Investor Presentation • Feb 27, 2024
Investor Presentation
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1 Fourth quarter 2023 - Earnings presentation Earnings presentation 27 February 2024
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 27 February 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.
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.
Bekkevik is a senior executive with a background from Arthur Andersen (E&Y), Wallendahl, Fjord Line, Grenland Group and lately from Wood Group Mustang as VP Finance. He holds a Master in Business & Economics (Siviløkonom) degree from NHH and is a state certified public accountant.
• AR is expected to to grow significantly as the technology is expanding beyond entertainment and gaming to an increasing number of industrial, commercial, educational applications and later become a consumer device
Vuzix demonstrated Vuzix Shield enterprise AR glasses (to be launched) using TLens®
First poLight boot at a trade show – SPIE Photonic West
| Design-win | Design-in | Completed PoC | Ongoing PoC | Planning PoC |
|---|---|---|---|---|
| 4 (4) | 0 (0) | 38 (37) | 2 (3) | 3 (9) |
POC = Proof of Concept, including TWedge®
Education
Enterprise & Consumer use cases
Healtcare
Healtcare
Manufacturing
Manufacturing
Education
Logistic
| Design-win | Design-in | Completed PoC | Ongoing PoC | Planning PoC |
|---|---|---|---|---|
| 3 (2) | 5 (5) | 16 (13) | 8 (11) | 17 (14) |
POC = Proof of Concept, including TWedge®
| Design-win | Design-in | Completed PoC | Ongoing PoC | Planning PoC |
|---|---|---|---|---|
| 7 (5) | 1 (1) | 32 (30) | 13 (12) | 8 (7) |
"By offering the Mini2P innovative technology as a turnkey solution, we believe that hundreds of research labs around the world can implement a complete behavioural system within hours," said Prof. York Winter, CEO of PhenoSys. "The low-power, fast, autofocus capabilities of the TLens® enables rapid shifts in focal plane scanning, enabling deeper, 3-D recordings of brain tissue. poLight's tunable optics technology has been instrumental in the Mini2P solution and we look forward to future collaborations."
1 design-win, 3 design-in, 14 PoCs ongoing and 7 planning PoC
22 Fourth quarter 2023 - Earnings presentation
| Design-win | Design-in | Completed PoC | Ongoing PoC | Planning PoC | ||
|---|---|---|---|---|---|---|
| Consumer | 4 (4) | 0 (0) | 38 (37) | 2 (3) | 3 (9) | |
| Augmented/Mixed Reality | 3 (2) | 5 (5) | 16 (13) | 8 (11) | 17 (14) | |
| Industrial | 7 (5) | 1 (1) | 32 (30) | 13 (12) | 8 (7) | |
| Other (medical, automotive) |
1 (1) | 3 (2) | 9 (5) | 17 (20) | 12 (11) | |
| Number in ( ) represents last quarter | 15 (12) | 9 (8) | 95 (85) | 40 (46) | 40 (41) |
| (in NOK million) | Q4 2023 | Q4 2022 | FY 2023 | FY 2022 |
|---|---|---|---|---|
| Revenue | 5.1 | 4.1 | 22.5 | 13.4 |
| Cost of sales | -2.2 | -1.3 | -10.3 | -4.8 |
| Research and development expenses | -10.4 | -6.1 | -34.6 | -32.9 |
| Sales and marketing expenses | -5.9 | -3.7 | -17.7 | -13.1 |
| Operational / supply chain expenses | -4.8 | -2.9 | -16.7 | -9.2 |
| Administrative expenses | -8.2 | -5.0 | -22.0 | -12.1 |
| EBITDA | -26.3 | -15.0 | -78.8 | -58.7 |
| (in NOK million) | 31.12.2023 | 31.12.2022 |
|---|---|---|
| Intangible assets | 17.6 | 24.9 |
| Inventories | 70.1 | 45.6 |
| Cash and cash equivalents | 114.8 | 84.2 |
| Total equity | 199.5 | 150.7 |
| Total current liabilities | 21.8 | 24.6 |
| Total equity and liabilities | 223.3 | 178.2 |
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.
Chief Financial Officer
Bekkevik is a senior executive with a background from Arthur Andersen (E&Y), Wallendahl, Fjord Line, Grenland Group, and, most recently, as VP Finance for Wood Group Norway AS. He holds a master's degree in business & economics (Siviløkonom) from NHH, and is a certified public accountant.
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.
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.
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 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, 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 is a Senior Investment Director at Stiftelsen Industrifonden (Sweden) and is closely involved in building successful technology companies. Representing Industrifonden, he has served on several portfolio company boards, at present HVR Cardio Oy (Finland) and eBuilder AB (Sweden). Before joining Industrifonden in 1998, Mr Görling held management positions within the European optical instrument and systems industry. He holds a Master of Science degree from the Royal Institute of Technology in Stockholm and studied business economics at Stockholm University.
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).
| income | ||||||
|---|---|---|---|---|---|---|
| NOK 000 | Note | Q4 2023 | Q4 2022 | FY 2023 | FY 2022 | |
| Sale of goods | 3 040 | 3 536 | 20 099 | 10 034 | ||
| Rendering of services | 2 107 | 557 | 2 412 | 3 328 | ||
| Revenue | 5 147 | 4 093 | 22 511 | 13 363 | ||
| Cost of sales | -2 185 | -1 309 | -10 349 | -4 826 | ||
| Gross profit | 2 962 | 2 784 | 12 162 | 8 536 | ||
| Research and development expenses net of governmental grants | 6,9 | -10 360 | -6 128 | -34 616 | -32 907 | |
| Sales and marketing expenses | -5 871 | -3 750 | -17 712 | -13 122 | ||
| Operational / supply chain expenses | -4 849 | -2 907 | -16 684 | -9 179 | ||
| Administrative expenses | -8 182 | -5 046 | -21 971 | -12 068 | ||
| Operating result before depreciation and amortisation | ||||||
| (EBITDA) | -26 300 | -15 048 | -78 821 | -58 740 | ||
| Depreciation and amortisation | 8 | -2 506 | -2 387 | -9 670 | -10 400 | |
| Operating result (EBIT) | -28 806 | -17 435 | -88 492 | -69 140 | ||
| Net financial items | 7 | 1 349 | 831 | 3 223 | 1 496 | |
| Loss before tax | -27 457 | -16 604 | -85 269 | -67 644 | ||
| Income tax expense | -110 | -189 | -220 | -242 | ||
| Loss for the period | -27 567 | -16 791 | -85 489 | -67 886 |
| NOK 000 | 31.12.2023 | 31.12.2022 | |
|---|---|---|---|
| Balance sheet | ASSETS | ||
| Property, plant and equipment | 9 239 | 10 748 | |
| Intangible assets | 17 580 | 24 855 | |
| Right-of-use assets | 2 763 | 3 871 | |
| Total non-current assets | 29 583 | 39 474 | |
| Inventories | 70 089 | 45 577 | |
| Trade and other receivables | 8 194 | 8 386 | |
| Prepayments | 626 | 557 | |
| Cash and cash equivalents | 114 788 | 84 249 | |
| Total current assets | 193 697 | 138 769 | |
| Total assets | 223 279 | 178 242 | |
| EQUITY AND LIABILITIES | |||
| Share capital | 2 648 | 2 078 | |
| Share premium | 194 503 | 145 785 | |
| Reserves | 1 281 | 1 130 | |
| Retained earnings | 1 108 | 1 699 | |
| Total equity | 199 541 | 150 692 | |
| Lease liabilities | 1 955 | 2 970 | |
| Total non-current liabilities | 1 955 | 2 970 | |
| Trade and other payables | 19 757 | 22 480 | |
| Current lease liabilities | 1 026 | 1 100 | |
| Provisions | 1 000 | 1 000 | |
| Total current liabilities | 21 783 | 24 581 | |
| Total liabilities | 23 738 | 27 550 | |
| Total equity and liabilities | 223 279 | 178 242 |
| NOK 000 | Note | Q4 2023 | Q4 2022 | FY 2023 | FY 2022 | |
|---|---|---|---|---|---|---|
| Cash flow | Operating activities | |||||
| Profit / loss (-) before tax | -27 457 | -16 604 | -85 269 | -67 644 | ||
| Adjustments for: | ||||||
| Depreciation of property, plant and equipment and right-of-use | ||||||
| assets | 687 | 568 | 2 396 | 1 877 | ||
| Amortisation of intangible assets | 8 | 1 819 | 1 819 | 7 275 | 8 522 | |
| Net finance income | -1 349 | -831 | -3 223 | -1 496 | ||
| Equity-settled share-based payments | 2 929 | 1 267 | 8 101 | 4 821 | ||
| Gain on disposal of property, plant and equipment | -14 | 0 | -14 | 0 | ||
| Other non-cash items | -2 290 | 1 | -806 | -430 | ||
| Changes in unrealised net foreign exchange rate | ||||||
| differences/fluctuations | -63 | 216 | -18 | 143 | ||
| Changes in working capital: | ||||||
| Increase (-) in trade and other receivables and prepayments | -850 | 1 541 | -2 374 | 11 925 | ||
| Increase (-) in inventories | -457 | -9 551 | -24 512 | -28 741 | ||
| Increase (+) in trade and other payables | 10 | 5 901 | 8 237 | -2 723 | 2 574 | |
| Changes in provisions and government grants | -252 | -2 547 | 2 497 | 3 166 | ||
| Interest received | 7 | 3 812 | 911 | 4 518 | 2 255 | |
| Interest paid | 7 | -60 | -77 | -259 | -330 | |
| Income tax paid | -110 | -189 | -220 | -242 | ||
| Net cash flows used in operating activities | -17 756 | -15 239 | -94 631 | -63 600 | ||
| Investing activities | ||||||
| Proceeds from sale of property, plant and equipment | 392 | 0 | 392 | 0 | ||
| Purchase of property, plant and equipment | -277 | -4 438 | -387 | -9 202 | ||
| Net cash flows used in investing activities | 115 | -4 438 | 6 | -9 202 | ||
| Financing activities | ||||||
| Proceeds from issuance of ordinary shares | 0 | 0 | 148 500 | 0 | ||
| Proceeds from exercise of share options | 0 | 0 | 287 | 254 | ||
| Transaction costs on issue of shares | 0 | 0 | -22 702 | 0 | ||
| Payment of lease liabilities | -318 | -264 | -1 089 | -964 | ||
| Net cash flows from/(used in) financing activities | -318 | -264 | 124 996 | -710 | ||
| Net increase/decrease in cash and cash equivalents | -17 959 | -19 942 | 30 371 | -73 513 | ||
| Effect of exchange rate changes on cash and cash equivalents | -25 | -222 | 169 | -49 | ||
| Cash and cash equivalents at the start of the period | 132 772 | 104 413 | 84 249 | 157 810 | ||
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