Slide 1: First quarter 2022 Earnings presentation
First quarter 2022 Earnings presentation 12th May 2022 1 First quarter 2022 - Earnings presentation
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 previously held several CEO positions, most recently in the publicly • Operations and markets review listed company Q-Free ASA, wh
Slide 4: Key events in the quarter
Key events in the quarter • Design-in award and sample purchase order received for an Augmented Reality (AR) display related case • Follow-up order related to the scan engine EX30 (Honeywell) • Augmented Reality opportunity pipeline promising, both for short/medium-term professional use cases and lo
Slide 5: poLight at a glance
poLight at a glance Background & description Geographical footprint • Global player in tunable optics with applications in Horten Norway mobile, web cam, industrial, augmented reality, Tampere Finland Oxford medical and others UK Moscow Russia San Jose, CA Lyon • Founded in 2005 and has since develo
Slide 6: TLens customer-wins
TLens® customer-wins XIAOMI Mi Bunny 4 Pro smart watch MAXHUB UC W20 Augmented reality – world-facing camera XUN Smartwatch Honeywell Machine Vision Max Pro EX 30 barcode – direct marking reading scanner Barcode reader – assembly line 6 First quarter 2022 - Earnings presentation
Slide 7: poLight products & technology well-suited for several applications
poLight products & technology well-suited for several applications Smartphones and wearables Barcode/Industrial Augmented Reality (AR) Other • Large addressable market for which • Evolving from 1D laser to 2D • AR is expected to to grow • New opportunities are billions of cameras are produced for im
Slide 8: Operations and market review
Operations and market review 8 First quarter 2022 - Earnings presentation
Slide 9: Smartphone: Add-in TLens design concept remains promising
Smartphone: Add-in TLens® design concept remains promising • Add-in TLens® design is attracting good interest • Started to promote solutions meant for back camera applications Education • Selfie camera solution still the most relevant short/medium-term • Asian OEM´s is suffering due to the situation
Slide 10: AR: Progress continues
AR: Progress continues Professional use cases • Design-in award and sample purchase order received for an Education Augmented Reality (AR) display related case, worth in excess of NOK 3.500.000 • This design-in award gives the company an important opportunity to position TLens® for another use case
Slide 11: AR: Progress continues
AR: Progress continues Professional use cases • New opportunity for our technology platform identified Education • AR market will be an important market for the company Healtcare 1 design-win Manufacturing 5 design-in´s, 4 ongoing PoCs and 5 OEMs planning PoCs Of the ongoing PoCs, 3 are related to c
Slide 12: Barcode / Industrial
Barcode / Industrial Examples of EX30 use cases • During the quarter the company received a repeat order related to the EX30/Honeywell reader product • Customer is reporting good market feedback • This case represents an important reference for poLight and is clearly generating a lot of interest fro
Slide 13: Healthcare
Healthcare • The Kavli activity has generated a lot of activity and the company are serving several new similar cases • This activity is mainly seen as brand building and to support important research • The announced design-in related to the compact surgical device is progressing slowly but have the
Slide 14: Good progress in most customer cases
Good progress in most customer cases Design-win Project Completed PoC Ongoing PoC Planning PoC Consumer 3 (3) 0 (0) 27 (22) 7 (7) 3 (8) Augmented Reality 1 (1) 5 (2) 10 (6) 4 (9) 5 (4) Industrial 3 (3) 2 (2) 14 (14) 7 (6) 8 (9) Other (e.g. medical) 1 (1) 1 (1) 3 (2) 10 (5) 3 (8) 8 (8) 8 (5) 54 (44)
Slide 15: Financial review
Financial review 15 First quarter 2022 - Earnings presentation
Slide 16: Key financials
Key financials Income statement Balance sheet summary (in NOK million) Q1 2022 Q1 2021 FY 2021 (in NOK million) Q1 2022 Q1 2021 FY 2021 Revenue 1.5 1.5 10.0 Intangible assets 30.8 41.1 33.4 Cost of sales -0.7 -0.3 -3.9 Inventories 20.7 8.9 16.8 Research and development expenses -11.8 -9.2 -25.4 Cash
Slide 17: Cash Flow
Cash Flow Q1 2022 cash flow development • Q1 cash used in operating activities was NOK (NOK million) 6.0 million, compared with NOK 11.2 million in Q1 2021 157,8 -6,0 -1,4 -0,2 0,0 150,2 • VAT claim of NOK 11 million were received • Q1 cash used in investing activities was NOK 1.4 million • Q1 cash
Slide 18: Outlook
Outlook 18 First quarter 2022 - Earnings presentation
Slide 19: Outlook
Outlook • The quarter has confirmed the potential in several market segments for both current and possible new products • Activity within the AR area is strong and promising. A first design-win has been achieved and several design-in projects and PoCs are underway • The AR market is expected to be a
Slide 20: Next events
NEXT EVENTS Annual General Meeting 2022 25 May 2022 Capital Markets Day 01 June 2022 Q2-22 18 August 2022 20 First quarter 2022 - Earnings presentation
Slide 21: Appendix
Appendix 21 First quarter 2022 - 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 Ann-Tove Kongsnes - Chairman Ms. Kongsnes is an Investment Director at Investinor AS. Kongsnes has over her career gained extensive experience from investments, development, M&A, IPO’s and exits of technology companies. Prior to this, she worked 7 years with international marketin
Slide 24: Statement of income
Statement of income NOK 000 Note Q1 2022 Q1 2021 FY 2021 Sale of goods 1 471 823 8 683 Sale of services 0 722 1 350 Revenue 1 471 1 545 10 032 Cost of sales -685 -314 -3 851 Gross profit 786 1 230 6 182 Research and development expenses net of governmental grants 7,8 -11 750 -9 219 -25 360 Sales and
Slide 25: Balance sheet
NOK 000 Note Q1 2022 Q1 2021 FY 2021 Balance sheet ASSETS Property, plant and equipment 3 566 937 2 356 Intangible assets 9 30 811 41 079 33 377 Right-of-use assets 4 512 645 4 778 Total non-current assets 38 889 42 661 40 511 Inventories 20 695 8 852 16 836 Trade and other receivables 8 8 122 8 727
Slide 26: Cash flow
Cash flow NOK 000 Operating activities Note Q1 2022 Q1 2021 FY 2021 Loss before tax -20 893 -23 011 -53 388 Adjustments for: Depreciation of property, plant and equipment and right-of-use assets 420 465 1 654 Amortisation of intangible assets 9 2 567 2 567 10 269 Net finance income -546 -225 -944 Eq