poLight ASA – Positive development in smartphone market

KEY EVENTS

* poLight received a follow-up purchase order related to the Honeywell EX30 barcode scan engine

* Good progress on customer cases – both in consumer and professional markets

* The positive development in smartphone market continues

* First design-win for a web camera application (after the reporting date)

Horten, 7 May 2021 - poLight ASA (OSE: PLT) today announced its results for first quarter of 2021.

Tunable optics, such as poLight TLens, are attracting more and more attention in the smartphone market. The already ongoing Proof of Concept (PoC) has moved to project phase, and during the quarter further testing and design optimisation has been continuing with promising results. Market release and ramp-up planning is ongoing. Further the recent development has led to new initiatives driven by other OEMs and camera module makers.

After the reporting date for the first quarter 2021, poLight was awarded a design-win for a web camera application from Maxhub and the initial feedback from the market has been positive.

EBITDA in the first quarter was NOK -20.2 million, whereof NOK 8.0 million recognised as share option plan expense, compared with an EBITDA of NOK -16.1 million in the first quarter of 2020.

Cash at 31 March 2021 came to NOK 68.4 million, compared with NOK 77.2 at 31 December 2020.

“Activity at poLight is at an all-time high. We are busy providing customer support, delivering products and preparing to expand our capacity. The atmosphere is extremely positive. After the first quarter reporting date, we achieved another design-win related to a web camera application – another new application for our unique TLens. Step by step we are building a platform of various reference cases which will future-proof the company. Although we have recently made considerable progress, there is no doubt that we are facing challenging times in many respects. Not only are we at an early stage of commercialisation/ramp-up, the general supply chain situation in the industry is leading to component and capacity shortages. Fortunately, we have a well-functioning, worldwide organisation, which is well able to address every challenge constructively. The organisation has also been further strengthened during the quarter. Interesting times!”, said Øyvind Isaksen, the CEO of poLight.

Q1 report and presentation

Please find the report and presentation for Q1 2021 enclosed.

poLight Q1 2021 report.pdf

poLight Q1 2021 presentation.pdf

Presentation and webcast

poLight ASA Webcast Q1 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:

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