Slide 1: Second quarter 2024 Earnings presentation
Second quarter 2024 Earnings presentation 1 Second quarter 2024 - Earnings presentation 15 August 2024
Slide 2: Disclaimer
Disclaimer This presentation (the "Presentation") has been nor does any of them accept any responsibility for No shares or other securities are being offered produced by poLight ASA (the "Company") the future accuracy of the opinions expressed in pursuant to this Presentation. This Presentation excl
Slide 3: Today's agenda
Today’s agenda Presenting • Key events Dr Øyvind Isaksen • Introduction to poLight Chief Executive Officer Dr Isaksen has been CEO of poLight since August 2014. He has • Operations and markets review previously held several CEO positions, most recently in the publicly listed company Q-Free ASA, whic
Slide 4: Key events in the quarter
Key events in the quarter • Design-win with Vuzix Shield industrial AR smart glasses. • Purchase order received for TWedge® wobulator evaluation kits and samples from major consumer AR/MR original equipment manufacturers (OEM) customers. • Wooptix announced a wavefront phase camera, the SEBI RT1000,
Slide 5: poLight at a glance
poLight® at a glance Background & description Geographical footprint • Global player in tunable optics with applications in Horten Norway Tampere augmented reality, consumer/mobile, industrial, Oxford Finland healthcare and others UK Berlin Beijing San Jose, CA Lyon Germany France China USA • Founde
Slide 6: TLens Actuator: Enabling Smallest, Lowest Power, Fastest AF Cameras & Laser Projectors
TLens® Actuator: Enabling Smallest, Lowest Power, Fastest AF Cameras & Laser Projectors Principle of operation Implementation Piezo MEMS film Glass membrane Silicon Polymer Glass window From Gel > MEMS Wafer > TLens® > Camera module > OEM OEM´s Camera Bare TLens® Module Partners Driver ASIC Packaged
Slide 7: poLight products & technology well-suited for several applications
poLight® products & technology well-suited for several applications Smartphones, Wearables, Accessories Augmented/Mixed Reality (AR/MR) Industrial Barcode/Machine Vision Others • Smartphone represent a large • AR/MR is expected to to grow • Evolving from 1D laser to 2D imaging • New opportunities ar
Slide 8: TLens customer-wins
TLens® customer-wins VUZIX Shield® VL19, VL15 Optical Cage System Enterprise AR 2x World-facing Cameras LEION Pro MEIZU 20 INFINITY Enterprise AR MV-ID2016M-16T Selfie Camera High End MR HMD World-facing Camera 2 Smart Code Reader World-facing Camera X30M-E Unnamed Magic Leap 2 Machine Vision: Custo
Slide 9: Operations and market review
Operations and market review 9 Second quarter 2024 - Earnings presentation
Slide 10: Use case: Consumer
Use case: Consumer 10 Second quarter 2024 - Earnings presentation
Slide 11: Consumer: poLight remains persistent in a challenging sentiment
Consumer: poLight remains persistent in a challenging sentiment • During the quarter, the focus was on augmented/mixed reality (AR/MR), laptop and smartphone applications. • Other applications, such as webcams, smart-home devices, wearables etc., are also being explored. Education • The consumer mar
Slide 12: Status on consumer (including AR/MR)
Status on consumer (including AR/MR) 4 Design-win 1 Design-in laptop 13 PoC 11 projector accessory Planning PoC 12 Second quarter 2024 - Earnings presentation POC = Proof of Concept, including TWedge®
Slide 13: Use case: AR
Use case: AR 13 Second quarter 2024 - Earnings presentation
Slide 14: AR/MR: Strong position in a mega trend
AR/MR: Strong position in a mega trend Enterprise & Consumer • Why TLens® - Key selling points; use cases Lo gis • Enables ultra-compact size camera modules tic • Ultra-low power consumption Education • Fast focusing speed • Constant field of view (FOV) and high optical stability • No gravity impact
Slide 15: AR/MR - key focus area for poLight
AR/MR - key focus area for poLight VUZIX Shield® • The AR/MR market continued to develop positively for poLight, and in the quarter Vuzix Enterprise AR released the Vuzix Shield AR enterprise glasses using two RGB cameras with TLens®. 2x World-facing Cameras • Currently used in four AR/MR enterprise
Slide 16: Status on AR/MR
Status on AR/MR 4 Design-win 4 Design-in 12 PoC 17 Planning PoC 16 Second quarter 2024 - Earnings presentation POC = Proof of Concept. Overview include TWedge®
Slide 17: Use case: Industrial
Use case: Industrial 17 Second quarter 2024 - Earnings presentation
Slide 18: Barcode / Industrial
Barcode / Industrial VL19, VL15 Optical Cage System • Wooptix announced a wavefront phase camera, the SEBI RT1000, using TLens®. SEBI RT1000 Wavefront Phase Camera is using TLens®. The SEBI® MV-ID2016M-16T RT1000 application is aimed at laboratories, for Quantitative Phase Smart Code Reader Imaging,
Slide 19: Status on Barcode/Industrial
Status on Barcode/Industrial 7 Design-win SI 2 Design-in SI 14 PoC 19 Planning PoC 19 Second quarter 2024 - Earnings presentation
Slide 20: Use case: Healthcare & Automotive
Use case: Healthcare & Automotive 20 Second quarter 2024 - Earnings presentation
Slide 21: Healthcare
Healthcare • Cooperation with Kavli Institute at the Norwegian University of Science and Technology (NTNU), and the contribution the company has made to the development of the Mini2P microscope, has led to several similar engagements • Also collaborating with commercial players supplying products to
Slide 22: Automotive – a nontrivial volume opportunity longer term
Automotive – a nontrivial volume opportunity longer term • In-cabin camera requirement demand new solution. • Autonomous driving drives step change in camera adoption. • The use case calls for non-mechanical focusing solution. • There may be a need for new technology, and TLens® is one of the soluti
Slide 23: Promising pipeline
Promising pipeline Design-win Design-in Completed PoC Ongoing PoC Planning PoC Consumer 4 (4) 0 (0) 38 (38) 2 (1) 4 (7) Augmented/Mixed Reality 4 (4) 4 (4) 19 (18) 12 (11) 17 (18) Industrial 7 (7) 2 (2) 36 (34) 14 (14) 19 (16) Other (medical, automotive) 2 (2) 2 (2) 13 (10) 14 (17) 12 (13) 17 (17) 8
Slide 24: poLight PoC pipeline development
poLight PoC pipeline development 250 200 150 # Planning PoC, PoC, 100 Completed PoC 50 0 20 1 20 2 20 3 20 4 20 1 20 2 20 3 20 4 20 1 20 2 20 3 20 4 20 1 20 2 20 3 20 4 20 1 2 -Q -Q -Q -Q -Q -Q -Q -Q -Q -Q -Q -Q -Q -Q -Q -Q -Q -Q 20 20 20 20 21 21 21 21 22 22 22 22 23 23 23 23 24 24 20 Planni ng PoC
Slide 25: Financial review
Financial review 25 Second quarter 2024 - Earnings presentation
Slide 26: Key financials
Key financials Income statement Balance sheet summary (in NOK million) Q2 2024 Q2 2023 FY 2023 (in NOK million) 30.06.2024 30.06.2023 31.12.2023 Revenue 5.3 7.2 22.5 Intangible assets 13.9 21.2 17.6 Cost of sales -3.3 -3.5 -10.3 Inventories 64.8 66.3 70.1 Research and development expenses -7.3 -8.7
Slide 27: Cash Flow
Cash Flow Q2 2024 cash flow development • Q2 cash used in operating activities was NOK 19.3 million, compared with NOK 25.9 million in Q2 2023 (NOK million) • No purchases of wafers in the quarter compared with approx. NOK 13 million in Q2-23. 123.7 -0,1 199.3 • The rights issue gave NOK 124 million
Slide 28: Outlook
Outlook 28 Second quarter 2024 - Earnings presentation
Slide 29: Outlook
Outlook • Progress continues in the AR/MR market. • poLight’s have built a strong foundation for becoming the preferred AF solution for such applications. • Potential consumer-oriented customer cases are increasing in number and becoming increasingly mature. • Major consumer OEMs are showing high in
Slide 30: Q&A
Q&A NEXT EVENT; • Q3-24 Report 31 October 2024 30 Second quarter 2024 - Earnings presentation
Slide 31: Appendix
Appendix 31 Second quarter 2024 - Earnings presentation
Slide 32: 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 Ap
Slide 33: Board of Directors
Board of Directors Grethe Viksaas – Board Chair, independent Grethe Viksaas has had a long career in the Northern European managed service provider Basefarm AS. First as founder and CEO, and later as executive chair and member of the board of directors. Prior to Basefarm, Ms Viksaas held several man
Slide 34: Statement of income
Statement of income NOK 000 Note Q2 2024 Q2 2023 YTD 2024 YTD 2023 FY 2023 Sale of goods 4 139 6 991 4 999 14 112 20 099 Rendering of services 1 129 201 1 547 201 2 412 Revenue 5 267 7 192 6 547 14 313 22 511 Cost of sales -3 313 -3 496 -5 680 -7 695 -10 349 Gross profit 1 955 3 696 867 6 618 12 162
Slide 35: Balance sheet
Balance sheet NOK 000 Note Q2 2024 Q2 2023 31.12.2023 ASSETS Property, plant and equipment 9 148 10 349 9 239 Intangible assets 8 13 943 21 218 17 580 Right-of-use assets 2 179 3 327 2 915 Total non-current assets 25 270 34 893 29 735 Inventories 64 771 66 281 70 089 Trade and other receivables 9 11
Slide 36: Cash flow
Cash flow NOK 000 Note Q2 2024 Q2 2023 YTD 2024 YTD 2023 FY 2023 Operating activities Profit / loss (-) before tax -22 740 -20 315 -43 208 -36 347 -85 269 Adjustments for: Depreciation of property, plant and equipment and right-of-use assets 712 496 1 561 911 2 396 Amortisation of intangible assets