achieved year-over-year growth in product
revenues and achieved quarterly product revenue levels exceeding $7
million.”
As of December 31, 2022, the Company’s
backlog of open orders scheduled for delivery over the next 12
months was approximately $14.8 million, an increase of 7%
from the 2021 year-end backlog of $13.8 million. As
of December 31, 2022, the Company had cash
of approximately $4.2 million, compared with cash of $3.9
million as of September 30, 2022 and $5.7 million as
of December 31, 2021. The Company’s revolving credit loan
balance was approximately $0.9 million on December
31, 2022, compared with $0.7 million on September
30, 2022 and $2.0 million as of December 31, 2021.
As previously announced, the Company has placed
orders for all of the advanced OLED manufacturing equipment
provided under its $34 million in Defense Production Act Title III
funding and $5 million in IBAS funding grants. The Company has
already integrated several major pieces of equipment into its
production line and anticipates delivery of an advanced,
production-capable, dPd organic deposition tool that is expected to
improve yield and throughput of this proprietary technology in the
second quarter of 2023.
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, 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 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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