Slide 1: Third quarter 2025 Earnings presentation
Third quarter 2025 Earnings presentation 30 October 2025 Third quarter 2025 - Earnings presentation
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 • Key events Dr Øyvind Isaksen • Introduction to poLight Chief Executive Officer Dr Isaksen has been CEO of poLight since August • Markets review 2014. He has previously held several CEO positions, most recently in the publicly listed • Operation and R&D update company Q-Fr
Slide 4: Key events in the quarter
Key events in the quarter • Repeat purchase order, worth approximately NOK 0.9 million, received in connection with the barcode design-win announced on 18 September 2020. • Purchase order, worth approx. NOK 0.9 million, received to supply TWedge® wobulator technical samples for an AR/MR application
Slide 5: Key events post quarter
Key events post quarter • Repeat order received for TWedge® from a top-tier consumer OEM worth approximately NOK 0.9 million (2 October). • Purchase order received worth approximately NOK 5 million to support a top- tier U.S. consumer electronics OEM in designing a TLens®-based camera for AR applica
Slide 6: Focused on growth
Focused on growth Consumer + Enterprise Advanced technology Global Player • Founded in 2005 and listed on Instant focus Oslo Stock Exchange (PLT) Wearables • Norway headquarters with AR/MR employees in Finland, France, Small real estate Devices UK, US, China, Taiwan, Japan, Smartphone, and the Phili
Slide 7: TLens®: Smallest, Lowest Power and Fastest
TLens® : Smallest, Lowest Power and Fastest 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 TLens® HQ > MEMS Fab > Assembly partner > M
Slide 8: Targeting Momentum Markets – Supporting Emerging Use Cases
Targeting Momentum Markets – Supporting Emerging Use Cases Momentum Markets AR|MR Consumer Machine Vision Industrial Leading position in AF design wins Consumers demand better AI-based imaging driving manufacturing Smaller, better scan engines imaging on all devices expand uses Emerging Use Cases Au
Slide 9: Customer Wins Drive momentum
Customer Wins Drive momentum AR|MR AR smart glasses and MR MV- VUZIX ID2016M-16T display use cases demand AF Consumer Shield® Smart Code Evolving consumer devices Industrial/ Enterprise AR Reader require ultra-small, ultra-fast, Machine Vision 2x World-facing AI-driven uses low-power cameras Cameras
Slide 10: Markets review
Markets review 10 Third quarter 2025 - Earnings presentation
Slide 11: AR/MR: Market Opportunity “Consumer devices go mainstream”
AR/MR: Market Opportunity “Consumer devices go mainstream” • Market size AR “All-day Wear ” Smart Glasses Example Use Cases • IDC Total AR/MR: 2025 ≈ 6.6M units | 2026 > 11.2 M units • IDC MR subset: 2025 ≈ 3.3 M units Education • + smart glasses (no display): 2025 > 10 M units (industry estimate) •
Slide 12: Consumer beyond AR/MR – an existing market
Consumer beyond AR/MR – an existing market: “ Camera is – will be – key in many applications “ • Smartphone represent a huge market, estimated phones/year approx. 1.2 billion (*). (TLens® mainly fitting selfie camera) • Laptop/webcam camera – AI trends may drive need for Auto Focus • Number of lapto
Slide 13: Update on Consumer
Update on Consumer • Focus on augmented/mixed reality (AR/MR), and some laptop and webcam. • AR/MR: high activity and interest, both with respect to TLens® and TWedge®. • TLens® PO (NOK 1.7 m) for consumer qual. program. • TWedge® PO worth approx. NOK 1,2 m, - on par with previous quarter. • Potenti
Slide 14: Status on consumer (including AR/MR consumer)
Status on consumer (including AR/MR consumer) 4 Design-win 0 Design-in 19 3 laptop laptop laptop accessory wearable laptop 22 PoC 15 19 Planning PoC 4 accessory projector laptop accessory POC = Proof of Concept, including TWedge® ( PoCs (nine) and planned PoCs (three)). 14 Third quarter 2025 - Earni
Slide 15: Enterprise AR/MR – design-wins, design-in & new design-win
Enterprise AR/MR – 4 design-wins, 1 design-in & 1 new design-win • The enterprise cases today represent a relatively low volume. • The exposure poLights technology get through such advanced cases is important for the penetrating and building trust in the ongoing consumer cases being explored. • Expe
Slide 16: Status on AR/MR
Status on AR/MR 4 Design-win 1 Design-in 19 2 C C C C C 21 PoC 3 15 C C C C 18 Planning PoC C = Consumer POC = Proof of Concept. Overview include TWedge® (ten PoCs and four planned PoCs) 16 Third quarter 2025 - Earnings presentation
Slide 17: Barcode – “Several applications driving growth”
Barcode – “Several applications driving growth” • Rapid adoption of barcode readers in automated warehouses and logistics. • Retail stores and supermarkets are increasingly using barcode readers to speed up transactions and improve customer engagement. • AI-powered barcode readers are enhancing spee
Slide 18: Machine Vision – “Several applications driving growth”
Machine Vision – “Several applications driving growth” • The need for precise, automated quality inspection and defect detection. • The rise of automation, smart factories, and Industry 4.0 is fueling demand for machine vision systems. • Progress in artificial intelligence (AI), deep learning, and a
Slide 19: Update on Barcode/Industrial
Update on Barcode/Industrial • Take time to develop this market, but the number of design-wins is increasing step by step. • Third quarter showed good progress, - five new products were released to market, and accumulated approximately NOK 2,2 million order intake, - a significant part from existing
Slide 20: Status on Barcode/Industrial
Status on Barcode/Industrial 15 3 26 Design-win SI SI SI 8 Iri s 4 Design-in 4 7 2 2 Iri Iri s s 15 PoC Ot he Conf r he r ot 6 8 20 Planning PoC 6 Ot Ot Ot he he he r r r he r r r he he ot 20 ot ot Third quarter 2025 - Earnings presentation
Slide 21: MLens®: Catalogue lenses incorporating poLight TLens® technology
MLens®: “Catalogue lenses incorporating poLight TLens® technology” • Until now customers wanting to adopt TLens® in their products have had to make a custom lens design with associated NRE and engineering. • MLens® will be a fully standard part, “off the shelf” family of lenses in a range of focal l
Slide 22: Update on Healthcare
Update on Healthcare • Continues to support selected opportunities in the healthcare market segment. • Partnership with the Kavli Institute at the Norwegian University of Science and Technology (NTNU) have led to three commercial companies are now offering turn-key Mini2P solution. • poLight is also
Slide 23: Update on Automotive
Update on Automotive • There was no activity in this market segment during the second quarter. • Going forward, this market segment may have a need for autofocus technology, and TLens® is one of the solutions being evaluated. • The market is potentially significant but will most likely require a new
Slide 24: Pipeline update per end Q3
Pipeline update per end Q3 Design-win Design-in Completed PoC Ongoing PoC Planning PoC Consumer 4 (4) 0 (0) 42 (41) 3 (2) 4 (7) Augmented/Mixed Reality 4 (4) 1 (1) 28 (26) 21 (20) 18 (22) Industrial 26 (21) 4 (3) 49 (46) 15 (14) 20 (22) Other (medical, automotive) 4 (4) 0 (0) 15 (14) 18 (18) 5 (4) 3
Slide 25: poLight PoC pipeline development
poLight PoC pipeline development 250 200 # Planning PoC, PoC, 150 Completed PoC 100 50 0 2020-Q1 2020-Q2 2020-Q3 2020-Q4 2021-Q1 2021-Q2 2021-Q3 2021-Q4 2022-Q1 2022-Q2 2022-Q3 2022-Q4 2023-Q1 2023-Q2 2023-Q3 2023-Q4 2024-Q1 2024-Q2 2024-Q3 2024-Q4 2025-Q1 2025-Q2 2025-Q3 Planni ng PoC Ongoing PoC C
Slide 26: Operations and development review
Operations and development review 26 Third quarter 2025 - Earnings presentation
Slide 27: Operations – “Professionalised and ready for ramp”
Operations – “Professionalised and ready for ramp” • Strategy • Fabless for MEMS and assembly • Own resources close to manufacturing partner • In-House Capabilities • Polymer Opening of new offices in Philippines • Data management - handling all test data • Replicate MP line at HQ LAB (for R&D/sampl
Slide 28: R&D – “Increased focus on innovation”
R&D – “Increased focus on innovation” - But still high load related to customer pre-sales support • Reference designs • AR/MR applications, laptop and industrial machine vision. • Position the company to meet the upcoming need for auto focus (AF) in various AR/MR applications and gain a stronger foo
Slide 29: Financial Review
Financial Review 29 Third quarter 2025 - Earnings presentation
Slide 30: Key financials
Key financials Income statement Balance sheet summary (in NOK million) Q3 2025 Q3 2024 FY 2024 (in NOK million) 30.09.2025 30.09.2024 31.12.2024 Revenue 5.0 1.9 9.6 Intangible assets 4.9 12.1 10.3 Change in obsolescence provision -0.9 -0.9 -6.4 Inventories 54.8 63.5 62.4 Cost of good sold -1.4 -0.7
Slide 31: Cash Flow
Cash Flow • Q3 2025 net increase in cash was NOK 25.1 million Q3 2025 cash flow development • Q3 2024 net decrease in cash was NOK 19.2 million (NOK million) • Q3 cash used in operating activities was NOK 22.0 0.0 298.2 48.1 273.1 -22.0 million, NOK 3.0 million higher than Q3 2024 -1.0 • Mainly due
Slide 32: Outlook
Outlook 32 Third quarter 2025 - Earnings presentation
Slide 33: Outlook
Outlook • The company’s outlook is positive, particularly given the promising developments in the AR/MR market segment. • Interest from major OEMs continues to grow, and both TLens® and TWedge® are being actively considered for integration into future advanced AI/AR/MR glasses. • While widespread ad
Slide 34: Q&A
Q&A NEXT EVENT; • Q4 presentation 24 February 2026 34 Third quarter 2025 - Earnings presentation
Slide 35: Appendix
Appendix 35 Third quarter 2025 - Earnings presentation
Slide 36: Board Members
Grethe Viksaas – Board Chairperson, independent Board Members Grethe Viksaas has a long career in Northern European managed service provider Basefarm AS, first as founder and CEO and later, when it was acquired by Orange Business Services, as chairperson and member of the board of directors. Prior t
Slide 37: Management
Management 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 Applied
Slide 38: Statement of income
Statement of income !"#$%%% !"#$ %FG()(* %FG()(+ ,-G()(+ !"#$%&'%(&&)* 2$3)$453(%&'%*$4657$* .$I$01$ ;<"3($%53%&=*&#$*7$37$%>4&65*5&3 UPDATE +%,,- 8 +G223 ?,.. .%-I. 8 4G3*4 ?-01 0%I-1 9%8:- 2G5(+ ?1%+8, ;&*@%&'%(&&)*%*&#) ?.%+++ ?0:I ?9%98- 67"88G97":;# (G5+F (+) 4G))< 2$*quot;47<%"3)%)$6$#&>A$3@%$B>$
Slide 39: Balance sheet
Balance sheet !"#$%%% !"#$ %&'()(* %&'()(+ &,-,(-()(+ .II01I !"#$%"&'()$*+,&)+,-)%.I0$1%,& 2)334 2)453 3)553 6,&+,708*%)+99%&9 2 :)25; <=)<=: <;)L;4 ?07@&A#BAI9%)+99%&9 3):44 <3: <;)=:< 1"#23'4"456788$4#'299$#9 (&'&,( ()':;< &)',)= 6,C%,&#"0%9 5:)2;D 4L):D4 4=):L< E"+-%)+,-)#&@%")"%F%0C+8*%9 3 <<)=4
Slide 40: Cash flow
Cash flow !"#$%%% !"#$ %F'()(* %F'()(+ ,-'()(+ UPDATE .I$01#234'15#262#2$7 !"#$%&G(G)#**G+,-G.I$#"IG&01 ,23G456 ,27G689 ,8:8G;9; HBVD*&NI?&*G$#"P <I="I>%0&%#?G#$G="#=I"&@AG=)0?&G0?BGICD%=NI?&G0?BG"%FG&,#$,D*IG 0**I&* 34; 385 4G289 HN#"&%*0&%#?G#$G%?&0?F%.)IG0**I&* 3 8G385 8G385 6G267 II&G$%?0?>IG%?>
Slide 41: Third quarter 2025 - Earnings presentation
Third quarter 2025 - Earnings presentation