EMAN - Earnings call transcript Q4 2019

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Operator

Good morning, and welcome to the eMagin Corporation's Fourth Quarter and Full Year 2019 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions]. After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions]. is event this note being recorded. Please

now Mark Koch, would like ahead. to to over conference the Acting turn I CFO. go Please

Mark Koch

Good quarter glad today very morning, you everyone. us join to for earnings XXXX have fourth conference call. our We're

production, and forward-looking future the the revenues, statements may Private Reform projections containing plans Such are resources; the projections beliefs; company's uncertainties. XXXX. its and for current cetera. company's believe, to future like call, of defined ability statements forward-looking words benefits, subject to product cost Litigation production, as number and make capital expectations, plan, development today's include in statements financing, up to product of may well During are future target, references and Act et contracts These and agreements, as of ramp as reduce expect, we the Securities structure, ability company's based operations, risks a statements liquidity on and to

You the undue reliance and forward-looking earnings the undertake of reflect Commission statements and obligation are involve filings to these should materially our forward-looking Please actual not We or results factors to they by from in implied any for and with refer to events update fourth unknown uncertainties that revise to factors those and no the that for circumstances. control. Securities other Exchange statements. such XXXX our place cases differ statements concerning or information company's known could cause future expressed beyond risks, release because some quarter on or

this additional adjusted is GAAP most to non-GAAP also EBITDA, financial will GAAP be net substitute financial income, meant measures provided and or morning. press A is reconciliation such comparable in adjusted EBITDA we issued of adjusted not statements. considered call, EBITDA a financial a this for investors. we financial in directly measure, measures provide our measure, to to to to are as Non-GAAP isolation release information that the financial which as the During refer

the to turn to like would call I CEO, Andrew Sculley. our that, over With

Andrew Sculley

Mark, fourth accomplishments you, yield we recent quarter for Thanks successfully everyone. on quarter improve initiatives third execute us In XXXX, the call. to continued on and financial Thank morning, on to our and and today’s build good of joining performance. productivity,

we additional a now for recent of have While still room improvement, discuss I’ll highlights. few the

gross quarter a our First, margin last loss XX% quarter XXXX same to fourth in compared was year. the

In on We $X.X to the to addition, of we year diluted a the in breakeven XXXX the of million in reduced fourth $X.XX ago share quarter. were from $XXX,XXX essentially basis per XXXX. share per loss of quarter our quarter loss compared operating in fourth a

volumes production in Second, more of half XX% the second increased than XXXX.

which efforts, and full decrease XX% year's we reduced we from reduction operating have expenses XXXX cost quarter. last fourth a third decrease resulted year started quarter, $X.X in from XX% in an million. our Third, the On a basis, by annualized

retaining an better with position to This through practices, efforts our the success. improvement deposition increasing and R&D teams, we engineer implemented, long-term benefits issues throughput, identifying of us from of resolving reduction production and have cost enhancing our vendor manufacturing our actions, which in the and work us several including implementing to collaboration represents for maintenance OLED

were and XX% this revenue million total of a in prior quarter increase quarter the an revenues From $X.X from our demand perspective, product million. fourth was quarter $X.X for the year

more began doubled planned Additionally, as display. our work to than revenue on F-XX the contract improvements we

delivery million company, XXXX. the including were exceeding turn through million Bookings our $XX.X at for for a of the $XX record backlog boosted million, in for year-end to which quarter $XX.X December scheduled

two are December. which announced the Included large we and orders, backlog bookings in very in

program. Army's approximately is displays Enhanced for U.S. contractor from – the with Binocular prime for a Goggle $X.X million first Night The Vision

the have Army's U.S. received this to we a personnel. eMagin our the positive multiyear from endorsement objective military over This program. reinforced is supplier feedback of by which display acquisition of is estimated for terrific systems be the XXX,XXX is strength sole and technology The is

order approximately $X.X for The from was major a defense also second contractor million.

longstanding have We fourth shipping with relationship this which the a continue customer strategic December quarter, and of XXXX. in displays began and will through

our also by This of the delivery Displays deliveries Aerospace microdisplays Collins quarter of for XXXX. third and an received million. Mounted Elbit We support for order Vision $X.X from supplied Helmet the approximately Collins F-XX order Systems will extends through

received orders, which three of from the In we fourth quarter, XX were new customers.

also supplied XX product programs. new We for

a project started a for next display. generation new we consumer-related addition, In development

orders received two medical customers. existing from new also We

in to the turning Now our improvements made we technology. have

Our equipment upgraded returned and been has direct patterning to us.

yield upgrade this performance of and improve direct increase our the significantly expect and process will the throughput of the displays. patterning We

be expect quarter shipping will equipment to testing third XXXX. We samples engineering this the begin and of in

with OLED a we efficiency the believe color of OLED better two technology. in brighter OLED-XLS In which the improving developed significantly full our in to OLED microdisplays color color full display stack a high available will combination white a compared today to in the improvement display. as demonstrate is XXXX, lifetime with qualified XX brightness, fourth quarter, lifetime using product expected is times XLE, filter best be and display of power architecture. It We this by our

patterned XX,XXX our displays direct we on quarter. the nits to color remain full third achieve brightness Finally, for in target

of mentioned, brightness. support effort. U.S. help three previously pursuing years color military are to anticipate level As this and We have has requested XX,XXX this funding we brightness full reaching within the nits

I’ll over turn call complete that, the Mark for to Mark? a more With financial review.

Mark Koch

initiatives. of to demand a half increase with first perspective, financial productivity companywide XX.X particular, second Andrew. in half half fiscal improved than XXXX second of In trends we stronger XX.X reflecting revenue much nearly revenue represented Thanks, combined enjoyed first the XX% of half million. year From million clearly a compared

throughput combined addition, our to XXXX. and the in of increased profit than threefold in In X.X gross yield, half more improvement with million second

compared first million positive EBITDA Our half X.X adjusted X.X negative was of to second half EBITDA non-GAAP million. adjusted

now revenues of backdrop, fourth X.X discuss that of the XXXX or results. million, decrease With in and the and of from million an fiscal XX% for quarter Revenues million of from of a quarter million me fourth XXXX reported increase X.X quarter the the third X.X quarter fourth XXXX. of slight X.X were XXXX as let

XXXX XXXX. and to X.X X.X compared for quarter the XX% increase in from million, an third of the revenues or fourth reported were X.X of quarter period million revenues of of Product X.X decrease prior million of year million a the slight product

a As of and year-over-year production manufacturing higher product yields. far throughput the of increases in quarter demand customer increase primarily display from as was components with revenues due revenue, fourth the in revenue to coupled growth in as result volumes

F-XX compared million due X.X improvement. annual reported Contract to million million projects recent in including prior for revenues in the were X.X revenues basis, in XXXX a an from to XX.X XXXX. planned year quarter, multiple were XX.X million, X% On display period up the

by half for with million, first in were XXXX issues of the resolved XX.X due impacted in increase totaled in increase the customer full to manufacturing throughput of demand year were primarily in Revenues beginning representing XXXX the million quarter year. a yields half back X% coupled and XX.X Product third from the production the that XXXX. revenues of in

U.S. X.X XXXX. XXXX. contract in approximately result position million R&D The contract the mainly the R&D was revenues commercial government revenue totaled decrease as contracts of of to million in R&D and X.X compared in several

quarter in million well challenges of quarter the product to in The revenues fourth prior XX% measures in margin for of there ago year sold as gross due X.X profit management senior other goods a profit compared of implemented cost production year XX% and higher when higher compared was reduction costs as October the a were the XXXX. compensation impact quarter on to loss the the on saving of period. is gross X.X Gross million gross in to

vision related XX% charge Gross for to included XX% was full in night gross XXXX. margin compared X.X The for year the of consumer impairment XXXX XXXX an to business. margin million

charge, total impairment gross XXXX margin the would XX%. the have been Excluding

Now the of Operating were XX% to sales in fourth moving million to of quarter XXXX for million the of as period. in prior were year XX% Operating X.X prior fourth X.X in expenses. year including reported compared expenses to as period. expenses, the expenses reported compared a percentage R&D XXXX, quarter the

R&D in a focused a professional due XX% reduction decline management on legal year October the reduction in reflected ago and in measures fees other of senior we addition expenses; activity reflected lower expenses spending improvements; yield that to the expenses R&D SG&A period due and and in services, lower in to discretionary decline and in as primarily production to travel on fourth other both XXXX. impact began the of fourth internal quarter cost-saving a This several and the compensation items; quarter and in year-over-year lower expenses, compared SG&A

million to compared company's XX.X manufacturing R&D expenses for lower was majority XXXX. R&D full on year including XX.X for to process expended XXXX, resources the the patterning expenses, of processes. in and were company-funded decrease the Operating improving million work development product related and technology due to expenses direct The

XXXX, was per were annual the On a and losses with operating share year-over-year on manufacturing electronics quarter partners. an fourth During consumer on basis. our prospective higher to contract services there and professional spending related reduced and negotiations both basis, both

in million or X.X of per prior the The in liability the quarter quarter the year an per million XXXX or XXXX basis a net Operating in of of million X.X period. a for the change X.X the X.X to period. compared is with operating breakeven warrant immaterial X.X loss share a million compared a Net loss fourth of fourth value from fourth benefited loss for XXXX loss quarter. loss million X.X share prior of fourth quarter which XXXX was the to year essentially on in fair

loss XXXX or million year in of for in X.X per for a full the share This X.XX full X.X XXXX. of per or net XXXX. diluted Operating Net versus loss year million was XX.X share. million X.X million the was compares XXXX of diluted to X.XX loss

fourth a adjusted improvement the EBITDA of X.X adjusted in prior a positive year the Our slight to negative a was XXXX. quarter compared This X.X was million non-GAAP X.X of the quarter period. million over EBITDA in third million in

EBITDA For the full negative in was compared million million X.X to negative year, XXXX. non-GAAP X.X adjusted

under As X.X million, million, of XX, and million and the and X.X of working December facility X.X availability million X.X equivalents XXXX, and had ABL the of cash borrowings respectively. of cash capital company

Wainwright common entered & In sale for addition, agreement H.C. Co. the with sales of an the stock. XXXX, company in November aftermarket into

ahead, two well position actions over for Looking market our past growth. we quarters future the with combined the have presence us taken

markets presence military expanded have and in We aviation with continue our and inroads make to the customers. commercial

are to funding expense measures, saving cost receive microdisplays. we advantage production to closely work of have Due our annual further of government manufacturer to million. reductions the only expect being an enhancements and by for OLED continuing U.S. over with compensation the We and to $X structure reduce

XXXX. entering backlog solid very a have we Finally,

As the in we expect XXXX to in the the lower of timing have of morning, we quarter release XXXX orders. revenues to mentioned comparable certain this in QX due military

in However, overall we and revenue expect in an XXXX. anticipate increase from revenue subsequent stronger quarters

I that, the back Q&A. the turn will With operator to call for

Operator

[Operator We session. will the now Instructions]. begin question-and-answer

ahead. The first Craig-Hallum. of question comes Mike Please from Malouf go

Mike Malouf

side. Yes. consumer the have a on I just question

Andrew Sculley

Sure, Mike.

Mike Malouf

you project said have side. consumer just new You a the on electronics

Andrew Sculley

we Yes, do.

Mike Malouf

was the on other things wondering that that little us give how you color with side. could I fits we’re a more doing consumer on of and if in the just bit some

Andrew Sculley

and are with of you is last the that capability, bright display microdisplays which is is technology. technology in the off display that are a AR/VR vetting today. in consumer because one a companies year. patterning we a us. past and we doesn't to company. and that's have a with imagine like X can consumer with, consumer we of direct attractive they done December We’ve The come Well, the type pixel interested design it the companies it’s with our And size very kicked It why very late companies gives an reason the to in Tier exist again

Mike Malouf

you expect it it Yes, or market this more makes ever AR the more VR? would if that’s to great. product And to then be

Andrew Sculley

company this side, interested it’s manufacturing is go say are to our it's is to and I They’re the I from manufacturing to secretive. all a that, the much give own. very thing in company. it us they should to I having do on But consumer don’t information more it. much go than easier don't very think – want because with to manufacturing a consumer on any other partner than hand-in-hand very And the to about want working to with

Mike Malouf

basically you’re sort prototypes putting together the Is that then? of So plan?

Andrew Sculley

Yes, we are.

Mike Malouf

your other about there? to And then anything what us Okay. sector, in on the initiatives update

Andrew Sculley

direct weeks pattern So we ago back tool we to to and it, do on of patterning because do little need a need work you as know, for direct number just displays. a a number came the of

are market. interesting consumer obviously the Some for

Mike Malouf

Yes.

Okay.

Andrew Sculley

Like the XK.

Mike Malouf

you first more Was in far XXXX’s just can Yes. talk I’m go. about down a And lot in said that. a more talk up? if you the That’s of volatility you the the have numbers, up bit And obviously unexpected numbers you about are quarter. little you give a wondering sense? then as bit then that as orders sort look double-digit it little was as of surprise up out a to or a thinking Are in can you you? year-over-year, but XXXX, and just thinking single-digit into us you coming as you

Andrew Sculley

programs due I softer the Well, quarter, the that are lower. first on like the – programs But things apologize. quarter we is we’re first like is the we’re will quarter’s seasonally qualification. you quarter usually that on, and to know other they first on, the not give in ENVG-B guidance thing that working And or depending that

Mike Malouf

Got it.

my Thanks Okay, taking all right. questions. for

Andrew Sculley

think for third, one I’ll that been is mention orders in are first other the – delayed. have think just fourth the quarter thing about So second,

we’re very So still obviously. the interested in year

Mike Malouf

Sure.

a Thanks lot. Okay.

Andrew Sculley

You’re welcome.

Operator

[Operator Instructions]. Wainwright. comes Dede Please H.C. of question Kevin The go from ahead. next

Kevin Dede

questions. Good Thanks taking for morning, Andrew. my

Andrew Sculley

are How you? problem. No

Kevin Dede

Do dig Could see? the into little contracts that sort just go a XXXX? Can beyond it Thanks. you to normally you great. expect you ENVG characterize these you I’m of the of length bit?

Andrew Sculley

to Well, I’m XXX,XXX – is ENVG-B, systems. remember XXX Army’s acquire the objective sorry,

a to for it’s in beyond end et of a cetera be year. that on sustainment. [indiscernible] going go go that’s So things and for And would it then well they’ll years obviously number production normally this tail

Kevin Dede

length expect order same you year. then you the wondering can Clearly, onion that shipping peel did this talk got defense And X.X see just back you little million? wondering contract. it. and about I’m I’m to contract the on you’d – that second a end type the in you display want major for Okay. if didn’t of of through label to just

Andrew Sculley

for and is one that large U.S. one a customer of in not of close number Well, very a systems and particular the ours is it’s that

Kevin Dede

Okay. continues about to way this I what’s beyond that? guess the it do think you or year think

Andrew Sculley

Well, beyond year. et They’re to will extend particular going year. program cetera, beyond certainly whether up in I can’t something ENVG-B, tell us. the so that things to – like trying this et you a cetera, hurry, that’s for is F-XX programs extend finish this good

Kevin Dede

right. All Okay.

treated or I to a third that way at production look of guess F-XX, little that bit sort the what in in mentioned go – conversion we Does the how should when missed you that? quarter. about full you now we some seeing the think point So project’s it is I been meant? development from at about

Andrew Sculley

Okay.

company and Let do redesign, the bit. a something We a adding happy we unique full of to the said project F-XX and also we’re do. features some design design. course new have back displays a very a But up prior little with we’re the quite not to display they’re me that because to wants it’s

deliver the $X.X million, design new contract as that new So and new displays design And after quarter. go that those testing those into be XXXX for through obviously beyond. to of that are third delivering we’ll that And isn’t – well. say the so the will displays – scheduled to

Kevin Dede

Okay.

the still prototype is contract, actual X.X helmets? So that that placement is or in

Andrew Sculley

prototypes is No, they correct. for are testing. That

have -- to to they but helmet test course, them, go a Of in

Kevin Dede

Right.

Okay.

might you you’ll production? So think go think you do actually at or point what you go do full into

Andrew Sculley

it’s some I for then be be you completed that mean those exactly in later Well, and design going far And but I it’s this the shipping we so will into off. not testing time XXXX, is, production. obviously “full” when tell shipping and new year, displays production when won’t we’ll

Kevin Dede

Okay.

at to in then expect production full existing the and in – point there’s some there’s future So to design design. go parallel, new the a still you

Andrew Sculley

this say No, that let new but that done me year. will the again. be design, production The design will be

So then done, tested, production.

Kevin Dede

Okay.

Andrew Sculley

the we’re company to the we’re – this helmet does want in is not sorry. company putting improvement the – Helmet Because into F-XX miss the great putting display,

Kevin Dede

right. all Okay,

design So be right? by third test this quarter the year. should that them for the to new Is ready

Andrew Sculley

Yes, that’s reasonable.

Kevin Dede

this that prototype got X.X size you Okay. order a the expect as similar Would one you time? that be to

Andrew Sculley

have that been remember displays Well, we for while a now. shipping

back it with happen you could into thing time, production. same goes going until is it So the look in one to this

Kevin Dede

Could us amount rough a you think prototype do sort that you’ve – you the ballpark give us of F-XX recognize can you give – on able to total a far? been so

Andrew Sculley

No. I should do with under think supplying. we’re the I that. probably company don’t That’s the NDA

Kevin Dede

could projects consumer on you, know of in like little don’t you dollars. worked kind on out. I Mike with a of stalled two you’ve Okay. go ago, the have working of a but all bit dive years little – completely more that a got sort back I’m know one’s going? a were with little you know, lot you I I detail this that development If wondering, we – if

sort what continuing of year this and aside from new one today? do what So about talked the finished early you’ve last that year you see

Andrew Sculley

did to development Just agreement we in in licensing cannot XXXX. that remember not We we company did a what tell was. and you update,

So it’s now one. get on on direct will a from we’re we tweak the and We that. We we with design production, to did that XK a working when to display display new it. to did a need a little that agreement, patterning finish licensing goes revenue that

XXXX we are significant there licensed for some and patents. skipping ones So large three the I’m that optics company

Kevin Dede

Okay.

Andrew Sculley

you with, working but Let into what lot companies and have significant mean. not happen very when those one out see look by are me I’m can famous. and this to there’s of you that of therein saying push on that we’re I and big improvements and still are of a come any and VR the just in some indication with AR companies future to Web – going the get

Kevin Dede

bit with kind I partners? talk on any development that that. remember the one not partner for negotiating mean. Yes, manufacturing few. wondering multiple you how a I deals of correctly, or little Thanks get your rely I a And works been would out. what consumer or just about with think, if you Could these you of specific I’m partner? had whether

Andrew Sculley

is manufacturing I to Mike in hand-in-hand easier big think that a first. for that consumer rely easier wants partner this it’s easier if – to also it’s Well, and partner I would on plan. it’s for that case a be – said with go me make a And to as at one for company I’m that it easier to company, to us happen this the

Kevin Dede

Okay. us give Can negotiation? how on you some color [indiscernible]

Andrew Sculley

really apologize. I that. Well, do I can’t

Kevin Dede

Well, righty. really All Okay. the on it. great thanks entertaining appreciate Andrew. I for me, quarter. Congratulations

Andrew Sculley

Thank you, Kevin.

Mark Koch

Thank you.

Andrew Sculley

Thanks for your questions.

Operator

next Pearson [ph], The ahead. go John Please question from private a comes investor.

Unidentified Analyst

and Andrew Mark. Hello,

Andrew Sculley

John. Hi,

Unidentified Analyst

I tell there little market the a far that. was you us driving is as as wondering more a display about if could bit XLE particular

Andrew Sculley

and Yes. done one the now who’s Ghosh, relies progress it been color done be higher happen. Everybody world technology, and brightness the this on white COO in Amal has our this an making The group, job R&D today outstanding amazing. our wants so with filter can has

more a year. will do have bring we product, be little this to work to said, a as we qualified which, Now it

eventually replace XLS. the will it So

As we something said, it’s that and this as well commercial, in wants terms lifetime industrial, Xx brightness, medical. much is better brightness; as in in of military Xx

Unidentified Analyst

Okay.

Andrew Sculley

you, this we to can just Again, today. remind make

Unidentified Analyst

market? status on display your kind per that the a option two in that indicated what’s or – there your still might you that? of had ENVG-B device a be thing. Is ENVG-B beyond possibility In What’s of a particular, military any Okay. beyond roadmap, realistic

Andrew Sculley

ENVG-B we’re And to a the Well, again, big is very military. sole XXX,XXX supplier. systems certainly important the is deal.

I things that’s take site so there’s don’t the And linked It to thing. a very, the so here. site think gun So image, good that see way, a have very to important. of a by gun just back, couple about the will to that’s step through to still look to a be thermal

proven of militaries is gives the as important immediately supplier. to so amplified that very they – important the this for have vision that’s eMagin choose were XXXXs the radiation give why to along militaries ENVG-B, early and we’ve our our II, that displays had improvement the it’s One that’s so U.S. the we you technology and capable ask that ahead. other the light this? came thermal have, developed and and well stay And to new it’s right, indication. our have we program. to sole ENVG continued other night so military nobody things have and question the since we military it’s else’s III I’ll them advantage And visible one the that to the very today, solider, world, for U.S. then be do other military technology. around is as and important It’s you for have displays important some then both We’ve why and ENVG military you very

it’s important, have XX, range. displays newer the adjustment very to plus make temperature got XX to from example, to the temperature it’s For the minus operate. ability cold over In military,

could they very that. go which can the literally, bright. so the the is that ours to if that. a that’s which display I’ll their was the because their see of of know very or conference, there I can to another for pilot about let’s rest nits, was and X ours, a LCD X,XXX it our AR it’s that was a had, to can don’t military So an that. brightness either there low the get, for and to And said to – ratio bright, low contrast of third display high night I just contrast And contrast a third XX,XXX to remember has display Also it’s luminance And got have and going it’s very that end be technology – images on reason a be back mention ability – device brightness et our the at we replacing was see so very high at XXx was manufacturer, that and was brightness like very meeting to cetera, Monochrome outside he because flying he our do Green things is go that wants today. light the is in is terrific. bright, very that’s our display F-XX,

that’s So comes the why to us. military

that that Our ones that brightness, that. today else Nobody we’re for direct display full can we technology is for is better patterning full course, color the get the demonstrated by full both needed that’s high brightness high talk on and Monochrome the consumer contrast, the has same really power way, And to AR VR. consumer that developing doesn’t efficiency of color, but and want high why the companies us us. Green, And so color.

Unidentified Analyst

into the you the any Are making military? augmented reality inroads in

Andrew Sculley

Sure.

Unidentified Analyst

I large And guess I’m military on kind the of hinting program particular towards a horizon.

Andrew Sculley

Okay.

So augmented I’ll that. something front. the you is that give above say example I an you The the can reflecting of about. It’s just visor of know displays in reality, the the F-XX pilot two head

like – display. heads-up it’s know drive a by don’t but don’t So And BMW your drive you I BMW the way, one either. your one I has

thing display, of you And heads-up pilot. same on the the to image to bottom see for and be the road windshield; have – So F-XX the else able go see and the the everything ahead. you

Mark Koch

would the earlier alluding the site we’re goggle And the shoot was information. In hip also goggles talking to display individual would around display weapon rapid where target shoot family sight wirelessly our Andrew a display acquisition be from to what allowing with also which in in to communicate players gun would the of battlefield literally system the or that is the corners.

So in the augmented reality as participation that’s part our of well.

Unidentified Analyst

what the Are us are individual? status in in guys give a glad – mentioned and Served FWS-Crew program. you Can you FWS, I’m Okay. you specifically? FWS you the the

Andrew Sculley

a to of number players talking that We’re major in program.

using squad new about them our to displays talking using we’re for and well. rifle as So the

Unidentified Analyst

manufacturing you’re those for of any But not currently programs?

Andrew Sculley

currently for the underway. Not FWS-I. still That’s getting

Unidentified Analyst

not company too going much, to the a probably is to hope other doing? me between leverage? I still resolution gears there I tell that other one, you the can advanced new going I consumer win but or that consumer design worried I you to and you like I’d similarities to three is the that consumer take which consumer display two this years as the think ask the backplane you’re I for I’m than win long over can is designs switch it it me tell now. design Okay. can’t understand is it’s wanted the new that as on guess, higher

Andrew Sculley

one this can we can because it’s – high other is et design any the leverage leverage done. we’ve that. Yes, And resolution, cetera, one, certainly we

we that. to are So done it get a goal doing soon. And there’s

a of And imagine we case. number a of had ones to time very One type can design the maybe all our being features. companies, particular a design particular lower cost long is we’ve both recommended So believe that’s of And ago two done. you U.S. idea. in type the the was the and that’s abroad, power. importantly and and what’s lower That

Unidentified Analyst

still effort. multiyear a That’s

Andrew Sculley

itself. years, they’re Well, companies think many saying headset the These not many get I want it will multi-years take so is to this right.

But will companies I can’t such So you there. with work not. know it just have thing. we get done the companies send out a display and some

Unidentified Analyst

you of goes, give And within Is kind within five any – as revenue or think timeline give can do far two as there consumer years you can three or us you years? us? years

Andrew Sculley

search Yes, comments that. on can coming made the It have about out depends people with with but I company, Internet you happens what they’re the things. can’t and when tell you

an were example, big whose is internal meeting very out. that somehow find That Internet. that company of timing. can Some leaked for on them a and gives you stuff – There’s you leaked the a

out has And by research estimates have years, companies the some XXXX, go a look indications that market XXXX, to be estimate think it firms and estimate XXXX, is the do in say. ourselves so it will the although this the that. believe what and Therefore, if of the will I will five how years you at no market. start be time. before way, reason significant long That’s market can we a five not to – be big I of all So isn’t my market

Unidentified Analyst

ATM Can status you’ve you far give through if on us been any raise the capital able so to a year? that this

Mark Koch

John, of ATM. raised inception million approximately November the in under from we’ve X.X 'XX, the

Unidentified Analyst

status inroads any it my either I’ll or then potential you. deal just on can manufacture for here, question, And wrap Thank made? you’ve us give up that last government funding you

Andrew Sculley

we’ve Maybe manufacturer looks company, I funding, about with a government working the easier about that itself consumer talked and for other the as they sources funding that slow. the hard XX,XXX color market, on is And now. mass for we on consumer And pretty very still are looking earlier the thinking could capital we’re good a pursuing are are looks it good, too. production also that’s hand-in-hand and things we government we call what by so multiple nits we mentioned now. for for and right – but from looking for funding talked I think about still come going are way that

R&D capital. as we of say. for mentioned opposed replacement equipment to funding capital et some equipment additional that’s I cetera, When X, So was should funding or Title

Unidentified Analyst

entertaining Okay. appreciate Thanks I my for it. questions.

Andrew Sculley

problem, Thank No John. you.

Mark Koch

Thank you.

Operator

would Sculley question-and-answer to Andrew back session. our concludes This I for remarks. any conference to like closing turn the

Andrew Sculley

to Thank you, improvement second efforts. R&D work our been three today. that effort, successful development with groups, half I yield we just possible throughput making product Andrew. the manufacturing by be that very the employees year the The and and in done including dedicated has teamwork thank the putting synergistic combining and in of want for continues last to also as In have successful closing, achievements our their through a

et improve will other the the very in pay spurred with creativity we’ve is The new future. great ideas on so processes, actually the dividends creativity, how cetera, advantage to great

And important. leveraged very improvements. it’s so we’ve these And

first confident folks going you continue thank enhancement we’re that show everybody to forward. today. continuous I forward and to Thank after I We’re I’m to focused much. going updating the look want to time that quarter. their you for very improvement on and performance

Operator

for presentation. you has Thank now today’s conference concluded. attending The

now disconnect. may You

Emagin (EMAN) 10 Mar 202019 Q4 Earnings call transcript