Polight ASA

Earnings Release • Nov 2, 2023

poLight ASA - Soft quarter, but overall underlying customer pipeline promising in many important market segments

poLight ASA - Soft quarter, but overall underlying customer pipeline promising in many important market segments

KEY EVENTS in the quarter

· Order for Mini2P application from company planning to sell Mini2P solution

to research institutes.

· Follow-on order for a Machine Vision/code-scanner from a customer in China.

Horten, 2 November 2023 - poLight ASA (OSE: PLT) today announced its results for

Q3 2023.

"Providing support for multiple customer proof of concept (PoC) projects in

various segments and carrying out a variety of improvement projects kept the

pressure on the organisation during the third quarter, although the period was

relatively sluggish from an order intake and revenue perspective.

The consumer market remains challenging and is focused on cost reduction rather

than implementing new innovative technology.

Augmented reality (AR) customer cases continue to develop positively, although a

few design-in cases are experiencing some delays. Two design wins related to AR

enterprise glasses have been secured and are currently in mass production. The

customer pipeline in this segment continues to grow, and we are involved in both

enterprise and consumer cases.

As for new market segments, we are continuing to address both automotive and

healthcare. There seems to be a clear need for autofocus technology in the

automotive market for a variety of use cases, and TLens® is being explored as

one of the alternatives. Healthcare-related cases are more mature, and we are

engaged with several potential customers at various stages.

Step by step, poLight is moving in the right direction, even under difficult

market conditions. Nevertheless, business prospects in important future markets

are maturing and we are continuing to work hard to overcome the market and

operational challenges that still lie ahead!," explains Dr Øyvind Isaksen, CEO

of poLight.

EBITDA totalled NOK -20.5 million in Q3 2023, compared with NOK -11.3 million in

Q3 2022.

As at 30 September 2023 poLight had cash holdings of NOK 132.8 million, compared

with NOK 84.2 million as at 31 December 2022.

Q3 report and presentation

Please find the report and presentation for Q3 2023 enclosed.

Presentation and webcast

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

results today at 09:00 CET at Hotel Continental, Stortingsgaten 24/26, in Oslo,

Norway. You can also watch the Q3 2023 results presentation through a live

webcast by clicking here: poLight ASA Webcast Q3 2023

(royalcast.com) (https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/2023110

2_7)

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 ASA (OSE: PLT) offers a patented, proprietary tunable optics technology,

starting with its first product, TLens® which replicates "the human eye"

experience in autofocus cameras used in devices such as smartphones, wearables,

barcode scanners, 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, Taiwan, and

the Philippines. For more information, please visit https://www.polight.com