Polight ASA — Earnings Release 2021

Feb 18, 2022

poLight ASA - Market breakthrough in augmented reality (AR) and strengthened opportunity pipeline

poLight ASA - Market breakthrough in augmented reality (AR) and strengthened opportunity pipeline

KEY EVENTS in the Quarter

*  Design-win from first augmented reality (AR) customer

*  Design-win for barcode manufacturing line applications

*  poLight won the VAT appeal case (NOK 12 million cash effect in January 2022)

*  Subsequent Share Issue raised gross proceeds of approximately NOK 12.8

million

*  Opportunity pipeline strengthened

*  Follow-up order related to the scan engine EX30 received in January 2022

Horten, 18 February 2022 - poLight ASA (OSE: PLT) today announced its results

for Q4 2021.

poLight made good progress during the quarter, with generally positive progress

in most customer cases resulting in the first design-win within AR segment,

another design-win related to barcode scanning and strengthened opportunity

pipeline. Further poLight won the VAT appeal case and raised NOK 12.8 million in

gross proceeds in a Subsequent Share Issue during the quarter.

EBITDA totalled NOK -5.7 million in Q4 2021, compared with NOK -10.0 million in

Q4 2020.

As at 31 December 2021 poLight had cash of NOK 157.8 million, compared with NOK

77.2 million as at 31 December 2020.

"The design-win related to the augmented reality (AR) product is of strategic

importance for the company. The activity and opportunity pipeline we see in this

market segment is impressive. The technical attributes of TLens, its speed,

compactness, low power consumption and no gravity sensitivity, are viewed as key

for AR applications.

Smartphone-related activity remains high. Together with our customers, we are

expending a lot of effort and resources to mature cases and qualify TLens for

commercial use. We have made encouraging progress during the quarter, even

though there are hurdles still to be overcome.  We are strengthening our

organisation in order to handle the predicted increase in activity.", said

Øyvind Isaksen, the CEO of poLight.

Q4 report and presentation

Please find the report and presentation for Q4 2021 enclosed.

poLight Q4 2021

report.pdf (https://mb.cision.com/Public/14821/3509501/904ecb4a7068dba4.pdf)

poLight Q4 2021

presentation.pdf (https://mb.cision.com/Public/14821/3509501/b932c62e58a29a04.pdf

)

Presentation and webcast

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

results today at 09:00 CET through live webcast. Please join the Q4 2021 results

webcast by clicking here:

poLight ASA Webcast Q4 2021

(royalcast.com) (https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/2022021

8_1)

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 offices in Finland and China and

representation in France, UK, US, Taiwan, Russia, Korea and Japan. For more

information, please visit https://www.polight.com