Slide 1: Second quarter 2020 - Earnings presentation
Second quarter 2020 - Earnings presentation 20 August 2020
Slide 2: Disclaimer
Disclaimer This presentation (the "Presentation") has been produced by poLight ASA (the "Company") exclusively for information purposes. This Presentation has not been approved, reviewed or registered with any public authority or stock exchange. Further to the aforementioned, this presentation is th
Slide 3: Today's agenda
Today’s agenda Presenting Dr. Øyvind Isaksen • Key events Chief Executive Officer Dr. Isaksen has been CEO of poLight since August 2014. He has • Introduction to poLight previously held several CEO positions, most recently in the publicly listed company Q-Free ASA, which he left in January 2014, aft
Slide 4: Key events
Key events • 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 • Share issues carried out in Q2-20 raised NOK 50 million 4
Slide 5: poLight at a glance
poLight at a glance Background and description Geographical footprint • Developer of unique photographic lens for use in the mobile, barcode, augmented reality and other Horten Norway Tampere Finland markets Lyon France Korea • Founded in 2005 and has since build state-of-the-art Shenzhen Taiwan Chi
Slide 6: poLight's products well suited for multiple uses
poLight´s products well suited for multiple uses Consumer Industrial Medical Automotive 6
Slide 7: Operations and market review
Operations and market review
Slide 8: Barcode: getting closer to commercial breakthrough
Barcode: getting closer to commercial breakthrough • Received an order of 0.5 million NOK in Q1 and follow-up order of 0.7 million NOK post Q2 • Last order to qualify mass production and commercial supply • Planned market release in third-quarter 2020, dependent on successful testing and other exter
Slide 9: AR: TLens considered for next generation glasses by several OEMs
AR: TLens considered for next generation glasses by several OEM´s • AR market is still at an early stage, with low volumes • Potentially the next “big thing” in the consumer mass market after the smartphone • TLens offers several advantages related to power consumption, speed, compactness and no gra
Slide 10: Smartphone: continued interaction during the quarter
Smartphone: continued interaction during the quarter • TLens considered to be used in an advanced add-in lens design to realise a compact nose front-facing camera with AF • Using the poLight technology platform to realise new products; • Enhancing back-camera solutions • Bigger aperture TLens Add-in
Slide 11: Progress within several market segments
Progress within several market segments Ongoing supply Project Completed PoC Ongoing PoC Planning PoC Consumer 2 (2) 7 (7) 12 (8) 8 (9) Industrial 1 (1) 3 (2) 8 (7) 1 (1) Other (e.g. medical / automobile) 6 (5) 0 (1) 2 (2) 1 (1) 10 (9) 26 (20) 9 (11) (x): last quarter number 11
Slide 12: Financial review
© poLlight Financial review
Slide 13: Key financials
Key financials Income statement Balance sheet summary (in NOK million) Q2 2020 Q2 2019 FY 2019 (in NOK million) Q2 2020 Q2 2019 FY 2019 Revenue 0.6 0.5 3.0 Intangible assets 48.8 77.0 53.9 Cost of sales -0.1 -0.4 -2.1 Inventories 9.3 8.3 7.7 Research and development expenses -4.0 -5.6 -19.9 Cash and
Slide 14: Cash Flow
Cash Flow • Q2 cash used in operations was NOK 8.3 million, Q2 2020 cash flow development compared with NOK 14.4 million in Q2 2019 (NOK million) • Q2 cash from financing activities was NOK 47.5 million 47,5 89,9 • net proceeds from the share issues in Q2 of NOK -0,1 47.8 million • Q2 net increase i
Slide 15: Outlook
© poLlight
Slide 16: Outlook
Outlook • Increased customer activity, - serval different market segments • Good progress in the past six months • Have overcome many of the hurdles inherent in bringing new and innovative technology to market • Market focus on; • securing the first design-win for barcode • position poLight for the
Slide 17: Next event: Q3-20 - October 2020
Next event: Q3-20 - 23 October 2020
Slide 18: Appendix
Appendix Oy Instant focus a Small X and Y 18 a Constant field ba of view Allin focus Touch & re-Focus High performance front facing camera R=6B 4 High optical axis stability No gravity impact Low power consumption Smart implementation of dual camera IG No magnetic interference & potight
Slide 19: Management Team
Management Team Dr. Øyvind Isaksen Chief Executive Officer Dr. Isaksen has been CEO of poLight since August 2014. He has previously held several CEO positions, most recently in the publicly listed company Q-Free ASA, which he left in January 2014, after 7 years as CEO. Øyvind Isaksen holds a PhD in
Slide 20: Board of Directors
Board of Directors Eivind Bergsmyr – Chairman, independent (from March-2020) Mr. Bergsmyr has been a partner at Viking Venture since 2009, and serves on the boards of several Viking Venture portfolio companies. He is the current chair of Xait AS, DinERP AS, Tamigo ApS, Flowbox AB, Humly Edtech AB an
Slide 21: Statement of income
Statement of income NOK 000 Note Q2 2020 Q2 2019 YTD 2020 YTD 2019 FY 2019 Revenue 622 519 1 158 548 2 988 Cost of sales -133 -382 -194 -385 -2 075 Gross profit 489 137 964 163 913 Research and development expenses net of governmental grants 7,8 -4 020 -5 565 -9 526 -11 166 -19 874 Sales and marketi
Slide 22: Balance sheet
Balance sheet NOK 000 Note Q2 2020 Q2 2019 FY 2019 ASSETS Property, plant and equipment 1 068 1 206 1 235 Intangible assets 9 48 791 77 024 53 936 Right-of-use assets 1 327 1 315 1 923 Total non-current assets 51 186 79 545 57 094 Inventories 9 254 8 298 7 728 Trade and other receivables 6 046 8 364
Slide 23: Cash flow
Cash flow NOK 000 Note Q2 2020 Q2 2019 YTD 2020 YTD 2019 FY 2019 Operating activities Loss before tax -13 469 -14 208 -32 739 -28 925 -77 740 Non-cash adjustment to reconcile profit before tax to net cash flows: Depreciation and impairment of property, plant and equipment 481 393 962 1 012 1 895 Amo