8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  January 20, 2022

eMagin Corporation

(Exact name of registrant as specified in charter)

Delaware	001-15751	56-1764501
(State or other jurisdiction ‎of incorporation)	(Commission ‎File Number)	(IRS Employer ‎Identification No.)

700 South Drive, Suite 201
‎Hopewell Junction, NY 12533

(Address of principal executive office)

Registrant’s telephone number, including area code (845) 838-7900

 Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.001 Par Value Per Share	EMAN	NYSE American

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o            Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o            Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o            Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o            Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the

Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). 

o Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

‎

Item 2.02. Results of Operations and Financial Condition.

On January 20, 2022, eMagin Corporation (the “Company”) issued a press release announcing its preliminary revenues for the fourth quarter ended December 31, 2021 and backlog of open orders as of December 31, 2021. A copy of the press release is furnished with this report as Exhibit 99.1.

The information in this Current Report on Form 8-K, including the attached exhibit, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be set forth by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit Number	Description
99.1	Press Release issued by eMagin Corporation dated January 20, 2022.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

‎

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

EMAGIN CORPORATION
By:	/s/ Mark A. Koch
Name:	Mark A. Koch
Title:	Chief Financial Officer

Date: January 20, 2022

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EX-99.1

Exhibit 99.1

eMagin Corporation Reports Preliminary Fourth-Quarter 2021  Results

Company Anticipates Increased Fourth-quarter Product Revenues in the range of $6.8 million to $7.0 million

Advanced OLED Manufacturing Equipment to be Added to Production Line Through 2022

HOPEWELL JUNCTION, N.Y. – January 20, 2022– eMagin Corporation, or the “Company”, (NYSE American: EMAN),  a leader in the development, design, and manufacture of high-resolution micro OLED displays for virtual and augmented reality solutions, today announced its preliminary revenues for the fourth quarter of 2021 and 2021 year-end sales backlog.

The Company’s product revenue for the fourth quarter is expected to be in the range of $6.8 million and $7.0 million, representing a 10% to 13% increase from the fourth quarter of 2020, and a 28% to 32% sequential increase from the third quarter of 2021. The Company’s contract revenue for the fourth quarter is expected to be approximately $0.2 million, compared with $1.5 million in the fourth quarter of 2020. Total revenue for the fourth quarter is expected to be in the range of $7.0 million to $7.2 million, compared with total revenue of $7.7 million for the fourth quarter of 2020.

“We expect to end the year with a positive fourth-quarter book-to-bill ratio on strong fourth-quarter bookings that exceeded $7.1 million, positioning us well for the year ahead,” said eMagin CEO Andrew G. Sculley. “Our core military business is benefitting from a ramp-up in volume of our existing programs and we are actively pursuing several additional programs.”

“Additionally, following the positive reception among industry analysts and trade media for our greater than 10,000 cd/m2 Direct Patterning Display (dPd™) prototypes, which we unveiled in October and believe to be the brightest high-resolution, full-color OLED microdisplays in the world, we continue to have active discussions with customers regarding a variety of consumer, industrial and military applications. We look forward to sharing additional details regarding our product roadmap and fourth quarter results on our fourth-quarter conference call in March.”

“Our expected fourth quarter 2021 growth in product revenue compared to last year’s fourth quarter reflects continued improvements in our manufacturing yields, production throughput and overall operating effectiveness,” said eMagin CFO Mark Koch. “The expected quarter-over-quarter decline in contract revenue was primarily due to the timing of certain development work for a tier-one consumer customer. eMagin is continuing to work on this project and anticipates ongoing contract revenue with this customer.”

As of December 31, 2021, the Company’s backlog of open orders scheduled for delivery over the next twelve months, was approximately $13.8 million, an increase of more than 26% from the backlog of $10.9 million at the end of 2020, and an increase of approximately 5% from the $13.2 million backlog as of the end of the third quarter of 2021. As of December 31, 2021, the Company had cash of approximately $5.4 million compared with cash of $8.3 million as of December 31, 2020, and $7.3 million as of September 30, 2021.The Company’s revolving credit loan balance was approximately $1.9 million on December 31, 2021, compared with $2.0 million on September 30, 2021, and $1.9 million as of December 31, 2020.

As previously announced, the Company has been designing, specifying, and ordering advanced OLED manufacturing equipment under its $34 million in Defense Production Act Title III funding and $5 million IBAS funding grants. The Company has placed orders for all major pieces of equipment funded by these

programs, including an order for an advanced, production-capable dPd organic deposition tool that is expected to improve yield and throughput of this innovative technology by the end of 2023. Overall, the Company remains on track and on budget with the requirements of these important government grants and anticipates improvements in manufacturing yield and reliability over the next 24 months as this equipment is qualified and added to the production line.

About eMagin Corporation
eMagin is the leader in OLED microdisplay technology, enabling the visualization of digital information and imagery for world-class customers in the military, consumer, medical and industrial markets. The Company invents, engineers, and manufactures display technologies of the future and is the only manufacturer of OLED displays in the United States. eMagin's Direct Patterning Technology (dPd™) will transform the way the world consumes information. Since 2001, eMagin's microdisplays have been used in AR/VR, aircraft helmets, heads-up display systems, thermal scopes, night vision goggles, future weapon systems and a variety of other applications. For more information, please visit www.emagin.com.

Forward-Looking Statements and Statement on Preliminary Results

The foregoing information reflects management’s estimate with respect to total revenues and other financial metrics including backlog, cash and borrowing availability, based on currently available information, which is preliminary and unaudited, is not a comprehensive statement of eMagin’s financial results and is subject to completion of the Company’s financial closing procedures. The final results that will be issued upon completion of the Company’s closing procedures may vary from these preliminary estimates.

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including those regarding eMagin Corporation’s expectations, intentions, strategies, and beliefs pertaining to future events or future financial performance. Actual events or results may differ materially from those in the forward-looking statements as a result of various important factors, including those described in the Company’s most recent filings with the SEC. For a more complete description of the risks that could cause our actual results to differ from our current expectations, please see the section entitled “Risk Factors” in eMagin’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020 and in any Form 10-Q filed by eMagin, and in other documents we file with the SEC from time to time. 

Source: eMagin Corporation

eMagin Corporation
Mark A. Koch
Chief Financial Officer
845-838-7951
mkoch@emagin.com

Sharon Merrill Associates, Inc.

Nicholas Manganaro

Vice President

617-542-5300
eman@investorrelations.com

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XML

Document And Entity Information	Jan. 20, 2022
Document and Entity Information [Abstract]
Document Type	8-K
Document Period End Date	Jan. 20, 2022
Entity Registrant Name	eMagin Corporation
Entity Incorporation, State or Country Code	DE
Entity File Number	001-15751
Entity Tax Identification Number	56-1764501
Entity Address, Address Line One	700 South Drive
Entity Address, Address Line Two	Suite 201
Entity Address, City or Town	Hopewell Junction
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	12533
City Area Code	845
Local Phone Number	838-7900
Title of 12(b) Security	Common Stock, $0.001 Par Value Per Share
Trading Symbol	EMAN
Security Exchange Name	NYSEAMER
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Amendment Flag	false
Entity Central Index Key	0001046995