eMagin sees Q4 revenue $8.1M-$8.3M vs. $7.2M last year

eMagin Corporation 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." 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.