poLight ASA – First design-win for a smartphone project led to all-time high quarterly revenue

KEY EVENTS in the Quarter

*             First smartphone design-win and mass production purchase order worth NOK 2.9 million announced during the quarter.

•             Augmented reality (AR) cases continued to mature. Both Magic Leap 2 and LLVision use TLens®  for their latest enterprise AR glasses.

•             Follow-on order worth approximately NOK 650,000 received for TLens® to be used in a machine vision device, first announced on 18 May 2021.

•             Quarterly all-time high revenue of NOK 7.1 million.

•             The rights issue was oversubscribed by approximately 25% and gave NOK 135 million in gross proceeds.

Horten, 11 May 2023 - poLight ASA (OSE: PLT) today announced its results for Q1 2023.

“Supporting many customer cases at various stages and, not at least, supplying the first mass production purchase order for a smartphone project has kept us very busy in the first few months of 2023. We participated in the release event when Meizu presented their new smartphone series, called Meizu 20, and it was a special moment when they announced that the selfie camera in the Meizu 20 Infinity is “powered by poLight”. After many years of hard work and dedication, this was a rewarding moment for all of us. This design-win represent a very important milestone for the company and will be helpful for achieving growth in all market segments.

The augmented reality (AR) market segment is continuing to develop positively for us. Two design-wins related to AR enterprise glasses have been secured and are currently in mass production. The customer pipeline in this segment continues to grow, and we are involved in both enterprise and consumer cases.

The barcode/machine vision market is slowly progressing, and the TLens® is now used by five companies. We recently received a follow-on order from one of them. All five cases are still shipping to customers and are expected to do so for several more years. New releases with the same customers are being discussed, while new companies are in the process of qualifying our technology.  Other market segments, such as Healthcare and Automotive, are still at an early stage but look promising.

So, overall, we are in the process of building a very good platform for expansion in the next few years.”, said Dr. Øyvind Isaksen, the CEO of poLight”.

EBITDA totalled NOK -14.0 million in Q1 2023, compared with NOK -18.5 million in Q1 2022. Higher revenue and less third-party involvement in R&D projects contributed to the improved result.

As at 31 March 2023 poLight had cash of NOK 53.6 million, compared with NOK 84.2 million as at 31 December 2022.

Q1 report and presentation

Please find the report and presentation for Q1 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 Continental, Stortingsgaten 24/26, in Oslo, Norway. The presentation can also be followed through live webcast. Join the Q1 2023 results webcast by clicking here:  

https://channel.royalcast.com/landingpage/hegnarmedia/20230511_10/

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