poLight ASA – Market breakthrough in augmented reality (AR) and strengthened opportunity pipeline
KEY EVENTS in the Quarter
* Design-win from first augmented reality (AR) customer
* Design-win for barcode manufacturing line applications
* poLight won the VAT appeal case (NOK 12 million cash effect in January 2022)
* Subsequent Share Issue raised gross proceeds of approximately NOK 12.8 million
* Opportunity pipeline strengthened
* Follow-up order related to the scan engine EX30 received in January 2022
Horten, 18 February 2022 - poLight ASA (OSE: PLT) today announced its results for Q4 2021.
poLight made good progress during the quarter, with generally positive progress in most customer cases resulting in the first design-win within AR segment, another design-win related to barcode scanning and strengthened opportunity pipeline. Further poLight won the VAT appeal case and raised NOK 12.8 million in gross proceeds in a Subsequent Share Issue during the quarter.
EBITDA totalled NOK -5.7 million in Q4 2021, compared with NOK -10.0 million in Q4 2020.
As at 31 December 2021 poLight had cash of NOK 157.8 million, compared with NOK 77.2 million as at 31 December 2020.
“The design-win related to the augmented reality (AR) product is of strategic importance for the company. The activity and opportunity pipeline we see in this market segment is impressive. The technical attributes of TLens, its speed, compactness, low power consumption and no gravity sensitivity, are viewed as key for AR applications.
Smartphone-related activity remains high. Together with our customers, we are expending a lot of effort and resources to mature cases and qualify TLens for commercial use. We have made encouraging progress during the quarter, even though there are hurdles still to be overcome. We are strengthening our organisation in order to handle the predicted increase in activity.”, said Øyvind Isaksen, the CEO of poLight.
Q4 report and presentation
Please find the report and presentation for Q4 2021 enclosed.
poLight Q4 2021 presentation.pdf
Presentation and webcast
CEO Øyvind Isaksen and CFO Alf Henning Bekkevik will present the company’s results today at 09:00 CET through live webcast. Please join the Q4 2021 results webcast by clicking here:
poLight ASA Webcast Q4 2021 (royalcast.com)
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 offices in Finland and China and representation in France, UK, US, Taiwan, Russia, Korea and Japan. For more information, please visit https://www.polight.com