poLight ASA – continues to make headway in important markets

KEY EVENTS in the quarter

• First smartphone, Meizu 20 Infinity, using TLens® in the selfie camera available in the market from June 2023.
• Good feedback on performance of the Meizu selfie camera using TLens®, but sentiment in the consumer market is very cost sensitive.
• LLVision augmented reality (AR) enterprise glasses using TLens® released to the market.
• First report under the Norwegian Transparency Act published at the end of June.
• The rights issue was oversubscribed by approximately 25% and generated NOK 125.8 million in net proceeds.

Horten, 17 August 2023 - poLight ASA (OSE: PLT) today announced its results for Q2 2023.

“The first smartphone using TLens® in the selfie camera was made available in the market during the quarter. The initial response, from a performance perspective, has been positive and we are busy demonstrating the new selfie camera to other potential customers,” said Dr Øyvind Isaksen, the CEO of poLight.

“Augmented reality (AR) customer cases continue to develop positively. Two design-wins related to AR enterprise glasses have been secured and are currently in mass production. The latest release announced during the quarter related to LLVision from China. The customer pipeline in this segment continues to grow, and we are involved in both enterprise and consumer cases.”

poLight’s CEO explained that the company’s understanding of the automotive market has matured during the quarter. “There seems to be a clear need for autofocus technology and key market players are in dialogue with us on this,” he added.

“Step by step, poLight is moving in the right direction, even under somewhat difficult market circumstances, particularly in the consumer market. Prospects for business in future important markets such as AR/VR, automotive and medical are maturing. There are still challenges to overcome, both from a market and operational point of view, which we are working hard to overcome,” he said.

EBITDA totalled NOK -18.0 million in Q2 2023, compared with NOK -13.9 million in Q2 2022.

As at 30 June 2023 poLight had a cash holding of NOK 153.2 million, compared with NOK 84.2 million as at 31 December 2022.

Q2 report and presentation

Please find the report and presentation for Q2 2023 enclosed.

Presentation and webcast

CEO Dr Øyvind Isaksen and CFO Alf Henning Bekkevik will present the company’s results today at 09:00 CET at Hotel Continental, Stortingsgaten 24/26, in Oslo, Norway. The presentation can also be followed through a live webcast. Join the Q2 2023 results webcast by clicking here:  

https://channel.royalcast.com/landingpage/hegnarmedia/20230817_6/

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:

Dr. 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 ASA (OSE: PLT) offers a patented, proprietary tunable optics technology, starting with its first product, TLens® which replicates “the human eye” experience in autofocus cameras used in devices such as smartphones, wearables, barcode scanners, 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 employees in Finland, France, UK, US, China, Taiwan, and the Philippines. For more information, please visit https://www.polight.com