05.17.21
Driven by sales in a wide range of products, eMagin Corporation had a successful first quarter, which ended March 31, 2021.
"Our first quarter of 2021 was marked by continued strength in our product sales, which offset decreases in certain government contract work," said eMagin CEO Andrew G. Sculley. "We saw recovery in sales across a number of markets that were impacted by the pandemic, as well as an overall increase in international sales.
"We continued to supply sole-sourced displays under the Enhanced Night Vision Goggle-Binocular (ENVG-B) program, as well as other key military programs worldwide. eMagin is a proud supplier of the microdisplays that provide critical information to our soldiers in the battlefield, and we are the only manufacturer of OLED microdisplays in the United States,” Sculley added.
"Bookings in the first quarter saw significant diversity across market segments and geography. We experienced a strong uptick in order activity from our medical and veterinary customers, as well as thermal sights for hunting and military applications. We expect these areas will continue to grow as the pandemic subsides. Internationally, we saw strong orders across multiple product segments. In all, as of March 31, our sales backlog was $10.7 million,” he noted.
"As a result of the long-term lease we signed last quarter, we have increased our manufacturing footprint by more than 25% and are underway in ordering and installing new equipment funded by the US Department of Defense,” Sculley concluded.
Total revenues for the first quarter of 2021 were $6.8 million, compared with $6.7 million reported in the prior year period. Total gross margin for the first quarter was 25% on gross profit of $1.7 million, compared with a gross margin of 21% on gross profit of $1.4 million in the prior year period.
Operating loss for the first quarter of 2021 was $2 million, compared with an operating loss of $1.3 million in the prior year period, reflecting increased investments in R&D in the current year. However, results for the current period also reflect a $2 million gain on the forgiveness of the Company's Paycheck Protection Program (PPP) loan.
Therefore, net loss for the first quarter of 2021 was $7.4 million, or $0.10 per share, compared with a loss of $1.4 million, or $0.03 per share, in the prior year period. Adjusted EBITDA increased in the first quarter of 2021 to $0.8 million, compared with negative $0.8 million in the prior year period.
"Our first quarter of 2021 was marked by continued strength in our product sales, which offset decreases in certain government contract work," said eMagin CEO Andrew G. Sculley. "We saw recovery in sales across a number of markets that were impacted by the pandemic, as well as an overall increase in international sales.
"We continued to supply sole-sourced displays under the Enhanced Night Vision Goggle-Binocular (ENVG-B) program, as well as other key military programs worldwide. eMagin is a proud supplier of the microdisplays that provide critical information to our soldiers in the battlefield, and we are the only manufacturer of OLED microdisplays in the United States,” Sculley added.
"Bookings in the first quarter saw significant diversity across market segments and geography. We experienced a strong uptick in order activity from our medical and veterinary customers, as well as thermal sights for hunting and military applications. We expect these areas will continue to grow as the pandemic subsides. Internationally, we saw strong orders across multiple product segments. In all, as of March 31, our sales backlog was $10.7 million,” he noted.
"As a result of the long-term lease we signed last quarter, we have increased our manufacturing footprint by more than 25% and are underway in ordering and installing new equipment funded by the US Department of Defense,” Sculley concluded.
Total revenues for the first quarter of 2021 were $6.8 million, compared with $6.7 million reported in the prior year period. Total gross margin for the first quarter was 25% on gross profit of $1.7 million, compared with a gross margin of 21% on gross profit of $1.4 million in the prior year period.
Operating loss for the first quarter of 2021 was $2 million, compared with an operating loss of $1.3 million in the prior year period, reflecting increased investments in R&D in the current year. However, results for the current period also reflect a $2 million gain on the forgiveness of the Company's Paycheck Protection Program (PPP) loan.
Therefore, net loss for the first quarter of 2021 was $7.4 million, or $0.10 per share, compared with a loss of $1.4 million, or $0.03 per share, in the prior year period. Adjusted EBITDA increased in the first quarter of 2021 to $0.8 million, compared with negative $0.8 million in the prior year period.