Company Anticipates Increased Third-quarter Revenues in the Range of $7.4 million to $7.6 million
Company is Scheduled to Announce Third Quarter 2022 Results on November 10, 2022
HOPEWELL JUNCTION, N.Y., Oct. 25, 2022 (GLOBE NEWSWIRE) -- 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 its preliminary revenues for the third quarter of 2022 and sales backlog as of September 30, 2022. The Company will release its full third-quarter results on Thursday, November 10, 2022.
The Company currently estimates revenues for the third quarter of 2022 will be in the range of $7.4 million and $7.6 million, which would represent a 28% to 31% increase from revenues of $5.8 million for the third quarter of 2021. The estimated improvement in year-over-year product revenues reflects strength in military demand, increased revenue contributions from medical customers, as well as higher contract revenue related to the timing of development activities. This would be the fourth consecutive quarter in which the Company realized year-over-year increases in throughput and product revenues of more than $7.0 million.
"As we expected, our display sales increased during the third quarter of 2022, reflecting strong military shipments and increased veterinary and surgical revenues," said eMagin CEO Andrew G. Sculley. "We expect to report total backlog of $16.6 million, which reflects continued strength in military markets and compares favorably to prior year’s third quarter backlog of $14.9 million. We look forward to sharing additional details of our third quarter results on our quarterly conference call scheduled for November 10th."
Management will host a conference call and simultaneous webcast at 9:00 a.m. ET on November 10, 2022, to discuss quarterly results, business highlights and outlook. The live, listen-only webcast will be accessible on the Company’s Investor Relations website via https://www.emagin.com/investors/event-webcast. A replay of the event will be available approximately one hour after the live event. To join the conference call participants will need to register with this link. Participants will receive an individualized dial-in number and PIN after registering for the call.
About eMagin Corporation
eMagin 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, are 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.
Mark A. Koch, Chief Financial Officer
Sharon Merrill Associates, Inc.