Slide 1: First quarter 2021 - Earnings presentation
First quarter 2021 - Earnings presentation 7th May 2021
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 in the quarter
Key events in the quarter • poLight received a follow-up purchase order related to the Honeywell EX30 barcode scan engine • Generally good progress on customer cases – both in consumer and professional markets • The positive development related to smartphone market continues • First design-win for a
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 readers, Horten Norway Tampere augmented reality and other markets Finland Lyon France • Founded in 2005 and has since build state- Shenzhen China Taiwan of-th
Slide 6: poLight products & technology well-suited for several applications
poLight products & technology well-suited for several applications Smartphone & wearable Barcode/industrial Augmented Reality (AR) Other • Large addressable market, • Evolving from 1D laser to 2D • Augmented reality expected to • New opportunities emerging billions of cameras produced for imaging ba
Slide 7: Operations and market review
Operations and market review
Slide 8: Barcode: Follow-up order for EX30
Barcode: Follow-up order for EX30 • Promising feedback from the market • The EX30 scan engine is sold to other OEMs for use in various barcode products • Release of EX30 has build more appetite among other potential customers and number of PoC has increased • Will continue to actively explore this m
Slide 9: AR: TLens considered for next generation glasses by several OEM's
AR: TLens considered for next generation glasses by several OEM´s • AR market is still at an early stage, with low volumes • TLens offers several advantages related to power consumption, speed, compactness and no gravity sensitivity • poLight is well positioned for market entry at an early stage • I
Slide 10: Smartphone: First add-in project moved from PoC to project
Smartphone: First add-in project moved from PoC to project • Design-in confirmation • Start shipping TLens for phone protype phase • Testing on component and system level continues • Improvement activities ongoing • Ramp-up under planning • Current phone release plan is implying deliveries from poLi
Slide 11: Smartphone: Add-in TLens concept trigger new front facing initiatives
Smartphone: Add-in TLens® concept trigger new front facing initiatives • Tuneable optics, such as TLens®, is getting more and more attention Cover glass • New initiatives are underway involving other camera module vendors and OEMs • This concept has the potential to become Display the mainstream sol
Slide 12: Web cam design win - Maxhub
Web cam design win - Maxhub Web camera / Video conferencing • The pandemic has forced us to cooperate more and more virtual, and video conferring has increased in use • poLight technology will be potential good fit for web camera application due to constant field of view and speed • Longer term volu
Slide 13: Continuing progress during the quarter
Continuing progress during the quarter Ongoing supply Project Completed PoC Ongoing PoC Planning PoC Consumer 3 (2) 1 (1) 14 (14) 14 (15) 7 (5) Industrial 1 (1) 4 (2) 12 (10) 7 (8) 3 (3) Other (e.g. medical) 1 (1) 1 (1) 4 (3) 1 (0) 4 (3) 6 (4) 27 (25) 25 (26) 11 (8) (x): last quarter number 13 First
Slide 14: Financial review
© potight Financial review
Slide 15: Key financials
Key financials Income statement Balance sheet summary (in NOK million) Q1 2021 Q1 2020 FY 2020 (in NOK million) Q1 2021 Q1 2020 FY 2020 Revenue 1.5 0.5 3.0 Intangible assets 41.1 51.4 43.6 Cost of sales -0.3 -0.1 -0.7 Inventories 8.9 9.0 9.2 Research and development expenses -9.2 -5.5 -20.4 Cash and
Slide 16: Cash Flow
Cash Flow • Q1 cash used in operating activities was NOK Q1 2021 cash flow development 11.2 million, compared with NOK 22.2 million in (NOK million) Q1 2020 • The decrease is attributable to working capital 77,2 changes and reduced operating expenses 68,4 • Q1 cash from in financing activities was N
Slide 17: Outlook
© potight
Slide 18: Outlook
Outlook • Continuing progress during the quarter; • smartphone projects progressing • barcode follow up order • and other customer opportunities maturing in several segments • design-win for a web camera application post Q1 • Still much to be done in all parts of the value chain, and success will no
Slide 19: Operating and financial targets
Operating and financial targets Operating milestones Today Launch new 4 design-wins product for and Optical Image First design- several Stabilization win for Target first Target first smartphone Target first projects/PoC Target first (OIS), bigger design-win design-win main design-win ongoing design
Slide 20: Next event
Next event: Annual General Meeting 26 May 2021 Q2-21 20 August 2021
Slide 21: Appendix
Appendix •Appendix 21 First quarter 2021 - Earnings presentation
Slide 22: 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 23: 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 24: Statement of income
Statement of income NOK 000 Note Q1 2021 Q1 2020 FY 2020 Revenue 1 545 536 3 019 Cost of sales -314 -61 -698 Gross profit 1 230 475 2 321 Research and development expenses net of governmental grants 7,8 -9 219 -5 507 -20 432 Sales and marketing expenses -1 301 -2 264 -5 419 Operational / supply chai
Slide 25: Balance sheet
Balance sheet NOK 000 Note Q1 2021 Q1 2020 FY 2020 ASSETS Property, plant and equipment 937 1 209 839 Intangible assets 9 41 079 51 365 43 646 Right-of-use assets 645 1 625 964 Total non-current assets 42 661 54 199 45 448 Inventories 8 852 8 967 9 166 Trade and other receivables 8 727 6 399 6 040 P
Slide 26: Cash flow
Cash flow NOK 000 Note Q1 2021 Q1 2020 FY 2020 Operating activities Loss before tax -23 011 -19 269 -50 952 Adjustments for: Depreciation and impairment of property, plant and equipment and right-of-use assets 465 481 1 842 Amortisation and impairment of intangible assets 9 2 567 2 571 10 290 Net fi