Slide 1: Fourth quarter 2021 Earnings presentation
Fourth quarter 2021 Earnings presentation 18th February 2022 1 Fourth quarter 2021 - 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-win from first augmented reality (AR) customer • Design-win for barcode manufacturing line applications • poLight won the VAT appeal case (NOK 12 million in cash effect in January) • Subsequent Share Issue raised gross proceeds of approximately NOK 12.8 million • O
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 Fourth quarter 2021 - 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 Fourth quarter 2021 - Earnings presentation
Slide 9: Smartphone: Interest in TLens remains high
Smartphone: Interest in TLens® remains high • Add-in TLens® design is attracting good interest • Potential to become a widely used solution for selfie cameras and Education may represent a route to the main camera (back camera) for TLens® • Progress on several Proof of Concept (PoC) projects, with O
Slide 10: AR: First design-win announced and more opportunities to come
AR: First design-win announced Professional and more opportunities to come use cases • First design-win confirmation and first mass production Education purchase order for an augmented reality (AR) product announced during the quarter • Expected market release in 2022 • Low power consumption, no gra
Slide 11: Barcode / Industrial
Barcode / Industrial Examples of EX30 use cases • New design-win awarded for a barcode reader product • Designed for dynamic collection of barcodes in high-speed manufacturing lines • Released to selected customers end of 2021 • TLens® now used in three available products • Follow-up order related t
Slide 12: Healthcare
Healthcare • Starting to see some good interest related to compact surgical equipment • 1 design-win (Kavli Institute for Systems Neuroscience and Centre for Neural Computation, a microscope for internal use) • 1 design-in already announced - compact surgical device. Progressing, but these are slow
Slide 13: 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) 22 (17) 7 (9) 8 (2) Augmented Reality 1 (0) 2 (3) 6 (6) 9 (6) 4 (4) Industrial 3 (2) 2 (3) 14 (14) 6 (3) 9 (8) Other (e.g. medical) 1 (0) 1 (1) 2 (2) 5 (3) 8 (4) 8 (5) 5 (7) 44 (39) 27
Slide 14: Financial review
Financial review 14 Fourth quarter 2021 - Earnings presentation
Slide 15: Key financials
Key financials Income statement Balance sheet summary (in NOK million) Q4 2021 Q4 2020 FY 2021 FY 2020 (in NOK million) 2021 2020 Revenue 3.9 1.2 10.0 3.0 Intangible assets 33.4 43.6 Cost of sales -1.3 -0.4 -3.9 -0.7 Inventories 16.8 9.2 Research and development expenses -6.6 -5.3 -25.4 -20.4 Cash a
Slide 16: Cash Flow
Cash Flow Q4 2021 cash flow development • Q4 cash used in operating activities was NOK (NOK million) 16.6 million, compared with NOK 1.7 million in Q4 2020 164,1 -16,6 11,6 0,0 157,8 -1,2 • Q4-2020: VAT settlements of NOK 8.2 million were received as a result of being re-registered in the VAT Regist
Slide 17: Outlook
Outlook 17 Fourth quarter 2021 - Earnings presentation
Slide 18: Outlook
Outlook • During the quarter the company achieved two design-wins and made overall good progress in all the market segments being explored • The opportunity pipeline is developing positively, with developments in the AR space being considered particularly promising • Smartphone customers and the com
Slide 19: Next event
NEXT EVENT Annual report 2021 27 April 2022 Q1-22 12 May 2022 19 Fourth quarter 2021 - Earnings presentation
Slide 20: Appendix
Appendix 20 Fourth quarter 2021 - Earnings presentation
Slide 21: 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 22: 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 23: Statement of income
Statement of income NOK 000 Note Q4 2021 Q4 2020 FY 2021 FY 2020 Sale of goods 3 906 1 056 8 683 2 590 Rendering of services 0 188 1 350 429 Revenue 3 906 1 244 10 032 3 019 Cost of sales -1 311 -382 -3 851 -698 Gross profit 2 595 862 6 182 2 321 Research and development expenses net of governmental
Slide 24: Balance sheet
NOK 000 Note 2021 2020 Balance sheet ASSETS Property, plant and equipment 2 356 839 Intangible assets 9 33 378 43 646 Right-of-use assets 4 778 964 Total non-current assets 40 512 45 448 Inventories 16 836 9 166 Trade and other receivables 8 22 078 6 040 Prepayments 1 456 3 897 Cash and cash equival
Slide 25: Cash flow
Cash flow NOK 000 Note Q4 2021 Q4 2020 FY 2021 FY 2020 Operating activities Profit / loss (-) for the period -7 869 -12 630 -53 388 -50 952 Adjustments for: Depreciation and impairment of property, plant and equipment and right-of-use assets 382 440 1 654 1 842 Amortisation and impairment of intangi