Slide 1: Fourth quarter 2024 Earnings presentation
Fourth quarter 2024 Earnings presentation 1 Fourth quarter 2024 - Earnings presentation 18 February 2025
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 • Wooptix announced the commercial launch of its SEBI RT1000 Development Kits using TLens® (2 October). • Transcend Vivoscope announced it is to offer turnkey miniature two-photon imaging systems equipped with poLight tunable optics (5 October). • Thorlabs announced that it
Slide 5: poLight at a glance
poLight® at a glance Well-suited for several applications Background & description • Founded in 2005 • Global player in tunable optics Global customer-oriented organisation • Holds 22 worldwide granted patent families, Tønsberg 13 pending applications and 4 registered Norway Tampere trademarks Oxfor
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 Machine Vision: 2-photon Turnkey EX 30 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 Fourth quarter 2024 - Earnings presentation
Slide 11: poLight is stepping up its presence at important events
poLight is stepping up its presence at important events • Participated at CES 2025 in Las Vegas January 7- 10 and • SPIE AR|VR|MR 2025 in San Francisco from January 28-29 11 Fourth quarter 2024 - Earnings presentation
Slide 12: Use case: Consumer
Use case: Consumer 12 Fourth quarter 2024 - Earnings presentation
Slide 13: Consumer: poLight remains persistent in relation to consumer market
Consumer: poLight remains persistent in relation to consumer market • The main activity in the quarter related to augmented/mixed reality (AR/MR), laptop, webcam, smartphone and smartwatch applications. • On the AR/MR side in general, the level of activity and interest is high. • This market is stil
Slide 14: Status on consumer (including AR/MR)
Status on consumer (including AR/MR) 4 Design-win 1 Design-in 12 laptop accessory laptop 16 PoC 16 23 Planning PoC accessory accessory webcam laptop laptop projector 14 Fourth quarter 2024 - Earnings presentation POC = Proof of Concept, including TWedge®
Slide 15: Use case: AR
Use case: AR 15 Fourth quarter 2024 - Earnings presentation
Slide 16: AR/MR - key focus area for poLight but needs to mature
AR/MR - key focus area for poLight but needs to mature • TLens is being considered and tested by several important AR/MR market players. VUZIX Shield® • The TLens® technology’s low power consumption, insensitivity to gravity, temperature Enterprise AR 2x World-facing Cameras stabilisation, high spe
Slide 17: AR/MR - cont.
AR/MR - cont. • Since the previous quarter, two enterprise design-in cases have been cancelled, due to a VUZIX Shield® Enterprise AR strategic decision taken by the customer. 2x World-facing Cameras • One new enterprise case moved from PoC to design-in, so there is a net reduction of one High End MR
Slide 18: Status on AR/MR
Status on AR/MR 4 Design-win 2 Design-in 12 PoC 6 22 Planning PoC 16 18 Fourth quarter 2024 - Earnings presentation POC = Proof of Concept. Overview include TWedge®
Slide 19: Use case: Industrial
Use case: Industrial 19 Fourth quarter 2024 - Earnings presentation
Slide 20: 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 2D Barcode products. Scan Engine 2 • Still shipping and are expected to do so for several more X30M-E years. Machine Vision: Direct Part Mark Reader • Durin
Slide 21: Status on Barcode/Industrial
Status on Barcode/Industrial 10 16 Design-win 0 Design-in 7 13 PoC 7 14 Planning PoC 21 Fourth quarter 2024 - Earnings presentation
Slide 22: Use case: Healthcare & Automotive
Use case: Healthcare & Automotive 22 Fourth quarter 2024 - Earnings presentation
Slide 23: 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 24: 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 25: Promising pipeline
Promising pipeline Design-win Design-in Completed PoC Ongoing PoC Planning PoC Consumer 4 (4) 0 (0) 40 (38) 4 (5) 7 (5) Augmented/Mixed Reality 4 (4) 2 (3) 21 (20) 12 (14) 22 (14) Industrial 16* (16) 0 (0) 42 (40) 13 (15) 14 (16) Other (medical, automotive) 4 (4) 0 (0) 13 (13) 15 (15) 6 (13) * Now c
Slide 26: poLight PoC pipeline development
poLight PoC pipeline development 250 200 # Planning PoC, 150 PoC, 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 Planni ng PoC Ongoing PoC Compl eted PoC 26 Fourth
Slide 27: Financial review
Financial review 27 Fourth quarter 2024 - Earnings presentation
Slide 28: Key financials
Key financials Income statement Balance sheet summary (in NOK million) Q4 2024 Q4 2023 FY 2024 FY 2023 (in NOK million) 31.12.2024 31.12.2023 Revenue 1.2 5.1 9.6 22.5 Intangible assets 10.3 17.6 Change in obsolescence provision -1.1 0.0 -6.4 -1.4 Inventories 62.4 70.1 Cost of sales -0.2 -2.2 -2.2 -8
Slide 29: Cash Flow
Cash Flow Q4 2024 cash flow development • Q4 cash used in operating activities was NOK 11.8 million (NOK million) • positive working capital changes 180.1 -11.8 • decreased receivables of NOK 4.4 million, -1.5 -0.3 0,1 166.8 • increased payables of NOK 2.2 million and • received government grants of
Slide 30: Outlook
Outlook 30 Fourth quarter 2024 - Earnings presentation
Slide 31: Outlook
Outlook • Although the ongoing market activity did not translate into substantial revenues in the fourth quarter, there is still good reason to be optimistic about future developments. • Throughout the year, the company received numerous confirmations that it is well positioned with respect to sever
Slide 32: Q&A
Q&A NEXT EVENT; • Q1-25 Report 30 April 2025 32 Fourth quarter 2024 - Earnings presentation
Slide 33: Appendix
Appendix 33 Fourth quarter 2024 - Earnings presentation
Slide 34: 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 35: 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 36: Statement of income
Statement of income NOK 000 Note Q4 2024 Q4 2023 FY 2024 FY 2023 Sa l e of goods 736 3 040 7 586 20 099 Renderi ng of s ervi ces 491 2 107 2 038 2 412 Revenue 1 227 5 147 9 624 22 511 Cha nge i n obs ol es cence provi s i on -1 078 -4 -6 409 -1 410 Cos t of s a l es -248 -2 181 -2 208 -8 939 Gross p
Slide 37: Balance sheet
NOK 000 Note Q4 2024 31.12.2023 Balance sheet ASSETS Property, pl a nt a nd equi pment 9 559 9 239 Intangi bl e a s s ets 8 10 306 17 580 Ri ght-of-us e a s s ets 10 241 2 915 Total non-current assets 30 106 29 735 Inventori es 62 431 70 089 Tra de a nd other recei va bl es 9 3 792 8 194 Prepa yment
Slide 38: Cash flow
NOK 000 Note Q4 2024 Q4 2023 FY 2024 FY 2023 Cash flow Operating activities Profi t / l os s (-) before tax -29 724 -27 457 -98 646 -85 269 Adjus tments for: Depreci a tion of property, pl a nt a nd equi pment a nd ri ght-of-us e a s s ets 834 687 3 214 2 396 Amortis a tion of i ntangi bl e a s s et