poLight ASA – Third quarter 2018: Increased interest for TLens® technology

KEY EVENTS

•             Successful initial public offering and listing on the Oslo Stock Exchange

•             Positive development for ongoing smartphone proof-of-concept (PoC) studies

•             Progress with potential barcode- and Augmented Reality (AR) customers

•             Increased interest for TLens® technology from sectors requiring small high-quality cameras

•             Received formal VAT refund claim from local tax authorities

poLight ASA (OSE: PLT) today announced its first financial report following the successful initial public offering and listing of the company’s shares on the Oslo Stock Exchange.

Revenue of NOK 0.3 million in the third quarter of 2018 was related to delivery of TLens® samples and Evaluation Kits to potential customers and ongoing PoCs. The group operating loss was NOK 31.5 million for the quarter, compared with an operating loss of NOK 12.5 million in the third quarter of 2017. The operating loss was influenced by a VAT claim of NOK 15.8 million and IPO expenses of NOK 3.9 million, as well as by a lower level of capitalised development expenses in 2018.

poLight continues to experience increased interest for its TLens technology from several industries, including the mobile phone sector, barcode segment, AR and for new applications such as machine vision. As of end September 2018, poLight had delivered 3,500 units of TLens compared to 1,700 for the whole of 2017. The increased market activity and interest for TLens products support increased confidence in commercialisation of poLight’s technology.

“It has been a very exciting third quarter with the successful IPO and subsequent listing on the Oslo Stock Exchange representing a major milestone. We continue to take important steps towards commercialisation of our unique TLens technology that captures astonishing images with instant focus. This is reflected in progress on ongoing customer projects and increased interest from a wide range of sectors relying on high-quality cameras with autofocus and a small footprint,” said Øyvind Isaksen, the CEO of poLight.

Q3 report and presentation

Please find the report and presentation for Q3 2018 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 2018 results webcast by clicking here: http://webtv.hegnar.no/presentation.php?webcastId=97454894

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 has developed a new autofocus lens which "replicates" the human eye for use in mobile devices and other applications with integrated cameras. poLight's TLens® is ready for introduction in the smartphone camera module market, offering considerable benefits such as extremely fast focus, compact xy-dimension (i.e. 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