Polight ASA — Earnings Release 2019

Feb 14, 2020

poLight ASA - Commercial launch of TLens and increased probability of additional design-wins

poLight ASA - Commercial launch of TLens and increased probability of additional design-wins

KEY EVENTS

* First commercial product launched in January with poLight TLens enabling

advanced auto focus (AF) in new smartwatch phone

* A second commercial product launched in February, also with advanced TLens

autofocus function in a new smartwatch phone

* Several other customer cases progressing in different market segments

* Increased probability of additional design-wins in 2020

* Record deliveries of TLens and ASIC drivers in the fourth quarter to support

smartwatch phone launch

Horten, 14 February 2020 - poLight ASA (OSE: PLT) today announced its results

for fourth quarter of 2019.

The first smartwatch phone with advanced AF functionality based on poLight TLens

was launched on 7 January 2020. The watch targets a growing market for devices

tailored for children in China. It comes with two cameras and the main camera

which is used to take pictures is based on the (AF) function delivered by

poLight.

The second smartwatch phone with advanced AF from poLight TLens was launched on

10 February 2020. The XUN Smartwatch Max Pro is aimed at children in the Chinese

market. It has two cameras, one main camera used to take pictures which includes

an advanced autofocus (AF) function delivered by poLight, and one camera

integrated in the screen used for face camera without AF.

In the second half of 2019, poLight received four purchase orders for a total of

approximately 124,000 units of TLens Silver and 120,000 ASIC drivers to support

Product Verification Testing (PVT) and initial mass production (MP) related to

the product releases mentioned above. EBITDA in the fourth quarter was NOK -13.7

million, compared with an EBITDA of NOK -15.5 million in the fourth quarter of

"We are off to a good start to 2020 with two design-wins in two months and our

commercial breakthrough in the consumer electronics market. Initial feedback is

encouraging, and we experience increasing interest for TLens. Commercial

adoption is an important proof-point of our unique products which enable new and

lasting applications for both industrial and consumer segments and it supports

our customer progress."

The market-momentum created by the release of the smartwatch phones using TLens

has enabled poLight to establish dialogues with other relevant players in the

same and other market segments.

poLight is having good progress in the barcode market, and the TLens is

currently being planned used in several products by leading vendors. The

estimated earliest market launch for this segment is mid-2020.

In addition, poLight supports several other customer cases, for industrial and

consumer markets, at PoC stage and at early design stage. This progress supports

increased confidence in the continued commercialisation of poLight's technology

and a likely diversified future revenue base with TLens used in various market

segments.

Q4 report and presentation

Please find the report and presentation for Q4 2019 enclosed.

Presentation and webcast

CEO Øyvind Isaksen and CFO Alf Henning Bekkevik will present the company's

results today at 08:30 am CET at Felix Conference Center, Bryggetorget 3, Aker

Brygge, in Oslo, Norway.

The presentation and supporting material will be given in English. The

presentation can also be followed through live webcast.

Please join the Q4 2019 results webcast by clicking here:

https://channel.royalcast.com/webcast/hegnarmedia/20200214_7/ (https://eur01.safe

links.protection.outlook.com/?url=https%3A%2F%2Fchannel.royalcast.com%2Fwebcast%2

Fhegnarmedia%2F20200214_7%2F&data=02%7C01%7Calf.henning.bekkevik%40polight.com%7C

72f58a40e51249fbb4a708d7a64a25cc%7Ccac0b87cc9e2402f9f9e3224b4036842%7C0%7C0%7C637

160709707177616&sdata=7bwqvQzMFkLOVmHlMto0cWgYhXNwbacFYbScyroalIE%3D&reserved=0)

A recorded version of the webcast will be made available on www.polight.com

shortly after the broadcast has been concluded.

Further information from:

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 offices in Finland, France and

China and representation in Taiwan and Korea. For more information, please visit

https://www.polight.com