eMagin Corp. has announced financial results and corporate highlights for the fourth quarter and full year ended December 31, 2015.
At December 31, 2015, the Company had approximately $9.3 million of cash and cash equivalents compared to $6.0 million of cash, cash equivalents and investments in certificates of deposit at December 31, 2014.
| eMagin reports financial results for Q4 and full year 2015 (US$ ,000) |
2015 Q4 |
2014 Q4 |
2015 12 months |
2014 12 months |
|---|---|---|---|---|
| Revenue - Products | 5,749 | 5,675 | 20,912 | 24,061 |
| Revenue - Contract | 965 | 1,045 | 4,320 | 1,654 |
| Revenue - Total | 6,720 | 6,130 | 25,715 | 27,990 |
| Gross profit | 904 | 1,539 | 6,978 | 7,385 |
| Operating expenses | 3,007 | 3,101 | 11,040 | 12,636 |
| Net (loss) Income | (2,125) | (1,556) | (4,105) | (5,257) |
| Net result per share - basic($) | (0.08) | (0.07) | (0.16) | (0.22) |
Andrew G. Sculley, President and CEO, said:
- I am pleased to say that we exited 2015 with momentum on several fronts
- In late December, we completed a strategic licensing deal in the commercial sector for our novel headset technology, providing significant validation of both our market leading 2K x 2K microdisplay technology and its broad commercialization potential in the virtual reality (“VR”) market
- Our leading technology was again validated by our military customers with many new design wins in 2015, including 6 of our top 10 new bookings being brand new projects
- Further, we strengthened our balance sheet in December with a $6 million equity raise
- Finally, we ended 2015 with revenue above the guidance we provided in our third quarter earnings call
Outlook
Andrew G. Sculley, President and CEO, said:
- Entering 2016, we are strategically focused on supporting our military business and advancing our presence in the consumer marketplace through our AR and VR technology while enhancing our technology and maintaining a strong balance sheet
- As we look ahead we are encouraged by several factors, including growth in the US Department of Defense budget for 2016 and 2017 after years of flat to down spending
- This growth, combined with continued evolution of our technology, positions us well in the government markets for both better volumes on existing contracts and the potential for new opportunities
- In our commercial business, we are encouraged by the level of interest from potential well-recognized entities with whom we are in conversation
- In concert with these discussions, we are actively meeting with potential partners with high volume manufacturing capability to prepare us to meet expected demand from commercial applications of our displays
- We are highly focused on returning to profitability from our existing product and services business inclusive of ongoing aggressive funding for advanced R&D as well as heavy investments to support our consumer product development efforts
- We look forward to achieving stable revenue performance over the short term while we build on what we achieved in our new business efforts in 2015
- Overall, we are very excited about the year ahead as we leverage the momentum we have established to drive shareholder value in 2016