Revenue during the quarter plunged 32.11 percent to $4.56 million from $6.71 million in the previous year period. Gross margin for the quarter contracted 271 basis points over the previous year period to 10.75 percent. Operating margin for the quarter stood at negative 82.73 percent as compared to a negative 31.32 percent for the previous year period.

Operating loss for the quarter was $3.77 million, compared with an operating loss of $2.10 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at negative $3.23 million compared to negative $1.56 million in the prior year second quarter. At the same time, adjusted EBITDA margin stood at negative 70.82 percent for the quarter compared to negative 23.26 percent in the last year period.

“I am pleased to announce that we recently signed an additional, multi-million dollar agreement with another major Tier 1 consumer electronics company. We now have in place multiple agreements with commercial partners for next generation prototype products for consumer HMDs and expect a considerable boost to 2017 revenue from our commercial efforts, including approximately $1.5 million that we expect to recognize in the first quarter of 2017. As we continue to enhance our technological advantage through direct patterning, I believe that we are gaining the recognition we deserve for having the most comprehensive suite of high performance OLED microdisplays in the market today,” commented Andrew Sculley, president and chief executive officer.