Slide 1: First quarter 2024 Earnings presentation
First quarter 2024 Earnings presentation 1 First quarter 2024 - Earnings presentation 4 June 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 • Action Prowave Technology confirmed release of two new barcode scanner products using TLens®. • PhenoSys released Turnkey Mini2P Systems with poLight ASA Tunable Optics. • Thorlabs released an Optical Cage System Product with Integrated TLens® at SPIE Photonics West 2024.
Slide 5: poLight at a glance
poLight® at a glance Background & description Geographical footprint • Global player in tunable optics with applications in Horten Norway Tampere augmented reality, consumer/mobile, industrial, Oxford Finland healthcare and others UK Berlin Beijing San Jose, CA Lyon Germany France China USA • Founde
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
TLens® customer-wins VUZIX Shield® Enterprise AR 2x World-facing Cameras MV-ID2016M-16T LEION Pro Smart Code Reader MEIZU 20 INFINITY Enterprise AR Selfie Camera High End MR HMD World-facing Camera World-facing Camera X30M-E Machine Vision: Unnamed Direct Part Mark Reader Magic Leap 2 Customer Enter
Slide 9: Operations and market review
Operations and market review 9 First quarter 2024 - Earnings presentation
Slide 10: Use case: Consumer
Use case: Consumer 10 First quarter 2024 - Earnings presentation
Slide 11: Consumer: poLight remains persistent in a challenging sentiment
Consumer: poLight remains persistent in a challenging sentiment • During the quarter, the focus was on augmented/mixed reality and smartphone applications. • + other applications, such as webcams, laptop, smart-home, wearable, etc. Education • Not much news to report in the smartphone market. • Howe
Slide 12: Status on consumer (including AR/MR)
Status on consumer (including AR/MR) 4 Design-win 1 Design-in 11 PoC 16 Planning PoC 12 First quarter 2024 - Earnings presentation POC = Proof of Concept, including TWedge®
Slide 13: Use case: AR
Use case: AR 13 First quarter 2024 - Earnings presentation
Slide 14: AR/MR: Strong position in a mega trend
AR/MR: Strong position in a mega trend Enterprise & Consumer • Why TLens® - Key selling points; use cases Lo gis • Enables ultra-compact size camera modules tic • Ultra-low power consumption Education • Fast focusing speed • Constant field of view (FOV) and high optical stability • No gravity impact
Slide 15: AR/MR - key focus area for poLight
AR/MR - key focus area for poLight VUZIX Shield® • Currently used in four AR/MR enterprise products already released to market – Enterprise AR Magic Leap 2, LLVision, Vuzix Shield (post Q) and one High End MR HMD device 2x World-facing Cameras • Built a strong foundation for becoming the preferred A
Slide 16: Status on AR/MR
Status on AR/MR 4 Design-win 4 Design-in 11 PoC 18 Planning PoC 16 First quarter 2024 - Earnings presentation POC = Proof of Concept. Overview include TWedge®
Slide 17: Use case: Industrial
Use case: Industrial 17 First quarter 2024 - Earnings presentation
Slide 18: Barcode / Industrial
Barcode / Industrial Unnamed MV-ID2016M-16T Smart Code Reader • New customer released 2 new barcode products - Prowave customer X30M-E assembly line Machine Vision: • Six companies using TLens® in eleven commercially available products Direct Part Mark Reader • All eleven cases are still shipping to
Slide 19: Status on Barcode/Industrial
Status on Barcode/Industrial 7 Design-win SI 2 Design-in SI 14 PoC 16 Planning PoC 19 First quarter 2024 - Earnings presentation
Slide 20: Use case: Healthcare & Automotive
Use case: Healthcare & Automotive 20 First quarter 2024 - Earnings presentation
Slide 21: Healthcare
Healthcare • Cooperation with Kavli Institute at the Norwegian University of Science and Technology (NTNU), and the contribution the company has made to the development of the Mini2P microscope, has led to several similar engagements • Also collaborating with commercial players supplying products to
Slide 22: 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 solutions
Slide 23: Promising pipeline
Promising pipeline Design-win Design-in Completed PoC Ongoing PoC Planning PoC Consumer 4 (4) 0 (0) 38 (38) 1 (2) 7 (3) Augmented/Mixed Reality 4 (3) 4 (5) 18 (16) 11 (8) 18 (17) Industrial 7 (7) 2 (1) 34 (32) 14 (13) 16 (8) Other (medical, automotive) 2 (1) 2 (3) 10 (9) 17 (17) 13 (12) 17 (15) 8 (9
Slide 24: poLight PoC pipeline development
poLight PoC pipeline development 250 200 150 # Planning PoC, PoC, 100 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 1 -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 20 Planni ng PoC Ongoing Po
Slide 25: Financial review
Financial review 25 First quarter 2024 - Earnings presentation
Slide 26: Key financials
Key financials Income statement Balance sheet summary (in NOK million) Q1 2024 Q1 2023 FY 2023 Revenue 1.3 7.1 22.5 (in NOK million) 31.03.2024 31.03.2023 31.12.2023 Intangible assets 15.8 23.0 17.6 Cost of sales -2.4 -4.2 -10.3 Inventories 67.8 56.8 70.1 Research and development expenses -7.9 -7.6
Slide 27: Cash Flow
Cash Flow Q1 2024 cash flow development • Q1 cash used in operating activities was NOK 19.2 million, compared with NOK 30.6 million in Q1 2023 (NOK million) • No purchases of wafers in the quarter compared with approx. NOK 11 million in Q1-23. 114.8 -19.2 • Q1 net decrease in cash was NOK 19.6 milli
Slide 28: Outlook
Outlook 28 First quarter 2024 - Earnings presentation
Slide 29: Outlook
Outlook • Progress continues in the AR/MR market, both for our autofocus (AF) solution and following successful technology demonstrations of TWedge® – a concept for resolution enhancement for AR/MR displays. • With poLight’s AF solutions now being used in four commercially available AR/MR products,
Slide 30: Q&A
Q&A NEXT EVENT; • Capital Market Day, HQ • Q2-24 Report 5 June 2024 15 August 2024 30 First quarter 2024 - Earnings presentation
Slide 31: Appendix
Appendix 31 First quarter 2024 - Earnings presentation
Slide 32: 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 33: 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 34: Statement of income
Statement of income NOK 000 Note Q1 2024 Q1 2023 FY 2023 Sa l e of goods 861 7 121 20 099 Renderi ng of s ervi ces 419 0 2 412 Revenue 1 279 7 121 22 511 Cos t of s a l es -2 368 -4 199 -10 349 Gross profit -1 088 2 922 12 162 Res ea rch a nd devel opment expens es net of governmental gra nts 6,9 -7
Slide 35: Balance sheet
Balance sheet NOK 000 Note Q1 2024 Q1 2023 31.12.2023 ASSETS Property, plant and equipment 9 280 10 526 9 239 Intangible assets 8 15 762 23 036 17 580 Right-of-use assets 2 471 3 599 2 915 Total non-current assets 27 513 37 161 29 735 Inventories 67 790 56 768 70 089 Trade and other receivables 9 6
Slide 36: Cash flow
Cash flow NOK 000 Note Q1 2024 Q1 2023 FY 2023 Operating activities Profi t / l os s (-) before tax -20 468 -16 031 -85 269 Adjus tments for: Depreci a ti on of property, pl a nt a nd equi pment a nd ri ght-of-us e a s s ets 849 415 2 396 Amortis a tion of i ntangi bl e a s s ets 8 1 819 1 819 7 275