Slide 1: Third quarter 2024 Earnings presentation
Third quarter 2024 Earnings presentation 1 Third quarter 2024 - Earnings presentation 31 October 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 • A new purchase order worth NOK 950,000, related to the very first barcode design-win back in 2000, was received on 7 August. • The AR/MR market continued to open business opportunities, although the market and ecosystem will take time to mature. • The machine vision and b
Slide 5: poLight at a glance
poLight® at a glance Background & description Geographical footprint • Global player in tunable optics supporting applications in Horten Norway Tampere augmented reality, mobile, consumer, industrial / machine Oxford Finland vision, healthcare and others UK Lyon Beijing San Jose, CA China USA France
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: AR/MR and Consumer
TLens® customer-wins: AR/MR and Consumer VUZIX Shield® Enterprise AR 2x World-facing Cameras MEIZU 20 INFINITY Selfie Camera Mi Bunny 4 Pro LEION Pro Smartwatch Enterprise AR High End MR HMD World-facing Camera World-facing Camera Max Pro Smartwatch Unnamed Customer Magic Leap 2 Enterprise MR World-
Slide 9: TLens customer-wins: Industrial/MV and Healthcare
TLens® customer-wins: Industrial/MV and Healthcare Mini2P VL19, VL15 MV-ID2016M-16T Turnkey Optical Cage Smart Code Reader Solution System X30M-E Mini2P Mini2P Barcode Reader EX 30 Machine Vision: 2-photon Turnkey Assembly Line miniscope 2 Direct Part Mark Reader Solution 2D Barcode Scan Engine Unna
Slide 10: Operations and market review
Operations and market review 10 Third quarter 2024 - Earnings presentation
Slide 11: Use case: Consumer
Use case: Consumer 11 Third quarter 2024 - Earnings presentation
Slide 12: Consumer: poLight remains persistent in a challenging sentiment
Consumer: poLight remains persistent in a challenging sentiment • The main activity was related to augmented/mixed reality (AR/MR), laptop, smartphone and smartwatch applications. • The consumer market in general, and the smartphone market in particular, remains challenging. Education • Some smartph
Slide 13: Status on consumer (including AR/MR)
Status on consumer (including AR/MR) 4 Design-win 1 Design-in 12 laptop laptop accessory 17 PoC 7 12 accessory laptop projector accessory Planning PoC 13 Third quarter 2024 - Earnings presentation POC = Proof of Concept, including TWedge®
Slide 14: Use case: AR
Use case: AR 14 Third quarter 2024 - Earnings presentation
Slide 15: Established AR/MR supplier
Established AR/MR supplier Unnamed high-end Customer 2022 2023 2024 TLens® Camera (shipping products) First TWedge® First TWedge® “wobulator” TWedge® PoC samples delivered concept to customer TS2 samples TS3 samples AR/MR Display projects 2021 2022 2023 2024 LBS AR display LBS Customer orders LBS Cu
Slide 16: What problems do we solve in MR?
What problems do we solve in MR? Pass through accommodation • In real life, human eyes are constantly changing focus (accommodation) to maintain sharp vision. • VST focusing is difficult to implement with legacy camera technologies, VST cameras without variable focus result in unnatural vision. • TL
Slide 17: What problems do we solve in AR smart glasses?
What problems do we solve in AR smart glasses? Ambient scene capturing/SWIS cameras • Without TLens®, cameras are need to be fixed focus to meet size and power consumption budgets, resulting in compromised capture. • TLens® adds focusing capability to even the smallest cameras for optimal image capt
Slide 18: AR/MR - key focus area for poLight but need to mature
AR/MR - key focus area for poLight but need to mature VUZIX Shield® • TLens® is being considered and tested by several important AR/MR market players. Enterprise AR 2x World-facing Cameras • The ecosystem and market in general need to mature. • One project/design-in was stopped due to changes in the
Slide 19: Status on AR/MR
Status on AR/MR 4 Design-win 3 Design-in 12 14 PoC 6 14 Planning PoC 8 19 Third quarter 2024 - Earnings presentation POC = Proof of Concept. Overview include TWedge®
Slide 20: Use case: Industrial
Use case: Industrial 20 Third quarter 2024 - Earnings presentation
Slide 21: Barcode / Industrial
VL19, VL15 Barcode / Industrial Optical Cage System MV-ID2016M-16T EX 30 Smart Code Reader • Six companies currently use TLens® in 13 different products. 2D Barcode Scan Engine 2 • Still shipping and are expected to do so for several more years. X30M-E • During the quarter (Aug 7) a new purchase ord
Slide 22: Status on Barcode/Industrial
Status on Barcode/Industrial 10 16 Design-win SI SI SI 0 Design-in 8 11 15 PoC Ot he Ot he r r 7 16 Planning PoC Ot Ot Ot Ot Ot Ot Ot he he he he he he he r r r r r r r 22 Third quarter 2024 - Earnings presentation
Slide 23: Use case: Healthcare & Automotive
Use case: Healthcare & Automotive 23 Third quarter 2024 - Earnings presentation
Slide 24: Healthcare
Healthcare Mini2P Turnkey • The cooperation poLight has developed with the Kavli Institute at the Norwegian Solution University of Science and Technology (NTNU) related to Mini2P microscope have led to several similar projects. • In addition to engaging directly with research labs, the company is in
Slide 25: 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 26: Promising pipeline
Promising pipeline Design-win Design-in Completed PoC Ongoing PoC Planning PoC Consumer 4 (4) 0 (0) 38 (38) 5 (2) 5 (4) Augmented/Mixed Reality 4 (4) 3 (4) 20 (19) 14 (12) 14 (18) Industrial 16* (7) 0 (2) 40 (36) 15 (14) 16 (19) Other (medical, automotive) 4 (2) 0 (2) 13 (13) 15 (14) 13 (12) * Now c
Slide 27: poLight PoC pipeline development
poLight PoC pipeline development 250 200 150 # Planning PoC, 100 PoC, 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 20 2 3 -Q -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 24 20 Pl
Slide 28: Financial review
Financial review 28 Third quarter 2024 - Earnings presentation
Slide 29: Key financials
Key financials Income statement Balance sheet summary (in NOK million) Q3 2024 Q3 2023 FY 2023 (in NOK million) 30.09.2024 30.09.2023 31.12.2023 Revenue 1.9 3.1 22.5 Intangible assets 12.1 19.4 17.6 Cost of sales -1.6 -0.5 -10.3 Inventories 63.5 69.6 70.1 Research and development expenses -8.7 -8.0
Slide 30: Cash Flow
Cash Flow Q3 2024 cash flow development • Q3 cash used in operating activities was NOK 19.0 million, compared with NOK 20.3 million in Q3 2023 (NOK million) • Q3 net decrease in cash was NOK 19.2 million -19.0 0.0 -0.3 0,1 180.1 199.3 Cash at Operating Investing Financing FX effects Cash at period s
Slide 31: Outlook
Outlook 31 Third quarter 2024 - Earnings presentation
Slide 32: Outlook
Outlook • Although revenue in the quarter was sluggish there are good reasons to be hopeful about the future developments. • Undoubtedly the company is increasingly well positioned for several promising market segments representing significant business potential. • poLight and its technology and sol
Slide 33: Q&A
Q&A NEXT EVENT; • Q4-24 Report 18 February 2025 33 Third quarter 2024 - Earnings presentation
Slide 34: Appendix
Appendix 34 Third quarter 2024 - Earnings presentation
Slide 35: 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 36: 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 37: Statement of income
Statement of income !"#$%%% !"#$ %FG()(* %FG()(F +,-G()(* +,-G()(F .+G()(F !"#$%&'%(&&)* +%,-+ .%I01 2%,-3 +1%3-I .3%3II 4$5)$675(%&'%*$6879$* 3 +3: +%-01 :3- .%0+. I$0$12$ 3G453 FG)53 4GF67 37GF8* ((G533 ;&*<%&'%*"#$* =+%2++ =02I =1%.I+ =,%+20 =+3%:0I 9:";;G<:"=L# (*) (G543 3G3)8 6G()) 3(G38( 4$*quot;
Slide 38: Balance sheet
Balance sheet !"#$%%% !"#$ %&'()(* %&'()(& &+,+(,()(& -..I0. !"#$%"&'()$*+,&)+,-)%.I0$1%,& 2)345 5)262 5)785 9,&+,:0;*%)+<<%&< 2 =7)=76 =5)855 =L)42? @0:A&B#CBI<%)+<<%&< =56 8)?44 7)5=4 0"#12'3"345677$3#'188$#8 ()'9:; &('&)( (9':&< 9,D%,&#"0%< 38)6L3 35)387 L?)?25 E"+-%)+,-)#&A%")"%F%0D+;*%< 5 5)3L2
Slide 39: Cash flow
!"#$%%% !"#$ %F'()(* %F'()(F +,-'()(* +,-'()(F .+'()(F I0$12#345'26#373#3$8 Cash flow !"#$%&G(G)#**G+,-G.I$#"IG&01 H@VB*&CI=&*G$#"P :I;"I<%0&%#=G#$G;"#;I"&>?G;)0=&G0=@GIAB%;CI=&G0=@G"%DN&,#$,B*IG ,23G456 ,25G677 ,78G922 ,34G852 ,83G279 0**I&* 859 494 2GF85 5G4G9 2GF97 HC#"&%*0&%#=G#$G%=&0=D%.)IG0**I