Polight ASA

Investor Presentation • Oct 31, 2024

Third quarter 2024

¹ Third quarter 2024 - Earnings presentation Earnings presentation 31 October 2024

Disclaimer

This presentation (the "Presentation") has been produced by poLight ASA (the "Company") exclusively for information purposes. This Presentation has not been approved, reviewed or registered with any public authority or stock exchange. Further to the aforementioned, this presentation is the result of an effort of the Company to present certain information which the Company has deemed relevant in accessible format. This Presentation is not intended to contain an exhaustive overview of the Company's present or future financial condition and there are several other facts and circumstances relevant to the Company and its present and future financial condition that not been included in this Presentation. This Presentation may not be disclosed, in whole or in part, or summarized or otherwise reproduced, distributed or referred to, in whole or in part, without prior written consent of the Company.

This Presentation contains certain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates or intends to operate. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. The forward- looking statements contained in this Presentation, including assumptions, opinions and views of the Company or cited from third party sources are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. None of the Company or any of its subsidiary undertakings or any such person's officers or employees provides any assurance that the assumptions underlying such forward-looking statements are free from errors

nor does any of them accept any responsibility for the future accuracy of the opinions expressed in this Presentation or the actual occurrence of the forecasted developments. The Company assumes no obligation to update any forward-looking statements or to conform these forward-looking statements to our actual results. Furthermore, information about past performance given in this Presentation is given for illustrative purposes only and should not be relied upon as, and is not, an indication of future performance. No representation or warranty (express or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and, accordingly, neither the Company nor any of its parent or subsidiary undertakings or any such person's officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this document.

By reviewing this Presentation you acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the businesses of the Company. This Presentation must be read in conjunction with the recent financial reports of the Company and the disclosures therein. The distribution of this Presentation in certain jurisdictions may be restricted by law. Persons in possession of this Presentation are required to inform themselves about, and to observe, any such restrictions. No action has been taken or will be taken in any jurisdiction by the Company that would permit the possession or distribution of this Presentation in any country or jurisdiction where specific action for that purpose is required.

No shares or other securities are being offered pursuant to this Presentation. This Presentation does not constitute an offer to sell or form part of, and should not be construed as, an offer or invitation for the sale or subscription of, or a solicitation of an offer to buy or subscribe for, any shares or other securities in any jurisdiction, nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any offer, contract, commitment or investment decision relating thereto, nor does it constitute a recommendation regarding the securities of the Company.

By reviewing this Presentation you agree to be bound by the foregoing limitations.

This Presentation speaks as of 31 October 2024. Neither the delivery of this Presentation nor any further discussions of the Company with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date. The Company does not intend, and does not assume any obligation, to update or correct any information included in this Presentation. This Presentation shall be governed by Norwegian law, and any disputes relating to hereto is subject to the sole and exclusive jurisdiction of Norwegian courts, with Nordre Vestfold District Court as legal venue.

Today's agenda

Presenting

• Key events
• Introduction to poLight
• Operations and markets review
• Financial review
• Outlook
• Q&A

Dr Øyvind Isaksen

Chief Executive Officer

Dr Isaksen has been CEO of poLight since August 2014. He has previously held several CEO positions, most recently in the publicly listed company Q-Free ASA, which he left in January 2014, after 7 years as CEO. Øyvind Isaksen holds a PhD in Applied Physics.

Joakim Hines Bredahl

Chief Financial Officer

Mr Bredahl's career started in entrepreneurship, followed by an eight-year stint at Verdane Capital Advisors and nine years in Nordea in different customer-facing roles. Joakim Bredahl has a BA (Hons) in Finance and Marketing from Strathclyde Business School.

Key events in the quarter

• A new purchase order worth NOK 950,000, related to the very first barcode design-win back in 2000, was received on 7 August.
• The AR/MR market continued to open business opportunities, although the market and ecosystem will take time to mature.
• The machine vision and barcode pipeline continued to show progress.
• A patent infringement claim and lawsuit was filed against two customers that use the TLens®. poLight's position is that there is no patent infringement.

Post Q3:

• Wooptix announced the commercial launch of its SEBI RT1000 Development Kits using TLens® (2 October).
• Transcend Vivoscope announced it is to offer turnkey miniature two-photon imaging systems equipped with poLight tunable optics (5 October).
• Thorlabs announced that its Mini2P Imaging System will leverage poLight ASA's TLens® for optimal neurological imaging (7 October).
• Three commercial companies with Mini2p solutions showcased their products at the SfN Neuroscience '24 conference (5 October to 9 October).
• poLight ASA confirmed the use of poLight TLens® in two new handheld barcode products (8 October).
• New purchase order, worth NOK 344,000, received related to the release of two new barcode products announced 8 October.

poLight® at a glance

Background & description Geographical footprint

• Global player in tunable optics supporting applications in augmented reality, mobile, consumer, industrial / machine vision, healthcare and others
• Founded in 2005 and has since developed state-of-the-art expertise in tunable optics, utilizing proprietary polymer and piezo MEMS with assembly and test technology
• Holds 22 worldwide patent families, 11 pending applications and 4 registered trademarks
• 49 employees including long-term consultants
• Headquartered in Horten, Norway, with employees in Finland, France, China, Taiwan, Japan, US, UK, and Philippines
• Listed in Oslo Stock Exchange (PLT) in 2018

poLight enables unique use cases

Instant focus Small real estate Constant field of view Extremely low power consumption + + +

5 Third quarter 2024 - Earnings presentation

TLens® Actuator: Enabling Smallest, Lowest Power, Fastest AF Cameras & Laser Projectors

Implementation
Piezo MEMS film
Glass membrane
Silicon
Polymer
Glass window

From Gel > MEMS Wafer > TLens® > Camera module > OEM

poLight® products & technology well-suited for several applications

Smartphones, Wearables, Accessories

• Smartphone represent a large addressable market each year with billions of cameras
• 1.2 billion phones per year with 1 front camera and an average of 3 rear cameras
• Camera function remains a key killer app
• Wearables, accessories like webcams offer consumer volume opportunities
• Potential addressable market for TLens®/poLight technology estimated at 2.5 billion units per year

Augmented/Mixed Reality (AR/MR)

• AR/MR is expected to to grow significantly as the technology is rapidly advancing
• Initial AR/MR HMD/smartglasses deployments are in enterprise (industrial, commercial, educational, etc.) but soon expanding to consumer (entertainment, gaming, productivity, etc.) markets.

Industrial Barcode/Machine Vision

• Evolving from 1D laser to 2D imaging code scanners
• Lasers replaced by camera systems, where autofocus will improve efficiency in scanning and portfolio
• Barcode and machine vision technology is spreading to new industries
• OEM scan engine vendors today are increasingly looking to enable machine vision capabilities on their current offerings

Others

• New opportunities are emerging that could represent significant potential
• Healthcare and automotive are two other examples of new opportunities for poLight technology

7 Third quarter 2024 - Earnings presentation

TLens® customer-wins: AR/MR and Consumer

TLens® customer-wins: Industrial/MV and Healthcare

9 Third quarter 2024 - Earnings presentation

Operations and market review

Use case: Consumer

11 Third quarter 2024 - Earnings presentation

Consumer: poLight remains persistent in a challenging sentiment

• The main activity was related to augmented/mixed reality (AR/MR), laptop, smartphone and smartwatch applications.
• The consumer market in general, and the smartphone market in particular, remains challenging.
• Some smartphone-related market activity has recently re-started.
• A few key laptop and smartwatch opportunities have surfaced, and PoCs have got underway.
• poLight continues to be persistent related to the consumer market and has
  • embarked on several development projects to broaden the offering,
  • as well as actively pursued other consumer applications expected to develop the need for AF solutions over time.

Design-win	Design-in	Completed PoC	Ongoing PoC	Planning PoC
4 (4)	0 (0)	38 (38)	6 (2)	5 (4)

Status on consumer (including AR/MR)

POC = Proof of Concept, including TWedge®

14 Third quarter 2024 - Earnings presentation

Use case: AR

Established AR/MR supplier

What problems do we solve in MR?

Pass through accommodation

• In real life, human eyes are constantly changing focus (accommodation) to maintain sharp vision.
• VST focusing is difficult to implement with legacy camera technologies, VST cameras without variable focus result in unnatural vision.
• TLens® enables VST focusing with minimum size and power consumption penalty.

World facing cameras

• TLens® enables ultra-low power consumption focusing for both thermal stabilisation and autofocusing in world facing cameras.
• TWedge® may enable super resolution for smaller, higher performance cameras.

What problems do we solve in AR smart glasses?

Ambient scene capturing/SWIS cameras

• Without TLens®, cameras are need to be fixed focus to meet size and power consumption budgets, resulting in compromised capture.
• TLens® adds focusing capability to even the smallest cameras for optimal image capture and data gathering.

Display Resolution

• Existing display technology compromises AR experience due to low resolution and insufficient brightness.
• TWedge® technology allows display to be both bright and high resolution.

AR/MR - key focus area for poLight but need to mature

• 2x World-facing Cameras TLens® is being considered and tested by several important AR/MR market players.
• The ecosystem and market in general need to mature.
• One project/design-in was stopped due to changes in the company's strategic direction.
• The other design-in´s not expected to launch this year delays.
• Key players are of the opinion that the market will develop into an important consumer market.
• poLight has built a strong foundation for becoming the preferred AF solution for such applications.
• TWedge®: major consumer AR/MR OEM have start testing prototypes.
  • Seek lead customer supporting the product development and trigger the mass production.
  • Timing uncertain.
  • Continue customer interaction and further develop TWedge® technology platform to potentially cover more functionality and broader applications areas.
• The AR/MR market segment will be key for poLight.

Design-win	Design-in	Completed PoC	Ongoing PoC	Planning PoC
4 (4)	3 (4)	20 (19)	14 (12)	14 (17)

Status on AR/MR

POC = Proof of Concept. Overview include TWedge®

Use case: Industrial

20 Third quarter 2024 - Earnings presentation

Barcode / Industrial

• Six companies currently use TLens® in 13 different products.
• Still shipping and are expected to do so for several more years.
• During the quarter (Aug 7) a new purchase order worth NOK 950,000 was received related to the first barcode design-win (back in 2000),
• Post quarter;
  • (Oct 8) TLens® was confirmed to be used in two new handheld barcode products from an existing customer.
  • (Oct 24) a purchase order worth NOK 344,000, was received to related two the above.
  • (Oct 2) Wooptix released to market a wavefront phase camera, the SEBI RT1000, using TLens®.
• Increasing customer pipeline is clearly a positive sign.

Design-win	Design-in	Completed PoC	Ongoing PoC	Planning PoC
16* (7)	0 (2)	40 (36)	15 (14)	16 (19)

* Now counting each model from the different suppliers as design-win. 10 (7) design-win´s if not.

Status on Barcode/Industrial

23 Third quarter 2024 - Earnings presentation

Use case:

Healthcare & Automotive

Healthcare

• The cooperation poLight has developed with the Kavli Institute at the Norwegian University of Science and Technology (NTNU) related to Mini2P microscope have led to several similar projects.
• In addition to engaging directly with research labs, the company is involved with three commercial companies.
• All of them have now released commercially available solution to the market, and two of them was recently announced (post quarter); - Transcend Vivoscope (Oct 5) and Thorlabs (Oct 7).
• All three companies were represented and showcased their Mini2p solutions at SfN Neuroscience '24 conference, - Mini2P was the highlight of their boot.
• Mini2P technology is still in its early stages and scientists are learning more about the technology and how it can impact their research.
• In addition to the activity related to Mini2P, poLight is engaged in commercial endoscope cases.

Automotive – a nontrivial volume opportunity longer term

• In-cabin camera requirement demand new solution.
• Autonomous driving drives step change in camera adoption.
• The use case calls for non-mechanical focusing solution.
• There may be a need for new technology, and TLens® is one of the solutions being evaluated.
• The market is potentially significant but will most likely require a new revision of TLens®, which will take years to develop and qualify.
• During the quarter, the company has been engaged in three PoCs (of which two are regarded as concluded).

0 design-win, 0 design-in, 1 PoCs ongoing and 2 planning PoC

Promising pipeline

	Design-win	Design-in	Completed PoC	Ongoing PoC	Planning PoC
Consumer	4 (4)	0 (0)	38 (38)	5 (2)	5 (4)
Augmented/Mixed Reality	4 (4)	3 (4)	20 (19)	14 (12)	14 (18)
Industrial	16* (7)	0 (2)	40 (36)	15 (14)	16 (19)
Other (medical, automotive)	4 (2)	0 (2)	13 (13)	15 (14)	13 (12)
* Now counting each model from the different suppliers as design-win. 10 (7) design-win´s if not. Number in ( ) represents last quarter	28 (17)	3 (8)	111 (106)	49 (42)	48 (52)

poLight PoC pipeline development

Key financials

(in NOK million)	Q3 2024	Q3 2023	FY 2023
Revenue	1.9	3.1	22.5
Cost of sales	-1.6	-0.5	-10.3
Research and development expenses	-8.7	-8.0	-34.6
Sales and marketing expenses	-2.6	-4.0	-17.7
Operational / supply chain expenses	-5.0	-4.9	-16.7
Administrative expenses	-9.2	-6.1	-22.0
EBITDA	-25.2	-20.5	-78.8

• Revenue reflects sales of TLens® and ASICs of NOK 1.9 million and no revenue from NRE "non-recurring engineering" relating to customer development projects
• EBITDA loss of NOK 25.2 million vs. loss of NOK 20.5 million in Q3 2023
  • Increased provision for inventory obsolescence of NOK 0.9 million (Cost of sales)
  • Less revenue of NOK 1.1 million compared to Q3 2023 and NOK 2.5 million higher OPEX

Income statement Balance sheet summary

(in NOK million)	30.09.2024	30.09.2023	31.12.2023
Intangible assets	12.1	19.4	17.6
Inventories	63.5	69.6	70.1
Cash and cash equivalents	180.1	132.8	114.8
Total equity	261.2	224.3	199.5
Total current liabilities	13.1	16.0	21.9
Total equity and liabilities	274.6	242.4	223.4

• Cash position of NOK 180.1 million, compared with NOK 114.8 million at year end 2023
• Inventory of NOK 63.5 million compared with NOK 70.1 million at 31.12.2023.
  • The inventory has decreased by NOK 0.9 million during the quarter due to the increased provision for obsolescence

Cash Flow

• Q3 cash used in operating activities was NOK 19.0 million, compared with NOK 20.3 million in Q3 2023
• Q3 net decrease in cash was NOK 19.2 million

Q3 2024 cash flow development

Outlook

• Although revenue in the quarter was sluggish there are good reasons to be hopeful about the future developments.
• Undoubtedly the company is increasingly well positioned for several promising market segments representing significant business potential.
• poLight and its technology and solutions are becoming increasingly well-known and respected.
• Key design-win references have been achieved in all prioritized market areas.
• Important technology programs have been started to future-proof the company.
• Manufacturing setup is gradually being optimised.
• The organisation is competent, capable and motivated for what lies ahead.
• Yet to actively explore several market segments with the potential to open a wide range of business opportunities for the company.
• By working hard, being persistent and consistently taking a market and customer-oriented approach, poLight's progress will continue going forward.

Management Team

Dr Øyvind Isaksen Chief Executive Officer

Dr Isaksen has been CEO of poLight since August 2014. He has previously held several CEO positions, most recently in the publicly listed company Q-Free ASA, which he left in January 2014, after 7 years as CEO. Øyvind Isaksen holds a PhD in Applied Physics.

Joakim Hines Bredahl

Chief Financial Officer

Bredahl is a senior executive with background from various aspects of financing through entrepreneurship, venture capital (Verdane Capital Advisors) and banking (Nordea). He has a BA (Hons) in Finance and Marketing from Strathclyde Business School.

Pierre Craen

Chief Technology Officer

Craen is a senior executive with more than 20 years' experience in opto-mechanical systems engineering. Prior to joining poLight, he managed product development teams at Varioptic, Barco and Motorola/Symbol. Mr Craen holds an MSc in Optical Engineering from Sup-Optic, as well as an MSc in Applied Physics.

Marianne Sandal

Chief Operating Officer

Sandal is a senior executive with background from Tele-communications (Nera) and Road User Charging (Q-Free). She holds a BSc in Mechanical Engineering in addition to courses from Norwegian School of Management (BI). She has been responsible for world wide operations for more than 15 years.

Board of Directors

Grethe Viksaas – Board Chair, independent

Grethe Viksaas has had a long career in the Northern European managed service provider Basefarm AS. First as founder and CEO, and later as executive chair and member of the board of directors. Prior to Basefarm, Ms Viksaas held several management positions in IT companies. She has experience from numerous board positions, including Telenor ASA. She is currently a non-executive director on the boards of Link Mobility Group Holding ASA, Crayon Group Holding ASA and CatalystONE Solutions Holding AS. She chairs the boards of Farmforce AS and Norkart AS. Ms Viksaas has a master's degree in computer science from the University of Oslo.

Marianne Bøe – Board member, independent

Marianne Bøe is Head of Investor Relations at IDEX Biometrics, working with investor communication and other administrative related tasks. Prior to this Ms Bøe has been a portfolio manager for more than 20 years and has broad and extensive experience from investing in globally listed companies, with a special focus on the technology sector. She holds a Master of Science degree in Economics and Business Administration from Norwegian School of Economics (NHH), and has participated in the Advanced Portfolio Management Program arranged by NFF (Norsk Finansanalytikerforening).

Svenn-Tore Larsen - Board member, independent

Svenn-Tore Larsen, former CEO of Nordic Semiconductor. Mr Larsen has broad international experience in the semiconductor business, previously as Director for the Nordic region for Xilinx Inc. He has also worked at Philips Semiconductor. Svenn-Tore Larsen has a degree in Electrical Engineering from the University of Strathclyde, UK.

Thomas Görling - Board member, independent

Thomas Görling holds a Master of Science from the Royal Institute of Technology in Stockholm and has a professional background from management positions within the European optical instrument and systems industry. He has wide-ranging experiences of venture capital investments and building successful technology companies from a previous long-term engagement as Senior Investment Director at Stiftelsen Industrifonden.

Jean-Christophe Eloy - Board member, independent

Jean-Christophe Eloy is the founder of Yole Group and its CEO and President. Yole Group is specialized in the semiconductor industry and providing marketing, technology and strategy consulting, reverse engineering and reverse costing in addition to corporate finance services. Mr Eloy has spent his entire career in the semiconductor industry, starting at CEA/LETI (France, semiconductor applied R&D organization) as marketing manager and then creating the semiconductor practice at Ernst & Young. He is also a member of the board of Riber SA (France,) as well as Silmach (France). Mr Eloy is a graduate from EM Lyon Business School (France) and from engineering school INPG-ENSERG (France).

Statement of income

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