Himax and eMagin 1Q18 results ?2

08:50 10-May-18

Himax and eMagin have each reported first quarter results, but neither looks like an immediate opportunity.  Consequently, I will merely document them here, and not report on the calls unless there is a surprise.  Questions are always welcome.

The Himax report states:

• a loss of 2 cents per share meets estimates
  
• on revenue of $162.9M, which beats by $3.9M

Management says the company is uniquely positioned with its SLiM 3D sensing solution, but that integration with Android phones is taking longer than anticipated.  The end of 2018 is the new target, but my take is that price sensitivity in a slow market means that phone makers are in no particular hurry.  Thus, the company's move to cheaper ToF (time of flight) solutions, where it may wind up competing with MicroVision.  Demand may turn around with the advent of foldable phones, but I still think they will take a bit longer than management's projection.

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eMagin reports:

• a loss of 5 cents, missing by a penny
• on $6.9M in revenue, which beats by $700K

The improving revenue and production yields are mildly encouraging, but any mass market product still seems to be many months off.