Polight ASA — Earnings Release 2022

Nov 3, 2022

poLight ASA - a quarter with continuing good progress - enterprise Augmented reality (AR) product using TLens® confirmed to be on the market in 2022

poLight ASA - a quarter with continuing good progress - enterprise Augmented reality (AR) product using TLens® confirmed to be on the market in 2022

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

poLight Q3 2022

presentation.pdf (https://mb.cision.com/Public/14821/3660473/915656d158ee5ef9.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/ (https://eur01.

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

ngpage%2Fhegnarmedia%2F20221103_5%2F&data=05%7C01%7Calf.henning.bekkevik%40poligh

t.com%7Cdcff8071ec0c4ccf5e2b08dab1cf52e9%7Ccac0b87cc9e2402f9f9e3224b4036842%7C0%7

C0%7C638017801256869363%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luM

zIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=IZl7lwvZW7YVddHKic%2B%2B7

8mQhiMmVwwkxPDckaVqwMU%3D&reserved=0)

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