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eMagin Corp (EMAN)

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$EMAN (NYSE) - eMagin Corporation

eMagin Corp. Headquarters
Bellevue, Washington, USA. 
Founded: 1993

GREAT DD on eMagin & Partner Elbit's CHMD Contract
eMagin's new US helicopter program is likely Elbit's Common Helmet Mounted Display (CHMD) supporting the U.S. Army's CH-47F Chinook and UH-60L/M/V Black Hawk


At 1Q 2020 CC on May 14,2020 eMagin announced a new US helicopter program (the current one is Apache) -

We received an order for a custom display assembly for a major U.S. Army helicopter upgrade program where we are replacing another display. Deliveries for this program are expected to begin by fourth quarter and run until 2022. We also finalized the design of a new custom display for a new U.S. helicopter helmet program and had delivered the prototypes. This is expected to be a multi-year program with the first displays shipped in Q2.



March 5, 2019 at 7:00 AM EST

U.S. Army Awards Elbit Systems of America Contract for Common Helmet Mounted Display

FORT WORTH, Texas, March 5, 2019 /PRNewswire/ -- Elbit Systems of America, LLC, (NASDAQ: ESLT) (TASE: ESLT), was recently awarded a five-year Indefinite Delivery/ Indefinite Quantity contract by the United States Army to provide a wide field of view Common Helmet Mounted Display (CHMD) system. Work will be performed in Fort Worth, Texas, with deliveries starting within 15 months.

This full color CHMD will be part of the U.S. Army's Air Soldier System, used by helicopter flight crews to provide day and night enhanced situational awareness and survivability in all flight conditions. It will be fully-integrated into the Elbit Systems' Helmet Display and Tracker System used onboard the U.S. Army's CH-47F Chinook and the UH-60L/M/V Black Hawk fleets.



Timelines match .

Elbit "deliveries starting within 15 months" from March 5 2019 would put the last starting delivery date as June 5, 2020 .

eMagin's "first displays shipped in Q2" (past tense) as announced on May 14, 2020. So between April 1 & May 15, 2020 .

Both are multiyear -

Elbit -" five-year Indefinite Delivery/ Indefinite Quantity contract"

eMagin - "This is expected to be a multi-year program"


Future - Elbit X-Sight

Bringing F-35 Technology to the Rotorcraft World

Defense-Update had the opportunity to test Elbit Systems’ brand new X-Sight helmet display system at the company’s closed exhibit at the Paris Airshow. X-Sight brings the F-35 display, and image fusion technology to cockpits of future helicopters, such as Future Attack & Reconnaissance Aircraft (FARA) and Future Vertical Lift (FVL), both families are expected to appear in the US and European market in the next decade.


$EMAN: Summary of Operations (from website: http://emagin.com/)

The OLED-XL™ Advantage

eMagin is the leading manufacturer of active-matrix Organic LED (AM-OLED) microdisplays on silicon. These displays perform at low-power levels, extended temperature ranges and provide image performance not possible with LCD technologies. eMagin’s OLED Microdisplays are designed and manufactured in the U.S.A.
Management & BOD:

Strong Management Roster:
Andrew G. Sculley, Jr. has served as the Company’s Chief Executive Officer and President from June 2008 and continues to serve as the Chief Executive Officer. From 2004 to 2008 Mr. Sculley served as the General Manager of Kodak’s OLED Systems Business Unit and Vice President of Kodak’s Display Business, where he forged a number of alliances with flat panel display manufacturers. From 2001 to 2004, he was the CFO of Kodak’s Display Business. From 2003 to 2006, he served on the Board of Directors of SK Display, a joint venture between Sanyo and Kodak to manufacture active matrix OLED displays. From 1996 to 2001 Mr. Sculley served on as the Manager of Operations, CFO and member of the Board of Directors of Kodak Japan Ltd., where he managed Distribution, Information Technologies, Legal, Purchasing and Finance. Previously, he held positions in strategic planning and finance in Eastman Kodak Company. Mr. Sculley holds an MBA from Carnegie-Mellon University and an MS in physics from Cornell University. He attended Harvard University’s International Senior Management Program while an executive at Kodak.

Mark Koch was appointed acting Chief Financial Officer on January 23, 2020 after serving as eMagin’s Vice President of Finance since October 2018, and Corporate Controller since March 2016.   He has been a financial executive and consultant for over twenty-five years. He joined eMagin from the Turtle Beach Corporation, an audio technology company providing gaming headsets, where he was the corporate controller.  Previously, Mr. Koch was a consultant with Tatum, an executive talent and strategic consulting firm providing c-suite solutions.  Mr. Koch was the principal accounting officer of Del Global Technologies Corp,  a medical imaging manufacturer with international  operations. Mr. Koch has also served as the corporate controller of SEMX Corporation a manufacturer of specialty materials and thermal management solutions.    He holds a BS from Manhattan College and is a Certified Public Accountant.

Dr. Amal Ghosh was appointed to Chief Technology Officer and Senior Vice President on September 30, 2018. Previously he was appointed as Senior Vice President of Research and Development since 2009 after serving as Vice President of OLED Research and Development at eMagin since 2005. Dr. Ghosh is responsible for improvising and introducing new technologies to eMagin’s microdisplay line of products, managing Government programs and Intellectual Property. Prior to joining eMagin Corporation, Dr. Ghosh was with Eastman Kodak Company involved with OLED display technology and with IBM Corporation, both at the T. J. Watson Research Center and at the Microelectronics Division, where he contributed to numerous programs involving semiconductor technology and LCD displays. In his professional career, he has numerous publications and patents to his credit. Dr. Ghosh has more than 30 years of industrial experience. In 2003 he received SID’s Special Recognition Award for his work in the field of OLEDs and FEDs. In 2009 he received the SID Mid-Atlantic Chapter award for leadership, dedication and service to the chapter and was also elected a Fellow of the society.

Dr. Ghosh was the President of SID during 2014-2016. He is presently the Past-President and member of the Board of Directors of SID. He obtained a Ph.D. degree in Physics from Massachusetts Institute of Technology, Cambridge, MA in 1985.


General Comments
From the DD that has been made available on $EMAN over the last couple of weeks and beyond we know that the company's tecnology has MULTIPLE applications, and they have indicated in their May 14th Conference Call that they are NOT looking for a specific partner and instead they are focusing on rolling out their NEW LINE OF DISPLAYS and fulfilling EXISTING contracts with military manufacturers and a "mystery" "TIER 1" client that has been the topic of MUCH conjecture/rumour, particularly on manufacturers in the VR sector. There has been some SOLID dot-connecting done by iHubbers, Redditors, Twitter users, etc., which has generated a lot of attention for $EMAN but has also brought SOME out of the woodwork with all sorts of predictions on $EMAN and what it will or will not become, or whether it will be engaging in some sort of partnership/M&A activity with a firm. 

Rumours Aside / What We Know:
Q1 Results & May 14th CC told investors quite clearly that $EMAN has IMPRESSIVE operations  as an independent operator and an ESSENTIAL BUSINESS during the Coronavirus Pandemic, meaning that $EMAN's operations will continue to be robust during this strange time. Moreover, $EMAN's manufacturing is based in the UNITED STATES so they are ahead of the curve in terms of "nationalising" operations, so they are well-positioned for the "COVID" and "post-COVID" world.

-$EMAN Share Structure:

Common stock, $.001 par value: Authorized 200,000,000 shares,
Issued 53,980,918 shares,
Outstanding 53,818,852 shares as of March 31, 2020


--> "ONLY US Manufacturer of microdisplays"
--> "Consumer, Medical, and Military customers are increasingly turning to eMagin"
--> Technology has "higher brightness" (more 'nits') than any other competitor -- even with more rudimentary versions
--> $5.6 Million Product Revenue (display sales) and $1.1 Million Contract R&D Work ($6.7 million total revenue)
--> "Received awards for TWO US Helicopter Helmet Programs (see below info on Lockheed Martin)
--> Year-over-year revenue increase of $100,000 in a historically BAD quarter
--> R&D Costs sliced & Operating Expenses Declined YoY 
--> Adjusted EBITDA to -$800,000 from -$1.5million in the year prior
--> Operating Expenses DOWN and booked contracts UP  with $13.3MILLION in shippable orders ready for the next 12months



- Microdisplays were developed for "DEFENSE-WIDE" applications (2014): https://www.businesswire.com/news/home/20141029005705/en/eMagin-Announces-Manufacturing-Technology-ManTech-Award-Develop

- Displays are used in Boeing's APACHE-64 Attack Helicopter Helmets (2018) Pg. 3: 
PAGE 3: https://investorshub.advfn.com/boards/read_msg.aspx?message_id=155653984

****More Links on this & why this is important****

(Current Helmet) https://www.reddit.com/r/aviation/comments/bd201o/an_ah64_apache_attack_helicopter_pilot_helmet/
"WHAT IS THAT THING ON THE PILOT'S EYE????????"  :::::: https://www.lockheedmartin.com/en-us/products/arrowhead.html

This is called an ""M-TADS/PVNS System" (Modernized Target Acquisitions Sight / Pilot Night Vision Sensor ---  

Video from LOCKHEED MARTIN of Apache-64 "optics" both in Turret and Helmet (1:00 mark talks about how the HELMET and M-PNVS work together) :

Therefore our "MAJOR DEFENSE CONTRACTOR" must be Lockheed Martin(?) who puts together these targetting systems for Boeing:
$LMT (Lockheed Martin - NYSE)Lockheed Martin Corporation is an American aerospace, defense, security, and advanced technologies company with worldwide interests.
-$360.40usd/share & $101 Billion Market Cap
-$53.7bln Revenue (2018)

eMagin Announces Significant Order from Major Defense Contractor (2019)http://ir.emagin.com/news-releases/news-release-details/emagin-corporation-announces-significant-order-strengthening


$EMAN mentioned here by NVIDIA, who will use their tech for a VR headset (July 2019): https://research.nvidia.com/sites/default/files/pubs/2019-07_Foveated-AR%3A-Dynamically-Foveated//Foveated_AR___v2%20%2815%29.pdf

"As described in Sec. 4.1.1, three customized ICs (manufactured by ILLUCO) were used in the optical bench prototype. We used the eMagin (WUXGA LUT) micro OLED for the foveal display. Each 18.7×11.75 mm, 3 g micro display has 1920×1200 24-bit color pixels at >1000 cd/m2 brightness. Overall transparency was 50% and the final brightness of the foveal display was around 70 nits. Our peripheral display is powered by the Celluon 1280×720 laser projector (PicoBit), with a 10 mm diameter 75 mm focal length plano-convex lens (Edmund Optics 84-281) for beam shaping. A full-color HOE film was recorded with our custom recording setup (see Supplementary B.1). To maximize the efficiency of all three wavelengths, we stacked three HOEs ( Supplementary B.3). Two perpendicular linear polarizers were used in front of the laser projector to match the brightness of the peripheral display to that of foveal display. In the optical bench prototype, the micro OLED travels horizontally and axially via two high-speed motorized linear stages (DDSM50) from Thorlabs, Inc. 

"Wearable prototype. The wearable prototype consists of a modular, 3D printed frame that houses and aligns all of the optical/mechanical components used in the system (see Supplementary C) including a compact laser projector (MEGA1, MEGA1-F1), a beam shaping lens (Edmund Optics, 84-281), a right angle prism (Thorlabs, PS908), a micro OLED (eMagin, WUXGA LUT), optical front-end (combiners and half mirrors for the fovea and peripheral optical path), and the motion stage used to translate the foveal and peripheral displays in relation to each other. The basic optical structure of the wearable prototype is identical to the benchtop prototype, but it uses a smaller projector and the folded optical path for periphery. Note that the HOE was delaminated from the glass substrate to minimize the form factor and weight. The micro OLED display driver is located remotely and relayed to the display using a 5-feet cable provided by the manufacturer"

10-Q - for period ending Mar. 31, 2020:
Earnings Conference Call Transcript (May 14th, 2020):

Company Website: http://emagin.com/
LinkedIN: https://www.linkedin.com/company/emagin-corporation
SS: https://www.otcmarkets.com/stock/EMAN/profile
"Official Twitter": https://twitter.com/eMaginCorporat1
"Unofficial Twitter": https://twitter.com/eMagin_OLED 
YouTube Channel: https://www.youtube.com/channel/UCdQ09N_U8RhxHz-r0i2yobA
Reddit Page: https://www.reddit.com/r/eMaginCorp

Management: http://emagin.com/about/management/

Price Target from Rodman & Renshaw: https://investorshub.advfn.com/boards/read_msg.aspx?message_id=155684540

Video of Apache-64 "optics" both in Turret and Helmet (1:00 mark talks about how the HELMET and M-PNVS work together) : https://www.youtube.com/watch?v=G2hrzSGcmUA

US ARMY Weapons System: https://defence-blog.com/army/u-s-army-provides-more-details-about-its-revolutionary-weapon-system.html
Current Price
Bid Ask Day's Range
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EMAN News: Current Report Filing (8-k) 08/13/2020 08:20:09 AM
EMAN News: Current Report Filing (8-k) 07/28/2020 04:36:29 PM
EMAN News: Current Report Filing (8-k) 07/21/2020 08:30:26 AM
EMAN News: Amended Statement of Changes in Beneficial Ownership (4/a) 07/13/2020 07:13:24 PM
EMAN News: Current Report Filing (8-k) 07/13/2020 06:01:05 AM
#957   I didn’t realize there was a “show”. Do Always wondering 09/14/20 10:08:08 PM
#956   Thanks. We'll know soon enough. GLTY! Mad Money Monkey 09/14/20 10:03:06 PM
#955   Good luck with the calls! It would be bigbut 09/14/20 08:57:14 PM
#954   My strategy: A butt load of Sept. 18 Mad Money Monkey 09/13/20 11:41:38 AM
#953   Good strategy is buy at the 50 or bigbut 09/10/20 08:01:41 AM
#952   eMagin Parlaying Big DoD Awards To Make AR/VR Stanley76 09/08/20 04:50:50 PM
#951   idont see it saigai 09/01/20 08:06:17 PM
#950   News out!!!! toro123 09/01/20 02:52:05 PM
#949   i smell news saigai 08/25/20 03:46:31 PM
#948   Quite a nice adding opportunity for no apparent Always wondering 08/24/20 01:03:30 PM
#947   sorry if already known ... Stanley76 08/18/20 08:01:24 PM
#946   I wonder if a merger with KOPN is DudeWheresMyFLTT 08/14/20 10:46:27 AM
#945   Back ALL IN @ 1.67 1.68 1.70 $$$ ALL-IN888 08/14/20 07:37:48 AM
#944   Holy Shit!!! Im all out @ 2.00 AHs ALL-IN888 08/13/20 05:17:08 PM
#943   Made a new 52 week high today when ALL-IN888 08/13/20 05:12:09 PM
#942   $EMAN is finally breaking out and we should Trade4boat 08/13/20 04:59:28 PM
#941   Lets Close AHs @ 2.00 Then pop it ALL-IN888 08/13/20 04:55:10 PM
#940   * * $EMAN Video Chart 08-13-2020 * * ClayTrader 08/13/20 04:05:26 PM
#939   Over $2 After hours gonna be active... shovy 08/13/20 02:01:38 PM
#938   1.80's Incoming~~~!!! SUPERNOVA UPGRADED!! $$$$ Target 20.00 ALL-IN888 08/13/20 01:12:32 PM
#937   Will Upgrade it to SUPERNOVA Designation soon as ALL-IN888 08/13/20 01:04:52 PM
#936   Float only 42.84 Million New 52 week High ALL-IN888 08/13/20 10:27:10 AM
#935   Its a $20.00 wow!! $$$ ALL-IN888 08/13/20 10:19:29 AM
#934   Huge 37 Million Military Contract, ALL In from ALL-IN888 08/13/20 09:58:43 AM
#933   Going to be a nice day Always wondering 08/13/20 09:52:01 AM
#932   Loss significantly reduced on higher revs puffadder 08/13/20 08:08:58 AM
#931   Big move approaching puffadder 08/12/20 09:53:00 PM
#930   I seen no gain or loss based on Jamoarthur96 08/11/20 08:42:03 PM
#929   Patent issued. >>> tekheavy 08/11/20 08:22:13 AM
#928   * * $EMAN Video Chart 08-06-2020 * * ClayTrader 08/06/20 04:11:58 PM
#927   Been watching this stock for over a year. Always wondering 08/06/20 10:37:18 AM
#926   Breaking 52 week high on above average volume. Trade4boat 08/05/20 07:11:38 PM
#925   Beautiful Always wondering 08/05/20 06:36:57 PM
#924   Making chips for nvda lipster 08/05/20 06:16:06 PM
#923   I can’t wait to find out what the Always wondering 08/05/20 05:04:34 PM
#922   Not sure what's going on in after-hours but Trade4boat 08/05/20 04:36:44 PM
#921   On the CNBC ticker currently!$EMAN shylo14 08/05/20 04:15:35 PM
#920   Look at it climbing after hours! shylo14 08/05/20 04:15:15 PM
#919   WOW my little diamond in the rough!$EMAN shylo14 08/05/20 04:14:52 PM
#918   HR Director job posting Trashcanman 08/02/20 05:46:14 PM
#917   SID Display Week 2020 begins Monday Trashcanman 08/01/20 02:15:49 PM
#916   * * $EMAN Video Chart 07-31-2020 * * ClayTrader 07/31/20 05:33:42 PM
#915   Why the run up today. Dead cat bounce tekheavy 07/31/20 03:32:24 PM
#914   Picked a little more Up off the floor Going bigbut 07/31/20 01:40:15 PM
#913   Oh no... Not "we" jgusciora 07/29/20 05:31:26 PM
#912   ... we bought some $EMAN and will scale @LaughinPaulRyan 07/28/20 07:13:51 PM
#911   EMAN is it going to be one of OGINVU 07/28/20 08:00:03 AM
#910   EMAN...$1.13...Bearish Harami formed on the Overbought Retrace...Pretty typical georgie18 07/28/20 05:57:24 AM
#909   InvestorsObserver issues critical PriceWatch Alerts for RIOT, ONTX, glens0 07/27/20 10:02:36 AM
#908   EMAN...$1.27 in the P/M...Terms of the contract is georgie18 07/27/20 07:26:53 AM
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