Polight ASA — Earnings Release 2022

Feb 28, 2023

poLight ASA - Continuing high activity led to strengthen pipeline and first design-win for a smartphone project

poLight ASA - Continuing high activity led to strengthen pipeline and first design-win for a smartphone project

KEY EVENTS in the Quarter

*             Another busy quarter for poLight.

*             Teledyne e2v launched "2MP Multi-Focus MIPI Module".

*             High level of smartphone-related activities led to a design-win

and first mass production purchase order after the close of Q4.

*             AR cases continued to mature. Magic Leap 2[1], Vuzix, Xvisio and

LLVision all use TLens® for their latest AR enterprise glasses.

*             Magic Leap 2 launch date was end of September 2022, and poLight

have received purchase orders worth approximately NOK 2.1 million at the end of

February 2023.

*             Vuzix AR glasses are available for developers, with the main

release expected in mid-2023.

*             XVisio and LLVision AR glasses is expected to be launched around

mid 2023.

*             Sharp demonstrated a new camera module using TLens®, as well as a

use case in a VR headset, at CES in Las Vegas.

Horten, 28 February 2023 - poLight ASA (OSE: PLT) today announced its results

for Q4 2022.

"Once again, we had a busy quarter supporting an increasing number of customer

cases and, not least, preparing for a smartphone project. We have been working

hard over many years to qualify for our first smartphone project. Although we

have been close to a market breakthrough several times, last-minute changes in

our customers product release strategy have delayed our entrance into the

smartphone market. This can obviously still happen, but a firm purchase order

and the fact that we already have started shipping material for mass production

use must be seen as strong positive signal.

A poLight team was present at CES 2023 in Las Vegas, where we met several

existing and potential new customers in several market segments. During our

stay, we were able to see and experience products using our unique product, such

as Magic Leap, Vuzix and XVisio´s latest AR glasses, as well as Sharp´s new

camera module. So, overall, we have experienced some hectic weeks and months,

with a lot of encouraging progress", said Dr. Øyvind Isaksen, the CEO of poLight

".

EBITDA totalled NOK -15.0 million in Q4 2022, compared with NOK -5.7 million in

Q4 2021. The most significant contributor for the decline in EBITDA is due to

NOK 12 million recognised as a cost reduction as a result of the positive

outcome of the VAT appeal in Q4-21.

As at 31 December 2022 poLight had cash of NOK 84.2 million, compared with NOK

157.8 million as at 31 December 2021.

Q4 report and presentation

Please find the report and presentation for Q4 2022 enclosed.

poLight Q4 2022

report.pdf (https://mb.cision.com/Public/14821/3724342/a759ac593502865b.pdf)

poLight Q4 2022

presentation.pdf (https://mb.cision.com/Public/14821/3724342/9988119081feb539.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 Q4

2022 results webcast by clicking here:

https://channel.royalcast.com/landingpage/hegnarmedia/20230228_3/ (https://eur01.

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

ngpage%2Fhegnarmedia%2F20230228_3%2F&data=05%7C01%7Calf.henning.bekkevik%40poligh

t.com%7Cff8f5c21a7ed42750b5a08db0f4a11f2%7Ccac0b87cc9e2402f9f9e3224b4036842%7C0%7

C0%7C638120583030860707%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luM

zIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=rzoSZQlzvnsl6Fro%2FWH79ox

asz7z8ZcbjdPetzMXmvo%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, Taiwan and Philippines. For more information, please visit

https://www.polight.com

1/ https://www.yolegroup.com/technology-insights/the-polight-tlens-piezoelectric

-mems-autofocus-module-is-in-the-magic-leap-2/