Polight Asa · OSL:PLT
Polight Asa — Q3 2019 Earnings Presentation
25 slides from Polight Asa's earnings presentation, Oct 24, 2019
Slide 1: Third quarter 2019 Earnings presentation
Third quarter 2019 Earnings presentation 24 October 2019
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 in 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 January 2014 after 7
Slide 4: Key events
Key events • Several product-specific projects progressing related to wearables, smartphone and barcode applications • Increased probability of a design-win in late 2019 or early 2020 • Record deliveries of TLens and ASIC drivers related to a wearable device • Additional purchase orders for the same
Slide 5: Progressing towards market launch for wearable device
Progressing towards market launch for wearable device • Order for 33,320 units of TLens Silver and 30,000 ASIC drivers received in Q3 • Two follow-up orders received in October totalling 45,700 units of TLens and 48,000 ASIC drivers • Lenses and drivers to be used in PVT* and to prepare for market l
Slide 6: 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 France Korea • Founded in 2005 and has since build state-of-the-art Shenzhen Taiwan China ex
Slide 7: poLight's technology well suited for multiple applications
poLight´s technology well suited for multiple applications Augmented Reality (AR) / Smartphone Barcode Other Wearable • Large addressable market, billions • Evolving from 1D laser to 2D • Augmented reality and wearable • New opportunities emerging and of cameras produced for the imaging barcode read
Slide 8: Operations and market review
Operations and market review
Slide 9: poLight involved in real project for smartphone
poLight involved in real project for smartphone • From PoC to real product project • Designed into front facing camera for next release • Currently at EVT stage (i.e. planned to be used) • EVT camera-modules shipped and to be tested at phone level • Planned market release mid-2020 9
Slide 10: Smartphone market will need AF in selfie camera
Smartphone market will need AF in selfie camera • Bezel-free screens likely to impose implementation challenges for all technologies • Industry ratings (DXOMARK1) may balance bezel- free focus and camera score • poLight continues to promote new advanced compact design • First phone release including
Slide 11: Summing up smartphone related activities
Summing up smartphone related activities • One vendor in Engineering Verification Test (EVT) EVT/ Market Design PoC Completed PoC DVT/ phase for a specific smartphone project segment Win PVT • 5 PoCs technically finalised Smartphone 8 5 1 • Most PoCs completed with overall good feedback • Two new Po
Slide 12: poLight involved in real project for barcode
poLight involved in real project for barcode • TLens designed into next generation long range scanner product to improve AF performance • Currently at EVT stage • Ordered 700 TLens samples • Planned market release mid-2020 • Product life time estimated to 5+ years Source: Panatrack homepage 12
Slide 13: Potential diversification through multiple usages
Potential diversification through multiple usages • Barcode #bought EVT/ Market Planning Design • Five ongoing PoCs with positive technical results TLens/Eval PoC DVT/ segment kit PoC PVT Win • One barcode maker started a real product project • Two more considering real product projects Barcode 4 5
Slide 14: Financial review
© poLight Financial review
Slide 15: Key financials
Key financials Income statement Balance sheet summary (NOK million) Q3 2019 Q3 2018 FY 2018 (NOK million) Q3 2019 Q3 2018 FY 2018 Revenue 0.42 0.3 1.0 Intangible assets 74.7 73.7 75.8 Cost of sales -0.35 -0.4 -1.5 Cash and cash equivalents 79.9 167.6 127.4 Research and development expenses -5.05 -6.
Slide 16: Funded to drive TLens commercialisation
Funded to drive TLens commercialisation Q3 2019 cash flow development (NOK million) 91,4 0,05 79,9 -10.9 • Q3 cash used in operations was NOK 10.9 million -0,37 -0,28 • Q3 cash used in investing activities was NOK 0.4 million • Q3 net decrease in cash was NOK 11.6 million Cash at Operating Investing
Slide 17: Outlook
© poLight
Slide 18: Outlook
Outlook • Three projects related to wearables, smartphones and barcode progressing towards potential mass production • Two follow-up orders for a wearable project received • EVT camera shipped to customer for phone level test • Sample order for a barcode project in EVT phase received • Increased pro
Slide 19: Next events: Q4-19 - February 2020
Next events: Q4-19 - 14 February 2020
Slide 20: Appendix
Appendix Oy Instant focus a Small X and Y 20 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 21: Management Team
Management Team Dr. Øyvind Isaksen Chief Executive Officer Dr.Isaksen has been CEO in poLight since August 2014. He has previously held several CEO positions, most recently in the publicly listed company Q-Free ASA, which he left January 2014 after 7 years as CEO. Dr. Isaksen holds a Ph.D in Applied
Slide 22: Board of Directors
Board of Directors Eivind Bergsmyr - Chairman Mr. Bergsmyr is Partner in Viking Venture since 2009. Bergsmyr was previously CEO of the Norwegian start-up Nacre AS, sold in 2007 to Sperian Protection and recognized as the Nordic Venture Exit of the Year. Prior to this, Bergsmyr acquired some extensiv
Slide 23: Interim consolidated statement of income (unaudited)
Interim consolidated statement of income (unaudited) NOK 000 Note Q3 2019 Q3 2018 YTD 2019 YTD 2018 FY 2018 Revenue 423 255 971 505 1 038 Cost of sales -355 -404 -740 -1 409 -1 488 Gross profit 68 -149 231 -904 -450 Research and development expenses 7 -5 055 -6 484 -16 220 -22 930 -28 918 Sales and
Slide 24: Balance sheet (unaudited)
Balance sheet (unaudited) NOK 000 Note Q3 2019 Q3 2018 FY 2018 ASSETS Property, plant and equipment 1 229 1 613 1 605 Right-of-use assets 2 221 0 0 Intangible assets 8 74 697 73 670 75 829 Total non-current assets 78 148 75 283 77 434 Inventories 8 535 7 495 7 372 Trade and other receivables 9 655 8
Slide 25: Cash flow (unaudited)
Cash flow (unaudited) NOK 000 Note Q3 2019 Q3 2018 YTD 2019 YTD 2018 FY 2018 Operating activities Profit before tax -14 456 -31 952 -43 382 -61 512 -76 922 Non-cash adjustment to reconcile profit before tax to net cash flows: Depreciation and impairment of property, plant and equipment 409 242 1 422