Slide 1: Second quarter 2025 Earnings presentation
Second quarter 2025 Earnings presentation 7 August 2025 Second 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 • Operations and markets review 2014. He has previously held several CEO positions, most recently in the publicly listed • Financial review compa
Slide 4: Key events in the quarter
Key events in the quarter • poLight ASA entered into a Strategic Investment Agreement with Q Technology Group, backed by U.S. Top Tier Consumer Electronics OEM (see announcement from 15 April). • A strategic private placement and subsequent repair offering raised NOK 222.9 million gross, NOK 209.5 m
Slide 5: Key events in the quarter (post quarter)
Key events in the quarter Post quarter: • A new enterprise design-in confirmed, and OEM product is expected to be launched to market in the second half of 2025 (i.e. design-win). • A repeat purchase order, worth approximately NOK 0.9 million has been received in connection with the barcode design-wi
Slide 6: Investment Agreement with Q Technology Group
Investment Agreement with Q Technology Group • Background • poLight being small, not yet profitable, having single sourced supply chain and not in high volume production may be seen as a risk to customer. • One specific customer, that poLight has worked with for a long time (a top tier U.S. consumer
Slide 7: Investment Agreement with Q Tech, cont.
Investment Agreement with Q Tech, cont. "We strongly believe that poLight's unique technology will be important for several applications," said Q Tech Chairman Roy Ho. "With backing from a top tier U.S. consumer electronics customer, we are confident this alliance will bring cutting-edge solutions t
Slide 8: Focused on growth
Focused on growth Consumer + Enterprise Advanced technology Global Player • Founded in 2005 and listed Instant focus on Oslo Stock Exchange (PLT) Wearables • Norway headquarters with AR/MR Devices Small real estate employees in Finland, France, UK, US, China, Smartphone, Webcam, Taiwan, Japan, and t
Slide 9: 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® 9 Second quarter 2025 - Earnings pre
Slide 10: 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 11: 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 12: Operations and market review
Operations and market review 12 Second quarter 2025 - Earnings presentation
Slide 13: Consumer
Consumer • Activity in the quarter related mainly to augmented/mixed reality (AR/MR), and some preparation work related to the laptop and webcam markets. • On the AR/MR side in general, the level of activity and interest is high. • Still early days for advanced AR glasses. • Smart glasses (AI glasse
Slide 14: Status on consumer (including AR/MR consumer)
Status on consumer (including AR/MR consumer) 4 Design-win 0 Design-in ( LBS project removed, since there is currently no plan for MP. TLens® still included in the concept ) 19 2 laptop laptop accessory accessory laptop 21 PoC 16 23 Planning PoC 7 accessory projector webcam accessory laptop mv lapto
Slide 15: AR/MR – TLens being tested by several OEMs
AR/MR – TLens® being tested by several OEM´s • Low power consumption, insensitivity to gravity, temperature stabilisation, high speed and compactness stand out as key technical benefits. • The ecosystem, the technology and the market in general still need to mature before mass deployment of consumer
Slide 16: AR/MR – continuing high interest in TWedge
AR/MR – continuing high interest in TWedge® • Major consumer AR/MR OEMs have started testing the prototypes for various applications. • Building appetite, and market intelligence, by selling technical samples. • In the second quarter purchase orders worth approximately NOK 1,100,000 were received. •
Slide 17: Status on AR/MR
Status on AR/MR 4 Design-win 1 Design-in 19 C C C C C 20 PoC 6 22 Planning PoC 16 C C C C C = Consumer POC = Proof of Concept. Overview include TWedge® (ten PoCs and six planned PoCs) 17 Second quarter 2025 - Earnings presentation
Slide 18: Barcode/Industrial
Barcode/Industrial • It will take time to develop this market, but the number of design-wins is increasing step by step. • In the second quarter, three customers progressed with potential new products to design-in status (two new customers and one existing), and it is expected product launch this ye
Slide 19: Status on Barcode/Industrial
Status on Barcode/Industrial 15 21 Design-win SI SI SI 3 Design-in 5 5 14 PoC Ot he r r he he r ot ot 6 9 22 Planning PoC 7 Ot Ot Ot Ot Ot r r r he he he he he he he he ot ot r r ot r r r 19 Second quarter 2025 - Earnings presentation
Slide 20: Healthcare
Healthcare • The company continues to support selected opportunities in the healthcare market segment. • The 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
Slide 21: Automotive
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 revision
Slide 22: Promising pipeline
Promising pipeline Design-win Design-in Completed PoC Ongoing PoC Planning PoC Consumer 4 (4) 0 (0) 41 (41) 2 (2) 7 (7) Augmented/Mixed Reality 4 (4) 1 (2) 26 (23) 20 (16) 22 (22) Industrial 21 (21) 3 (0) 46 (46) 14 (12) 22 (22) Other (medical, automotive) 4 (4) 0 (0) 14 (14) 18 (17) 4 (4) 33 (33) 4
Slide 23: 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 2025-Q1 2025-Q2 Planni ng PoC Ongoing PoC Compl ete
Slide 24: Financial Review
Financial Review 24 Second quarter 2025 - Earnings presentation
Slide 25: Key financials
Key financials Income statement Balance sheet summary (in NOK million) Q2 2025 Q2 2024 FY 2024 (in NOK million) 30.06.2025 30.06.2024 31.12.2024 Revenue 3.0 5.3 9.6 Intangible assets 6.7 13.9 10.3 Change in obsolescence provision -2.7 -2.2 -6.4 Inventories 56.9 64.8 62.4 Cost of good sold -0.5 -1.1
Slide 26: Cash Flow
Cash Flow • Q2 2025 net increase in cash was NOK 137.3 million Q2 2025 cash flow development • Q2 2024 net increase in cash was NOK 104.0 million (NOK million) -0,1 273,1 • Q2 cash used in operating activities was NOK 23.9 million, NOK 4.6 million higher than Q2 2024 135,8 161,5 • Mainly due to incr
Slide 27: Outlook
Outlook 27 Second quarter 2025 - Earnings presentation
Slide 28: Outlook
Outlook • After the announcement of the investment from Q Tech, the market has responded positively. • The top-tier U.S. consumer electronics OEM referred to in the press release dated 15 April 2025 has moved forward and prepare for the use of TLens®. • Several customers has confirmed that the inves
Slide 29: Q&A
Q&A NEXT EVENT; • Q3 presentation 30 October 29 Second quarter 2025 - Earnings presentation
Slide 30: Appendix
Appendix 30 Second quarter 2025 - Earnings presentation
Slide 31: 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 32: 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 33: Statement of income
Statement of income !"#$%%% !"#$ %FGF(F) %FGF(F* +,-GF(F) +,-GF(F* .+GF(F* !"#$%&'%(&&)* +%,,- .%I01 2%3-0 .%111 -%3,2 4$5)$675(%&'%*$6879$* I:I I%I+1 +2. I%3.- +%:0, I$0$12$ FG344 )GF56 5G476 5G)*6 3G5F* ;<"5($%75%&=*&#$*9$59$%>6&87*7&5 ?+%-.3 ?+%I-- ?.%2+1 ?.%.33 ?2%.:1 ;&*@%&'%(&&)*%*&#) ?.1+ ?I%
Slide 34: Balance sheet
Balance sheet !"#$%%% !"#$ %&'&(&) %&'&(&* +,-,&-&(&* .II01I !"#$%"&'()$*+,&)+,-)%.I0$1%,& 2)345 6)472 6)886 9,&+,:0;*%)+<<%&< 2 3)332 45)675 4=)5=3 L0:?&@#A@I<%)+<<%&< 6)BC7 C)4B6 4=)C74 1"#23'4"456788$4#'299$#9 &)'((: &)'&;( +(',(: 9,D%,&#"0%< 83)228 37)BB4 3C)754 E"+-%)+,-)#&?%")"%F%0D+;*%< 6 6)2
Slide 35: Cash flow
Cash flow !"#$%%% !"#$ %F'F(F) %F'F(F* +,-'F(F) +,-'F(F* .+'F(F* I0$12#345'26#373#3$8 !"#$%&G(G)#**G+,-G.I$#"IG&01 ,23G456 ,55G783 ,94G:;3 ,82G53; ,636G484 HBVD*&NI?&*G$#"P <I="I>%0&%#?G#$G="#=I"&@AG=)0?&G0?BGICD%=NI?&G0?BG"%FG&,#$,D*IG 0**I&* ;28 765 6G4:7 6G946 2G568 HN#"&%*0&%#?G#$G%?&0?F%.)IG0**
Slide 36: Second quarter 2025 - Earnings presentation
Second quarter 2025 - Earnings presentation