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Universal Display Corporation (OLED): The High-Stakes Gen 8+ Fab Ramp That Could Drive the Next OLED Wave!

Universal Display Corporation reported a first quarter 2026 revenue of $142 million, reflecting a 14% decline compared to $166 million in the same period last year. This decrease was driven principally by changes in customer mix, softer macroeconomic conditions, tariff-related purchasing activity in the prior year, and a 4% reduction in material volumes. Material sales totaled $84 million, slightly down from $86 million a year ago, while royalty and licensing revenue decreased to $54 million from $74 million, a shift attributed mainly to customer mix dynamics. The company maintained a gross margin of 75%, consistent with its full-year guidance of 74% to 76%, despite inflationary pressures. Operating expenses, excluding cost of sales, increased to $63 million from $58 million year-over-year.