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): May 1, 2025

UNIVERSAL DISPLAY CORPORATION

(Exact name of Registrant as Specified in Its Charter)

Pennsylvania	1-12031	23-2372688
(State or Other Jurisdiction<br><br>of Incorporation)	(Commission File Number)	(IRS Employer<br><br>Identification No.)
250 Phillips Boulevard,<br><br>Ewing, NJ		08618
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s Telephone Number, Including Area Code: (609) 671-0980

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

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 (see General Instructions A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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, $0.01 par value	OLED	The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company 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).

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. ☐

Item 2.02 Results of Operations and Financial Condition.

On May 1, 2025, Universal Display Corporation (the “Company”) issued a press release regarding its financial results for the quarter ended March 31, 2025. A copy of the press release is furnished as Exhibit 99.1 to this report.

The information set forth under this “Item 2.02. Results of Operations and Financial Condition” (including the exhibit) shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be incorporated by reference in any filing made by the Company pursuant to the Securities Act of 1933, as amended, other than to the extent that such filing incorporates by reference any or all of such information by express reference thereto.

Item 8.01 Other Events.

On May 1, 2025, the Company announced that its Board of Directors has authorized management to repurchase up to $100 million of the Company’s common stock (the “Share Repurchase Program”). The full text of the press release announcing the Share Repurchase Program is attached hereto as Exhibit 99.2 and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit<br><br>Number	Description
99.1	Press Release by the Registrant, dated May 1, 2025, furnished pursuant to Item 2.02 of Form 8-K.
99.2	Press Release by the Registrant, dated May 1, 2025, furnished pursuant to Item 8.01 of Form 8-K.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

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

	UNIVERSAL DISPLAY CORPORATION
Date: May 1, 2025	By:	/s/ Brian Millard
		Brian Millard
		Vice President, Chief Financial Officer and Treasurer

EX-99.1

Exhibit 99.1

Press Release
Universal Display Contact:
---
Darice Liu
investor@oled.com
media@oled.com
+1 609-964-5123

Universal Display Corporation Announces First Quarter 2025 Financial Results

EWING, N.J. – May 1, 2025 – Universal Display Corporation (Nasdaq: OLED), enabling energy-efficient displays and lighting with its UniversalPHOLED® technology and materials, today reported financial results for the first quarter ended March 31, 2025.

“We began 2025 on a solid financial note and continue to remain confident in the long-term growth trajectory of the OLED market. At the same time, we recognize the increasing complexity and uncertainty of the global landscape. In this environment, we are committed to our long-term strategy of advancing our leadership through the continuous invention, development and delivery of state-of-the-art OLED technologies and materials. With a powerful innovation engine, strong balance sheet, resilient supply chain, and operational agility, we are well-positioned to adapt to change, respond swiftly and continue supporting our customers and partners,” said Brian Millard, Vice President and Chief Financial Officer of Universal Display Corporation.

Financial Highlights for the First Quarter of 2025

Total revenue in the first quarter of 2025 was $166.3 million as compared to $165.3 million in the first quarter of 2024.
Revenue from material sales was $86.2 million in the first quarter of 2025 as compared to $93.3 million in the first quarter of 2024. The decrease in material sales was primarily due to lower unit material volume for our emitter materials, partially offset by changes in customer mix.
Revenue from royalty and license fees was $73.6 million in the first quarter of 2025 as compared to $68.3 million in the first quarter of 2024. The increase in royalty and license fees was primarily the result of changes in customer mix, partially offset by lower unit material volume.
Cost of material sales was $33.9 million in the first quarter of 2025 as compared to $34.1 million in the first quarter of 2024 due to lower unit material volume, partially offset by changes in product mix.
Total gross margin was 77% in the first quarter of 2025 as compared to 78% in the first quarter of 2024.
Operating income was $69.7 million in the first quarter of 2025 as compared to $62.9 million in the first quarter of 2024.
The effective income tax rate was 19.6% in the first quarter of 2025 as compared to 19.4% in the first quarter of 2024.
Net income was $64.4 million or $1.35 per diluted share in the first quarter of 2025 as compared to $56.9 million or $1.19 per diluted share in the first quarter of 2024.

Revenue Comparison

($ in thousands)	Three Months Ended March 31,
	2025		2024
Material sales	$	86,155	$	93,284
Royalty and license fees		73,569		68,268
Contract research services		6,553		3,707
Total revenue	$	166,277	$	165,259

Cost of Materials Comparison

($ in thousands)	Three Months Ended March 31,
	2025			2024
Material sales	$	86,155		$	93,284
Cost of material sales		33,949			34,096
Gross margin on material sales		52,206			59,188
Gross margin as a % of material sales		61	%		63	%

2025 Guidance

While the evolving macroeconomic environment this year creates greater uncertainty, the Company affirms its previous revenue guidance and believes that 2025 revenue will be the range of $640 million to $700 million.

Dividend

The Company also announced a second quarter cash dividend of $0.45 per share on the Company’s common stock. The dividend is payable on June 30, 2025 to all shareholders of record as of the close of business on June 16, 2025.

Conference Call Information

In conjunction with this release, Universal Display will host a conference call on Thursday, May 1, 2025 at 5:00 p.m. Eastern Time. The live webcast of the conference call can be accessed under the events page of the Company's Investor Relations website at ir.oled.com. Those wishing to participate in the live call should dial 1-877-524-8416 (toll-free) or 1-412-902-1028. Please dial in 5-10 minutes prior to the scheduled conference call time. An online archive of the webcast will be available within two hours of the conclusion of the call.

About Universal Display Corporation

Universal Display Corporation (Nasdaq: OLED) is a leader in the research, development and commercialization of organic light emitting diode (OLED) technologies and materials for use in display and solid-state lighting applications. Founded in 1994 and with subsidiaries and offices around the world, the Company currently owns, exclusively licenses or has the sole right to sublicense more than 6,500 patents issued and pending worldwide. Universal Display licenses its proprietary technologies, including its breakthrough high-efficiency UniversalPHOLED® phosphorescent OLED technology that can enable the development of energy-efficient and eco-friendly displays and solid-state lighting. The Company also develops and offers high-quality, state-of-the-art UniversalPHOLED materials that are recognized as key ingredients in the fabrication of OLEDs with peak performance. In addition, Universal Display delivers innovative and customized solutions to its clients and partners through technology transfer, collaborative technology development and on-site training. To learn more about Universal Display Corporation, please visit https://oled.com/.

Universal Display Corporation and the Universal Display Corporation logo are trademarks or registered trademarks of Universal Display Corporation. All other Company, brand or product names may be trademarks or registered trademarks.

#

All statements in this document that are not historical, such as those relating to the projected adoption, development and advancement of the Company’s technologies, and the Company’s expected results, as well as the growth of the OLED market and the Company’s opportunities in that market, are forward-looking financial statements within the meaning of the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on any forward-looking statements in this document, as they reflect Universal Display Corporation’s current views with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated. These risks and uncertainties are discussed in greater detail in Universal Display Corporation’s periodic reports on Form 10-K and Form 10-Q filed with the Securities and Exchange Commission, including, in particular, the section entitled “Risk Factors” in Universal Display Corporation’s Annual Report on Form 10-K for the year ended December 31, 2024. Universal Display Corporation disclaims any obligation to update any forward-looking statement contained in this document.

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UNIVERSAL DISPLAY CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

(in thousands, except share and per share data)

			December 31, 2024
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	157,473		$	98,980
Short-term investments	413,805			393,690
Accounts receivable	139,563			113,648
Inventory	197,398			182,938
Other current assets	110,175			110,575
Total current assets	1,018,414			899,831
PROPERTY AND EQUIPMENT, net of accumulated depreciation of 168,110 and 169,877	196,263			195,239
ACQUIRED TECHNOLOGY, net of accumulated amortization of 207,814 and 203,621	69,361			73,554
OTHER INTANGIBLE ASSETS, net of accumulated amortization of 12,194 and 11,842	5,094			5,446
GOODWILL	15,535			15,535
INVESTMENTS	369,027			457,593
DEFERRED INCOME TAXES	81,410			78,320
OTHER ASSETS	109,383			106,815
TOTAL ASSETS	1,864,487		$	1,832,333
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	28,294		$	36,590
Accrued expenses	35,089			46,026
Deferred revenue	22,772			33,074
Other current liabilities	26,944			9,720
Total current liabilities	113,099			125,410
DEFERRED REVENUE	2,348			537
RETIREMENT PLAN BENEFIT LIABILITY	54,867			54,450
OTHER LIABILITIES	34,841			35,411
Total liabilities	205,155			215,808
SHAREHOLDERS’ EQUITY:
Preferred Stock, par value 0.01 per share, 5,000,000 shares authorized, 200,000 shares of Series A Nonconvertible Preferred Stock issued and outstanding (liquidation value of 7.50 per share or 1,500)	2			2
Common Stock, par value 0.01 per share, 200,000,000 shares authorized, 48,937,424 and 48,834,541 shares issued, and 47,571,776 and 47,468,893 shares outstanding, at March 31, 2025 and December 31, 2024, respectively	489			488
Additional paid-in capital	722,275			723,719
Retained earnings	977,556			934,655
Accumulated other comprehensive income (loss)	294			(1,055	)
Treasury stock, at cost (1,365,648 shares at March 31, 2025 and December 31, 2024)	(41,284	)		(41,284	)
Total shareholders’ equity	1,659,332			1,616,525
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	1,864,487		$	1,832,333

All values are in US Dollars.

UNIVERSAL DISPLAY CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)

(in thousands, except share and per share data)

	Three Months Ended March 31,
	2025			2024
REVENUE:
Material sales	$	86,155		$	93,284
Royalty and license fees		73,569			68,268
Contract research services		6,553			3,707
Total revenue		166,277			165,259
COST OF SALES		38,134			36,969
Gross margin		128,143			128,290
OPERATING EXPENSES:
Research and development		34,900			37,985
Selling, general and administrative		17,014			19,252
Amortization of acquired technology and other intangible assets		4,545			4,548
Patent costs		1,906			1,982
Royalty and license expense		114			1,651
Total operating expenses		58,479			65,418
OPERATING INCOME		69,664			62,872
Interest income, net		10,074			9,568
Other income (loss), net		378			(1,943	)
Interest and other income (loss), net		10,452			7,625
INCOME BEFORE INCOME TAXES		80,116			70,497
INCOME TAX EXPENSE		(15,672	)		(13,644	)
NET INCOME	$	64,444		$	56,853
NET INCOME PER COMMON SHARE:
BASIC	$	1.35		$	1.19
DILUTED	$	1.35		$	1.19
WEIGHTED AVERAGE SHARES USED IN COMPUTING NET <br> INCOME PER COMMON SHARE:
BASIC		47,567,295			47,557,959
DILUTED		47,689,657			47,628,492
CASH DIVIDENDS DECLARED PER COMMON SHARE	$	0.45		$	0.40

UNIVERSAL DISPLAY CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

(in thousands)

	Three Months Ended March 31,
	2025			2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	64,444		$	56,853
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		6,548			6,616
Amortization of intangibles		4,545			4,548
Amortization of premium and discount on investments, net		(1,471	)		(2,236	)
Stock-based compensation		7,076			9,174
Deferred income tax benefit		(3,091	)		(3,936	)
Retirement plan expense, net of benefit payments		423			330
Decrease (increase) in assets:
Accounts receivable		(25,915	)		20,266
Inventory		(14,460	)		2,890
Other current assets		400			(2,113	)
Other assets		(2,568	)		2,907
Increase (decrease) in liabilities:
Accounts payable and accrued expenses		(13,408	)		(7,977	)
Other current liabilities		16,867			12,786
Deferred revenue		(8,491	)		(27,270	)
Other liabilities		(337	)		(682	)
Net cash provided by operating activities		30,562			72,156
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment		(13,059	)		(7,206	)
Purchases of investments		(38,772	)		(99,947	)
Proceeds from sale and maturity of investments		110,000			42,970
Net cash provided by (used in) investing activities		58,169			(64,183	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock		579			639
Payment of withholding taxes related to stock-based compensation to employees		(9,398	)		(7,058	)
Cash dividends paid		(21,419	)		(19,527	)
Net cash used in financing activities		(30,238	)		(25,946	)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		58,493			(17,973	)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD		98,980			91,985
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	157,473		$	74,012
SUPPLEMENTAL DISCLOSURES:
Unrealized gain (loss) on available-for-sale securities	$	1,320		$	(2,666	)
Common stock issued to Board of Directors and Scientific Advisory Board that was <br> earned and accrued for in a previous period		300			300
Net change in accounts payable and accrued expenses related to purchases of property <br> and equipment		5,487			(156	)
Cash paid for income taxes, net of refunds		2,266			5,085

EX-99.2

Exhibit 99.2<br><br>Press Release
Universal Display Contact:
---
Darice Liu
investor@oled.com
media@oled.com
+1 609-964-5123

Universal Display Corporation Announces $100 Million Share Repurchase Authorization and Quarterly Cash Dividend of $0.45 per Share

Ewing, N.J. – May 1, 2025 – Universal Display Corporation (Nasdaq: OLED), enabling energy-efficient displays and lighting with its UniversalPHOLED® technology and materials, today announced that its Board of Directors has approved a new share repurchase program, authorizing the Company to purchase up to $100 million of its common stock. In addition, the Board also approved a second quarter cash dividend of $0.45 per share on the Company's common stock.

Share Repurchase Authorization

The $100 million repurchase authorization is effective immediately and permits shares of the Company’s common stock to be repurchased from time to time at management's discretion, through a variety of methods, including a 10b5-1 trading plan, open market purchases, privately negotiated transactions, or transactions otherwise in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended. The repurchase program has no time limit, does not obligate the Company to acquire a specified number of shares and may be modified, suspended or discontinued at any time at the Company’s discretion.

Repurchases under this program will be funded from the Company’s existing cash and investments or future cash flow.

Second Quarter 2025 Dividend

The second quarter cash dividend of $0.45 is payable on June 30, 2025, to shareholders of record on June 16, 2025. The dividend reflects the Company’s expected continued cash flow generation, and commitment to return capital to its shareholders. Future dividends will be subject to Board approval.

About Universal Display Corporation

#

All statements in this document that are not historical, such as those relating to the projected adoption, development and advancement of the Company’s technologies, and the Company’s expected results and future declaration of dividends, as well as the growth of the OLED market and the Company’s opportunities in that market, are forward-looking financial statements within the meaning of the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on any forward-looking statements in this document, as they reflect Universal Display Corporation’s current views with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated. These risks and uncertainties are discussed in greater detail in Universal Display Corporation’s periodic reports on Form 10-K and Form 10-Q filed with the Securities and Exchange Commission, including, in particular, the section entitled “Risk Factors” in Universal Display Corporation’s Annual Report on Form 10-K for the year ended December 31, 2024. Universal Display Corporation disclaims any obligation to update any forward-looking statement contained in this document.

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