poLight ASA – Commercial breakthrough in first quarter 2020
KEY EVENTS
* TLens used in two commercially available smartwatch phones
* poLight TLens designed into a barcode product by a Tier 1 vendor
* Several other customer cases progressing in different market segments
* Share issue carried out post Q1-20
Horten, 15 May 2020 - poLight ASA (OSE: PLT) today announced its results for first quarter of 2020.
Marketing activities have continued at a high level in the first quarter, supported by commercial progress in the wearables segment and the launch of the first two smartwatch phones with advanced auto focus (AF) enabled by TLens.
As announced during the quarter, a leading barcode maker has designed TLens into its next generation barcode scan engine. The product is expected to go onto the market in the third-quarter 2020, depending on successful testing and other external factors.
poLight´s interaction with the smartphone ecosystem increased during the quarter.
EBITDA in the first quarter was NOK -16.1 million, compared with an EBITDA of NOK -14.3 million in the first quarter of 2019.
“Many years of hard work and persistence paid off when our TLens was chosen for inclusion in smartwatch phones in early 2020. Initial market feedback is encouraging, and we are experiencing increased interest in TLens. We are currently working to capitalise on the references we have established to win further contracts, not only in the smartwatch market but also in the wider wearables market. This could provide a good volume platform for us, as well as a reference platform for entry into the smartphone market”
Q1 report and presentation
Please find the report and presentation for Q1 2020 enclosed.
Presentation and webcast
CEO Øyvind Isaksen and CFO Alf Henning Bekkevik will present the company’s results today at 08:30 CET through live webcast. Please join the Q1 2020 results webcast by clicking here: https://channel.royalcast.com/webcast/hegnarmedia/20200515_2/
The presentation and supporting material will be given in English.
A recorded version of the webcast will be made available on www.polight.com shortly after the broadcast has been concluded.
Further information from:
Øyvind Isaksen, CEO, poLight ASA: +47 90 87 63 98
Alf Henning Bekkevik, CFO, poLight ASA: +47 91 63 05 14
About poLight ASA
poLight offer a new autofocus lens which "replicates" the human eye for use in devices such as smartphones, wearables, barcode, machine vision systems and various medical equipment. poLight's TLens® enables better system performance and new user experiences due to benefits such as extremely fast focus, small footprint, no magnetic interference, low power consumption and constant field of view. poLight is based in Horten, Norway, with offices in Finland, France and China and representation in Taiwan and Korea. For more information, please visit https://www.polight.com