poLight ASA – Increased probability of a design-win in late 2019 or early 2020

KEY EVENTS

* Several product-specific projects progressing related to wearables, smartphone and barcode applications

* Increased probability of a design-win in late 2019 or early 2020

* Record deliveries of TLens and ASIC drivers in the third quarter to support Product Verification Testing (PVT) and prepare for market launch of wearable device

* Additional purchase orders for the same project received in October

Horten, 24 October 2019 - poLight ASA (OSE: PLT) today announced its results for the third quarter of 2019. poLight’s TLens has matured from PoCs and product qualification stages to currently being included in three product-specific projects.

In third quarter 2019, poLight delivered a total of 15,553 TLens units and 32,253 PDA50 drivers to support testing by potential customers and to prepare for market launch.

These shipments reflect continued development along the path to a potential design win. Three projects have developed into specific products for potential market launch. One of the projects is for a wearable product which is planned for market release in 2019. The two other projects are smartphone and barcode related with potential market launch in mid-2020. The progress supports increased confidence in the commercialisation of poLight’s technology.

EBITDA in the third quarter was NOK -11.7 million, compared with an EBITDA of NOK -31.2 million in the third quarter of 2018.

“We have made good progress on the customer projects within wearables, barcode and smartphones and continue towards commercialisation of the TLens technology. Commercial adoption will be an important proof-point that our unique products enable new and lasting applications for both industrial and consumer segments. Diversification will be important in building our revenue base and position poLight for long-term growth,” said Øyvind Isaksen, the CEO of poLight.

On 11 and 17 October, poLight received a second and third purchase order, respectively, totalling 45,700 units of TLens Silver and 48,000 ASIC drivers, to prepare for market launch of a wearable device by an undisclosed OEM.

Q3 report and presentation

Please find the report and presentation for Q3 2019 enclosed.

Presentation and webcast

CEO Øyvind Isaksen and CFO Alf Henning Bekkevik will present the company’s results today at 08:30 am CET at Felix Conference Center, Bryggetorget 3, Aker Brygge, in Oslo, Norway.

The presentation and supporting material will be given in English. The presentation can also be followed through live webcast.

Please join the Q3 2019 results webcast by clicking here:  https://webtv.hegnar.no/presentation.php?webcastId=98161587

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