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Unlike standard OLEDs, Cambridge's P-OLED's also have a place in the inkjet printing market. Most recently, technology Web site engadget.com revealed a P-OLED flat panel display that was created using Cambridge's technology, saying printing light-emitting polymers onto sheets of glass or plastic costs less than creating conventional televisions.

On Aug. 9 Cambridge reported second-quarter revenue of $2.7 million, up 4% on an annual basis. Most of its sales now come from early stage licensing, and research and development funding. More importantly, the company only burned $2 million in cash in the quarter, about a 60% year-over-year improvement. While it is difficult at this point to predict when OLEDs will generate a profit for Cambridge, with $15 million in cash on the books the company shouldn't need any financing in the immediate term.

Universal Display shares were recently changing hands at $11.43, giving the company a $326 million market capitalization. The company is working with Samsung, flat panel maker AU Optronics, and Toyota to develop commercially viable uses for its OLED technology.

One of the unusual aspects of Universal Display's OLED technology is its transparency. The company believes transparent OLEDs could one day lead to sales in the auto industry, where images such as global positioning system-based maps and directions could be displayed directly on windshields. The company is also working on creating a flexible OLED, or FOLED, that would allow for flat screens to be rolled up into cylinders. FOLEDs could possibly be used to make PDA devices lighter and easier to carry, possibly even wearing a PDA as a wrist band.

In the most recent quarter reported on Aug. 9, Universal Display said revenue was $3.01 million, up about 105% year over year. And although Universal still isn't making any money, its $40 million cash balance should be enough be enough to carry the company for a few more years without any large equity offerings.