Horten, 3 November 2022 - poLight ASA (OSE: PLT) today announced its results for Q3 2022.

KEY EVENTS in the Quarter

*  Follow-on order from an Augmented Reality (AR) customer, confirming that an enterprise AR product using TLens® will be on the market in 2022

*  Other AR cases also progressing well - encouraging pipeline building up

*  Xenocore has confirmed use of TLens® in their next generation disposable laparoscope (Saberscope), which is in the qualification stage

*  Increased activity in the industrial market, especially barcode-related

*  Teledyne e2v launched "Optimom 2M - Multi Focus Lens" at Vision Expo in Stuttgart - their 2nd generation camera powered by TLens®

*  Smartphone cases actively pursued - likely that market demand for a higher-performance selfie camera will increase over time

"A busy quarter supporting an increasing number of customers and Proof of Concept (PoC) projects. Most of the company's activities involve supporting customer projects at various maturity levels. Overall, we are experiencing good and encouraging progress, but there are also challenges which need to be tackled. The augmented reality cases we are exploring remain promising, and it has been confirmed that the first enterprise augmented reality (AR) product using TLens® will be on the market this year. This is a very important milestone for us. Even though the smartphone OEMs have been negatively impacted by market sentiment lately, PoC in this area have contributed to a hectic quarter. Other market segments such as industrial and medical are maturing. An increasing number of barcode cases are being explored and the first medical use case for TLens®, a disposable laparoscope with autofocus, is undergoing qualification.", said Dr. Øyvind Isaksen, the CEO of poLight.

EBITDA totalled NOK -11.3 million in Q3 2022, compared with NOK -2.9 million in Q3 2021. The net income in Q3 last year was attributable to reversed accrued employer's national insurance contributions (NICs) of NOK 5 million relating to the share option plan due to the share price decline in the quarter.

As at 30 September 2022 poLight had cash of NOK 104.4 million, compared with NOK 228.7 million as at 30 September 2021.

Q3 report and presentation

Please find the report and presentation for Q3 2022 enclosed.

poLight Q3 2022 report.pdf

poLight Q3 2022 presentation.pdf

Presentation and webcast

CEO Dr. Øyvind Isaksen and CFO Alf Henning Bekkevik will present the company's results today at 09:00 CET at Continental, Stortingsgaten 24/26, in Oslo, Norway. The presentation can also be followed through live webcast. Join the Q3 2022 results webcast by clicking here:  

https://channel.royalcast.com/landingpage/hegnarmedia/20221103_5/

The presentation and supporting material will be given in English.

A recorded version of the webcast will be made available on www.polight.com shortly after the broadcast has been concluded.

Further information from:

Dr. Øyvind Isaksen, CEO, poLight ASA: +47 90 87 63 98

Alf Henning Bekkevik, CFO, poLight ASA: +47 91 63 05 14

About poLight ASA

poLight offers a new autofocus lens which "replicates" the human eye for use in devices such as smartphones, wearables, barcode, machine vision systems and various medical equipment. poLight's TLens® enables better system performance and new user experiences due to benefits such as extremely fast focus, small footprint, no magnetic interference, low power consumption and constant field of view. poLight is based in Horten, Norway, with employees in Finland, France, UK, US China and Taiwan. For more information, please visit https://www.polight.com

https://news.cision.com/polight/r/polight-asa---a-quarter-with-continuing-good-progress---enterprise-augmented-reality--ar--product-us,c3660473

https://mb.cision.com/Public/14821/3660473/9a08b1542931dbf4.pdf

https://mb.cision.com/Public/14821/3660473/915656d158ee5ef9.pdf

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