poLight ASA – Good progress on new customer cases
KEY EVENTS
* Share issues carried out in Q2-20 raised NOK 50 million
* Generally good progress on new customer cases
* Post Q2 poLight received a purchase order from a Tier 1 barcode customer
* End-user sales of smartwatches picked up slightly, but are still lower than in a normal situation
Horten, 21 August 2020 - poLight ASA (OSE: PLT) today announced its results for second quarter and the first six months of 2020.
During the quarter, poLight has made progress in positioning TLens, and more generally its technology platform, for various customer cases representing different market segments.
EBITDA in the second quarter was NOK -10.4 million, compared with EBITDA of NOK -13.3 million in the second quarter of 2019.
Cash at 30 June 2020 came to NOK 89.9 million. Proceeds from the share issues in Q2 raised net NOK 47.8 million.
“It is encouraging to be involved in so many concrete customer cases in so many different areas. The situation we experience today is unprecedented: We are already shipping into consumer products. We are close to being included in a barcode product. We are involved in several cases in the field of augmented reality, which could be ‘the next big thing’ in the consumer market, while new opportunities in the smartphone area are starting to emerge. We have come a long way in the past six months and have overcome many of the hurdles inherent in bringing new and innovative technology to market, and we expect continuing good progress in the next twelve months”, said Øyvind Isaksen, the CEO of poLight.
Q2 report and presentation
Please find the report and presentation for Q2 2020 enclosed.
poLight Q2 2020 presentation.pdf
Presentation and webcastCEO Øyvind Isaksen and CFO Alf Henning Bekkevik will present the company’s results today at 08:30 CET through live webcast. Please join the Q2 2020 results webcast by clicking here: https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20200821_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:
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 offices in Finland, France and China and representation in Taiwan and Korea. For more information, please visit https://www.polight.com