Slide 1: First quarter 2026 Earnings presentation
First quarter 2026 Earnings presentation 29 April 2026 First quarter 2026 - 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
Key events in the quarter • Follow-on purchase order for TLens®, worth approximately NOK 0.9 million, received from a barcode scanner manufacturer in China. (5 January 2026) • Launch of MLens®, off-the-shelf lenses delivering tunable optics focusing capabilities for industrial machine vision applica
Slide 5: 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 6: 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 7: 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 8: 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 9: Markets review
Markets review First quarter 2026 - Earnings presentation
Slide 10: Update on Consumer - TLens® - Progress continues
Update on Consumer - TLens® - Progress continues • 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 11: Update on Consumer - TWedge® - Interest continues
Update on Consumer - TWedge® - Interest continues • Major consumer AR|MR OEMs are continuing to test the prototypes for various applications. • Building appetite and gathering market intelligence by selling technical samples. • In the first quarter purchase orders worth approximately NOK 1.7 million
Slide 12: 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 accessory accessory wearable laptop 23 PoC (23) 19 22 Planning (24) PoC 3 accessory laptop laptop POC = Proof of Concept, including TWedge® (PoCs (nine) and planned PoCs (three)) Numbers in () re
Slide 13: Enterprise AR|MR
Enterprise AR|MR • The enterprise cases today represent a relatively low volume. • Exposure important for penetrating and building trust in SnkeXR the ongoing consumer cases being explored. AR headset purpose-built • Expected that the volume in enterprise market also will for medical increase as tec
Slide 14: Status on AR|MR
Status on AR|MR 6 (6) Design-win 0 (0) Design-in 19 2 C C C C C 21 (21) PoC 3 19 C C C 22 24 (24) Planning PoC POC = Proof of Concept. Overview include TWedge® (nine PoCs and five planned PoCs) Numbers in () represent last quarter C = Consumer 14 First quarter 2026 - Earnings presentation
Slide 15: 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. • The order intake in the quarter was approximately half of the order intake in the previous quarter and consisted mainly of a follow-on purchase order, worth approximately NOK
Slide 16: Status on Barcode/Industrial
Status on Barcode/Industrial 15 3 30 (28) Design-win SI SI SI e. sc op e 11 Iri s 4 (3) Design-in 2 5 2 Iri Iri 10 s s (11) PoC Ot he r he r ot 5 10 20 (22) Planning PoC 5 Ot he r r he r he ot ot 16 First quarter 2026 - Earnings presentation
Slide 17: 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 18: Update on Automotive
Update on Automotive • There was no/very little activity in this sector during the first 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
Slide 19: Pipeline update per end Q1-26
Pipeline update per end Q1-26 Design-win Design-in Completed PoC Ongoing PoC Planning PoC Consumer 4 (4) 0 (0) 43 (42) 4 (4) 3 (4) Augmented|Mixed Reality 6 (6) 0 (0) 29 (29) 21 (21) 22 (24) (AR|MR) Industrial 30 (28) 4 (3) 54 (52) 10 (11) 20 (22) Other (medical, automotive) 4 (4) 0 (0) 18 (16) 5* (
Slide 20: poLight PoC pipeline & design-in/win development
poLight PoC pipeline & design-in/win development 250 50 # Planning PoC, # Design-in/win PoC, 45 Completed PoC 200 40 35 150 30 25 100 20 15 50 10 5 0 0 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 -Q -Q -Q -Q -Q -Q -Q -Q -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
Slide 21: Financial Review
Financial Review First quarter 2026 - Earnings presentation
Slide 22: Key financials
Key financials Income statement Balance sheet summary (in NOK million) Q1 2026 Q1 2025 FY 2025 (in NOK million) 31.03.2026 31.03.2025 31.12.2025 Revenue 11.4 3.8 20.5 Intangible assets 1.2 8.5 3.0 Change in obsolescence provision -1.3 -1.9 -8.0 Inventories 51.5 59.9 53.5 Cost of good sold -2.2 -0.6
Slide 23: Cash Flow
Cash Flow • Q1 2026 net decrease in cash was NOK 22.2 million Q1 2026 cash flow development • Q1 2025 net decrease in cash was NOK 31.0 million (NOK million) 284,0 -18,8 • Q1 cash used in operating activities was NOK 18.8 -3,6 0,4 -0,2 261,7 million, NOK 11.7 million lower than in Q1 2025 • Working
Slide 24: Outlook
Outlook First quarter 2026 - Earnings presentation
Slide 25: Outlook
Outlook TLens® • The long term outlook remains positive, particularly within AR|MR. • Some of the TLens® consumer PoCs are progressing and may approach important milestones in 2026. • Autofocus capability seems to be on the roadmap for several players in the AR|MR space. TWedge® • Interest in TWedge
Slide 26: Q&A
Q&A NEXT EVENT; • Annual General Meeting 20 May 2026 • Q2 presentation 6 August 2026 First quarter 2026 - Earnings presentation
Slide 27: Appendix
Appendix First quarter 2026 - Earnings presentation
Slide 28: Board Members
Grethe Viksaas – Board Chairperson, independent Board Members 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 served as CEO f
Slide 29: 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 30: Statement of income
Statement of income !"#$%%% !"#$ %FG()(* %FG()(+ ,-G()(+ !"#$%&'%(&&)* +%,-, -%.I. 01%-+2 3$4)$564(%&'%*$5768$* 9%,2. 0.- 0%009 .$I$01$ FFG234 3G425 ()G242 :;"4($%64%&<*&#$*8$48$%=5&76*6&4 >0%--9 >0%II9 >I%20- :&*?%&'%(&&)*%*&#) >,%0II >.9I >-%@29 67"88G97":;# <G5F* FG3F< 4G5*< 3$*quot;58;%"4)%)$7$#&=A
Slide 31: Balance sheet
Balance sheet !"#$%%%$ !"#$% &'%()(*% &'%()(+% ,'-'(-()(+% .II01I% %% % %% %% !"#$%"&'()$*+,&)+,-)%.I0$1%,&) )) 22)345) 6)526) 4)748) 9,&+,:0;*%)+<<%&<) 4) 2)=2=) 4)L4?) 8)582) @0:A&B#CBI<%)+<<%&<) )) 6)454) 6)64=) 25)562) 1"#23%4"456788$4#%299$#9% %% ((%*))% (:%;<=% ('%<)+% )) )) )) )) )) 9,D%,&#"0
Slide 32: Cash flow
Cash flow !"#$%%%$ !"#$% F'%()(*% F'%()(+% ,-%()(+% .I$01#234%15#262#2$7% !! %% %% %% "#$%&G!(!)$**!+,-!.I%$#I!G01! !! ,22!344! ,25!678! ,998!374! :;<=*G>I?G*!%$#@! !! !! !! !! !! AIB#IC&0G&$?!$%!B#$BI#GDN!B)0?G!0?;!IF=&B>I?G!0?;!#&GHG,$%,=*I!0**IG*! I77! I77! 854! 6!672! !! :>$#G&*0G&$?!$%!&?G0?G&.
Slide 33: First quarter 2026 - Earnings presentation
First quarter 2026 - Earnings presentation