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eMagin 2Q17 results ?3

11:00 10-Aug-17


There's not a lot to report from the eMagin call.  Management characterized discussions as accelerating and having progressed to the point where actual terms and conditions are being worked out.  There are many such discussions, but the main three customer (as opposed to production partner) ones were described as:

  1. A company interested in 2x2k displays, which eMagin can already make, thus requiring no further immediate development effort.  This would result in a fairly limited # of deliveries this year, and more next.  The partner is interested in investing in the production line, though, which I would see as a big positive.
  2. Another company is interested in a significantly new design for advanced AR, this seems to be one of the development contracts that we already know about.
  3. Management apparently thinks the most important discussion is another evaluation, which is moving forward, but has many next steps before an eventual publicly visible deliverable.  This is the agreement that is expected by year end.
With the possible exception of #1, we're looking at a two year road map still ahead of us, though clearly announcements are expected sooner.  As ever, I see the terms of any agreements that do materialize as the best indicators of value; it remains to be seen how much winds up being publicly disclosed.  EMAN valuation will be tenuous and difficult in the meantime, but the potential seems intact.

On 08/10/2017 09:15 AM, Esekla wrote:

eMagin has reported results for its second quarter:

  • a loss of 7 cents per share, misses by 2 cents
  • on revenue of $5.3M, which misses by 700K
Management continues to expect to sign a major new commercial agreement by the end of the year.  Expenses are increasing to support that, as military program revenue wanes.  I am listening to the call now and will report again after writing up my notes on the ExOne call.