poLight ASA – Continuing high activity led to strengthen pipeline and first design-win for a smartphone project
KEY EVENTS in the Quarter
* Another busy quarter for poLight.
* Teledyne e2v launched “2MP Multi-Focus MIPI Module”.
* High level of smartphone-related activities led to a design-win and first mass production purchase order after the close of Q4.
* AR cases continued to mature. Magic Leap 21, Vuzix, Xvisio and LLVision all use TLens® for their latest AR enterprise glasses.
* Magic Leap 2 launch date was end of September 2022, and poLight have received purchase orders worth approximately NOK 2.1 million at the end of February 2023.
* Vuzix AR glasses are available for developers, with the main release expected in mid-2023.
* XVisio and LLVision AR glasses is expected to be launched around mid 2023.
* Sharp demonstrated a new camera module using TLens®, as well as a use case in a VR headset, at CES in Las Vegas.
Horten, 28 February 2023 - poLight ASA (OSE: PLT) today announced its results for Q4 2022.
“Once again, we had a busy quarter supporting an increasing number of customer cases and, not least, preparing for a smartphone project. We have been working hard over many years to qualify for our first smartphone project. Although we have been close to a market breakthrough several times, last-minute changes in our customers product release strategy have delayed our entrance into the smartphone market. This can obviously still happen, but a firm purchase order and the fact that we already have started shipping material for mass production use must be seen as strong positive signal.
A poLight team was present at CES 2023 in Las Vegas, where we met several existing and potential new customers in several market segments. During our stay, we were able to see and experience products using our unique product, such as Magic Leap, Vuzix and XVisio´s latest AR glasses, as well as Sharp´s new camera module. So, overall, we have experienced some hectic weeks and months, with a lot of encouraging progress”, said Dr. Øyvind Isaksen, the CEO of poLight ”.
EBITDA totalled NOK -15.0 million in Q4 2022, compared with NOK -5.7 million in Q4 2021. The most significant contributor for the decline in EBITDA is due to NOK 12 million recognised as a cost reduction as a result of the positive outcome of the VAT appeal in Q4-21.
As at 31 December 2022 poLight had cash of NOK 84.2 million, compared with NOK 157.8 million as at 31 December 2021.
Q4 report and presentation
Please find the report and presentation for Q4 2022 enclosed.
poLight Q4 2022 presentation.pdf
Presentation and webcast
CEO Dr. Øyvind Isaksen and CFO Alf Henning Bekkevik will present the company’s results today at 09:00 CET at Continental, Stortingsgaten 24/26, in Oslo, Norway. The presentation can also be followed through live webcast. Join the Q4 2022 results webcast by clicking here:
https://channel.royalcast.com/landingpage/hegnarmedia/20230228_3/
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 offers 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 employees in Finland, France, UK, US, China, Taiwan and Philippines. For more information, please visit https://www.polight.com
1/ https://www.yolegroup.com/technology-insights/the-polight-tlens-piezoelectric-mems-autofocus-module-is-in-the-magic-leap-2/