eMagin Registers 14% Revenue Growth In Q2 Aided By Military Programs; Expands Margin

eMagin Corp EMAN reported second-quarter FY22 revenue growth of 14% year-on-year to $7.2 million, missing the consensus of $7.36 million.
Segments: Product revenue rose 22.4% Y/Y to $7.03 million primarily due to the timing of specific orders from military markets and shipments under its ENVG-B program.
Due to higher product revenues, the gross margin expanded by 1,300 bps to 22%.
The operating loss improved by 38.4% Y/Y to $(1.8) million.
EPS loss was $(0.02).
eMagin held $4.3 million in cash and equivalents.
CEO Andrew G. Sculley said, "We achieved continued growth in display revenue from the ENVG-B program and other military programs and increased veterinary and surgical revenues. Also, in the second quarter, we strengthened our relationship with a major prime contractor by advancing our capabilities for higher-level assembly and shipped displays to a customer providing heads-up displays for optical surgery."
Price Action: EMAN shares traded higher by 5.52% at $0.87 in the premarket session on the last check Thursday.