Slide 1: Fourth quarter 2025 Earnings presentation
Fourth quarter 2025 Earnings presentation 24 February 2026 Fourth 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 • Financial review company Q-Free ASA,
Slide 4: Key events in the quarter – AR|MR
Key events in the quarter – AR|MR • TLens® related – Consumer AR/MR cases maturing • Purchase order received worth approximately NOK 5.0 million to support a top-tier U.S. consumer electronics OEM in designing a TLens®-based camera for AR applications. (See press release dated 13 October) • Follow-o
Slide 5: Key events in the quarter – Industrial & Healthcare
Key events in the quarter – Industrial & Healthcare • TLens® related • Received a follow-on purchase order worth NOK 2.6 million for stacked TLens®, used in Miniature Two-Photon (Mini2P) imaging system. (17 October). • Enterprise customer planning to use TLens® in an IRIS scanner product (design-in)
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 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 > Module in
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 Industrial/ VUZIX AR smart glasses Machine Vision/ Barcode and MR Multi-Focus AI-driven uses Shield® display use cases MIPI Module require flexible, highly- Enterprise AR demand AF Consumer functional imaging 2x World-facing x4 Cameras Evolving consumer devices req
Slide 10: Markets review
Markets review Fourth quarter 2025 - Earnings presentation
Slide 11: Update on Consumer - TLens® - Important progress
Update on Consumer - TLens® - Important progress • Activity in the quarter related mainly to AR/MR, as well as some preparation work relating to laptops and various accessories. • TLens® is being evaluated and tested by several important AR/MR market players. • AR/MR glasses often use fixed-focus ca
Slide 12: Update on Consumer - TWedge® - High interest
Update on Consumer - TWedge® - High interest • Major consumer AR/MR OEMs are continuing to test the prototypes for various applications. • Building appetite and gathering market intelligence by selling technical samples. • Purchase orders worth approximately NOK 3.5 million were received, which was
Slide 13: Status on consumer (including AR/MR consumer)
Status on consumer (including AR/MR consumer) 4 (4) Design-win 0 (0) Design-in 19 4 laptop laptop laptop laptop wearable accessory laptop accessory laptop 23 PoC (22) 20 24 Planning (19) PoC 4 accessory laptop laptop accessory POC = Proof of Concept, including TWedge® (PoCs (nine) and planned PoCs (
Slide 14: Enterprise AR/MR
Enterprise AR/MR • The enterprise cases today represent a relatively low volume. • Exposure important for penetrating and building trust in the ongoing consumer cases being explored. • Expected that the volume in enterprise market also will increase as technology and application mature. • During the
Slide 15: Status on AR/MR
Status on AR/MR 6 (4) Design-win 0 (1) Design-in 19 2 C C C C C 21 (21) PoC 4 20 24 C C C 24 (18) Planning PoC POC = Proof of Concept. Overview include TWedge® (nine PoCs and five planned PoCs) Numbers in () represent last quarter C = Consumer 15 Fourth quarter 2025 - Earnings presentation
Slide 16: 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. • Barcode order intake in the quarter was approximately NOK 2 million, on a par with the previous quarter, of which majority came from existing customers. • Two new design-wins
Slide 17: Status on Barcode/Industrial
Status on Barcode/Industrial 15 3 28 (26) Design-win SI SI SI e. sc op e 9 Iri s 3 (4) Design-in 3 5 2 Iri Iri 11 s s (15) PoC Ot he r he r ot 7 9 22 (20) Planning PoC 6 Ot he r r he r he ot ot 17 Fourth quarter 2025 - Earnings presentation
Slide 18: 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 19: Update on Automotive
Update on Automotive • There was no/very little activity in this sector during the fourth quarter. • One PoC has been removed due to lack of progress, while one new Planning PoC was added in place of the one not progressing. • Going forward, this market segment may have a need for autofocus technolo
Slide 20: Pipeline update per end Q4
Pipeline update per end Q4 Design-win Design-in Completed PoC Ongoing PoC Planning PoC Consumer 4 (4) 0 (0) 42 (42) 4 (3) 4 (4) Augmented/Mixed Reality 6 (4) 0 (1) 29 (28) 21 (21) 24 (18) Industrial 28 (26) 3 (4) 52 (49) 11 (15) 22 (20) Other (medical, automotive) 4 (4) 0 (0) 16 (15) 7* (18) 4 (5) 4
Slide 21: 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 2025-Q4 Planni ng PoC Ongoi
Slide 22: Financial Review
Financial Review Fourth quarter 2025 - Earnings presentation
Slide 23: Key financials
Key financials Income statement Balance sheet summary (in NOK million) Q4 2025 Q4 2024 FY 2025 FY 2024 (in NOK million) 31.12.2025 31.12.2024 Revenue 8.6 1.2 20.5 9.6 Intangible assets 3.0 10.3 Change in obsolescence provision -2.5 -1.1 -8.0 -6.4 Inventories 53.5 62.4 Cost of good sold -0.9 -0.2 -3.
Slide 24: Cash Flow
Cash Flow • Q4 2025 net decrease in cash was NOK 14.2 million Q4 2025 cash flow development • Q4 2024 net decrease in cash was NOK 13.4 million (NOK million) -14,4 • Q4 cash used in operating activities was NOK 14.4 298,2 -0,4 0,4 0,1 284,0 million, NOK 2.6 million higher than Q4 2024 • Working capi
Slide 25: Outlook
Outlook Fourth quarter 2025 - Earnings presentation
Slide 26: Outlook
Outlook • The company closed 2025 with strong momentum, which it has maintained going into the new year. • The long-term outlook remains positive, particularly within AR/MR, where some of the TLens® consumer PoCs are progressing and may approach important milestones in 2026. • Performance requiremen
Slide 27: Q&A
Q&A NEXT EVENT; • Annual report 28 April 2026 • Q1 presentation 29 April 2026 Fourth quarter 2025 - Earnings presentation
Slide 28: Appendix
Appendix Fourth quarter 2025 - Earnings presentation
Slide 29: 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 30: 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 31: Statement of income
Statement of income !"#$%%% !"#$ %FG()(* %FG()(F +,G()(* +,G()(F !" # $%&'%(&&)* +%+,, +-. I,%-+0 +%12. 3$4)$56 4(%&'%* $576 8$* 210 9,I I%II9 :%0-2 -$.$I0$ 1G2F3 4G((5 ()GF1F 3G2(F ;<" 4($%6 4%&=* &# $* 8$48$%>5&76 * 6 &4 ?:%9+- ?I%0+2 ?2%0I- ?.%90, ;&* @%&'%(&&)* %* &# ) ?,:I ?:92 ?-%109 ?:%:02 67
Slide 32: Balance sheet
Balance sheet !"#$%%% !"#$ %&'&('()(* %&'&('()(+ ,--.I- !"#$%"&'()$* + ,&)+ ,-)%.I0 $1%,& 2)324 5)665 7,&+,80 9* %)+ : : %&: 2 4);4< <;)4;3 =0 8L&?#@?I: %)+ : : %&: <;);5< <;)AB< I"#0123"345677$3#2088$#8 (&29)* %)2&): 7,C%,&#"0 %: 64)6<6 3A)B4< D"+ -%)+ ,-)#&L%")"%E%0 C+ 9* %: 5 5)55< 4)F5A !"%$+ '1
Slide 33: Cash flow
Cash flow !"#$%%% !"#$ %F'()(* %F'()(F +,'()(* +,'()(F -.$I0#123'04#151#1$6 !"#$% &G(G) #* * G+,-G.I$#"IG&01 ,23G456 ,23G537 ,886G9:7 ,898G474 HAVC* &DI>&* G$#"P ;I<"I=% 0 &%#>G#$G<"#<I"&?@G<) 0 >&G0 >AGIBC% <DI>&G0 >AG "% NF&,#$,C* IG0 * * I&* 68G 627 2G2:3 2G387 HD#"&% * 0 &% #>G#$G% >&0>N% .) IG0
Slide 34: Fourth quarter 2025 - Earnings presentation
Fourth quarter 2025 - Earnings presentation